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The technology sector is a very crowded sector but the opportunities are perhaps far greater than any other market.
Typically the biggest challenge for start-ups is how to penetrate the market and generate revenue, but there are many other challenges.
Basically before starting a business in any market, you must have conducted your market research thoroughly, which would be followed by a sound business plan.
The first huddle for any start-up is the financing of working capital. This would come from investors, lenders or your personal savings.
Next, you would come up with a strategic plan to run your business which would typically include a financial strategy, marketing strategy, operations strategy and management strategy.
Of these, your marketing strategy is perhaps the most important and will probably consume the most resources both in human capital and finances. This will mean that proper management of working capital be implemented.
Internet marketing has transformed the way companies market their products and brings many benefits such as lower costs, geographical reach and market targeting, compared to traditional outbound marketing.
As a start-up I would recommend you use the Internet extensively to minimize your expenditure and enhance your chances of customer acquisition.
Meanwhile, customers may not start buying immediately, but if your marketing strategy is good, this will minimize the risk of running out of working capital.
I suggest you use social networks extensively to connect with your friends, peers, colleagues and potential customers.
I also suggest you come up with products you can demonstrate to potential customers/buyer as quickly as possible, and if possible, offer some products on trial to attract new clients/customers.
I would also advise you study your competition thoroughly to learn what they are currently doing and try to improve or do better than them.
