For the last word on how to build a successful high-technology company, I have thrown it over to a group of exceptional people to share their advice and to help you on your journey.
Stories by John O'Hara
So, here we are nine articles down the track and back where we started with “Show me the money”. Why? Because at the end of the day it’s the start and finish of everything.
So to recap; we are trying to build a valuable business. Not a cool product, but a business that has real value and to do this we have learnt we have to build a profitable business. It must either generate profits now or have the reasonable prospect of doing so in the future.
So we have seen how the key to building a valuable business is to build a profitable business. We also have to choose the right market and have a founding team to identify and then validate the market we will select to build our business.
Do you remember Kevin Costner’s movie Field of Dreams and the farmer who hears voices saying if you build it people will come. So he builds a baseball field in the middle of an Iowa corn field and, sure enough, the people come. It just doesn’t work that way unfortunately. No matter how good your mouse trap, the world will hardly ever beat a path to your door.
So we have seen how the key to building a valuable business is to build a profitable business. We have also seen how the key to building a profitable business is to choose the right market. Now we will turn our minds towards how we can choose the right market. As this is the single most important decision that will affect our financial success, as we build our business over the next few years, we will tackle it in two parts looking firstly at people and secondly at strategy.
In the initial two articles of this series we have seen how the key to building a valuable company is to build a profitable company. We also saw the key to building a profitable company was to choose the right market. Right, now we’ve got that marketing scenario out of the way lets get onto the fun stuff and build some neat hi-tech product gear.
Part Two: To market, to market
If you have a great idea for a new piece of software or a SaaS project or even a new high-tech product, then congratulations, you are taking the first step towards being an entrepreneur. If you are hoping to make many millions of dollars or even become the next Bill Gates, then congratulations again. As a country we sure could do with some more great successes.
As a general rule we tend to underestimate the difficulty of making sales for vertical market software applications.