Building a successful tech start-up and putting together a band are more similar than most entrepreneurs and musicians would like to admit. The truth is that both of them require a lot of hard work, sleepless nights, self-induced poverty and other big sacrifices. Like a startup, says Alex Grossi of Quiet Riot:
“The process that once entailed a songwriter or record label spending countless hours and dollars recording, manufacturing and marketing music is gone. It is now up to the artist to figure out what the next move is in the industry.”
Succeeding in the music or the business worlds can also bring a number of great benefits. Becoming a successful entrepreneur can open up doors to new, more fulfilling projects and rewards. Moreover, you will have more control over your future ventures and have a big role in the success of any project you work on.
Visualising your tech start-up as a band can help you get creative, and may even help catapult your company to success. Because of this, I’ve put together a list of seven ways a tech start-up is like putting together a band, so you can put on your inspirational hat and make your company more than just a one-hit-wonder.
1. Be honest with your skill set
The first thing you need to consider when starting a band is the instrument you can play and at what level. The very same can be said for tech start-ups. Technology now influences virtually every single part of modern society, so you need to consider the skills you have available and determine how you can use them to create a good product.
“The idea of a rock band is selling this dream of the ultimate creative journey and endless freedoms. Yet, things like showing up on time, knowing your role (and respecting the roles of others!), disciplined practice, marketing &; promotion are as much part of the band experience as getting onstage and rocking the house each night.
I learned many years ago that just because I was successful in music didn’t qualify me to be an expert in other fields, too. My successes came as a result of discovering my passion and honing in on skills that came natural to me. That led to relationships that opened doors for my success. We’ve all been blessed with certain skills, talents, and abilities and having success (and happiness!) usually lies with our passion allowing us to be the best we can be with those abilities in a chosen field.”
The good thing is that you don’t only have to focus on your particular expertise. Each band member offers a valuable set of skills that contribute to the quality of the music. In this case, your band members will be your start-up team. Take a look at what each team member brings to the table and make sure you are applying them to their full potential.
2. You need to be driven by passion
Just because you love music doesn’t mean making music will just happen, and in the words of Phil X the guitar player of Bon Jovi:
“There are no short cuts. You have to kick your own ass before you kick everyone else’s.”
Once you have identified your passion, the next step is acquiring the skills to realise your dream. This may seem tricky at first, but try to get creative and figure out a way to combine your skills and passions to build a valuable business.
If you are preparing to launch a tech start-up, you should definitely find something you are passionate about. Not only will this make your work easier, but you will always find motivation to give your best, even on bad days. Moreover, you may find that working on something that you really love will actually bring you joy and work as extra fuel when your tank is running low.
3. Put together a stellar lineup
If you were building a band and you knew the best drummers and bass players in town, you would definitely reach out and try to recruit them, right? Well, the same thing goes for your tech start-up. You should review all your options and scour your connections until you find the combination that best suits your vision.
Now, remember that putting together a killer lineup isn’t only about finding the best of the best. You also need to find a balance and make sure that the talent you bring on board will compliment the whole team. If you have two great candidates, but you think they won’t work well together, you are better off choosing the one that works best with the rest of your ensemble.
4. Practice makes perfect
One of the most important aspects of having a band is practicing frequently. Musicians already have a high level of dexterity, but that doesn’t mean the band will sound good right off the bat. By practicing together, you can make sure everyone is on the same page and organise your act.
As a start-up, the equivalent of having band practice is working as a team. Although everyone learned the skills needed to carry out their specific tasks separately, you also need to work as a team to make sure everyone is in sync.
A good way to do this is to give everyone individual tasks, and also assign at least one communal task a week. This will give you time to sit down with your team members, gauge that everyone is on the same page, and clear the air if they are not.
5. Networking is the KEY
Any successful musician will tell you that networking is as important as the quality of your music. Networking with the right people can help you land gigs, get your music to the right listeners, and make a name for yourself by rubbing elbows with established industry giants.
The reason why I say that networking is KEY to any tech start-up is because it’s what will enable you to Keep Expanding Yourself. Building connections with established tech companies and influencers can help you get your name out there and land significant contracts. Not only this, you will also be able to gain valuable insights from the people that already thrive in your industry.
6. Find your audience
Most bands already have a good idea of who their followers are or will be, and they focus on getting gigs in venues that will attract these fans. This makes their promotion easier and increases the chances of hosting a successful event. Not only this, in order to adapt to your audience’s changing needs and preferences, you must be ready to diversify wherever necessary.
Marq Torien from BulletBoys put it beautifully “Always know at some point you have to reinvent yourself in your music career. It’s a must, if you want to keep your audience and fans who love what you or your group does. All the great musicians and artists have done so at some point in their careers. Don’t have fear of diversity”. Marq stayed true to his words as their highly anticipated March 2018 Frontiers Records release “From Out of The Skies ” is truly one of their most diverse album to date.
