Which entrepreneurial advice shaped me

I love to look back, and I often ask who has influenced me most to become an entrepreneur. Like many, I read the biographies of people like Steve Jobs, and I got introduced to various character traits of him that were supposed to make him successful. But I am not Steve Jobs. I might still learn from his example, but parts of what made him successful might not work for me.?

Also, I believe that time brings changes. If we could clone a 25-year-old Steve Jobs or Bill Gates and give them the challenges of 2021, what worked in the 70ties might not work today, and these clones might end up with failed startups or perform mediocrely.

So, everything is on a personal level. Some people who influenced me might be successful persons themselves; others might perform mediocrely or later fail as entrepreneurs. What is important is how they affected me to become a better entrepreneur.?This circumstance is also the reason why I do not disclose who gave me the advice.

I also want to focus on entrepreneurship advice only, being aware that maybe the most important things that shape a character are often generic and not bound to a specific context. I, therefore, exclude all generic life advice that was helpful

## Early Phase: On Hindrances

I am not so old to start a sentence with "Once upon a time, I was also young and then…. ". Still, I have to highlight that I was quite a different person at the beginning of my career. With much energy, I could work for hours without a break. If I was passionate about something, I stayed long in the office. Sometimes, I wonder where I could have ended if I just had the right goals.?

At the beginning of my career, I had other important lessons to learn. I was passionate about things. And with too much passion, problems are preprogrammed.

I remember a successful entrepreneur coming to me and telling me: "The higher position you have or, the more convinced you are that you are good, the more tempting it is to show off." He added then: "It is tough to build up a reputation and gain confidence. But it is easy to ruin it." His final advice was: "Be especially careful at company events with alcohol!"

This advice was maybe the birth of what later has become what I call my stoic attitude. Watching all the successful entrepreneurs and leaders I met later, they had all one character trait: If needed, they could have self-control.?

## Early Phase: On Performance:?

I wrote that I was passionate about things I did, and I was working hard. Sometimes I was working harder than others.?

I remember one day when I faced criticism for my performance. A friend who would ultimately become an entrepreneur approached me because I was furious. I thought that everyone was aware that I did more than others, and I felt offended that people called me someone whose performance needed improvement.

He asked me:?

"Do you know what I am doing?"?

"Yes, you are creating an essential component for our product. Without you, things would be tough."

"This is not what I meant. Do you know what I am really doing? Do you know what I do all day? Do you know if I work hard to accomplish all this?"

?"Of course, you work hard."?

"Why?"

It took me a while to understand. And my mentor also explained it to me. He was well aware of all my efforts, but the boss who was often out of the office just saw the results. So while my friend kept sending out emails about his progress and went home in time, I kept working overtime but did not report anything about what I was doing.

He followed a simple principle: Do things well and talk about them. It is often more important what people think you are doing than what you are doing.?

## Mid Phase: On the complexity

I was at a company party. I talked with the founder of the company. I said, "I wish running a company would not be that difficult." - He looked at me and answered calmly, "It is not difficult."?

Of course, I was trying to prove him wrong. I was talking about all the things that can go wrong. Clients can refuse to pay or otherwise be nasty. Essential people can suddenly quit, and you have no idea how to replace them.?

"Of course, there is always a risk," he answered, "But the moment you start complaining that everything is complex, you will fail. You have to focus on what is possible, on those things you can handle, and this is where you will prosper, and you will attract those people who can also solve other problems."

Maybe from him, I learned most about scaling a company. What he achieved was creating a solid management team below him. He had not to worry about various things because he had people he could trust completely and who would take the complexity away in the end.

Energy flows where attention goes. If you want to see a complex world, you will see one.

## Mid Phase: Focus

We had an ambitious time. We were a consulting company, and we tried to get as many projects in as possible. So for me, it was unimaginable to skip an opportunity that that would not move us forward.

Before that, I was working in one company that sent out many offers per week. Then, in a new company, suddenly a leader told me to let it go.??

"If you try to catch multiple rabbits at the same time, you do not catch any rabbit," he said. The lesson learned was that it was ok not to take on projects if this would harm a better deal.

## Mid Phase: Find synergies

I was at a seminar about entrepreneurship. I wanted to find out what it means to be an entrepreneur and if there was a secret sauce.?

If you do what everyone does, you will not be successful. Find two successful products. And build a bridge between them.

He was unequivocal. If I clone successful ideas, I will be a clone.

## Mid Phase: You are not a missionary?

Especially when you are young, and you have most of life still ahead of you, you might contemplate thoughts like: "If everyone just changed a little bit and if everyone did just this or that differently, the world would be a better place."

Already back then, I had many ideas on how to change the world. And I also tried to bring them into business. So I was convinced that I could change the world.

At some point, a senior manager who had also been an entrepreneur and angel investor looked at me and said: "You are not an evangelist! Leave the missionary work to those who are religious."

While I was trying to understand what it means, he added, "We help our customers to do what they are already doing, just in a better way!"

Later, when I was talking with an investor, the first thing he asked me was: "Is this a product where the customer needs to change his behavior?" Other people say: Disrupt, don't pioneer.?

It seems that I was not the only one who committed to changing the world by dictating customers' new behaviors. It appears that this is the one big thing that makes startups fail.

## Late phase: Have a team, a prototype, and a paying customer

We want

• a team instead of single persons,?
• a prototype and
• a paying customer.?

This statement was the shortest summary of what an investor could give me. The long one is:?

• Many people approach us and tell us how great and intelligent they are. They alone have reinvented the wheel and brought their blessing to the clients.
• Many people tell us about their ideas and may have written. However, they could talk about hours but have not written a single line of code.
• While others might have been working on a genuine product, they have not shown that someone outside is interested in buying it. Instead, it seems it is the product they have dreamed about without wondering if someone else needs it.

Even if the idea is not convincing, or who cannot show 100 slides on how you disrupt the world, even if the product still has some flaws: What counts is that a team shows that they have done something and someone is genuinely interested in buying it.

What brings one forward might not work for other ones. But if there was one quintessence that I took of all this, if others confirm that you have the skills to improve lives with what you offer genuinely, you will be successful as an entrepreneur.