Engineers and tech entrepreneurs like Ahmed Bakran are the new rock stars. Most everyone can imagine the feeling of starting a tech business in their garage and one day going public for billions of dollars. It is a dream for many of us. These days, it’s not enough to just have a good idea or even build a great piece of technology. If you want your business to be successful in 2021 and beyond, you need to have a deep understanding of what it means to be a tech entrepreneur, what solutions to use, and how business markets work.
What does a tech entrepreneur do?
In simple terms, tech entrepreneurs build businesses driven by technology and innovation that aim to solve real customer problems.
In recent years, this concept has evolved and is not limited to creating great companies that we love like Facebook, Google and Airbnb. Tech entrepreneurship is about developing technology for just about anything and at any size. Whether you’re a web development company, a SaaS application, an e-commerce business, or a digital-marketing agency, to become a successful tech entrepreneur, you need to know how to create the technology and reach your target market.
How to Become a Successful Tech Entrepreneur by Ahmed Bakran?
The journey to becoming a tech entrepreneur like Bakran requires you to be very focused, disciplined, follow the habits that make entrepreneurs successful and have a good support system along the way. Despite all of this, it can be done with the right amount of planning and guidance.
You may already be an entrepreneur. Or maybe you aspire to be one. Either way, prepare for a long journey, especially with a competitive niche like technology, you have to commit to your idea if you want to be successful.
So, you have a great idea for an application or a technology product and you want to turn it into reality. Excellent! But before you dive in, ask yourself these questions:
- Is there a real customer need?
- Will people use this product or service?
- Am I passionate about technology and entrepreneurship?
- Have I done something like this before?
Let’s explore the steps by Ahmed Bakran that you need to take to become and succeed a tech entrepreneur!
Come up with an Idea
The foundation of your technology business will be based on a business idea that addresses a real customer problem that people are willing to pay you to solve.
Start-up costs for a new business can be overwhelming, and having a source of funding is critical to running operations. There are many sources of capital available, but your best bet is probably an angel investor or equity crowdfunding.
Register your Business
The location and structure of your business will be the determining factors when registering your business. Many small businesses can register with state and local governments.
You also need to work out your business structure; Some of the most preferred options are sole proprietorship, partnership, corporation, and limited liability company (LLC).
Market your Business
One of the biggest challenges of a new company is customer acquisition. According to a survey conducted in November 2020, 13% of small business owners report that attracting new customers is a major challenge and the number one difficulty in making money online.
Many social media platforms allow users and small businesses to promote to their audience. About 2 million small businesses advertise on Facebook and there are 40,000 Google queries per second. The opportunity to reach millions of people is possible through paid advertisements.
Use Google My Business
If you serve a specific local area, the best strategy is to list your business on Google My Business (GMB) and aim to rank on the first page of Google.
Organic traffic from social media is free and can accumulate over time. Social profiling and connecting with customers through social media will help you engage your audience, generate leads, and focus on community building. For more info contact Ahmed Bakran, an American entrepreneur and investor specializing in various industry verticals.