8 principles of creating a successful IT business

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

Indian serial entrepreneur Bhavin Turakhia shared his rules for creating successful IT projects.

Eight mantra principles that helped me create all my IT projects and lead them to success.

1. Focus on creating value, not adding value

Each of my projects was originally created not only to make money, but ultimately to change the world for the better. The product created by a modern IT-entrepreneur should first of all help to improve the quality of life of customers, and not increase the value of the company.

Market value is a by-product of a successful product that improves people's lives.

2. Hire only the best employees

People are the most valuable asset of any business. Simply hiring and filling vacancies will not lead to success.

I have always tried to look for employees in my projects whose competencies meet the highest standards, I bought them out on the market. You should also always try to invest in the training and development of your employees so that they can improve their skills and deepen their knowledge.

We left the IT business twice on a large scale: the first time in 2014 for $ 160 million and in 2016 for $ 900 million. All these projects were initially launched without any external investment. All of the success was based on the amazing people who worked there.

3. Remember that first mover advantage does not guarantee success

You don't have to be a pioneer to make a mark in a field. You can invest in an existing sector that has been stable for several years and offer an innovative solution. This cyclical nature is especially characteristic of the tech sector, which oscillates between innovation and stagnation.

You don't need a completely new idea to be successful, you just need a better idea.

4. Make sure employees understand the goals of the company

Everyone in your company should be aware of its goals. This motivates employees to take an active part in the company's activities and instills a sense of shared responsibility with their leader. Also, every person working for you should know why the company is taking certain actions and what they will lead to.

5. Be flexible, ready to deviate from the original plan

Change is an inevitable part of a company's life cycle. Every organization has ups and downs in its life. And every team has a performance curve. If you do not allow employees to adjust the already launched development process of the company, then your business will suffer.

6. Be able to work with full dedication and share knowledge

In many areas of our life, we work with less than optimal efficiency. In all my projects, I have always strived to work with full dedication and constantly improve the efficiency of both my own and my team.

7. Make an impact directly proportional to your potential

Each of us has the ability to change the world. By understanding what you are passionate about, you can decide how to use that passion for the greater good. By focusing all your efforts on this, you can make an impact that is directly proportional to your potential.

8. Identify and work around obstacles to work with appropriate tools

Most of the problems in the workplace related to efficiency, teamwork and communication can be solved with technology.

After identifying a need, find tools and programs to meet it. You can either use turnkey solutions or choose custom applications that are modified based on your needs.

I recommend that my employees use tools and apps to automate routine and manual tasks to free up time for truly innovative projects.