One characteristic which makes TEG different from other student initiatives are our active trustees. Although one of the oldest student initiatives in Germany the founding members still are TEGies by heart and some founders of successful companies had their beginnings at TEG.
We strive to follow our trustees and therefore make use of the connections we have to them. Therefore, we organize company visits at for example E.V.I. and MaibornWolff.
Our last visit was with the founders of E.V.I. Ulrich Kopp and Markus Vogtmann. We had the opportunity to learn about their beginnings at TEG, how they organized events and built the foundations of student Entrepreneurship in Munich.
Besides, Ulrich Kopp and Markus Vogtmann not only shared valuable tips and basic frameworks how to successfully start a company but also gave some personal advice about how to plan your own future and therefore make the right decision.
- You should solve a problem with your product and evaluate the market before you launch. This sounds straight forward, but actually a lot of Startups come up with a potential solution without a problem to solve.
- Focus on product driven business ideas, as they are better to scale and have more potential for innovation in the future.
- Another crucial insight is to only work with reliable and trustworthy partners as it will pay off in the future. Even though they may cost more the quality and partnership which is built on a solid foundation will generate an advantage over competitors and save you a lot of time and effort.
- Set up a plan where you want to be in the future, what are your long-term goals and make the decisions to get there now. If you want to work in consulting, you will probably have to sacrifice things in other areas of your life.
- Start your own project and company during university as you have few responsibilities. Furthermore, once you have started in the corporate world it is much harder to leave your well-paid job and start a business.
by Maya Walcher