ENTREPRENEURSHIP: Stephane Augustin: “Market conditions will never be optimal”

A passionate, self-motivated, creative and dynamic professional, Stephane Augustin says he is interested in business strategy and innovation. His goal is to help people and businesses create, increase and maintain their competitive advantage. News on Sunday finds out more from this entrepreneur and strategist. 

Mr Stephane Augustin, please tell us more about yourself. 

First of all, I want to thank News of Sunday for this interview. I am grateful for this opportunity. Well, who is Stephane Augustin? I have previously occupied marketing, market research, brand management and business development roles during the past five years.  This year, I decided that I was going to take bigger risks and help more people. I was able, with the support of close friends and family, to launch two businesses in one month. I recently incorporated LCSA Associates to help small and medium sized businesses to have the strategic tools to succeed in this new era. I am taking the time to develop our full array of offers and solutions. I am also gathering more data on innovative solutions that we can deliver.

The other one is Greatness Mentor, in partnership with my father who is a certified yoga consultant where we help people to reconnect with the source. These two businesses may seem like Ying and Yang to a lot of people but they are actually compatible because in life you need to focus on building your business/career and invest enough time to build yourself. The elite performers of this world have been able to strike that balance. It is the price to be paid to make it at the top level. 

My other activities include blogging and writing on medium.com. I am also part of the #Hustlevenue network. It is a network of like-minded entrepreneurs around the world where we brainstorm on entrepreneurship, social media tips, business collaboration, networking, business strategy and success. As you can see, there are exciting times ahead. 

How do you see the business climate for entrepreneurs in Mauritius? 

The business climate is not at its best. There is a lot of scepticism based on the political instability in the country. However as entrepreneurs, we tend to rely on our ownability to make things happen to grow our business. There are always opportunities for solving problems and helping more people.  For example, I launched my businesses even if the business climate is not at its best. The market conditions will never be optimal. You just have to accept this reality. For me, I just decided that I have control over some things in life. I focus on what I can control. Then, I lay out my strategy and I start working. 

How can entrepreneurs contribute further to economic growth? 

Grow your network. Go for bigger opportunities. I want to work with more entrepreneurs and seize the African and Asian markets.  It’s a big goal. It’s ambitious. It will take time but I know that this type of project will have positive ripple effects on the Mauritian economy. For example, more money coming into the economy, hiring of more graduates and sending Mauritians to work abroad for a Mauritian company.  Why wouldn’t we market to other countries and sell our expertise?  My only fear is that we aim too low, hit our goal and become satisfied with the results. I don’t want to have regrets. 

What are the main obstacles faced by entrepreneurs in Mauritius? 

Bureaucracy when setting up businesses; lack of visibility and of course access to finance.  However, I think that the biggest obstacle for entrepreneurs is not really knowing how to build their personal brand in this digital world. A lot of entrepreneurs have not yet realised that there is a shift in attention. You need to put your efforts where the market attention is. For example, if you are in B2B and you are not promoting yourself and/or your company on Linkedin, you are not optimising your marketing efforts. Nowadays, executives are more likely to respond to your Linkedin message than an email. 

It is now time for Budget proposals. What would you like to see in the next Budget to further stimulate entrepreneurship?

First of all, I would like to see some KPIs about the different initiatives that were launched by the government after the last budget. There is not a lot of visibility on these initiatives.  We don’t need to create other institutions to stimulate entrepreneurship. We need an action plan that leads to results. We need public officials who are passionate about this subject.  My suggestions: Organise round-tables, conferences, think tanks and projects in colleges and universities to promote entrepreneurship to young people; have one strong institution, a one stop shop for the Mauritian entrepreneur; develop regional incubators around the island; organise meetups with other entrepreneurs around the globe to foster innovation, collaboration and business partnerships abroad for Mauritian entrepreneurs. 

Any advice that you would give young entrepreneurs starting a business?

Invest in yourself first. The knowledge and skills that you develop will be the most precious assets that you have when you start your business.For example, did you know that the most influential CEOs of this world read on average 60 books each year? The elite performers continues to perform at this level not because they learned a lot when they were young. They are able to perform consistently because they continue to learn, as if they just started in business. Intellectual curiosity and consistent action taking separates the best from the rest. 

When you are in doubt, take more actions. You will fail but you will grow during the process. Getting back up and going back to work will give you the mental fortitude to realise your dreams.  Don’t be scared to go beyond your comfort zone. Both faith and fear demands that you believe in something that you can’t see. Choose faith! Take the time to help other people who cannot pay you. You may not see the return on investment now but it will come back to you tenfold.