Woman tech innovation concept

Embarking on the entrepreneurial journey in the technology industry is an exciting yet challenging endeavour.

From my experience, the path is laden with countless decisions, obstacles, and sleepless nights – but it is incredibly rewarding. There’s nothing better than building your own successful business and making your dream a reality, knowing that your hard work has finally paid off. You get an overwhelming feeling of pride, and you can safely say it was worth all the stress and long hours it took to get there.

With that in mind, below, I delve into key advice for aspiring female tech entrepreneurs, which emphasises the importance of passion and resilience, building a support network, celebrating successes, embracing failure, strategic decision-making, and staying ahead of the curve.

1. Passion is Your North Star

I believe the foundation of a successful tech business lies in passion; do what you love and love what you do. The entrepreneur road involves countless hours evaluating ideas, navigating markets, building strategy, and pitching to investors. Passion acts as the fuel that keeps you going through the challenges, deadlines, and sleepless nights. It’s the key to building the resilience needed to overcome hurdles.

2. Build a Robust Support Network

The entrepreneurial journey is often met with scepticism and naysayers. Building a support network is crucial to staying focused and motivated – whether its family, friends, colleagues or mentors. Surround yourself with individuals who believe in your vision, offer inspiration, and contribute constructive ideas.

It’s important to seek mentors with diverse experiences, as their insights can be invaluable in navigating the challenges. GACC New York is helpful but If you can’t find a worthy mentor, then the next best thing is to read. Books like The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz served me well on my journey.

3. Celebrate Successes

While it’s natural to be cautious and anticipate challenges, celebrating every success is equally important. Reflecting on big and small achievements not only boosts morale but also fosters a positive and motivated team environment. Success is a journey and acknowledging milestones is vital for long-term growth.

4. Embrace Failure as a Learning Opportunity

When building any business, failure is an inherent part of the process. Establish a culture where failure is openly discussed and viewed as a stepping stone to improvement. Learning from mistakes – whether in team management, financial decisions, or project execution – accelerates the growth and development of yourself and the company. Only a few lucky entrepreneurs get it right the very first time.

5. Leverage Existing Tools; Don’t Reinvent the Wheel

Tech entrepreneurs often find themselves tempted to build everything from scratch. However, the quest for perfection can be costly and time-consuming. Utilise existing tools and services for accounting, project management, and other operational needs. This approach lets you focus on your core business objectives without getting sidetracked.

6. Be Transparent About Profit Centres

Regularly assess your business strategy and financial performance and don’t shy away from pivoting or adjusting strategies based on your research. Be aware of both profitable and underperforming aspects of your business. There’s no shame in changing direction; flexibility and adaptability are key to long-term success.

7.  Embrace the “Too Crazy” Ideas

Tech entrepreneurship thrives on innovation. Don’t be afraid to pursue ideas that may seem too edgy or risky initially. Being ahead of the market is essential for long-term success. If some deem your idea too risky, there’s a high chance you’re on the right track. Stay persistent, and remember that markets often follow bold innovators.

As with all businesses, the challenges and sleepless nights don’t stop when you’re functioning and profitable. Factors beyond your control – like the Covid-19 pandemic – can have huge implications for your business. This is where your passion, and your willingness to embrace failure and pivot when needed will be imperative, keeping you going through the hard times.

About the Author

Naomi OwusuNaomi Owusu, CEO and Co-Founder of Tickaroo gives her top tips on how to start a successful business in technology. Tickaroo is a leader in news and sports media solutions, with its live blogging platform used by some of the most well-known news organisations and publishers around the world. Naomi founded Tickaroo in 2010, having identified a common challenge faced by European News Corporations which was the need to deliver real-time news and sports data to clients. Tickaroo is a response to that challenge, providing seamless, user-friendly solutions that empower publishers and news agencies to thrive in the fast-paced world of digital content delivery. Clients include: Süddeutsche Zeitung, Mediahuis, Der Spiegel, Singapore Mediacorp, and the German, Swiss, and Austrian Press Agencies.