My Mistakes and my Success Factors as an Entrepreneur Wilfried Franz, Berlin Success and Failure 1

My Mistakes and My Mistakes and

my Success Factors my Success Factors

as an Entrepreneuras an Entrepreneur

Wilfried Franz, BerlinWilfried Franz, Berlin

SuccessSuccess andand FailureFailure

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The Bible:The Bible:

Test everything! Test everything!

Keep what is good!Keep what is good!1 Thessalonians 5, 211 Thessalonians 5, 21


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SuccessSuccess andand FailureFailureThree Three WaysWays to Become Wise to Become Wise

1.1. By By reflectionreflection – the most noble way – the most noble way

2.2. By By imitation imitation – the easiest way– the easiest way

3.3. By By experience experience – the most painful way– the most painful way

But nothing can replace experience!But nothing can replace experience!

What do I have to do to remain What do I have to do to remain competitive and successful competitive and successful

even if “Toy’s R us” comes to even if “Toy’s R us” comes to Germany?Germany?


The great question

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The question I asked God The question I asked God

””God – if you exist, God – if you exist,

help me to understand help me to understand what you want to tell me what you want to tell me

for my individual situation!“for my individual situation!“

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What I realizedWhat I realized

And we And we knowknow that in all things that in all things God works for the good God works for the good of of those who love him.those who love him.

The Bible (Romans 8, 28)The Bible (Romans 8, 28)

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What I realizedWhat I realized

Martin LutherMartin Luther::

WorkWork as if all your prayers were in vain, as if all your prayers were in vain,

and and pray pray as if all your work was in vain.as if all your work was in vain.

““This is part of my plan for your life.This is part of my plan for your life.

It’s no punishment. It’s no punishment.

Wait and trust me.”Wait and trust me.”

Jesus’ First Answer Jesus’ First Answer

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””You need that!“You need that!“

Jesus’ Second Answer Jesus’ Second Answer

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““Don’t be afraid! Don’t be afraid!

I hold you in my hand, I hold you in my hand, so that you will not fall!”so that you will not fall!”

Jesus’ Third Answer Jesus’ Third Answer

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What I learned from What I learned from defeat, crises and failuredefeat, crises and failure

1. Admit your mistakes and do not blame 1. Admit your mistakes and do not blame others!others!

2. Failure has helped me to see what my 2. Failure has helped me to see what my limitations are.limitations are.

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3. Do not suppress your feelings (anger, 3. Do not suppress your feelings (anger, fear…) and talk with God about them!fear…) and talk with God about them!

4. Keep up mutual trust in conflicts!4. Keep up mutual trust in conflicts!

5. Don‘t stay alone and get gloomy.5. Don‘t stay alone and get gloomy.

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6. Nothing can separate me from God‘s 6. Nothing can separate me from God‘s love – neither success nor failure, love – neither success nor failure, neither victory nor defeat! neither victory nor defeat!

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7. The most valuable asset in life is 7. The most valuable asset in life is a deep and sound relation to God a deep and sound relation to God and good relations to other people!and good relations to other people!

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SuccessSuccess andand FailureFailureMisconceptions & MistakesMisconceptions & Mistakes

1. A Misconception: 1. A Misconception:

It is all a question of manpower and It is all a question of manpower and financial presentability.financial presentability.

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2. A Mistake: 2. A Mistake:

Instead of growing slowly Instead of growing slowly with a high capital ratio, with a high capital ratio, I focused on rapid growth I focused on rapid growth with outside capital with outside capital which meant that I got into debt. which meant that I got into debt.

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3. Mistake: 3. Mistake:

I invested too much of the company‘s I invested too much of the company‘s money in rentable real estate for my money in rentable real estate for my retirement provision.retirement provision.

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4. Misconception: 4. Misconception:

Everything gets more expensive.Everything gets more expensive.

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5. Misconception: 5. Misconception:

Everything will increase: Everything will increase: expansion, sales volume and returns.expansion, sales volume and returns.

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I should have asked for God and his I should have asked for God and his good plan for my life much earlier.good plan for my life much earlier.

