Hundreds of books on the shelves today promise to be your next muse. They all claim to be the one book that will get you inspired, motivated and ready to face the world as a solo entrepreneur in a sea of established companies and economic recession.
Jelena Vucetic, tech entrepreneur, teacher and author of Becoming a Successful Techpreneur, approaches the field from a different direction. While acknowledging that these books can inspire you, she notes that most of these authors' encouraging words end where you begin. They forget to see you through the rest of your journey as an entrepreneur, which requires more substance than a few inspirational quotes and a thumbs up. Becoming a Successful Techpreneur covers the complete life cycle of a high-tech business, from the entrepreneurial idea until the business sellout or initial public offering.
"Basically, you are starting on a totally unknown, uncertain path when you're starting a business," Vucetic says, "and no one can really tell you what is going to happen." Vucetic compares it to reading the book What to Expect When You're Expecting when she was pregnant. "My intent to write my book comes from a similar point of view," she says. "Even though you don't know exactly what is going to happen, there are still some rules and regularities about what people typically experience when they are at a certain stage [in building their business]. I thought that my book could give a little bit of guidance, which, after starting a business, most books do not really provide."
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Vucetic has more than 20 years' experience as an entrepreneur and even more as a technology expert, with master's degrees in business and computer science, and a Ph.D. in electrical engineering. But she still remembers her beginnings. She became interested in technology when she was a high school student in Belgrade, located in the former Yugoslavia, now Serbia. After graduating with a B.S. in electrical engineering there, she worked for seven years in the industry before moving to the United States hoping to work with the new technologies developing here.
She got her feet wet in American telecommunications, working with several large companies. However, when she had her first child, the "full-time hours and child-care hours didn't work together," she says. To gain the flexibility she needed as a young mom, she decided to start her own business in 1995.
She soon realized that she was missing some basic business skills. "In schools of engineering," she recalls, "they typically do not teach anything about business, the financial aspect or even the project-management aspects, without which you cannot run a business. I was a total geek, so I went back to school." She closed the first business, began working for a large tech consulting firm and took night classes, depending greatly on distance learning to get it all done.
Within a short time, she had the tools and a bit more confidence to try her hand at her own business again. She started a technology and management consulting firm, Alpha Mission, which has served her well for more than 10 years. As she puts it, "Essentially, I can accomplish most of my work on a good laptop that I connect to the internet, and I'm flexible to do it pretty much from wherever I am." With an athletic son and working husband, "my schedule allows me to attend most of [my son's] events and...it enables me to go to the functions my husband has through his work."
Because of her book's unique perspective, the University of Maryland University College now uses Becoming a Successful Techpreneur in its graduate school courses. Vucetic also lectures at the school on many techpreneur themes, which she is currently developing into seminars. Some of these include how to run a green business, developing e-commerce, everything you need to know about protecting intellectual property and how to develop e-government technologies.
Interested in starting a high-quality, unique tech company of your own, yet have no idea how to get started or what's important? Here's Vucetic's expert advice for the new techpreneur:
- Focus on the intellectual property. Protect your own
technological advances and ensure that you don't infringe on others. You may
spend a lot of time and money trying to enforce your own intellectual
property or defending your business from claims from competitors, but it's
worth it in the long run. This is because the primary value of technology
businesses lies in their intellectual property, and the industry is extremely
competitive.
- Leave your former employer on friendly terms. Do not take
any of your previous employer's proprietary documents or use them in your new business.
Sometimes former employers want to establish a business relationship with a
former employee's firm, but others may feel betrayed or even vengeful about
losing that employee. So test the waters and communicate with your former
company so your firm has the best chance of surviving as a competitor.
- Set realistic goals and keep in mind that you will need significant
capital to make them happen. Continuously look for capital and build
strong relationships with various financing sources, such as angels, venture
capitalists and banks. Before you start your new venture, develop a solid
business plan, have it reviewed by several experienced businesspeople in
your industry, and use their feedback to modify your assumptions. That
applies to anything from the size of the market to the potential market
share your future business will capture.
- The selection of your first employees is critical. That employee has to be enthusiastic about working in your startup, as well as willing to wear multiple hats as needed. Startups typically attract individuals who prefer an unconventional work environment and are driven by professional challenges combined with their own startup ambitions.
Though the competition is fierce, starting a tech company in this age is a rewarding and exciting prospect. As Vucetic says, "Anyone who is interested in starting a business [should know] it is worth trying.
"There is a lot of risk involved, but as long as she or he prepares well, it is really something that you will have a lot of pleasure doing. You will fulfill your dreams, do what you love doing and do it on your own terms."




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