Every exciting and adventurous journey comes to an end.
27 years after designing some of the most disruptive products with Steve Jobs, Jony Ive has finally decided to part ways with Apple.
The news has certainly has shaken the company and is being seen as a major development across the tech world.
But industry insiders are of the view that this was inevitable.
Reasons cited by them is that Ive’s been unhappy with top management focusing more on the operation side than on design. And this really turned off Ive who was involved with Apple in giving some of the most iconic devices like iPhone, iPod, iPad, etc.
Ive has been looking to start his own company for some time because he was not feeling content at Apple, according to reports published in WSJ and Bloomberg. So, is starting a tech business is that easy?
Everybody doesn’t have the luxury of working with one of the world’s biggest technology companies.
Some are starting afresh and have lofty dreams of introducing disruptive ideas that would change the world.
So, exactly when is the right time to launch tech startups?
Read on as I will answer this question in great detail in this article.
Best Time for Starting a Tech Venture
In essence, if you’d ask me what’s the right moment to start any business, it is when you are ready to go for it. So, there is no need to procrastinate once you have done the homework and have a solid plan for it. The following quote aptly describes it.
“Starting in business is like getting married… there is really no good time and no bad time. The time is now.” – E. Joseph Cossman
So, don’t waste a moment of your life when you have the million-dollar idea and the competence to make it a reality.
Your idea can be as simple and radical at the same time to reduce pollution in a metropolis. Or it can be coming with an ingenious way to activate hearing in deaf people. Any idea that can revolutionize the way billions live their lives being handled by customers on ecommerce portals.
Starting by Building a Great Product
Starting at a certain time is not that important, but building the right product is.
It goes without saying that you need to devote time and a lot of effort to successfully launch a venture in any industry.
Carrying out market research to find out the demand gaps that you can fill with your competence is a prerequisite to developing a great product.
This way, you will be able to come up with a product that can make some inroads in the marketplace. The example of a software that I mentioned above is a good way to describe how to start off a product here without much finance or capital in the beginning.
Coming up with a software doesn’t require much finance if you have good technical skills as a programmer. You can write code and complete a software helping out shopping portals. But not just any product would help. You need to come up with a top-notch solution here as the competition is tough, to say the least.
The Competitive Edge
There are products which are made just to copy a famous product and replicate its success. They have no unique features of their own and hence just try to get some mileage by just being a me-too product. You will find dozens of examples of this in most third-world countries that are filled with products having brand names similar to popular brands of the word.
But this doesn’t guarantee long-term success. Then what does?
A powerful USP people can’t resist.
Having a unique and sought-after feature in your product is the first thing you need to have for achieving sustainable success. Once you have established a USP that will sell like hot buns, all it needs is a little push in the form of targeted marketing.
Take the example of OnePlus’s success.
Their offering was flagship smartphone with top-notch specs. The way they gained an edge over the big guns in the industry was through differentiation. And the way they achieved it was by pursuing a low-price marketing strategy and a powerful software.
Picture Credits: Engadget
They cut corners to the point where they could reduce the cost without compromising on the performance. Another thing they did was to offer a near-stock OS that was free from bloatware and was highly customizable.
And what followed next is that OnePlus has now established itself as the major player in the market within just five years.
Therefore, if you’re not going to reinvent the wheel, then make sure you’ve differentiated your product enough to lure in a sizable share of your target market. Once you’ve successfully done that, build upon that with more innovative ideas that your target audience would love.
This will give you a competitive edge that will ignite and sustain the sales in a manner most companies can only dream of.
Harnessing the Power of the Social Media
In this information age, if you’re not able to extract the maximum traction out of the Internet, then you’re missing a key brand enhancing element in a big way. The use of social media is imperative if you want to spread awareness about any product,. The majority of people from any demographic use the Internet to look for new products. That’s why there is no better advertising platform available than social media.
The social media networks like Facebook and Twitter are extremely popular and any product can get the most eyeballs required to make it familiar among the target audience. Because people talk, discuss and share information over these networks, there is a strong chance that your product can make it to the top given that it has the merits and boost of qualities that customers like.
Don’t Miss Out on Opportunities to Make Money
Don’t delay or overthink that it’s too early to launch your tech startup once you know that you have a product that will instantly sell. Pounce on any opportunity you get along the way. Your hunger to come up with innovative products at the right time will ensure that you have a steady stream of cash flow as well as a diversified portfolio of product or even businesses.
This is what companies who have enjoyed long-term success have done. They all started with one product then built other products on the success of their predecessors. So, you must know how to proceed further after the four steps mentioned above. This is where you need to be serious about whatever you are trying to do to be successful in your bid to come up with a product offering that sells.
If you think that developing a tech product and pitching them to companies is easy, you will learn this the hard way. While there are enough opportunities for everyone to make a mark for themselves, the product/solution must be differentiated and provide enough value so that it can get the attention of the potential customers right away.
Important tools right from the beginning of your idea’s implementation, planning and keeping up with your task can help you accomplish a project and increase your productivity with TaskQue.
If you think you have something valuable to add this blog or want to ask anything related to what’s been discussed above, then use the comments section below.