Long-term success in the tech industry is rare amidst constant technological changes, new startups, buy-outs, and more. Advanced Systems Concepts, Inc. has weathered the constantly changing nature of the tech industry for over 34 years, evolving from a two-person startup in 1981 to one of the leading IT automation solution providers today.
In a recent Entrepreneur Magazine article titled “5 Essentials for Achieving Long-Term Success in the Tech Sector”, President and Founder of Advanced Systems Concepts, Inc., Ben Rosenberg, shares some valuable lessons he’s learned from more than 34 years in business.
Here’s a brief overview of the 5 Lessons:
1. Be Careful What You Wish For
Oftentimes, startups develop a product with the goal of a big company buyout at the end. However, you have to be aware of corporate dynamics, difficult negotiations, and other warning signs that may be a sign it’s just not going to work.
2. Give Customers Holes, Not Drills
We learned this lesson early on when we sold two products separately, expecting customers to put the products together and use it as one solution. This didn’t work and eventually we learned we needed to merge the two products into a single solution.
3. Turn Customers Into Company Advocates
If you are passionate about your products and services, this passion is translated to customers. We backed our product with quality design and support, building good relationships that led to more business.
4. Understand The Market And Listen To Your Customers
We’ve had some of our best successes and product ideas by understanding market changes and identifying customer pain points early on. For us, the adoption of Windows NT by OpenVMS users in the 1990’s provided us with an opportunity to develop a product to help OpenVMS customers migrate their script library to Windows.
5. Don’t Forget That Profit Equals Revenue Minus Expenses
It’s a simple adage we all know to be true, but oftentimes feelings and emotions can get in the way of making sound financial decisions.
To read the full article at Entrepreneur, click here.