10/10/2014
New post added at KRéYO® -
The Entrepreneurial Success Keystones- Featuring Munich Start-ups, Germany -Via Ekaterina Kholodilina.
“Your time is limited. Don’t lose it for living someone else’s life.”
- Steve Jobs
Today the world is changing so fast that it is hard to predict what will happen tomorrow. The normality of life is constantly shifting towards new technologies, concepts and opportunities in the global market. And maybe, the only way to stay competitive and successful at such a time is to do our own thing, to bring our ideas to life, while catching up with the pace of this new age, the age of the entrepreneurial world.
I believe that this is how the Munich start up community lives nowadays. Successful entrepreneurial stories are popping up like wild weeds, and being shared among the community. Listening to these anecdotes brings inspiration to the younger audience, and opens their eyes to another possible career path. This makes them rowdy and ready to act!
Munich is the home for many talented IT and engineering people, as well as being the headquarter of many world leading companies, supporting in youth entrepreneurship. Granted all that, the entrepreneurial spirit is strong in the city, and supported by many local organizations that actively develop the entrepreneurial success keystones in the community. One of these organizations is a student-initiative club called The Entrepreneurial Group (TEG).
When I first have entered the office of TEG, I thought it is just a few students trying to organize some events. Later on, I have realized how much TEG does for Munich’s entrepreneurial community. It provides tools to make big dreams become reality. TEG was founded in 1986, by a couple of students who decided to give their educational background another dimension; create a non-profit organization dedicated to entrepreneurship. Entrepreneurial success keystone #1 that TEG helped me to gain: the size of the initiative group does not matter, but initiative itself matters.
Today, TEG is the platform for people with diverse professional and educational backgrounds that are willing to open their own company in the near future or have already engaged in such an activity. The team consists of students and young professionals from Germany and other countries. TEG is an international community, and welcomes everyone who is willing to extend their skills, knowledge and network. Furthermore, it offers an opportunity to network first hand in the entrepreneurial community, and outstanding people from different industries that somehow were also students dreaming about an entrepreneurial future. Some of them participated in TEG years ago and today these people are successful CEO s of their own middle size and large companies.
TEG positions itself as the entrepreneurs of tomorrow and thus tries to challenge and support Munich’s start up community with different events and ideas. Among its activities are workshops with industry leaders, conferences related to actual business topics, informal meetings with successful entrepreneurs, as well as special entrepreneurial education and promotional events. Few examples describing TEG entrepreneurial milestones that happened during the organization activities of 2013/2014 are presented below.
The spring of 2013 was a remarkable time because of the special TEG guest. The founder of TEG, Holger Wolff, who is the current CEO of MaibornWolff GmbH provided insights onto how TEG helped him achieve success in his company of today.
Holger Wolff joined TEG two weeks after it was created in 1986 at the age of 19. After his three years of experience with TEG, he went off to found his software company, with a friend who was also participating in organization activities. TEG helped him understand how business works. Organizing events is just like opening your own business; you need to understand the legal aspects, take care of the financials, use the marketing means to gain an audience, include reliable and professional people in the team, as well as build a professional network.
The next two entrepreneurial success keystones I have learned from him:
#2. Take your time: “Be patient and think strategically, success does not come at once”. His company employed 10 people during 10 years, but now they employ 10 people per month.
#3. Love your job: “Be joyful and enjoy your work”. He really loves what he does and it makes him happy, not necessarily the three Porsches that he owns. Although that might contribute slightly to his happiness factor.
In May 2014, we had a big presentation led by another remarkable TEG guest, Roland Berger, the founder of a world-known consultancy company. More than 500 students listened to his presentation. His life story was captivating.
The success of this 74 year old entrepreneur, consultant and philanthropist inspired the young audience to take risks and do what makes them happy. Roland Berger founded his company from scratch, went through a few failures, but succeeded in the end. For him, what mattered the most is how to make this world a better place. Success is not given by nature but gained in battleship and hard working days. His last words and #4 important entrepreneurial success keystone was: “Never give up and follow the spirit. This is how true entrepreneurs do it.”
TEG definitely follows the entrepreneurial spirit by connecting creative and talented people. Each year it pursues at least two educational events for those who just thinks about opening his/her own business, and for those who already has a solid idea.
The Start it Smarter concept was developed by the TEG team during one of its interactive team-building workshop weekends in the Alps. Start it Smarter has the goal to help students find the confidence, and gain some knowledge for engaging in the first steps of entrepreneurial activity, as well as extend their network. In 2013, Start it Smarter hosted the CEOs of three German companies: Braufässchen – a customized bier manufacturer, Zebramobil – the first car sharing company in Munich and Partyguerilla – an event management agency. All of them gave a speech on how they have started and what steps they undertook. The most important entrepreneurial success keystone #5 learned from Start it Smarter 2013 – don’t postpone your dreams, just sit and do it.
The second and the most important activity of TEG is Startup Weekend Munich. It was first organized in 2010 and each year, the Munich entrepreneurial community eagerly awaits for the next edition.
The slogan for this event is: “No talk. All action. Launch your startup in 52 hours.”
Startup Weekend Munich (SUWM) is a three day event where students and young professionals come together to generate, develop and implement ideas into solid businesses. It is a weekend geared by the entrepreneurial spirit, filled with creativity, networking and fun. In 2014, we had around 60 participants, more than 25 coaches from 10 different industries with 176 years of experience all together and 8 jury members representing IT, PR, Advertising, Venture Capital, Education, and Entrepreneurship.
The event started on a Friday, where everyone wanting to pitch their ideas had 60 seconds to convince the audience to vote for their ideas. The top 10 ideas were chosen and teams were formed according to skills needed. The weekend also provides teams with short informative workshops, given by experienced successful entrepreneurs, with the goal to further enrich their knowledge. The event is general is filled with high energy, where participants do not fear shaking their bodies to dance-like morning exercises.
Sunday is the day where the ideas turned into butterflies. The nominations of best pitch, most innovative idea and overall winner, were awarded to teams in the category of 3D printing, 3D software for shopping and mobile application, engaged in retail. There was also a special prize from Microsoft that was awarded to a retail mobile application. Just to get some feeling of Startup Weekend Munich environment, one can check this video.
Startup Weekend Munich, organized by TEG and supported by Global Entrepreneurial Community, changes the lives of people. At least two businesses each year continue to develop and are then soon launched in the market. At least five people decided to start their own business. And at least 95% of the participants decided that one day they will become a successful entrepreneur. For me the entrepreneurial success keystone #6 was: Be crazy, extend your limits, find the people that will do it with you.
TEG continues its entrepreneurial activities supporting and organizing regular meet ups for Startup Weekend Alumni. To meet and communicate with people who has the same mindset as you is very important. The further events that TEG will be providing to you Munich entrepreneurial community in the near future are: new Start it Smarter in November 2014, TEG Alumni meeting, Private Equity conference in February 2015, partner project with Consultancy Company and several workshops with successful CEOs. It is important however to mention our partners that help us make these events successful ones; they are: Strascheg Center for Entrepreneurship, UP Global, Wayra Academy, LMU Center for Entrepreneurship, TUM Speaker Series club, Gruendeszene, Founder Institute as well as local small and medium size businesses.
The entrepreneurial community is strong in Munich, and continues to flourish every day. TEG in that same idea will continue to provide this community with tools so that everyone has the courage and the chance to do what they really want to do. The world is changing opening new business success keystones and one has to catch up with the pace of new age, the age of the entrepreneurial world.
Author: Ekaterina Kholodilina, Munich Startup Community