One of the greatest technology entrepreneurs to come out of 2020 would have to be James Park, the creator of £6 billion fitness tracker company, Fitbit. His professional approach to business combined with a unique and a quality product makes him a force to be reckoned with in the business world. Park is known as a respectable figure in the technology industry, with the recent fitness boom there has been a huge amount of demand for Park’s creation. The Fitbit is a smartwatch with the capability to measure heart rates, sleep quality, step tracking and many other functions to help you lead a healthy lifestyle. The Fitbit comes in a variety of makes and models, each one is fully equipped to help you keep track of your exercise performance, they also have a range of designs to fit your own personal style. The inclusivity the brand displays paired with great leadership from Park has resulted in a huge amount of success and revenue.
With James Park being such an influential figure in the technology industry and as a professional businessman, it is no surprise he has had a huge impact on the way we think about the fitness/tech industry. In a recent interview, he revealed many interesting facts and opinions developed from his own experiences, seeing as there are over 23.6 million active Fitbit customers, I bet some of his advice would be useful in your own projects.
Take your time.
Park stated the importance of taking your time when it comes to introducing yourself to the business world, particularly the technology industry. It is so easily done by the newer, smaller tech companies, where they rush into the market without fully realising who they are as a company. You have to have patience and spend time establishing your business, it is unrealistic to think you are going to develop your product and make a success of yourself. Having a solid product is great but, if it isn’t managed properly you will be setting yourself up to fail.
Park’s advice was as follows, too often do we see businesses fail at the cost of poor preparation, time must be spent on your marketing strategy, establishing a client base and creating the perfect management team before you can even dream of making it. Park detailed how long the process took for him to start seeing substantial profit and it is the perfect example of the old phrase good things come to those who wait.
Follow your heart.
Another piece of advice from tech mogul James Park is that certain situations will require you to trust your gut. The initial period of developing your product and business can be very confusing in terms of the direction you want to go in. Park revealed how he often struggled with believing he could be a success, the only thing you can do is trust your instincts. Trust that you are making the correct decision and if your product is good enough you must have faith that it will do well.
Make sure you can afford it.
Never underestimate how much money you are going to need to get started, a big part of why it takes so long to establish your footing in the world of technology and business is that because of it such a profit-generating sector, in order to keep up with the competition you may need to inject a lot of finance into the company. The feeling of getting a good start on the progression of your company only to be struck to a halt by a lack of funding can be very frustrating. Speaking from experience Park reiterated the importance of profit projections and budgeting.
Have fun along the way.
A final comment from Park was not to forget to have fun, it can be easy to get caught up in how well the business is doing and the stresses of managing a new tech product can make you get caught up in the moment. Park shared an account of a night spent drinking wine and playing truth questions and dares with his team, he said this changed the dynamic of his team of employees to a strong friendship group making them a stronger unit towards their success.