3 top tips for tech founders

Manoj Ranaweera
Updated on

Tip 1: Decide on the Growth Trajectory

At the outset, decide on the growth trajectory you wish to take, based on your own capabilities and circumstances.

Two extremes are, ignoring the lifestyle businesses: building a unicorn vs building a company that could become a unicorn.

Building a unicorn requires significant acceleration from day 1, which can easily result in you losing control of the company by the second or third round of investment unless you are a proven tech company CEO, or have the capacity to learn and adjust rapidly.

Building a company that could become a unicorn one day gives you time to learn and grow without significant early founder equity dilution.

Tip 2: Understand the Problem better than your Competition

Many founders are quick to find the so-called product/market fit, without first understanding the problem deep enough. The team that understands the problem better than the competition has a higher chance of success than your competition.

So don’t give up talking to your customers, and keep asking and re-asking the fundamental questions, even when your company has grown past the initial stages.

3 Tips for Tech Founders

Tip 3: Don’t delay building your Team

If you are an old rounder, it might be hard to let go. You need to find the best people to help you in your journey. If you lack the capital to hire people, do try mixing free talent (volunteers) with paid to build your team.

If you want help with building teams with Volunteers, do head towards SkilledUp Life.

Good luck.

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