Studio Guest: Günter Faltin

Professor for "Enterpreneurship" and successful founder of numerous companies.DW-TV: And here to talk to us about what it takes to launch a successful business idea is Professor Günter Faltin. Professor Faltin, you’ve launched the faculty of Entrepreneurship at Berlin's Free University and you've also set up some rather successful businesses yourself. What does it take to make a successful business? What hallmarks does a business idea have to have? Günter Faltin: I emphasize to work systematically. Most people believe in brainstorming or they believe that you have to get a great idea. I believe that you have to systematically analyze the field and draw something that finally is a convincing concept. DW-TV: Now, you have many students who look to you for answers. Take myself, I'm the daughter of two civil servants, I don't have an entrepreneurial bone in my body. How would you go about teaching me to be a successful business woman? Günter Faltin: Forget about business women. It's about concepts. We are in a post-industrial society. There are thousands of Masters of Business Administration. You should employ one of them. Concentrate on your concept. Even as a housewife, you have lots of ideas, I am sure. Criticize products or think there are something missing, concentrate on the concept. Forget about business administration for the moment and only after that try to find people with whom you can work well. DW-TV: Now, we saw in our report there that even successful business ideas need some cash input, but you caution not to use too much money for an initial investment. Why is that? Günter Faltin: First of all, up to 80 percent of all businesses do not sustain for more than five years. So, I would be very careful in the beginning investing money. The first thing is, create a good concept and then look for the proof of concept, even some ideas fail. So only after the proof of concept, I would go for more money and invest fully. Until that tim...

Channel: Deutsche Welle Video Length: 3m 7s Date Found: Wed, Aug 18 2010 3:17 PM Category: Business Date Produced: View Count: 0