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13 Tips For Tech Entrepreneurs

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Because of my work as an entrepreneur, teacher, mentor and now director of Wayra, I have encountered hundreds of entrepreneurs seeking the magic formula for success. While there is no formula that works for everyone, there are a number of tips that I think I can give to avoid (or at least mitigate) the typical mistakes entrepreneurs make, especially during their first steps. That is why I have compiled the following list that I hope you find interesting:

  1. Embark on something you like. The entrepreneurial path is not easy. In fact, those of us who are experienced in this can safely say that is the most difficult of all. If you’re going to start a business, do it in an area you enjoy and do work you’re passionate about (we can’t all be CEOs or General Managers). That way, when the blows start falling (and believe me they will) and you have to work many more hours than others, at least you will do it willingly and it will be pleasant.
  2. Focus. The popular saying is very clear: “Don’t bite off more than you can chew.” I’ve met dozens of entrepreneurs who think they can handle 2 or 3 projects simultaneously and in the end are successful at none. I recommend that you focus on one and save your other ideas for later. Of course you can change what you’re doing as you go. What you can´t do is everything at the same time, especially when you’re new to all this.
  3. Look to create something important, not money. Most modern entrepreneurs look to generate money fast, which leads to attracting the wrong kind of investors and employees and the company usually perishes prematurely.  The idea is that the company must make sense and preferably change (improve) the lives of the people it touches. If this happens, the money will follow.
  4. Reach out to your potential market fast. As good as your idea may be, it is best to test it as early as you can. That is, look for feedback from your potential customers even before your product or service is ready. Waiting for the final version can cost a lot of money and effort. Use constant feedback to improve your product or service and then get to market with something you have tried.
  5. Finalize versions. Everything can be improved, but there is no need to wait for a perfect product or service. One of the major mistakes of entrepreneurs, especially engineers, is to continue adding functionality to the product, which leads to eternal development cycles. Having an original version and closing it once the original objectives have been met is important. Later, you’ll have time to make improvements in subsequent versions.
  6. Address a need. Another major error of technological entrepreneurs is developing something just because they have the ability to do so, without regard to any needs of the target audience. The end result is often a technology that lives in search of a market, the cause of death for many companies. It is much better to start in reverse, realizing that something is missing or could be improved and then seizing the opportunity.
  7. Follow your instinct. Listening to others, your clients, mentors and friends, is recommendable but be careful because you will face many different opinions and you can lose your way. Follow your instinct and accept advice, but without losing the essence of why you began in the first place. If you try to make everyone happy, you will probably fall into mediocrity.
  8. Differentiate yourself. Make sure you have some important differential value over your competitors. Doing the same as others is not enough.  You have to do it better, cheaper or in a different way to excel in the market. Your business must have a clear advantage over the rest that is also sustainable over time to prevent someone bigger coming along and competing with your same advantage.
  9. Persist. Success usually takes time, so you have to be persistent in your attempt to achieve it. If you get frustrated quickly, entrepreneurship is not your thing. Do not confuse persistence with obstinacy: be persistent but also learn to lose. One of my favourite sayings is “lose, but do not lose the lesson.” Even by losing, you can gain courage and experience.
  10. Delegate. You have to learn to delegate, you cannot do everything yourself. Entrepreneurs often believe that only they can do something right and take a hand in everything. This can eventually lead them to ruin. As a company grows finding specialists for different areas is essential. Lean on people you trust and that you can eventually train to be better than you in a specific area and give them power to carry out tasks.
  11. Control your ego. Many people find criticism difficult to accept, but we must always learn to listen. Pride is the natural enemy of success, so if you shut yourself off from the world, you end up being the only customer of your development.
  12. Lose your fear. Challenge yourself, explore and dare to do things that you have not done or have not been done before. While it is true that if you do not try you will not fail, it is also true that if you do not try you will never succeed. Most of the most successful entrepreneurs made many mistakes and learned from them, and that made them better and more valuable in the end.
  13. Help others. In Mexico, this happens a lot. We tend to follow a route without looking at those we tread on, without giving or asking for help. If you become successful, give a little back to those who are behind you and to the ecosystem itself. In addition to generating good karma we promote Mexico’s image to the outside world. The fact that there are more successful projects helps us all, because it improves the conditions for the next generation of entrepreneurs.

