In the name of efficiency
Shrad Rao changed the spelling of his name, Sharad, to improve efficiency. This was back in university, over twenty years ago, when he came to Canada in 2001 at age 19 as an international student. He graduated from University of New Brunswick in 2005 with a business degree and a major in accounting.
“People were struggling with my name, one person called me Shrub! I’m a creature of efficiency, and I thought, this enunciating one’s name slowly and clearly at the beginning of each conversation takes too much time, let’s shorten that cycle! Let’s really get to know each other, let’s talk about more interesting stuff.”
After a few years of valuable experience in the world of business and finance, he launched Wagepoint, a payroll software for small businesses, when he was 31. He left his job with just $18,000 in the bank, giving himself one year. His wife Leena helped backfill some of the living expenses. Atlantic Canada Opportunities Agency in Halifax made an initial investment of $500,000 and followed that up with two more over the next two years.
Today, Wagepoint provides payroll software to more than 12,000 small businesses across North America and moves three-and-a-half billion a year in payroll.
“It takes a lot of hard work to build a high-growth company in Canada, especially right now. We’ve gotten here by being laser-focused on giving entrepreneurs, accountants, and bookkeepers the tools and flexibility they need to succeed. This investment is a big step forward for the Wagepoint family, which includes our small business customers and partners – and it’s only the beginning. The goal is to become number one in Canada.”
An Eastern philosophy, a harmonious world-view has informed his approach to running the business.
“I believe that we are all the same, we have the same needs, wants, desires,” says Rao. “That’s just the way I see the world and it helps foster a culture of camaraderie.”
Asked for guidance by international students, he recounts his own experience.
“I didn’t really experience a culture shock. Unless you count the fact that moving from bustling Dubai to a very quiet St. John was bit unnerving initially – I wasn’t used to so much space and such few people! I’d look down the street and see a lone figure in the distance! A small town can be a closed society, but students build our own communities. I was part of so many groups. I don’t see the world in terms of differences. Habits and ways of doing things are all nuances, people are people.”
And his tips on finding success as an entrepreneur?
Focus on the most important tasks for just the next step in front of you. Don’t worry about what happens 10 steps ahead.
Self-awareness is critical. Be honest with yourself.
Try to keep your ego flat because great ideas come from everywhere and you should never be so sure of yourself that you miss them.