Why IT Firms (including Msc Status firms) fail.

Are Information Technology firms taking the whole cake and eating it too?


it firms fail


It has been researched that out of ten, seven fails for information technology firms. That is on average and it could even go higher for certain small markets. Now that figures right, if you are considering starting up an IT firm. It is also true that if you were to ask consultants around, they would most likely give a positive view of running an IT firm. But they are not aware that on each single day, there are hundreds of IT based firms sprouting out just because the education system has conveniently helped graduated thousands of graduates every year and they also assume that they will easily get jobs because everything is going the digitized way.

From the public perception, since everything is going to embrace information technology one way or another, starting an IT firm is the way to go and you will not run into getting no business. Unfortunately, running an IT firm is like any other business and experience counts and the IT guy won't have it. So they plunge into IT business without knowing the basics of business armed only with some IT knowledge. At the end of the day, you still need to sell your idea and not only that, you will need to convince the decision maker who most likely is not well verse in IT to buy your offer.



Here are six important points that you must have to succeed in IT


* You must not go into a field of convenience. In other words, don't go into doing something that the average Joe is doing! Look at different things and concepts and go for uniqueness.


* Have enough money to last for a year and a half. Beg, steal or borrow or better still, get some grants to pursue your course. Start of with bootstrapping. An alternative is to seek crowd funding but don't try venture capital unless you are willing to work as a slave.


* Seek the help of a business consultant in one way or another. That way, you will be having someone who knows the in and out of business.


* Learn how to be stingy. Never trust a guy who only knows how to spent. You will need to learn how to build and build fast in terms of money and market.


* Be aware of the market. Do research, every day if you can afford it. Better still get the service of a researcher who is not necessary in that market so that you can have a broader picture of what is going on. As market changes very quickly, you need to be in front of the line. Don't gross and pleasure yourself with the little success that you have because the market may change abruptly especially when a disruptive technology comes along.


* Be ready to make changes, even if it is a drastic change. Don't believe the old saying that you must stick the course no matter what unless you have plenty of resources backing you.



We at Patentagentip can help you .......


* Ideation and conceptualization (very important if you are going for grants)


* Prototyping and Go-to-Market Strategies


* Market Research and evaluation


* Market protection by way of intellectual property protection


* And the most important of all, Marketing.



Do yourself a favour. Give us a thinker so that we can help you to prevent an early exit!