Two weeks ago, I sat reflecting on my journey as an entrepreneur. All my business partners were in Hong Kong for a group strategy meeting, discussing the future direction of our business. It reminded me of the spirit of entrepreneurship and the unique challenges and rewards that come with it. This inspired me to share my own story — a story of unexpected turns, hard-won lessons, and sheer focus in pursuit of a dream.
An Early Spark
From a young age, I was captivated by the idea of owning a business. I didn't fully grasp what it meant to be an entrepreneur, but the allure of creating something of my own was undeniable. Life, however, had other plans, at least initially.
I joined the armed forces, embarking on a career as an army officer. Unfortunately, my military service was cut short due to an accident. This unexpected turn of events forced me to re-evaluate my path and learn to navigate life as a disabled person. While challenging, this experience also liberated me from the conventional career trajectory many young people follow.
I pursued my higher education in Germany and eventually found myself in Hong Kong, a city pulsating with energy. I felt an immediate connection and decided to make it my home. It was here that I took my first steps into the world of entrepreneurship.
The First Venture: Craver Computer Consultancy
In early 1993, I co-founded an IT consulting firm called Craver Computer Consultancy with a fellow idealist, Mahil Carr. We were young, brimming with enthusiasm, and armed with a skillset we believed could be the foundation of a successful business. We dove in headfirst, eager to make our mark.
Looking back, it was an invaluable learning experience. We poured our hearts into building the business but lacked the necessary market knowledge, local connections, and business acumen to generate sustainable revenue. Eventually, reality set in, and we decided to part ways. I sought employment while Mahil pursued further education.
This first venture taught me some crucial lessons:
Market Knowledge is Key: Understanding the local market and its nuances is essential for success.
Connections Matter: A strong network of local contacts can provide invaluable support and opportunities.
The Right Team is Crucial: Building a scalable business requires a team of skilled and dedicated individuals. A one-person show can only go so far.
Corporate Interlude: Reviving CityLine
After Craver Computer Consultancy and several jobs in various companies, small and large, I joined a large family office in China and Hong Kong. I had temporarily shelved my entrepreneurial dreams and focused on learning the intricacies of the corporate world. Then, unexpectedly, the family office owner approached me with a unique proposition: to revive one of their struggling businesses, CityLine.
I was familiar with CityLine and had always perceived it as a successful company. However, I soon discovered that it was facing serious challenges. My task was daunting: I had to let go of almost the entire staff, including the management team, and rebuild the business from the ground up with only two remaining employees.
During this challenging period, I was fortunate to have a mentor who took me under his wing. As an engineer with no formal business education, I needed to learn the fundamentals of financial and corporate management. My mentor patiently guided me, providing the knowledge and support I needed to navigate the complexities of the business world.
With my mentor's support, team efforts, and determination, I transformed CityLine into a leading ticketing company in the region. Under my leadership, CityLine secured significant contracts, including online ticketing for Disney and the URBTIX ticketing platform. I was honing my business skills and learning how to manage and run a successful enterprise.
I remained with the family office until 2009, when the entrepreneurial itch returned, stronger than ever. I decided to strike out on my own again, establishing a payments business and becoming my boss. I assembled a team of talented individuals, each with their area of expertise, confident that we had the right ingredients for success.
ASAP TP: A Corporate Mindset Misfire
We launched ASAP TP and built a promising payments business. We deployed systems and started generating revenue. However, we soon encountered problems. We all came from established corporate environments and unconsciously replicated that structure in our new venture.
We failed to fully appreciate the critical importance of cash flow management in a startup. Every penny invested in the business was our own, and we needed to adopt a different mindset than we were used to in the corporate world. We needed to prioritise survival and implement measures to ensure the long-term viability of the business.
Unfortunately, we encountered funding issues and faced challenges related to a potential merger and acquisition. Ultimately, the company was placed into receivership and liquidation. It was a painful but invaluable lesson: a corporate-style approach to running a business is unsuitable for a small startup.
Octo3 and FTS.Money: Learning from the Past
Fortunately, I was able to secure new investors quickly and launched a new group, Octo3, within a few months. This time, I was determined to avoid past mistakes and apply the lessons I had learned. We also refined our business model, addressing the weaknesses of our previous venture.
To our surprise and delight, we landed several significant contracts within the first year. We assembled a strong team and eventually completed a management buyout, allowing me to become my boss once again.
