The TEP Times | Fall 2014
7
INNOVATION & ENTREPRENEURS
Top Advice From International Entrepreneurs
Life lessons from entrepreneurs that have made it in NYC
T
hinking of starting your business
in the US? See what these successful international entrepreneurs have to say about focus, encouragement, and why you should choose
NYC.
The American Council on Germany is currently seeking applications for our newest
fellowship program. The ACG’s Fellowship
for Young Entrepreneurs and Innovators
is an exchange program for German businesspeople that show potential in entrepreneurism and/or technology and demonstrate leadership attributes. The program
will enable four German fellows to swap
ideas with their American counterparts,
broaden their perspectives on entrepreneurship, and build on their networks
across the Atlantic. Fellows will meet with
entrepreneurs, startups, and policymakers while acquainting themselves with the
practices, challenges, and solutions of their
peers. The fellowship program welcomes
emerging startup leaders from Germany
with a passion for technology and entrepreneurship. Fellows may choose to travel
for up to three weeks, with the objective
of returning to their work equipped with
additional ideas and insights to effect significant and lasting change in their own
communities and businesses.
The American Council on Germany will
cover round-trip transatlantic airfare to the
United States and pre-approved inter-city
travel. The ACG will also provide a $200
(roughly 140€) daily stipend to cover housing and meals. The application deadline is
Friday, September 12, 2014. Visit www.
acgusa.org for more information.
Planning Ahead
If there’s one thing an entrepreneur
should learn early, it’s to plan ahead.
Whether you are planning a small local business, or are creating an app that
you expect to grow to millions of users,
you should always be looking forward
and planning for how you will overcome
your weak spots and take advantage of
your strengths.
“I think an entrepreneur should always
know their strengths and weaknesses.
For instance, I knew I was weak in finance, but I thought as long as I make
my products expensive enough, I would
never go bankrupt. Big mistake. This
is a lesson I learned over the years. I
wouldn’t have had to go through big hits
if I had just hired the person necessary to
fill my weakness in finance.” – Maribel
Lieberman, MarieBelle
“In New York, the costs are very high
and you can burn through your capital
quickly. Plan very carefully to keep your
costs low. One of the things we did when
our business started growing is move into
a big office in the Flatiron district and a
lot of our money went toward rent. When
the recession came we had to move. So
don’t spend a lot of money setting up an
office in a big space. At the end of the day
your clients aren’t going to be impressed
by your office, they’ll be impressed by
what you can deliver.” – Rohit Arora,
Biz2Credit
“Start early when looking for opportunities to prove yourself – internships or
additional projects, for example. This is
the land of opportunity, professionalism
is respected, merit goes over who you are,
and equality and a fair share are given
to everyone.” - Amar Sawhney, Ocular
Theraputix
Following Your Passion
If there’s one theme that is common
among entrepreneurs, it’s that they love
what they do. This is reflected in their
product and is especially evident to potential customers and investors. It also
keeps them going when times are tough.
“At the end of the day what’s going to sell
is if you have the passion and you’re selling a product that you really love. It’s
passion that’s gonna get you there. There
are many working hours, you might not
get a salary for a long time, you might be
broke for many months, but perseverance
is really key. You have to love what you’re
doing.” – Maribel Lieberman, MarieBelle
“The industry in New York, in America,
and in the world is as strong as you are.
I think that if you’re good at what you do
and put passion in every project you’ll
The American Council
on Germany
"From what I know, I think
there is no more open market
than in New York."
always have customers.” - Oscar Polanco,
MadridNYC
Never Give Up – Failure Is a
Learning Experience
A mantra among New York entrepreneurs is “fail fast, fail cheap“ – there is
no shame in failing if it is a learning experience and if you learn to recognize
failures quickly and move on.
“Mistakes are never really mistakes,
except if they’re a product of neglect.
Whatever mistakes I made were absolutely core to a particular lesson that,
had I not made whatever error of judgment then, I would have one less tool in
my belt.” - Gary Levitt, MadMimi
“Believe in the system and don’t get discouraged. It doesn’t always work in the
first attempt – but it will in the end. It’s
cliché, but the American Dream is a
thing, and you can make it in America
with ideas and hard work.” - Massimo
Baldini, Livio Connect
Start in NYC! – If You Can Make
It Here…
New York City is a melting pot of cultures and a place where people from
every background and country live and
interact. It is a place ripe for innovation
and pursuing your dreams and in many
ways, is the pulse of the US. If you can
make it here, you can make it anywhere.
“From what I know, I think there is no
more open market than in New York.
Everything in this country is p