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4 Entrepreneur Pointers from the Best in the Business

Updated on August 28, 2017
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If you are looking for tips on entrepreneurship, there are but several people to read up on and even more advices to get from seasoned and successful entrepreneurs. Perhaps the most recently talked about entrepreneur is the German financial technology expert, Michael Gastauer, whose company entered the billion-dollar club just last year. So what drove him to such massive success in such a short period of time?

Michael Gastauer is considered to be the youngest self-made billionaire – he managed to crack deals worth $16 and $480 millions in the blink of an eye! With net worth of $2.1 billion, he is listed amongst the 100 richest German businesses in the world.

After selling his venture to Malaysian Baking Group in 2015, Gastauer returned as venture capitalist and the first investment which he made was 2 million Euros seed funding for a digital banking startup, “WB21”. Soon after he became the CEO, he started sharing his views on how WB21 can solve customers’ regular banking issues while opening up a bank account with them. This steadily attracted more customers as we went on to invest around 22 million more Euros in the company. In less than 10 months, he managed to attract over one million customers from across the globe.

Later in 2016, the business announced its new fundraising which managed to collect over $200 Million based on $2.2 Billion Valuation. With more than 75% of shareholding, the net worth of Michael Gastauer is estimated around $2.13 Billion.

While knowing more about Michael Gastauer is intriguing, for an entrepreneur it is a good idea to look into his business habits that lead him to become the tycoon he is today. It’s not an everyday work of grace that you’ll find Michael’s tips available all over the internet. So if you’re reading this, you’ve stumbled onto a goldmine, and this goldmine’s offering you some helpful tips that for establishing your own business.

Learn to Impress Anyone

It’s not a new concept for developing yourself as a successful businessman. But a lot of us don’t really know the key things we must keep in mind in achieving the most charming personality. It’s quite simple; be comfortable in your own skin. If you aren’t comfortable with yourself, you can’t expect anyone else to feel comfortable around you. Be relaxed at all times and have a composed body language. Avoid stuttering, or try to work on it the best way you can. Ask questions to ease the awkwardness and make succinct yet warm conversations. No one likes a yapper. Tonality of your speech is also something you can work on when approaching different people for different reasons. But most importantly, treat everyone with kindness and respect.

Having a Strong Work Ethic

This is crucial for any employee or any business owner as it is the foundation of your business practice. The way you treat a person will affect you in ways you probably won’t see coming. The basic rules always apply; don’t treat other in an unjust way, always be honest with everyone, no matter the situation is and most importantly, work and operate in a manner that you’d want others around you to follow. Always remember to treat others the way you want to be treated.

Think Beyond Making Money

A fundamental question you should ask yourself when starting your own business, is why you want to do it? If the answer is money, you have to dig deeper. Because simply wanting to earn money may bring you some revenue, but it cannot drive you to success. You need to serve your company in a sense that you are serving a higher purpose with your work. Your work has to mean something to you if it is going to mean something to anyone else.

Do What You Think is Right

Often times, under pressure from investors or other stakeholders, or the new found success of some rival, we feel the urge to do something more mainstream than what we initially wanted to do. We always see anyone else’s victory and hope it was our own and so we end up delving into doing the same things they did to get there. But it’s important to recall at times like these, that just because it worked for them, doesn’t mean it will work for you. As an entrepreneur, you are your own boss. This means, you will get all the credit for any success your plans will bring, but you will have to face the liabilities of a failed outcome too. Do what you think is right for you company, and that cannot necessarily be what your inhibitions tell you to do.

Conclusion

Being an entrepreneur is all about taking risks. If you have faith in your own abilities, then don’t hesitate in taking a huge leap just because no one else can jump like you. Sometimes that only means the pay-offs would be much higher if you succeed. And it always means pushing the boundaries of innovative thinking and creating new standards - you will hardly ever regret that!

© 2017 Anish Sah

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