How Do I Start a Business In Technology if I’m Not an Engineer?
- Is there really a market for this? Are customers prepared to pull their wallets out for this?
- Are their enough customers passionate about this need/problem/ want to make this a $100M business?
- Do I trust this entrepreneur to get it done – no matter what obstacles, challenges or problems get thrown at them?
- Can this entrepreneur recruit a top flight team?
- Is the team strong enough to get this done?
- Can they deliver a solution that customers / consumers want?
- Can they create a beta product and test the market without a significant sunk cost?
- Is this a growing market with a significant upside?
- Do they need to create the market or does it already exist and the market knows it needs a solution?
When you read through these concerns – notice that most of these questions, for most early stage businesses, can be answered without actually building the product. But even though that’s the case, gone are the days when you can go into an investor, drop a business plan in their laps, and if its in an exciting space, walk out with a check.
No, as an entrepreneur, you need to be aware of these and more potential concerns and do everything you can to mitigate them – it goes way beyond a business plan or a pitch deck.
…It means engaging with would be customers, surveying them, getting them to sit down and talk to you about what they really want…
…It means starting to pull the team together, convincing them to sign up when the funds come through and being prepared to come to meetings with you…
…Its means getting creative about how you can test your initial concept – forget the bells and whistles…no even one bell – just focus on the #1 need and see if you can provide a rough solution to some beta customers.
…It means looking at short term solutions for the beta – elance? Freelancer? College buddies? Local College?
Like I said in my short answer – it means hustle, because I truly believe most investors will not back a business plan, a hot market and a smile – unless that smile has been there and done it before and even then, if you’ve done it before – you’ll have already got into the shorts of your would-be-customers, have figured out a way to test your concept and got some beta customers ready to go…
The truth is engineering talent for startups are in HUGE demand – so whether you have the investors yet or not, you’ll still need to hustle and be creative to get your first beta out there. But make not mistake – this is a huge part of the fun…pulling the jigsaw together and creating a real, living, breathing and thriving business out of what was once just a crazy idea in your head. Pursing your passions is the greatest!
Before signing off – if you’d like to chat about getting some support and being coached to realize your business vision – drop by the contact us page and send me an email. Lets jump on a Google Hangout and see if there’s a fit.
Look forward to hearing from you.
PS – here are a few good and related articles. Enjoy
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