Embracing Entrepreneurial Acumen: Wamo Founder Yanki Onen Imparts Wisdom
In the realm of entrepreneurship, visionaries like Yanki Onen, the founder and CEO of Wamo, illuminate the path to success. Wamo, a pioneering digital business account provider and growth partner for SMEs, materialized from Onen’s personal frustration with the tedious process of opening a business account. Since its inception in 2021, Wamo has gained significant traction, catering to the needs of “underbanked” SMEs. In September 2022, the company garnered a substantial $1.5 million investment in a seed extension round, propelling its total funding to an impressive $6.8 million. Headquartered in London with a notable presence in Malta, Wamo empowers companies with accounts that facilitate local and international payments through both physical and digital cards.
Founder in Five Q&A with Yanki Onen
In an exclusive interview with UKTN, Yanki Onen generously shared his valuable insights and experiences, offering invaluable advice to aspiring entrepreneurs and shedding light on the inner workings of Wamo’s success.
1. Understanding the Market: The Cornerstone of Success
Onen emphasizes the paramount importance of thoroughly understanding the target market. He stresses that it goes beyond merely having a great idea; it’s about ensuring that the product or service resonates deeply with customers and stands out amidst fierce competition. Once this understanding is firmly established, entrepreneurs should focus on effectively communicating the market need externally. Developing a clear vision and mission is not just corporate jargon; it serves as a guiding compass that steers the company through challenges and ensures that the entire team is aligned and working towards a common goal. This clarity is also crucial when engaging with investors, customers, and partners.
2. Motivating the Team: Recognition and Empowerment
Onen believes that a motivated team is the driving force behind a company’s success. He ensures that a clear vision and goals are effectively communicated to foster a sense of purpose and direction. Recognizing and appreciating individual contributions is a cornerstone of his leadership style, creating a culture of trust and respect. Recognition can take various forms, whether public or private, formal or informal, but it should always be sincere and specific. Acknowledging team members’ efforts keeps them engaged and motivated towards achieving the larger goals. Furthermore, empowering the team by granting them autonomy is essential. Trusting team members to take ownership of projects not only boosts their motivation but also contributes to their professional growth and development.
3. Preventing Burnout: A Balancing Act
Onen recognizes the importance of preventing burnout, both for himself and his team, as a means of maintaining long-term productivity and well-being. He encourages regular breaks and promotes a supportive work environment. Setting realistic goals and fostering a culture that respects work-life balance are key elements in preventing burnout. However, Onen acknowledges that it is an ongoing process, requiring regular reassessment of strategies and willingness to adapt as needed. The key is to recognize the early signs of burnout and take proactive steps to address the underlying issues.
4. Beyond Wamo: Nascent Technologies with Promise
Looking beyond Wamo’s sector, Onen identifies AI and machine learning as nascent technologies with immense potential. The ability to analyze vast data sets, understand human language, and drive autonomous systems is revolutionizing multiple sectors. Onen sees AI as a powerful tool capable of tackling some of society’s biggest challenges, from cybercrime to cancer. Renewable energy technologies, including solar, wind, and advanced battery storage, also hold great promise. These technologies are crucial in combating climate change and transitioning towards a sustainable, low-carbon future. The potential for growth and impact in this space is enormous, making it an exciting and necessary area for investment and innovation.
5. Lessons Learned: The Value of Market Research and Customer Feedback
Reflecting on his entrepreneurial journey, Onen acknowledges that he would have dedicated more time to thorough market research and customer feedback if he could go back. He emphasizes the importance of validating the genuine demand for a product and ensuring that it solves a real customer problem. This would have positioned Wamo for greater success from the outset. Too often, founders assume they know what their customers want without extensive engagement. Onen stresses the critical role of direct feedback in avoiding this pitfall and truly understanding customer desires. This approach not only informs more strategic decisions but also guides effective resource allocation, which is particularly vital in the early stages of a startup when resources are scarce.
Conclusion
Yanki Onen’s insights, gained through his experiences as the founder and CEO of Wamo, offer a valuable roadmap for aspiring entrepreneurs. His emphasis on understanding the market, motivating the team, preventing burnout, recognizing promising technologies, and the importance of market research and customer feedback provides a comprehensive guide for navigating the challenges and opportunities of entrepreneurship. Onen’s journey with Wamo serves as an inspiring example of how passion, dedication, and a customer-centric approach can lead to success in the dynamic world of business.