Running Tech Startups Is Quite Like Running A Restaurant
I’m Ivan Kraynov, an entrepreneur and investor,and for my first HackerNoon article I wanted to share a few lessons that hospitality taught me about building technology companies. Over the years, I’ve invested in businesses across technology, hospitality, wellness, and consulting, and I’ve found that many of the same principles apply regardless of industry.
Some of the most valuable insights I’ve gained about building technology businesses didn’t come from startups or venture capital. They came from hospitality.
Customer Feedback Is a Survival Tool
In hospitality, feedback arrives fast.
Empty tables, declining repeat visits, and lower average spend can reveal problems long before they appear in a report. In highly competitive markets such as Dubai, where more than 13,000 restaurants and cafés compete for the same customer, businesses do not have the luxury of waiting months to understand whether a decision was right.
What works in one location may fail in...
Copyright of this story solely belongs to hackernoon.com. To see the full text click HERE