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Sometimes I made important and Sometimes I made important and far-reaching decisions in a rush.far-reaching decisions in a rush.

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When the company was growing, I When the company was growing, I entrusted staff members with entrusted staff members with responsibilities I should have known responsibilities I should have known they were not equal to live up to.they were not equal to live up to.

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Instead of employing new staff Instead of employing new staff members on the basis of detailed job members on the basis of detailed job descriptions, I too often hired people descriptions, I too often hired people because I thought that God had put because I thought that God had put them in my way.them in my way.

Saint-Exupéry : Saint-Exupéry :

””You don’t tell the truth to You don’t tell the truth to yourself, the truth is being told yourself, the truth is being told

to you.“ to you.“

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For decades it was my principle as a For decades it was my principle as a Christian, not to woo away employees Christian, not to woo away employees from other companies.from other companies.


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SuccessSuccess andand FailureFailureSuccess FactorsSuccess Factors

1. Well-Prepared Negotiations1. Well-Prepared Negotiations

a) What are my goals?a) What are my goals?

b) What are the needs of my negotiationb) What are the needs of my negotiation partner? partner?

c) How would I behave if I was in the c) How would I behave if I was in the shoes of my negotiation partner? shoes of my negotiation partner?

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1. Well-Prepared Negotiations 1. Well-Prepared Negotiations

d) How can I reach my goals?d) How can I reach my goals?

e) Which objective arguments do I have?e) Which objective arguments do I have?

f) Which psychological arguments do I f) Which psychological arguments do I have? have?


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g) In which situations should I yield to the g) In which situations should I yield to the demands? demands?

h) When can I propose a compromise?h) When can I propose a compromise?

i ) How can I disarm the arguments of my i ) How can I disarm the arguments of my partners even before they are uttered? partners even before they are uttered?


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j ) Which is the smartest approach?j ) Which is the smartest approach?

k) Which issues should I clarify for myself in k) Which issues should I clarify for myself in advance? advance?

l ) Which options do I have if we do notl ) Which options do I have if we do not come to an agreement? come to an agreement?


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2. Success Factor2. Success Factor

A promise is a promise.A promise is a promise.


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Three stepsThree steps

1.1. Be mindful of your Be mindful of your thoughts thoughts – they will – they will become words!become words!

2.2. Be mindful of your Be mindful of your wordswords – they will – they will become actions!become actions!

3.3. Be mindful of your Be mindful of your actions actions – people will – people will judge you by your actions!judge you by your actions!


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Employees who think in terms of the Employees who think in terms of the company.company.


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4. Success Factor 4. Success Factor

Profit comes from purchasing.Profit comes from purchasing.

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No success without advertising! No success without advertising! The best advertisement is word-of-The best advertisement is word-of-mouth recommendation. mouth recommendation.


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Do not let your weaknesses become apparent; Do not let your weaknesses become apparent; concentrate on your strengths!concentrate on your strengths!

You can not please everybody if you want to You can not please everybody if you want to do something right!do something right!

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Trust in God like a child and desire Trust in God like a child and desire deeply not to diverge from God‘s good deeply not to diverge from God‘s good way and plan for you.way and plan for you.

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Spend time with God and for God.Spend time with God and for God.

God will repay you for it.God will repay you for it.

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What do you need to purify your life of, What do you need to purify your life of,

so that God can bless you as fully as he so that God can bless you as fully as he intends to?intends to?


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Never give up!Never give up!

God is not always answering God is not always answering my prayers.my prayers.

Should that be a reason not to trust Should that be a reason not to trust him in all things?him in all things?

SummarySummary

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SuccessSuccess andand FailureFailureSummarySummary

1. ”Googleing“ can not make up for the 1. ”Googleing“ can not make up for the lack of experience!lack of experience!

2. The most valuable asset in life is a 2. The most valuable asset in life is a deep and sound relation to God and deep and sound relation to God and good relations to other people. good relations to other people.

Thank you for your attention !Thank you for your attention !

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My Mistakes and my Success Factors as an Entrepreneur Wilfried Franz, Berlin Success and Failure 1