Introduction: Tech Terrain
Hey everyone, Tanner Chidester here, CEO of Elite CEOs. Excited to share my recent global adventures and delve into my experiences in the tech and app development world. Get ready for insights into successes, pitfalls, and invaluable lessons for your business ventures. Join me as we explore the Tech Terrain together.
“Get ready for insights into successes, pitfalls, and invaluable lessons for your business ventures. Join me as we explore the Tech Terrain together.”
The Initial Steps: Hiring and Challenges
About two years ago, I ventured into creating an app for trainers. My first step was hiring a CTO through a headhunter. The goal was to keep costs low, but I quickly learned that having one person build a massive project like this wasn’t feasible. Over time, we made progress but never reached completion, leading to a significant financial loss. It was a classic case of biting off more than we could chew.
Tech Terrain: Key Takeaways:
- Project Scale: Avoid overly ambitious projects that require extensive resources unless you’re ready for a significant investment.
- Technical Understanding: Ensure you have a basic grasp of tech language to track progress effectively.
- Frontend and Backend: Acknowledge the complexity of tech development, where changes in one area can significantly impact another.
Pivoting Strategies: New Approaches
Learning from these challenges, I adopted a different strategy for my next tech venture. I leveraged my network to connect with a trustworthy US-based developer. Our deal was structured uniquely: a three-month timeline to build the product, with compensation tied to a share of the profits. This approach minimized my risk and provided an incentive for the developer.
Crucial Insights:
- Align Incentives: Craft deals that align your goals with those of your developers.
- Bootstrapping vs. VC Funding: Whenever possible, bootstrap. VC funding can lead to loss of control and aligns poorly with long-term personal goals.
Building for Success: High Ticket and Niche Focus
For those considering a tech venture, I recommend focusing on high-ticket items that offer significant value to your customers. Your product should ideally replace more expensive tools they’re currently using, providing both cost savings and enhanced functionality. Additionally, targeting a niche market can help you stand out from larger competitors.
Leveraging Existing Customer Bases
An effective strategy is to look at your current customer base
and identify their needs that can be met with technology. This approach not only creates a product that has a ready market but also ensures you are building something that adds real value. My current project is closely guarded, but it’s developed with this philosophy in mind.
Tech Terrain: Final Thoughts
In the world of tech and app development, the path is rarely straightforward. It’s filled with learning curves, adjustments, and sometimes, significant financial stakes. However, the rewards can be immense if approached correctly. Remember, start small, stay focused, and leverage your existing relationships and customer base.
I hope sharing my journey helps you navigate your own tech ventures more effectively. If you have any questions or want to discuss your ideas, feel free to drop them in the comments. Let’s keep pushing the boundaries and innovating!
Cheers,
Tanner Chidester
