Three Key Factors to Succeed as an Entrepreneur

I love being an entrepreneur. I can push an idea that I am convinced of and know that I am decisively responsible for its success or failure. Entrepreneurial freedom is a privilege and very precious, as is to work with people who think similarly and are passionate for the same goal. Of course, such privileges also come with great responsibility. This enthusiasm, I would like to share and to pass on to startups.

I have been an entrepreneur in the digital startup space for 20 years. For three years, I have been working closely with young entrepreneurs who have moved to Crypto Valley to develop new business ideas using the revolutionary opportunities offered by the blockchain technology. None of us have ever experienced as much creativity and entrepreneurial drive as we saw in the early days of the blockchain revolution.

The dynamism and the unique founding spirit are contagious and, indeed, unique worldwide

However, these young entrepreneurs face the same challenges as any other startup. In addition, nobody knows exactly which direction blockchain and crypto will take. Everybody is wondering: What is the next big thing? These are extremely exciting times, but they are challenging as well. Two essential things are required: A strong entrepreneurial mindset combined with openness and flexibility.

The incubation program that we launched at CV VC is specifically designed to the needs in the blockchain space. The pioneering founders are to be made fit for the future. We want to turn idealists into the winners of tomorrow: Successful entrepreneurs. From personal experience, I know that in addition to a solid financing strategy (which we will deal with in the next issue of CV Post), three factors are central to early-stage startups.

1. Building a winning team

Find the right people, diverse your skillset: Successful startups have a founding team that unites different knowhow and different characters. People must be complementary and be able to lead and endure discussions, contradictions and strategic corrections. At CV VC, we are three founders, each fundamentally different in character and ability. The current management team consists of entrepreneurs, IT experts, bankers and marketing specialists. Diversity is king! But the team must share the same values and the same commitment to the vision. The foundation of the startup must be solid. I recently attended a presentation of a blockchain startup that was founded by engineers and whose management team only consists of like-minded computer scientists. They almost lost me after five minutes trying to explain to me what they were doing. When I asked how many people in the team were taking care of marketing and sales, their answer was none. This leads me to the second point.

2. Go out, test your idea

There are many ideas and most founders think theirs is great. In reality, an idea has no value if it is not executed. In most cases, time to market is of essence. So even if you think your project is not there yet, you have to go out there and test your idea. You must meet potential customers, investors and stakeholders to find out whether your product or service is working, sustainable and whether there is a market for it at all. The argument that the startup is “revolutionary” and “disruptive” no longer holds water and has long been trite. What is most likely not to happen are pure head births, i.e. projects and ideas that were only created in laboratories or on the computer without ever having passed the reality check. If you can’t explain an idea at the first go and explain its potential and market needs, you’ve lost — before you can really get started.

3. Contribute and connect with your ecosystem

This one is my favourite: The network. AI, IoT and Blockchain are new technologies, they change faster than the legal framework can adjust. Startup entrepreneurs can never know everything, even if they have broadly diversified teams. But they have to get all the information they can and know the trends and developments in their market. In this respect, ecosystems are essential. The Crypto Valley is a globally unique location with numerous weekly events and meetings on all conceivable topics. In Zug, at the heart of the Crypto Valley, we created our own ecosystem with a co-working space, events, meetups, startup competitions and much more. This is where entrepreneurs, service providers, developers, scientists, politicians and investors from Switzerland and abroad meet, where representatives of the “new” and the “old” world discuss, where global networking with the blockchain communities in Europe, Asia, America, Africa and Australia takes place.

The CV Labs Incubation Program focuses on these key factors. 70 experienced mentors and experts prepare our 12 startups for the most beautiful and satisfying adventure there is: To become successful and passionate entrepreneurs.