Once an entrepreneur himself, Herman Singh has to date built a total of 15 companies - all start-ups. And while some failed, others thrived... He has learnt a great deal along the way, and now, in his current role as MTN Group chief digital officer, Singh remains passionate about entrepreneurship and helping small businesses to grow. These are some of his learnings for entrepreneurs:
Tip #1: You have to think customer, customer, customer...
"You have to think of a way to help a customer segment solve a burning problem.
"It's about removing the friction," Singh says. "Think about it like this: it might be finding a taxi, getting your house fixed or home care. Whatever it is, there is always a customer and specific need involved.
"In fact, the three questions I often ask SMEs are:
1. Who is your first customer?
2. What is your value proposition?
3. And why would they come to you?"
Tip #2: You have to keep it simple
Think simplicity in everything: cost structure, branding, product, everything...
"Whatever your business is," he explains, "don't get carried away with complex business models, revenue share and complex transactions or technology.
"You have to keep it very simple to start with."
Tip #3: You have to have perseverance and execution
"You will fail. That is obviously a given," Herman states. "But the measure of your capability is your ability to pick yourself up again and carry on.
"A key part of perseverance is ruthless execution. It's about recognising that one doesn't just want to sit around and think about things all the time, but what you actually want to do is to just get out there and do."
"These are the three things I generally say when I speak to customers and SMEs about success and where they can take their business," Herman concludes.
As part of MTN Group's 2017 Y'ello Care initiative, Herman Singh participated in the Wot-If Trust's SMME and Entrepreneurship development programme Thinkubation sessions in Diepsloot, sharing his insights while discussing 'Tech in a Community Like Diepsloot' with the 20 or so small businesses that form part of the Wot-If Trust programme.
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