What I’ve learned from consulting 150+ entrepreneurs

I joined the WU Gründungszentrum at the end of 2015, right before the official opening on December 16th. Together with my good friend, colleague and fellow entrepreneur Martin Wagner I oversaw the so-called Founders Advice. During this weekly event the two of us, as well as external partners form all industries, consulted start-ups, founders and students with business ideas and helped them to evaluate their plans. In addition, we used your universities network to connect them with the right players of the Vienna start-up ecosystem.

 

In my almost two years as part of the WU Gründungszentrum I hosted over 40 advice sessions and consulted 150+ teams on their way to a successful business. They all had their own ideas, dreams and vision, but most of them faced the same problems…

 

  • Ideas are easy, but worthless

Uncountable times I was faced with students that were too afraid to share their idea, because they fear that someone could steal it from them. But let’s face it: An idea alone is useless, what really counts is the blood, sweat and tears as well as the long nights of hard work it takes to turn an idea into a successful business.

 

  • Finding the right co-founder

In most of the start-up cases it is necessary to have an expertise in many different fields. Therefore, most of the new ventures are established by a team of founders. However, finding the right team members is like finding the right partner in life. It takes a long time to find the person and you better make sure it’s the right one.

 

  • Attracting first customers

It’s a noisy world out there. Every day we face a total overload of advertising that feeds us with new products. Therefore, it is a very difficult task to introduce a new product to a market. Founders should make clear that their product is unique compared to its competition and that everyone can understand its benefits with ease, because today no-one likes things they don’t understand instantly.