Although being dogmatic about rules on entrepreneurship is difficult, (after all, it is an adventure), perhaps you may get something from these tips. And, of course, extend the list with some of your own experiences. Can you think of any?

written by Marcus Dantus, an entrepreneur who often writes for ThinkBig. see more.

Callum Connects

Agnes Yee, Legal & Compliance Recruiter of Space Executive

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Agnes Yee started Space Executive in Singapore, which is a hub for businesses in some of the world’s fastest growing economies.

What’s your story?
After graduation, I joined a design media company as a Business Development Executive, during the era when ‘reading a magazine online’ was unheard of. I believe that laid the foundation for being unfazed by rejections.

I fell into recruitment pre-GFC and rode the highs and lows in the early years. A decade later, I decided to set up my own recruitment company, partly because I could. I’m acutely aware of the face that being an Asian female in Singapore is sometimes a privilege, and that many women in the world are living a very different existence.
Thereafter, we joined Space Executive as part of a merger. I am currently the Partner of Space Executive, a recruitment company focused specialist disciplines, including Legal, Finance, Digital, Sales and Marketing and Change. We also run Space Ventures, a venture capital business, which invests in seed and pre-series A businesses.

What excites you most about your industry?
On a daily basis, we’re influencing how one spends a third of their day. It is interesting how the Internet has transformed the industry, and I’m excited to see how we can harness technology to bring us to the next phase of this business.

The VC is an extension of applying our skills and experience in reading people. We very much invest in the people as much as the idea. Being a native Singaporean, it’s been exhilarating watching Southeast Asia becoming a hotbed of ideas; and young entrepreneurs simply daring to dream.

What’s your connection to Asia?
I’m a born and bred Singaporean. I love that I speak both English and Mandarin, grew up playing with Indian friends and eating Malay food.

Favourite city in Asia for business and why?
Singapore for the low barriers of entry to set up a business, but has to be China (and Hong Kong) for their hunger and constant innovation.

What’s the best piece of advice you ever received?
青春不要留白 which translates to ‘Don’t waste your youth.’

Who inspires you?
Anyone who has gone against the grain.

What have you just learnt recently that blew you away?
It wasn’t recent but reading the article on https://waitbutwhy.com/2015/12/the-tail-end.html never fails to blow my mind how little time we have left. Charting our lives in weeks, and realising I only have enough time left to enjoy 60 Christmas turkeys, read 300 books (all if I’m lucky); and mostly, I’m left with the last 5% of the time that I spend in-person with my parents.

If you had your time again, what would you do differently?
I’m cognisant that every decision I made in life has brought me to where I am today, and I wouldn’t change one thing. But I’d really like to have had more time to travel.

How do you unwind?
Exercise and wine.

Favourite Asian destination for relaxation? Why?
Trekking any mountain in Asia. It brings us back to the most basic. To overcome elements of nature and our own mind.

Everyone in business should read this book:
Start with Why, Simon Sinek

Shameless plug for your business:
Space Executive started in Singapore, a hub for businesses in some of the world’s fastest growing economies. We assist organisations in accessing a targeted and specialised, and often times transient talent pool.

Out of Singapore, we have recruited across 14 countries; and have embarked on our global expansion plans with offices in Hong Kong and London this year, and US, Japan and Europe in the following years.

Space Ventures provides funding, management and financial guidance to young businesses with original ideas. We have invested in peer to peer lending platforms, credit scoring, social media education, and other start-ups spanning diverse industries. We are always interested in hearing more about new ideas.