We then took the next step in our business expansion by merging with another Fintech company to create a unique product and service portfolio that would differentiate us from the competition. This merger gave birth to FTS.Money and myvoucher.io - our new ventures.
Lessons Learned and Advice for Budding Entrepreneurs
My entrepreneurial journey has been a rollercoaster ride, filled with both triumphs and setbacks. Here are some of the key lessons I've learned along the way, along with some advice for aspiring entrepreneurs:
1. Embrace the Entrepreneurial Mindset:
Be Prepared to Wear Many Hats: As an entrepreneur, you'll need to be a jack-of-all-trades, handling everything from sales and marketing to finance and operations.
Be Resourceful and Adaptable: Startups often face limited resources, so you'll need to be creative and find innovative solutions to challenges.
Be Resilient and Persistent: The entrepreneurial journey is full of obstacles, so you'll need to be able to bounce back from setbacks and keep moving forward.
Be Passionate and Driven: Your passion for your business will fuel your efforts and inspire others to join your cause.
2. Validate Your Idea:
Conduct Thorough Market Research: Before investing significant time and resources, ensure there is a real need for your product or service.
Talk to Potential Customers: Get feedback on your idea from your target audience to ensure it resonates with them.
Develop a Minimum Viable Product (MVP): Create a basic version of your product or service to test the market and gather user feedback.
Pivot When Necessary: Be willing to adjust your idea based on market feedback and changing circumstances.
3. Build a Strong Team:
Surround Yourself with Talent: Recruit skilled, passionate individuals who share your vision.
Delegate Effectively: Don't try to do everything yourself. Trust your team to handle their responsibilities.
Foster a Collaborative Culture: Encourage open communication, teamwork, and mutual respect.
Recognize and Reward Contributions: Acknowledge and appreciate your team members' hard work and dedication.
4. Manage Your Finances Wisely:
Create a Detailed Budget: Track your income and expenses carefully to ensure you stay within your financial limits.
Control Your Cash Flow: Monitor your cash flow closely to avoid running out of money.
Seek Funding When Necessary: Explore various funding options, including angel investors, venture capital, and loans.
Be Frugal and Efficient: Minimize unnecessary expenses and maximise the value of your investments.
5. Focus on Customer Satisfaction:
Provide Excellent Customer Service: Go above and beyond to meet your customers' needs and exceed their expectations.
Build Strong Relationships: Cultivate long-term customer relationships based on trust and mutual respect.
Gather Customer Feedback: Regularly solicit feedback from your customers to identify areas for improvement.
Continuously Improve Your Product or Service: Use customer feedback to enhance your offerings and stay ahead of the competition.
6. Embrace Failure as a Learning Opportunity:
Don't Be Afraid to Fail: Failure is an inevitable part of the entrepreneurial journey.
Learn from Your Mistakes: Analyze your failures to identify what went wrong and how you can avoid repeating them in the future.
View Failure as a Stepping Stone: Use your failures as motivation to improve and achieve your goals.
Don't Give Up: The most successful entrepreneurs are those who persevere through adversity.
7. Network and Seek Mentorship:
Attend Industry Events: Connect with other entrepreneurs, investors, and industry experts.
Join Entrepreneurial Communities: Participate in online and offline communities to share ideas and learn from others.
Find a Mentor: Seek guidance from an experienced entrepreneur who can provide advice and support.
Be a Mentor: Share your knowledge and experience with aspiring entrepreneurs.
8. Stay Focused and Disciplined:
Set Clear Goals: Define your objectives and plan to achieve them.
Prioritize Your Tasks: Focus on the most critical and relevant issues.
In conclusion, my journey as an entrepreneur has been a winding road filled with unexpected detours, invaluable lessons, and immense personal and professional growth. From the early spark of wanting to own a business to navigating the complexities of startups and corporate environments, each experience has shaped my understanding of what it takes to succeed. The failures have been just as crucial as the successes, providing opportunities to learn, adapt, and emerge stronger. The importance of a strong team, financial prudence, customer focus, and a resilient mindset cannot be overstated as I continue on this path with FTS.Money and myvoucher.io, I remain committed to innovation, growth, and delivering value to our customers. To all budding entrepreneurs, I encourage you to embrace the challenges, learn from your mistakes, and never give up on your dreams. The entrepreneurial journey is not easy, but the rewards of creating something meaningful and making a difference in the world are immeasurable.
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