Software Firm Dangles ‘Winning Recipe’ to Techpreneurs

While every entrepreneur, especially in the technology space, is unique and each story is different, there is a common factor that unites them – they take risks, follow their dreams and pursue their passions.

Steven Cohen, head of Sage One International for Africa, Australia, Middle East and Asia, said that “taking action” is one of the critical steps to stand out as a small business owner, even in harsh economic climate.

Cohen said, “There’s a reason the term ‘wantrepreneur’ has come to describe so many people – action and execution are much harder than talk. Success is the result of your actions. It’s not always laziness that impedes action, sometimes over-thinking things, doubting yourself, or striving for ‘perfect’ can prevent us from getting on with things. It’s key to find a balance between planning and execution, in any line of business. Secondly, believe that you can do it – and you will”.

At the 702 Small Business Awards with Sage One ceremony, Tshepo Phakathi, CEO of Phakathi Holdings said, “Success is not aptitudinal, it is attitudinal”.

Nodding in agreement, Cohen said, “I agree with that statement - emotions dictate our decisions and how we respond to failure and challenges. Sometimes emotions are at the heart of our success, or failure. While the idea of ‘believing in yourself’ has become clichéd, it’s for good reason - the most successful people in business are not necessarily the smartest, but they are good at maintaining a positive attitude and an unwavering belief in their ability to be successful.

“Thirdly, hire good people. The first employees you hire will set the pace for your business’s growth and lay the groundwork for your company’s culture. This is why you shouldn’t settle for second-best when hiring for the first time. One of the questions other entrepreneurs often ask me is what I would change if I could go back in time and restart my business. My answer, without hesitation, is always that I would invest heavily in hiring the best talent and do everything in my power to bring the greatest people on board right from the start”.

“You have to treat your people well. Before you even start to create job descriptions and advertise positions, you should start thinking about what sort of people you’d like to have working for your company. The type of people who work with you will determine how much you can trust them, which is important because without trust, a business is set for failure. I always hear people saying ‘If I don’t do it myself then it doesn’t get done,’ - to me, this just means that you have failed as a business owner because you haven’t spent time getting to know your team and building trust. I also believe that one of the causes of those long, unbearable meetings that are so common to many businesses, is lack of trust. When people don’t trust each other, you end up going around in circles as everyone tries to stamp their authority on the topic.

“Live your values. An important question you need to ask yourself is: what are your values and priorities, and how do you apply these in your business? Knowing the answer to this and being proud about it will show through everything you do, and your customers will take notice. Some find it hard to believe but modern customers buy into values as much as they do into the product itself – and are often prepared to pay more for a product that shares their values. As an example, The Munching Mongoose donates food monthly to a charity, and their whole business model is focused on supporting other small businesses like small farmers and artisans.

He also encouraged technology entrepreneurs to focus on their plans, keep their finances in order and “Make the bad times work for you. You will face challenging times: things will not always go as planned, the deal might not come through or a client’s late payment may put unnecessary strain on your finances. Don’t dwell on the negative, learn from the situation, move on and use it as a reason to better your business”.

Cohen while admitting that being an entrepreneur is tough and in a time of seismic technological change and digital invention, however, “there will be moments when you will want to throw in the towel. See these as opportunities to test yourself, look at how far you have come to keep motivated, and never be afraid to ask for help”.