List the factors that make the difference between success and failure of a new company entering the business technology industry.

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Workforce

The first factor that will determine the success or failure of a technology start-up is the workers. The business technology field is very technical. As a result, the company should hire the right people. There should be coders and computer scientists to handle the firm’s software and hardware. The...

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Workforce

The first factor that will determine the success or failure of a technology start-up is the workers. The business technology field is very technical. As a result, the company should hire the right people. There should be coders and computer scientists to handle the firm’s software and hardware. The firm should also hire experienced marketers to promote their brand and increase traffic.

Money

Most successful technology start-ups received seed funding during their first few years of operation. This is an industry that needs a lot of money. First, specialized employees don’t come cheap. The company has to compensate them well or risk losing them. The firm also needs a prime location to build the business. The rent for such office space is expensive. Contrary to what many people believe, technology start-ups need a lot of money. Even Facebook had to receive outside funding during the initial stages of its development to get to where it is today.

Market Demand

The success of a technology start-up is never guaranteed. You can start the business today, get the necessary funding, and the firm fails to succeed because the market isn’t ready for the product. It’s like smartwatches. They were first mass-produced in the 90s but failed to gain any traction because people weren’t that interested in them. Fast forward to today, smartwatches are everywhere because people are used to gadgets and need them.

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