Eusebiu Burcas On Being An Entrepreneur

Eusebiu Burcas has been a successful business consultant for a number of Romanian corporations, until he realized that being an employee just wasn’t what he wanted.

So he started on his own entrepreneurial journey.

And he understood that being yourself is not an on-off switch — it’s a process.

And since he thinks that we all have the duty to share what we know, he realized that he should teach people how to manage their finances, because that’s what he’s best at.

And with a background in economics, he founded BurCASH, the first Romanian money management company.

But let’s backtrack a little bit and listen to his story.

The Crisis of ‘96

Not a lot of people remember this, but back in 1996 the financial markets crashed, leaving a ripple effect which especially hit Eastern Europe pretty bad.

And it was all even worse for Eusebiu, because he had just made a lot of investments with the money he saved up.

And then everything crashed.

So he had to kiss his dreams of financial freedom goodbye, and get a job to stay afloat.

It wasn’t a pretty time for him.

But he managed to get a lot of lessons out of being an employee (more about those in a bit), and after the financial crisis wavered, he started doing business development.

And he chose to help people use their finances better.

Why Financial Education In Romania

Eusebiu’s choice for a niche to go in was curious, because there was no financial consulting going around Romania back then.

But he thinks that…

“Everyone starts questioning their purpose at some point.” — Eusebiu Burcas

And while he was in his 40s, he realized he had a gift for spending and making money the right way, so he chose to teach other people how to do that too.

And again — he was the first person in Romania to build a business in financial consulting.

“Breaking the ice was really hard, but I’m happy I made that choice because I can now see the industry I started growing” — Eusebiu Burcas

And it was extremely difficult not just because people weren’t used to paying for financial consulting.

People just had no notion of finances.

Compared to other countries, Romania doesn’t have institutionalized financial education. By comparison, in Poland the government instituted mandatory stock market education, which was taught in schools and company assembly lines alike.

It’s not everything you need to be a financial expert, but it was a foundation, and it helped a lot.

In Romania, Eusebiu was even getting blowback from bankers, who said they’d rather keep the population uneducated in matters of finance.

But Eusebiu pushed onwards.

And it was all thanks to his entrepreneurial mindset.

The Entrepreneurial Mindset

The most important thing Eusebiu wants to make clear is that our past definitely has an impact on how we relate to business and work.

“Our communist roots managed to eradicate the entrepreneurs in us. I’m trying to bring that back. “ — Eusebiu Burcas

He thinks that the decades under a communist regime created very unhealthy beliefs about money, and made people complacent in an employee environment , even if that’s not what they want.

Sure, for a lot of people, being an employee is perfect.

But there are a lot of other people who’d be happier as an entrepreneur.

So let’s talk about a few mindset shifts needed to make the best as an entrepreneur.

First, entrepreneurs understand that time is their most important resource, and they do their best to spend it right.

Second, entrepreneurs don’t always look for safety. We’re used to having a safe job — do your 9 to 5, go home, get a paycheck at the end of the month and live at ease.

Entrepreneurs don’t want that for themselves. They take some risks in hopes of finding freedom.

It’s just important to remember that too much freedom can make you lose yourself, so adjust your expectations. Whether it’s from the government or from collaborators, you’ll always have rules no matter what, so keep that in mind.

And remember that developing a business while still having a job on the side doesn’t mean giving up on your dreams, it’s just a normal transitional period.

Important Lessons From Being An Employee

But being an entrepreneur doesn’t mean ignoring your time spent as an employee. Eusebiu strongly believes that you should make the best of it, just like he did.

Here are the things he learned from his time as an employee.

First, you need to remember that Eusebiu was an employee in a company with a lot of rules and procedures, which made him realize that every position you can have, whether if it’s in a company or as the CEO of your own company it sits on a continuum.

“There’s a continuum axis with strict procedures and total flexibility at each end. Everyone works on that axis.” — Eusebiu Burcas

So the second lesson he got is that systems work. Sure, some people may be winging it every now and then, but you should always aim to implement valuable systems in your company.

Third, remember that recruitment matters a lot. You should always seek for someone that fits your role 110%, and settle for nothing less.

And lastly…

“Numbers are sacred. Always take decisions based on them.” — Eusebiu Burcas

You should create a system to access your data, and then use it in all of your business decisions.

Lessons For Entrepreneurs

But Eusebiu also spent most of his life as an entrepreneur, and he has a lot of lessons from that time too.

First…

“Always remember that profit comes first. Take it, put it aside, and only after a while decide what you do with it.” — Eusebiu Burcas

Second, remember that the buyer persona is extremely important. All of your decisions should be based on what your target audience wants, not what you want, or what you think they want.

Crunch the numbers.

Ask them.

And move forward trying to satisfy them.

Moreover, always aim to understand your business and niche. A restaurant doesn’t just sell pizza, they sell leisure time, so put your activities through that lens and figure out new ways to attract people looking for leisure, not pizza.

And lastly… respect the power of a mastermind group.

A Mastermind And Its Power

Eusebiu Burcas hosted his own mastermind group.

And he thinks it’s a wonderful experience.

First, remember that a mastermind group is not training, mentoring, or coaching. It’s just a place to co-work with people that have the same needs as you do. You can also see it as a ritualized club, which meets on specific topics.

In Eusebiu’s mastermind group, he also instated 1 on 1 coaching sessions with himself, but that’s not a rule.

He thinks there’s a lot of value in a mastermind because you put minds together, which is one of the best ways to find solutions.

On top, he thinks it’s a good exercise in humbleness, making business people sit in silence and listen to what others think.

Lastly, he thinks it’s valuable because it ties relationships between people.

So you should give it a shot if you have the chance.

In Conclusion

Aim to find your calling. For Eusebiu, it’s teaching people how to spend their money to grow their business.

For you, it could well be working at a global corporation.

Or starting a business selling furniture online.

The sky’s the limit.