Recently, the Chief Technical Officer and Co-Founder of CoAssets, Dr. Seh Huan Kiat spoke to the students of Ciputra University on what it takes to make an entrepreneurial venture a successful one. Here are the major highlights of the talk:
Be a Technopreneur
The use of technology to simplify the execution of ideas, should be the number one goal of every inquisitive and entrepreneurial mind. Secondly, one must also seek to make profits out of the application of technology. To do that well, you must possesses the instincts of a business leader as well as have a strong grasp on what technology can offer . When an entrepreneur has these traits, he or she becomes a Technopreneur.
One must also remember that every business is fragile and particularly vulnerable in its infancy and initial stages. During this phase, technology can help the business by providing scalable and turn-key solutions. It is thus useful to have someone who is technologically competent in the founding team. Being a Technopreneur will put you in good stead in any business venture.
Execute your Plan – Find the Product Market Fit
In every venture, there are usually two goals, which is executing your ideas and making money out of it. As such, all new ventures should aim at finding the best Product-Market fit. For people to buy your product, it must satisfy a real need at a price that customers are willing to pay for it.
To be successful, every entrepreneur needs to identify and address Product-Market fit. Entrepreneurs must be able to perform back of the envelope calculations to assess if the product can meet the customers’ need at an acceptable price. A good strategy is to always launch the minimum viable product (MVP) version of your product during the testing phase. This will allow you to spot problems and improve your product quickly.
Grow up then Scale up
When you have identified the Product-Market fit and created a stable product that people would be willing to buy at a price, what an entrepreneur needs to do next is to capture value. To capture value, you have to scale, break into the mainstream market with a full-featured product that can meet the requirements of a wider audience.
Attacking the market will also require you to be a strategist. An entrepreneur must carefully choose the market, channels, product, and platform to attack the market , rapidly gain market share in the most cost-effective way.
Reviewing your entrepreneurial journey is as fundamental as the journey itself. To innovate further , it is critical to continually monitor and assess the performance of your business. That requires an entrepreneur to identify the Key Performance Indicators (KPIs), develop the parameters on which the KPIs will be measured and designing a process to measure these parameters, and presenting them in a coherent and meaningful performance report or dashboard.
Once an entrepreneur has a good performance report he/she would be able to focus on the key leverage points of the business, amplify the unique selling points, strengthen product features and channels that matters the most, as well as mitigate weak areas.
Ingredients for a Great Ecosystem
An entrepreneur must also seek to build a great eco-system for the business, and this comprises two components: A product/service that has a mass appeal and an efficient integration system that delivers value to customers seamlessly. Such an eco-system will be able to continuously delight customers through timely delivery of value, as well as generate feedback to drive future product and channel improvements. This will ultimately become the brand of a business.
Some of the best examples of a great ecosystem are Google, Amazon, Facebook, Uber, and Salesforce.
Platform Vs Product Company
An exciting development enabled by the Internet is that it has allowed companies to not only offer products but also create platforms to grow new markets. A company that sells a single or a variety of products is a product company. A company that provides a launch-pad for customers to access products from different companies is a platform company. An example of a platform company is CoAssets , which allows Small Medium Enterprises (SMEs) to connect with potential investors to raise capital finance short-term debt. To be a platform company, you must be a Technopreneur.
About the CTO & CoAssets
Dr. Seh Huan Kiat is the CTO and Co-founder of CoAssets, South East Asia’s first-listed Crowdfunding Platform that has successfully raised more than S$ 45 Million to help small-medium enterprises since it was established two years ago.
Visit http://www.coassets.com/ to find out more.
This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]