Dale Skeen: I agree. You have these areas of capability, and in each one you are finding increasing refinement of the domain knowledge. Offering [our product] as an SaaS offering makes sense because you are dealing with smaller businesses that typically have less IT capability. The SaaS mode is typically the least costly way for an entrepreneur. It is a win–win situation for both sides.
Sramana Mitra: Great. Is there anything else you would like to add?
DS: I want to encourage all entrepreneurs to listen to this. I think there are a few basics to being a successful entrepreneur. You have probably heard these, but I would like to repeat them. The first one is: never give up. Follow your dream rationally – you have to be realistic about it. If you don’t succeed at first, keep trying. You will find that people who are determined eventually become successful. The second thing is to know your customer. Our team can come up with great ideas. But great ideas can only be tested in the marketplace with actual customers. The more customer intimacy you can get, the better off you are. Last, I would like to add that the time has never been better for entrepreneurs. With new models, SaaS models, and new opportunities, there are now platforms for you to get started rapidly and bring your ideas to market. These platforms and models also enable you to fail rapidly. This is why it is necessary to be smart and try again. I believe the time could not be more exciting for young entrepreneurs.
SM: I would like to comment on what you said about being rational. I find there is a fine balance between being rational and being irrational. There is the rational part that needs to take the market into account and pay attention, but at the same time, when the market says no, perhaps you have a fundamental vision or conviction that tells you internally that you have a different gut reaction from what the market is saying. Maybe the thing to do is persist and look for the segment where the answer lies. The market could be saying no for many different reasons. You are going to have to experiment and tweak. The first no should not cut you off.
DS: That is true. To be an entrepreneur, you have to be passionate about what you are doing, and you need to be persistent. With that being said, you need to periodically look at the progress you are making and readjust. You may have a great idea, but the timing may not be right.
SM: Absolutely. Timing is another very important factor. Sometimes, in my experience, timing is a matter of staying in power. If you are late in the market, it is something else. But if you are early in the market – I had this tendency of being early in the market, and I got the timing wrong several times – you can only win by making staying in power work in your favor.
DS: That is correct. In the end, as an entrepreneur, you have to follow your heart. If you feel passionate about something and you can see intrinsic value in it, then you make course corrections but you stay true to your heart. That works for me.
SM: Great. It was wonderful talking to you. Thank you very much.
DS: You, too. Thank you.