Vilakazi was speaking ahead of his side's first cup clash of the season against Bloemfontein Celtic at Bidvest Stadium on Friday evening.
“Celtic is our first hurdle. If we can get through them, I think we can win the cup,” said Vilakazi at a training session on Wednesday.
The Students go into the game off the back of a goalless draw against Platinum Stars in a league match on the weekend, and Vilakazi hoped for a swift improvement from his team.
“In our last game we didn't create too many chances so, if we can fix that, we'll have a chance.”
Despite the fixture being a home game for Wits, Vilakazi said it would still be a difficult assignment to overcome a Celtic team which went down 3-1 to Mamelodi Sundowns on Sunday.
“In overseas games, playing at home gives you the advantage but, in South Africa, that doesn't play a big part.
“I think it's quite important we look at ourselves before we look at the opposition. We're quite aware of what they can pose during the game.”
Tactically, new coach Gavin Hunt said after his first game in charge, Wits were in good shape and he saw massive potential in his young squad.
“I think it's a good football opportunity here at this club, and will try and take the club to another level and try and be competitive,” said Hunt on Wednesday.
“I don't think it will happen overnight but I know in the long run, with the structures in place, the club can be very successful.”
Ultimately, like all games, the results would be settled with the performance upfront of the strikers.
“I thought we were very good on Sunday. The structure, balance and the shape was good. Those are all things I look at.
“We didn't have the killer instinct with the ball and that's something we need to work on.
“I thought our wide play wasn't good enough and we need to get better.”
Hunt, though, was quick to praise the approach of his players which he felt would bring them success.
“Their attitude has been fantastic in the six weeks I've been here.
"It's been a real eye-opener for me. The players want to win and they want to improve.”