Tech entrepreneur with a multi-million dollar startup has shared his secret
As the technology is advancing and solving the chronic problems of the people and the society; the competition to dominate the market is growing rampantly among the tech companies. Thus, as a budding tech entrepreneur, you must know the precise guidelines to hit the right spot while building a successful tech business.
Having said that, the best advice comes from the people who have the expertise and proven track record of doing something worthwhile. One such amazing tech entrepreneur is Nimesh Verma, who has built a fintech startup called Upwards Fintech Pvt. Ltd., an online loan provider to salaried professionals. He has raised this startup from scratch to a level, where it has a valuation in multimillion dollars. Thus, Nimesh knows what steps should be taken to make a dent in the competitive tech world.
So here are some tips and secrets that you must know as a tech entrepreneur from the Nimesh Verma, co-founder and CTO of the Upwards Fintech Pvt. Ltd.:
1. Hustle and master marketing skills
Without a doubt, it’s hustle that decides your success as an entrepreneur. If you don’t have any hustle, then you’re doomed. Almost every marketplace is crowded, noisy, and saturated these days, and you can’t always guarantee early on that you’ll have an investor or mentor who will guide you. Indeed, not everyone is born with the knack of being an entrepreneur, but it doesn’t mean you can’t become one as hustle is what makes a successful entrepreneur.
Also, your longevity in the industry is predicated on your ability to stay relevant in the market and future-proof your company. This translates into honing your sales and marketing skills. Even if you have a co-founder or employee who can take care of this department; you need to be on par as much as you can by evolving with your market, and strengthening your ability to push product.
2. Work with people who have the same vision
It’s critical for a founder to have a deep self-awareness. Many founders think that it’s a good idea to build a startup with a friend. But in reality, it’s a very tricky decision and a tight line to walk, because you’re mixing friendship with business. Also, sometimes co-founders are hired solely on their skills and abilities, while their work ethic and professional sync are incompatible with the other partners.
But, you must find someone who matches your long-term vision, and with whom you have good sync. Because, when you’re building a company, the right co-founders determine your chances of success.
3. Start frugal and invest in freshers
In the start, work from your bedroom or a co-working space (if you can afford it). Take advantage of open source and don’t aim to reinvent the wheel. You can’t do it all, so reach out for help when you need it. Hire talented interns or freshers because many of them have a higher stress tolerance and are willing to put in the hours to learn and grow with a company. Thus invest the time and effort to train them so you both can reap the benefits from your company’s growth.
4. Don’t make a product for future usage. Adopt as you grow
This sounds counterintuitive, but let me explain. A common tendency for developers is ensuring their code is stable, reliable and optimized, which actually is a double-edged sword. While the code may be perfect, the amount of time this takes isn’t practical or justifiable because your product runs the risk of becoming outdated by the time you end up launching.
Adopting agile behaviour is the name of the game. Therefore, one needs to roll out the product quickly, capture the audience, and get the feedback to make tweaks as needed.
5. Don’t be hasty. Do what you current stage demands
Many entrepreneurs who have just started scatter their focus on tasks that are inconsequential with regards to their current phase. At this stage, what matters is product completion. Focusing on variables of optimization and scalability are irrelevant when you don’t even have a ready product, let alone an active consumer base. These metrics become a core focus in your third stage of growth, i.e. when you have already developed, launched, and upgraded your product, at this point in time, you can prioritize on scaling and optimization.
Also, I have seen many young tech startups, who make the mistake of jumping onto the latest or most popular programming languages simply because it’s trendy. Don’t go for what’s popular, because it may not be suitable for your product. Adopt a programming language that is relevant, which is a case-by-case basis depending on the product.
6. Focus on data mining and AI to become a successful tech entrepreneur
Data is the new soil. While we are currently in the second phase of understanding the importance of data, data decentralization will play a major role in the future with blockchain taking central focus. The applied aspects of AI, namely machine learning and natural language processing are undoubtedly gaining mainstream momentum.
7. Spend money wisely
Even if you’re funded, you don’t need the latest gadgets, a cool office, or an expensive coffee machine. Focus on getting started with what you have, and from where you are. In the first year of your startup be as resourceful as possible. Your focus should be one laying down a solid framework, building strong momentum, then progressing organically. Growth isn’t linear, and taking messy action is better than waiting until you’ve lost your opportunity. Keep your focus narrowed to the highest leveraging activities until you’re able to outsource and expand.
As a budding tech entrepreneur, which tip did you like the most? Do comment below.
He is an experienced programmer and data scientist, who has worked for companies like Paytm, LinkedIn, and Housing.com. In 2017, Nimesh went on to co-found and build Upwards Fintech Pvt. Ltd, which has garnered the interest of renowned investors such as Shunwei Capital, India Quotient and Mayfield