Globally, entrepreneurship has turned into an emerging trend. But while more and more people decide to found their own business, 9 out of 10 startups fail. Numbers like this demonstrate that cases of startup failures are skyrocketing while true success stories are few. So how to stay ahead in the startup game? Scanbot CEO Christoph Wagner sheds light on this question and reveals his startup success factors at the EBSpreneurship Forum 2018.
On October 19th and 20th, 2018, the 10th EBSpreneurship Forum took place at the EBS University. This year, 500 participants from 20 nations came together to network, discover, and exchange ideas. Throughout the event, various discussions, speeches, and workshops provided valuable opportunities to get in touch with and learn from industry experts, managers, and CEOs of international companies. Partners included companies such as Axel Springer, HRS Hotels, or Scanbot, who shared their views and experiences regarding entrepreneurship with several hundred international business students and graduates. Due to Scanbot’s own startup success story and many years of experience, it was a primary interest to sponsor the EBSpreneurship 2018 as a Platinum Partner and share personal key learnings with future entrepreneurs.
With more than 12 years of experience in being an entrepreneur, Co-Founder, and CEO, Christoph is an expert for startup affairs. In the past, he often shared his latest insights at various startup events. These are the main tips he gave to the future entrepreneurs as a keynote speaker at this year’s EBSpreneurship Forum:
Working smart brings you way further than only working hard. This includes structuring your day around your energy peaks and lows. Tasks requiring a high amount of concentration or creativity should be scheduled during your peak times while repetitive administrative tasks can also be accomplished during your energy lows. Nobody can be productive 24/7, so allow yourself to take breaks once in a while.
Furthermore, finding a suitable work-life balance matters. You will only see this balance if you make room for social activities and the things that matter to you in your private life. Hence, devote enough attention to your personal needs and know your breaking point. If you do not take care of yourself, nobody else will — Block time for individual appointments, workouts, or meetings with family and friends in your work calendar.
Often young entrepreneurs invest a majority of their time and resources into founding a startup. As business creation becomes such a focal point in their lives, many founders make a mistake to define themselves as their startup’s success solely. Instead, it is essential to keep in mind that your startup’s identity is not tied to your self-worth. This becomes especially important when things don’t work out the way you planned them. Don’t take failures too personal. Try to perceive them as an opportunity to learn from and grow. And when goals are reached, don’t forget to celebrate with the ones who supported you.
Even though startup success stories are few, they do exist for sure! The B2B product, called Scanbot SDK, enables companies to easily integrate document scanning and data extraction functionalities into their applications. Christoph and his team were able to attract billion-dollar companies to integrate Scanbot technology into their applications. With famous Fortune 500 and DAX 30 clients, the Scanbot software now improves millions of lives every month by offering the smoothest workflows for digitizing and working with documents all over the world.