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Opinion holder entrepreneur Contributors are their own.
There have been massive layoffs in the tech industry, and chances are you reading this have been affected as well.
You may already have an entrepreneurial spirit. You probably already have an idea, have a hybrid work balance, and know how to turn complex, technical ideas into concise, easy-to-use platforms.
As you plan your next steps, imagine what you can do. Start small and build from there. You are not alone. Many people are starting over — now. This does not mean that you should not apply for other positions. But given the state of Big Tech in early 2023, new tech jobs are becoming scarce. Like any recession, this may be the perfect time to consider your entrepreneurial options.
create a blueprint
What is the crux of the idea (or ideas) you have? You probably have a business idea or two that have crossed your mind while working in the tech industry. What problem does it solve, what would it take to implement it, and where there may be little or no investment backing or a slow start-up? How can we do that?
Start by visualizing how your ideas can be refined and improved, and next steps to help you put together a strategy. Additionally, I will start researching if this idea already exists and if another business is already working on it. If so, how will your service or offering stand out? Many startups are going into stealth mode, but it’s important to know what’s already gone public and how that might affect your plans. please confirm.
2023 will be the year of more new ideas and innovation than ever before. One reason is the growing number of ex-tech employees doing exactly what you do. The space may be crowded, but you may be the only one focused on a particular idea or concept.
After a big life change, it’s imperative to take time for yourself and think about what you want and need to move forward. Think about what your next job will bring you the most satisfaction.
Understand the strategy you need
Even if you have experience in the tech industry, you still need a strategy for pursuing your ideas. No, strategy doesn’t start with how to get venture capital or how to make a big exit.
Start with a minimum viable product. Before deciding on a scaling strategy, first decide on a sales strategy. How many people will pay to use the service or product you are developing? What are the realistic customer acquisition costs?
Long Term Planning (LRP) should begin with a detailed analysis of feasibility, structure and available resources combined with realistic projections based on current external conditions. The reality is that building a winning strategy will require more patience than it used to. Lack of capital investment to deliver long-term projects requires a well-crafted roadmap for optimal utilization of available resources.
You need to understand how each move affects the next and be prepared for the unexpected. Building a successful company in these times requires focus and foresight to ensure that all key elements remain intact. Fortunately, by implementing an effective LRP process, an organization can navigate the waters of financial turmoil while maximizing its potential success.
Getting a trusted brand strategy expert onto your team is no small feat. It is an important step to ensure innovation success. A strategic and thoughtful approach to building, promoting and growing your brand can mean a landmark victory or a complete disaster.
A non-disclosure agreement is an important addition that helps protect both parties. Any interference or breach can jeopardize current efforts and future collaborations. In short, it’s worth bringing in a respected brand strategist to keep all relevant details about your innovation confidential until you’re ready to launch.
After initial strategy, evaluate. It is acceptable to view this venture as a side business or to grow it incrementally. The general idea in the tech world is that you should only work on the next unicorn or build something towards your next big exit. But what if your idea is cash flow positive, grows at a pace you can handle as a sole proprietor, and your bottom line can accommodate broader growth?
Ensure name and structure
Deciding when and how to start a venture can be a question looming over your mind. But even before you decide on all the details, there are actionable steps you can take now to move closer to success.
The first step is to choose a name and establish a good structure around it to prevent other companies and organizations from using it. Also consider the framework and processes you want to start with need to do it.
Additionally, one of the key factors to consider is the group of people who can work together to make this venture possible, from development teams to potential partners. If your project allows it, consider hiring a remote team on a case-by-case basis instead of including full-time payroll, which can incur overhead costs sooner than expected.
Build and verify
It’s one thing to map out an idea, but quite another to bring it to life. Before going too far down the road of investing and building a product, it’s important to make sure the project will bring some return. To do that, we need to validate the idea. Find out if people are interested in your product or service. Most importantly, make sure your message matches what potential investors want to hear.
It is imperative that you do all this before contacting potential investors.
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