There are many instances where the opposite has been proven where companies with technical founders behind them have achieved success.
One of the startup success stories is Qualcomm which had Dr. Irwin Jacobs as its founding CEO and co-founder. For Qualcomm the main differentiating factor from other startups was that apart from being an excellent engineer as well as a professor at MIT, Dr. Irwin is also a very good business minded person with excellent business knowledge. Moreover, before launching Qualcomm, he had prior experience of running a company where he was at the helm of MA-Com and used a good management team to guide him properly.
In similar fashion, a startup venture can become successful when the leader of the company is someone with excellent domain level expertise and in addition to it, there is technical team to look after the responsibility of product development.
As for example, Steve Jobs (Apple, Pixar, etc.) is a very good founder with business oriented approach.
On the other hand, Eric Schmidt (of Google) and Meg Whitman (of eBay) are people who became CEOs at early stage of development of a company to accompany technical founders of their respective companies to create startup success stories.
Some of the other points worth mentioning here are:
- Have a Startup Business Plan: To achieve success with your startup what you need to have is a business plan. By developing a plan you will be able to find answers for questions which you had not thought about earlier. In addition to it, you need to have a plan so that you can contact people who will provide funding for your business. Additionally, after launch of your startup, it will be necessary to update your business plan on an annual basis. Such regular update will help you find out whether market scenario has changed from the last time you created the startup business plan or if there are new market opportunities that you need to capitalize on.
- Perform Research: Research will be another aspect you need to focus on since by performing proper research you will be able to fully understand requirements as well as desires of your customers. Moreover, through research you will be able to understand more about your competitors and identify business trends that are to be leveraged to come into the list of successful startup companies.
- Work with an Advisor: You need not do everything single-handedly but rather opt for a collaborative approach. As such, it will be a wise decision if you are working with experienced mentors and accountants to guide you in sphere of your business activity. Thus, you need to perform close scrutiny of your operations and decide what kind of assistance and advice will help your business grow.
- Create a Balance: You do not have to work so hard that it becomes necessary to sleep at the office. On the contrary, it will be important to develop a work/life balance by working smartly. It is true that you need to have the right passion for what you are doing but what you will have to do is create the right balance between suitable business practices and passion to get desired results.
- Select the Right Product: You need to decide about a product which people would want to purchase. In a study it was found that in almost 42% of all failed endeavors, the primary reason for failure was lack of market for the product.
- Have the Ability to Recover: You need to have a versatile team of experts who will be able to change products as per changing requirements, utilize different marketing approaches, perform rebranding for the business and perform similar tasks as per requirement of the business. Thus, there should be a strong team that will be able to recover from problems business faces.
- Work with a Co-founder: Many-times it is seen that companies having a co-founder tend to have better success rate. The reason is that accountability increases when there is a co-founder and in addition to it, the co-founder brings in skills which you may not possess.
Thus, as we can see, proper planning and thoughtful implementation can help you achieve success with your startup endeavor and prove the saying wrong that “Every Startup Almost Inevitably Sinks”.