As you start up your new IT business, have you thought about your business’ endgame? Do you hope that you’ll find yourself in the position of MindSHIFT Technologies, whose acquisition by Best Buy was finalized in 2012?
When you start a business, and you’re looking for investors to fund the startup, then you have to concentrate on what your business endgame is, so that you can lay out the investors’ exit strategies for them.
Whether that’s staged repayments, a onetime repayment, selling the business, or taking it public once it achieves certain pre-agreed targets.
Many technology startup founders dream of one day selling their businesses for big money to one of the big players in their marketplace. Whilst this aspiration is not a bad one, it should not be the sole driving force behind the building of your business.
The Formula Behind the Success of MindSHIFT Technologies
If you look at the rise of MindSHIFT, it’s built an exceptional business by following these basic principles:
Always understand the needs of the marketplace
Be flexible enough to meet a diverse range of needs
Take away the biggest pain points that your prospects are experiencing
Provide excellent levels of service to your end-users and collaborative partners
Bring added value to every transaction
Only once it had built a solid business reputation and client base did MindSHIFT Technologies expand its reach by collaborating with others. By this time, MindSHIFT had immersed itself so far into the market that it understood exactly what the needs were of the end-user, as well as the needs of its collaborative partners.
MindSHIFT Technologies had been at the top of its game for some considerable time before the acquisition in 2012. It was a well-established business that had grown consistently via partnerships and acquisitions of their own during its 15-year history.
It’s great to have an endgame in mind and ambitions for the business that you’re building. But it’s vital that you concentrate on building real value by serving your marketplace in an exceptional way.
What are the guiding principles behind your new IT startup? Share your thoughts with us in the Comments section.
And to follow-through on the tips introduced in this short article, be sure to download your free copy of the special report on How to Start a Computer Consulting Business: 6 Proven Ways to Build Your Initial Client Base.
Wikimedia Commons Image Source: Chris Brown