Although it’s a bit more complicated, you should identify your start-up’s perfect clientele in the form of fictional buyer personas. This requires a good amount of market research, but it will give you essential information about your potential customer base. You’ll be able to create marketing campaigns that speak directly to your buyer personas through the channels they use the most as well as diversify based on changes in consumer demand.
7. Use all available promotion channels
It’s no secret that the most popular bands are featured on radio, television, the internet, and just about any other channel you can imagine. Besides boosting their collective egos, bands tend to take advantage of all promotional channels they have available because it guarantees it will extend their reach as far as possible.
You should also consider all the marketing channels you have available and take advantage of every single one of them. Now, if you start-up is in its early stages, you may not be able to invest huge amounts into advertising. That being said, you can always get creative and use free marketing channels such as social media platforms, blogs, and YouTube videos.
Launching a tech start-up may not sound as glamorous as being in a band, but they are more similar than you may think. Always remember a successful tech start-up requires patience, a lot of behind-the-scenes work, the ability to adapt to change, and a well-organised team. Follow the tips outlined above to pave your way to success and enjoy the perks that come with it!
This article was originally posted here on Entrepreneur.com.
Register A Company In South Africa
With over 120 Start-up Services, Company Partners is the perfect Partner for Company, Tender and Contract compliance.
Company Partners is the leading Company Registration Service Provider in South Africa, offering a One-Stop-Shop for all the Company Registration and Tender Compliance Documents.
With over 120 Start-up Services, Company Partners is the perfect Partner for Company, Tender and Contract compliance.
Established in 2006, Company Partners guarantees that the services they offer meet the standards of the best in the industry. Over 30 full-time Consultants offer services and standards of the highest quality.
Company Registration Benefits
Your Company Structure is the first consideration you need to make when you want to register a new Company at the CIPC. The preferred choice of a legal entity for most Businesses is a Pty Company.
- You protect your personal life and assets from your business when you register a company. If one runs a business, it is necessary to operate in a safe legal structure where your business assets and risks are separated from your personal ones.
- You look more professional when you operate under a registered company name. If you want to obtain a large contract or a tender, it appears more professional to trade in a Pty Company capacity than in your own name.
- Most Suppliers and Government Departments require businesses to be registered as a Company to apply for their Tenders and Contracts.
How to Register a Company
Step 1: Complete and submit the easy online sign-up form here.
Step 2: Your dedicated Consultant will call you to assist you with any questions you may have.
Step 3: Email your ID and easy supported documents – which your Consultant will explain.
Step 4: Within a few days you will receive your brand new Company ready to use for Tenders and Contracts, via email. You can contact your Consultant at any time on a toll-free number.
Need a Company fast? Perhaps consider a Shelf Company
Company Partners offer a variety of Shelf Company Options to suit your needs, including 2016- year Registration Number Shelf Companies. Within 24 hours after purchase, you will receive the registered Shelf Company.
You can start using your Company Registration Number and Bank Account (for income) immediately.
Each Shelf Company includes a 2016 Year Registration Number, Free Share Certificates, a Free ‘Tax Number’ and a Free ‘Official BEE Affidavit’.
You can also make use of a Nedbank Business Bank Account that’s active for your Shelf Company.
Luckily, getting your own Shelf Company is easy in terms of compliance. All that’s required is that you are at least 18 years of age, an ID document / Passport and a South African Business Address.
Why use Company Partners to Register a Company?
Fast timeframes: Your Company will be registered fast and effectively online. Your documentation is set-up in less than 24 hours, after which CIPC will process it.
Simple requirements: The only requirement for Company Registration is an ID / Passport. Everything gets done online, so you can be based anywhere in South Africa or the World.
Dedicated Consultant: Your own dedicated professional Consultant takes care of the entire process – he or she is available on his / her email and also on a toll-free number.
Professional Service: With years of experience of representing our Clients in Government, the entire process runs smoothly over the Internet. No lost documents and no frustration.
Company Partners completes all necessary applications correctly and reviews all the paperwork for you. You simply have to wait for your company documents via e-mail, confirming when you may start trading using your registration detail.
After Company Registration
Any new Business needs guidance to prepare for Tenders and Contracts. After Company Partners gets you registered for your Company, Company Partners can assist you through the entire Company start-up process (optional).
That means they will ensure you have everything you need for a Tender or Contract application like a new PTY Company, BEE, Tax Clearance, VAT Registration, Logo Design, Website, Business Plan, COID, Letter of Good Standing, NHBRC, Accounting, Payroll and more.
To start, just complete and submit the easy application form here and a friendly Consultant will contact you. Alternatively contact Company Partners toll-free on 0800 007 269 (toll-free from landlines and cell phones).
Online Brochures (click on the image to download)
Why Use Company Partners:
Company Partners Profile:
Alan Knott-Craig Answers Your Questions On Money And Partners
From starting the right business, to managing business partners and finding your magic number, there is a secret to happiness.
