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[BLOG] What does it take to be a tech entrepreneur?

If the recent history of technology and tech start-ups has taught us anything it’s that – with the right idea, the right application and a lot of good luck – tech entrepreneurs can sweep all before them. What it has also taught us is that tech needn’t be the end game for entrepreneurs.

Instead, it can also be about provision and enablement for others. So we get mega successful techs on the one hand like Apple and Google – and enablers on the other like Wonga.com or e-bay etc.

Recently, for example, Wonga was named the number one company in the UK Sunday Times’ Tech Track 100, which lists the country's fastest-growing technology companies and is now here via wonga.co.za.

There is a lot of debate about whether entrepreneurship can be taught and learned or whether it’s mainly innate. So, for example, can you really teach someone to be passionate about what they do? It’s a moot point, but at least by recognising and understanding the key attributes needed to be a successful tech entrepreneur, you should be able to recognise if you have what it takes – and work at developing some of these areas.

First off, entrepreneurs most definitely need focus. That focus must be on goals; focus on customers to make sure they’re satisfied, and on employees to ensure they are well motivated.

Entrepreneurs also have a clear vision of where they want their company to be x years hence. They have a clear picture of where the company is going, and the key factors that will enable it to get there. They’re also good at communicating that vision to stakeholders and particularly their colleagues and staff. This is probably the most important single factor.

In turn, they have leadership skills: They can rarely do it all by themselves (though this possible in certain instances) but generally, they need to be able to see staffing requirements and fill them to perfection – all based on a  common goal and ideal that they’ve communicated accurately.

They also need real persistence and a passion for what they do. Entrepreneurship calls for commitment and this only comes if the persistence and the passion are there in the first place. There will always be setbacks and successful entrepreneurs are good at overcoming them and staying on target. This also calls for flexibility. An entrepreneur needs to understand that the market environment, in which s/he operates changes constantly – as, therefore, must the strategy.

And finally (and deliberately last on the list…) entrepreneurs probably need the requisite technical skills – or at least know where to find them and how to identify the issues. But it’s certainly not all about techie ability.

 

www.wonga.co.za

 

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