Bulls n Bears Entrepreneurship Zone :: The journey so far: Katlego Maphai, co-founder and CEO, Yoco

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Katlego Maphai is the co-founder and CEO of Yoco, a South Africa-based
fintech company that builds tools and services, such as the company’s mobile
point-of-sale platform and card reader, to help small businesses accept card
payments.


1. Tell us about one of the toughest situations you’ve found yourself in as
a business owner.


It took us some time to find the right institutional investors as we were
trying to transition out of the seed stage. We wanted to get this right and
had to start looking abroad for the type of fintech venture capitalists we
wished to work with long term.

In the lead-up to that, we needed to manage our runway carefully while
continuing to grow. Prioritising customer acquisition, payroll and
suppliers, we managed growth through laser focus and, eventually, securing
the quality capital we wanted.

It has paid off – and set us on our way.


2. Which business achievement are you most proud of?


Getting started took us some time – from getting a licence (one year) to
building the product and getting certified (one year), and through to
running a beta (one year). It took extreme patience, belief and orientation
around the long term.

We persisted – and eventually – we were able to unlock great growth,
despite what seemed like a crowded market.


3. Describe your greatest weakness as an entrepreneur.


I try not to think in the context of weaknesses, but rather augmenting
strengths with strengths. Focus has been on building a robust complementary
team across the organisation. Allowing for the sum of the parts to be more
significant than the whole.

We are four founders of the company, and have shared values, different
strengths and skills. This has played a crucial role in where we are today.

All that being said, focus will always be the big challenge. As we grow,
new opportunities will appear. It’s crucial that we maintain the disciplined
pursuit of less, over the undisciplined pursuit of more. I see this as my
core as a business leader, and this is where “weakness” can show up.


4. Which popular entrepreneurial advice do you disagree with?


In general, I think there is a romanticising of entrepreneurship in the
mainstream. What’s great is that it is showcased as something
attractive/enticing, which I believe is better for society if more of it is
pursued.

However, there are not enough open conversations and dialogue about the
hard things happening in the background. I think more sharing and discussion
about the challenges beyond things like fundraising, but the human ones,
would be great.


 5. Is there anything you wish you knew about entrepreneurship before you
got started?


A deeper understanding of the sacrifices beyond the material. There’s a
great deal of personal sacrifice as you’re building something up. It takes
all of you. Over time, you develop the mechanism and tools you need to keep
healthy and energetic. Looking back, some early visibility and guidance on
this as one of the top priorities going forward would’ve been valuable.

It’s something I will be sharing with folks who are just starting out.

On the other side, it’s the deepening of relationships in unexpected areas
and the forming of the new. This is truly special. Between the support
structures, new partnerships, new members of the team and folks just out
there to mentor and support. You can truly never know the depths of this
until you get started.—Howwemadeitinafrica 



Katlego Maphai

 

 

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