If I get rich will I be happy? — JC Lately
Does money equal happiness? Mostly, yes. Research in the US shows that your happiness is proportionate to your earnings up until you earn $80 000 per annum. Thereafter, incremental income gains have a negligible effect on your happiness.
In other words: More money will make you happy as long as you’re poor. Once you break out of poverty and enter a comfortable middle-class existence, more money will not make you happier.
These are the top three for old folks:
- I wish I’d spent more time with family.
- I wish I’d taken more risks.
- I wish I’d travelled more.
Therein lies the secret to happiness. Spend time with your family. Take risks. Travel.
But first, make money. Don’t do any of the above until you’re making enough money not be stressed about money.
What is the magic number? — Mushti
The magic number is the amount of money you need to not worry about money ever again. If you don’t need toys like Ferraris, yachts and jets, the magic number is R130 million. Here’s the math: R130 million will earn R9,1 million in interest annually (assuming 7% interest). After tax that is R5,46 million.
Assuming you need 50% to maintain a good lifestyle, that leaves approximately R2,7 million for reinvestment, which is enough to keep your capital amount in touch with inflation for 50 years. The balance of R2,7 million (after tax) is for your living costs. In South Africa, R2,7 million will afford you a lifestyle that allows you to send your kids to a great school and university, to travel overseas a couple of times a year, and to live in a comfortable house.
Over time your living costs (and inflation) will eat into your capital amount. After 50 years you should be down to nil, assuming you earn zero other income in that time.
In 50 years, you will probably be dead. If you’re not dead, your kids will be able to support you (because they love you and they have a great university education).
I am the sole director of a company (the others still have full-time jobs and don’t want to be conflicted) and there is pro-rata shareholding based on our initial shareholder loans. However, I am putting in most of the hard work, together with one of the other actuaries. How best do I manage the director/shareholder dynamic? I obviously want to make as much progress as possible but there are times when I need the input from the others (and their responses aren’t always as quick as I would like). — Mike
If you have any perception of unfairness regarding effort/risk vs reward, deal with it NOW! You can’t do so later. The best approach is honesty. Call your partners together. Explain your thinking. Perhaps argue for 25% ‘sweat equity’ for yourself. Everyone dilutes accordingly. Ideally cut a deal whereby you have an option to pay back all their loans, plus interest, within six months, and you get 100% of equity (unless they quit their jobs and join full-time).
Equity dissent must be resolved long before the business makes money, otherwise it will never be resolved.
What do you think of WiFi in taxis?— Ntembeko
It’s a good idea, but not original. Before embarking on a start-up, you should survey the landscape for competitors. Just because there are none doesn’t mean no one has tried your idea.
It just means that everyone that tried has failed. You need to be 100% sure that you have some ‘edge’ that makes you different from everyone who came before you (and failed). Otherwise you will fail. What is your advantage that is different to everyone who came before?
Read ‘Be A Hero’ today
What You Need To Know About The Lean Start-up Model
The Lean Start-up philosophy was developed by Eric Ries, a Silicon Valley-based entrepreneur who also sat on venture capital advisory boards. He published The Lean Startup in 2011, igniting a movement around a new way of doing business.
The model follows key precepts that include:
Taking untested products to market
The fact that too many start-ups begin with an idea for a product that they think people want, spending months (or even years) perfecting that product without ever testing it in the market with prospective customers.
When they fail to reach broad uptake from customers, it’s often because they never spoke to prospective customers and determined whether or not the product was interesting. The earlier you can determine customer feedback, the quicker you can adjust your model to suit market needs.
The ‘build-measure-learn’ feedback loop is a core component of lean start-up methodology
The first step is figuring out the problem that needs to be solved and then developing a minimum viable product (MVP) to begin the process of learning as quickly as possible. Once the MVP is established, a start-up can work on tuning the engine. This will involve measurement and learning and must include actionable metrics that can demonstrate cause and effect.
Utilising an investigative development method called the ‘Five Whys’
This involves asking simple questions to study and solve problems across the business journey. When this process of measuring and learning is done correctly, it will be clear that a company is either moving the drivers of the business model or not. If not, it is a sign that it is time to pivot or make a structural course correction to test a new fundamental hypothesis about the product, strategy and engine of growth.
Lean isn’t only about spending less money
It’s also not only about failing fast and as cheaply as possible. It’s about putting a process in place, and following a methodology around product development that allows the business to course correct.
Progress in manufacturing is measured by the production of high quality goods
The unit of progress for lean start-ups is validated learning. This is a rigorous method for demonstrating progress when an entrepreneur is embedded in the soil of extreme uncertainty. Once entrepreneurs embrace validated learning, the development process can shrink substantially. When you focus on figuring the right thing to build — the thing customers want and will pay for, rather than an idea you think is good — you need not spend months waiting for a product beta launch to change the company’s direction. Instead, entrepreneurs can adapt their plans incrementally, inch by inch, minute by minute.
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