By 2021, half of our predicted global GDP will come from tech-enabled and digitally enhanced business models, according to IDC. More and more new companies in all industries will look and feel like high-growth tech companies rather than traditional businesses. Even the oldest of the old school will become techified to some extent.
Accompanying this change will be the likelihood that the next wave of entrepreneurship will bring a whole new playbook for running companies. But the good news is that that playbook will become more and more accessible to entrepreneurs of all types, especially those who know the rules of the game. You have the chance to establish yourself as a knowledgeable voice in the world of digital marketing by writing for us on the category Tech Write For Us. Email Id to send your content is: deltaprohike@gmail.com.
Of course, even someone who isn't tech-savvy can still run a high-growth tech company -- and do it well. Traditional business founders already bring much to the table, starting with their experience running a business. They bring a wealth of strong relationships with employees, clients, and suppliers, as well as experience in sales, mergers and acquisitions, management, and leadership.
-
Clear your head and adopt a new management mindset.
Moving from an old company to a high-growth startup becomes easier when leaders stay disciplined and formulate the right business model. Yes, it can be jarring to go from leading a traditional business where you've built a reputation and have people working for you to being the new kid on the block.
-
Create a fund-raising plan that includes an option for outside capital.
Startups rarely transform into $100 million ventures without using outside capital at some point. You might be able to get away with not raising money to fund a lifestyle tech company if you're creative and finance through customers, debt, and grants, but these methods aren't typical for high-growth tech companies.
-
Set a quick deadline to finish a prototype.
You don't need to deliver a perfect product that can meet every customer need in the first year of operation. In fact, you likely won't. Few startups have the ability to hit the nail on the head. The company was initially too ambitious and tried to take off in multiple cities at once.
-
Develop your go-to-market strategy.
In the beginning stages, marketing and sales are a really painful (and often manual) process of calling on past clients and conducting dozens of quick experiments to see what sticks. Get ready to roll up your sleeves, knock on doors, work your network, and try dozens of little "experiments" to see which strategies succeed.
-
Keep evolving your business model.
With a startup, you are going to get many things wrong at first. There is no stage at which your startup will have more risk than the early stages. That's why you have to be ready to get some things wrong and pivot quickly; about 7 percent of failed startups don't pivot quickly enough.
That's why now is the time to use the industry chops you've developed over the years and apply your advantages in the tech startup world.
ALSO READ: Older apps could be seriously endangering your smartphone—here’s the reason why.
