22 Dec 2021

Truic Startup Savant interview with P. Buschmann

What advice do you have for aspiring entrepreneurs? 

“Never forget to take care of yourself. Allowing your business to take over your life is not a good idea. Do not let it happen. Entrepreneurship is a way of life, so don't work only for the sake of working. It's easy to forget about leaving when you operate your own company, but always remember to keep work and leisure distinct.”

What is your advice for entrepreneurs in your industry specifically? 

“Be prepared for more and faster changes. I believe the fintech industry today is at the same stage that the internet was around 30 to 40 years ago — so a lot of things are waiting for us ahead.”

What is your advice for coming up with a unique startup idea? 

“It would sound like a cliché, but the main rule is simple: find a problem and offer a solution to it.”

What is your advice for overcoming challenges and failure? 

“Do not judge yourself for failures. It is a life, and everything may happen. Also, remember that everyone has their own path in this life and do not bother yourself with meaningless comparisons with other people (who may seem to you as "more" successful than you).”

What is the biggest lesson you learned and what can aspiring entrepreneurs take from it? 

“Leave your perfectionism — it does not help when you're founding and running a startup. Rely on your teammates and do not try to micromanage.”

Describe your product or service: 

“Whether you’re a startup, a business or a bank, our API platform and smart front-end solutions will enable you to give your customers greater financial freedom.”

Describe your company values and mission: 

“We believe in better and smarter banking.”

How are you funded? I.e. venture capital, angel investors, etc. 

“Founders and their families, a few angel investors, and a few venture investors.”

How big is your team? Tell us a little about them (I.e. co-founders, freelancers, etc.) 

“13 people — out of them, four people are in [the] Executive Team and one person is part-time.”

Did you always want to start your own business? What made you want to become an entrepreneur? 

“I started as an IT person but then decided to turn into businessman to inspire people and create value for the world. Then I got an MBA from London Business School and started my journey.”

How did you come up with your startup idea? How did you decide to actually act on the idea? What gave you confidence that you were on the right track? 

“Back in 2017, the market was crowded with challenger banks serving to those who wanted better banking experiences, but no one was thinking about how to help to those who are building and growing challenger banks — so we decided that we will service to Challenger banks who are serving to end customer (B2B2C model).”

How did you come up with your company name? Did you have other names you considered? 

“We had [an] amazing time during a big team gathering in Austria when we first started our initiative, and at the end of team brainstorming, discussions, and debate, we decided on this name.”

What is the greatest challenge you faced in starting your business, and how did you overcome it? 

“The market was new and unexplored, so it was challenging to find the right business model to fit the market and to fill the gaps in the market.”

Who is your product or service made for? Who is your target market? 

“Challenger banks, and also incumbent banks who want to innovate.”

What's your marketing strategy? 

“We partner with a well-known PR agency from the UK and also had great advisors helping us with marketing.”

What are the key customer metrics /unit economics / KPIs you pay attention to monitor the health of your business? 

“Leads, LOIs, contracts.”

What's your favorite book on entrepreneurship? 

“‘Start With Why’ by Simon Sinek and ‘Thinking, Fast and Slow’ by Daniel Kahneman.”

How do you achieve work/life balance as a founder? 

“Perfectionism is a burden, and teamwork is a success factor. If you are a perfectionist, you will face numerous difficulties. You must believe and rely on your teammates … do not try to micromanage everything. It would not lead you to success. Surely, employees will not despise you as much if you remember this.”

How do you stay motivated? 

“Always remember why I am doing all of this.”

Did you have to develop any habits that helped lead you to success? If so, what are they? 

“Patience.”

What are you most proud of as an entrepreneur? 

“My team.”

The original article can be found here.

Find out how you can build better banking with AAZZUR’s Smart Finance Blocks.

AAZZUR’s Smart Finance Blocks help you build a banking app that makes your customers’ financial lives better.

All rights reserved © AAZZUR 2021 | Imprint