During the interview with the creative "Otherpreneurs", the interviewee was asked to share some pieces of advice for new starters and entrepreneurs with innovative business models. After analyzing the results, four subjects were mentioned several times during different interviews. We thus may conclude that these pieces of advice could be very useful for the new starters.

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• Surround yourself with a complementary and efficient team.

 

The first tip that was mentioned in a lot of interviews. The key piece of advice thus is to surround yourself with people that form a complementary team. This means that the partners whom the owner works with have to be tuned. They have to be tuned on base of knowledge, experience but also emotional aspects play a role like the working experience, the general atmosphere and diversity in specialties so they form an efficient workgroup. 

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• A Financial Plan is crucial in order to succeed.

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A good financial plan forms a pillar for the organization and is a key aspect that can make or break the concept. Every entrepreneur we’ve interviewed agreed with this statement. If this financial plan wasn’t thought through, the company sooner or later will notice problems or undesired complications. If the entrepreneur himself doesn’t possess the knowhow to make such a plan he should consult experts. This financial plan is also a key decision factor for possible external investors.​

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• Alternative financial resources (bootstrapping first)

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​The third tip that was mentioned several times is related to the financial aspect of doing business, especially the self-financing option. A lot of entrepreneurs said that the best way to finance your startup is to put skin in the game and take a skin. If it’s not necessary to search external financial resources, you shouldn’t. Bootstrapping is an easy tool voor starters to begin with, it means that the entrepreneur keeps the costs very low by cutting costs.​

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• Build-up and use your personal network

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The last piece of advice is to build on your network and make use of it in a professional way. This means that the entrepreneur has to consult familiar people to gain a benefit. These professional contacts have the knowhow and expertise to help you and steer you in the right direction. The creative mind thus has to try to reach the right contact that can help him to move forward.