How can people connect with you?
https://www.linkedin.com/in/agnesyee/

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

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Callum Connects

Chrystie Dao-Szabo, Founder of iPayMy

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Chrystie Dao-Szabo founded iPaymy for Business – a secure and easy to use
platform enabling SMEs to pay rent, salaries, invoices, and even corporate tax using the credit cards they already have in their wallet today.

What’s your story?
I’m Chrystie Dao-Szabo, and I’ve worked as an international banker for over 22 years. During that time, I travelled through Asia, Australia and Europe, and everywhere I saw how my clients struggled with managing their finances and keeping cash around.

I wanted to use my experience to help them, but I also knew the solution they needed didn’t exist yet. This pushed me to give up on my secure career, and instead look into the innovative world of FinTech for an answer.

This is how I founded iPaymy – at its launch, a platform to help consumers pay their monthly expenses using their credit cards. We’ve grown a lot since, and today, iPaymy for Business is a platform that allows business owners to use their credit cards to pay for rent, salaries, invoices and taxes, freeing up their cash for business-critical operations.

What excites you most about your industry?
What excites me most about FinTech is it’s culture of constant disruption, thanks to cool and innovative products and services coming out every day.

What’s your connection to Asia?
I was born in Vietnam, grew up in Australia and worked in Asia, Europe and Australia. Being raised by traditional Vietnamese parents meant that deep down I was still an Asian at heart, so I have a strong connection with the region.

Favourite city in Asia for business and why?
Singapore of course. It’s easy to do business, English is the main language, and the infrastructures like public transportation are great. Also, the government supports local innovation in multiple ways, like giving grants for SMEs and FinTechs.

What’s the best piece of advice you ever received?
Keep giving, and one day you will receive.

Who inspires you?
My parents. My father had a successful business in Vietnam just before the fall of Saigon in 1975. After the war, my father was sent to a re-education camp for three years, which meant my mum had to bring up two young kids – a 3-year-old, me and my 4-year old brother on her own.

In 1980, we all fled Vietnam on a boat and arrived in Sydney, Australia via refugee camps in Indonesia and Singapore. There, my parents had to start over with nothing to their names and only AUD 50 given to them by the Australian government.
They went on to build several businesses in Australia!

What have you just learnt recently that blew you away?
The number of young and smart people who have carved out successful careers by founding their own startups (or joining really cool ones). When I was starting out my career, doing any of these was not a viable option; it was either working for an accounting firm, an insurance company or a bank.

If you had your time again, what would you do differently?
If I were starting out my career now, I would choose the path of joining a startup as you get to learn so much about running a business and how to assemble a winning team.

How do you unwind?
I like travelling to a beach or a resort destination and just relaxing by the pool or beach. I also like to unwind after work with a glass of champagne or wine, and a bowl of truffle fries.

Favourite Asian destination for relaxation? Why?
Thailand. I love the people and the spicy Thai food.

Everyone in business should read this book:
The E-Myth. It’s a book series that dismantles common myths about entrepreneurship in different industries.

Shameless plug for your business:
With iPaymy for Business, SMEs can pay rent, salaries, invoices, and even corporate tax using the credit cards they already have in their wallet today. SMEs love iPaymy because it works like a credit card, but pays like cash.

iPaymy’s secure and easy to use platform reliably delivers payments to vendors while freeing up cash and providing access to interest free credit. Forget the delays and aggravations that come with traditional SME financing options. Schedule recurring payments, manage invoices, set payment reminders, and monitor payment status all from one dashboard.

It’s never been easier for SMEs to meet monthly payment obligations while keeping cash available to fuel growth, bridge receivable gaps, and make immediate investment in the supplies, services, and expertise needed to drive a growing business forward.

How can people connect with you?
You can find me on LinkedIn or contact me by email.
My LinkedIn: https://www.linkedin.com/in/chrystiedaoszabo/
My email: [email protected]

Twitter handle?
https://twitter.com/ceedeees

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

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