Michala Kozinová: Okay, so Hello, everyone. and mostly Hello and welcome, Sonia.
Michala Kozinová: Thank you so much for making yourself available. I very much appreciate it, because last time when and the first time that we we had you any, you agreed to to join us when you were still a Cfo at Rahik. It was amazing. It was
Michala Kozinová: oh.
Michala Kozinová: so to the point. It was. We covered a gazillion of things. I didn't expect that we would cover everything from entrepreneurship, starting a business, entrepreneurial mindset, getting money, getting to, how to hire, how to fire, how to scale, where to get funding.
Michala Kozinová: what to do what not to do. It was. It was a blast. And not only students response that responded with a lot of passion and enthusiasm to your lecture back then. But I made the recording available last year, and again everybody for providing day takeaways there. And and we're like Whoa.
who? This was an amazing lecture. So I am so much looking forward to today so that we can replicate it last week where I said, if you want to prepare questions for just one guest in this term. You may want to do that for Sonia, because
and you will need a lot of questions, I hope, who here like, if we can have
Michala Kozinová: a little pole here?
Michala Kozinová: do I put?
Michala Kozinová: Hmm.
Michala Kozinová: I'm trying to adjust the the view so that I can see more of you, and just one a long time not using
Michala Kozinová: Zoom gallery. Okay, there you are.
Michala Kozinová: Okay. So if you guys can tell us who prepared the questions. Hands up either like this or with the hands up. Button.
Michala Kozinová: Okay, so this isn't impressive, I have to say.
Michala Kozinová: But anyway, let's start with some introductions. Let's start with. And and again, can you hear? Hear me? Fine? Can everyone hear me? Fine, amazing. Okay. So can everyone raise their hand.
Michala Kozinová: Great. Okay? So I'd like to. Before I introduce Sonya, actually. And before Sonya introduces herself to you. I'd like to run some prep some introduction of you guys to her, and let's do it visually.
Michala Kozinová: So I'd like to ask who here is in the bachelor studies
Michala Kozinová: and who? Okay? So bachelor's
Michala Kozinová: first first 3 years of your studies.
Michala Kozinová: First, 3 years of your studies. So hands up first 3 years of your studies. Vegetableis.
Michala Kozinová: Huh? Okay. And masters who here is in their masters
Michala Kozinová: studies.
Michala Kozinová: Okay, so this is a visual representation of who we have in the room. Now, can I ask you who here has entrepreneurial aspirations.
Michala Kozinová: Who here has ideas where you'd like to maybe start your business or is interested in the topic
Michala Kozinová: okay.
Michala Kozinová: who here would like to go into management and leadership positions.
Michala Kozinová: Okay, nice Umhm, and who here seems themselves as
Michala Kozinová: individual contributors, basically experts in their field and know
Michala Kozinová: management bordering with people aspirations.
Michala Kozinová: Okay, this is good
Michala Kozinová: sony. Would you like to ask some more questions? Would you like to get some more? What would be a breakdown that you would be interested in.
Sonia Slavtcheva: Actually, maybe we should just go straight through, because I think that, you know, once we hear the questions, it might be more interesting. And if someone asks something, it may prop another person to go into that. So I'll just start with my intro, yeah.
Sonia Slavtcheva: fantastic. Thank you. Okay, alright. So my name is Sonia. I'm Bulgarian. I've been living in Czech Republic, for you know.
Sonia Slavtcheva: more than 30 years by now. And in between a few years in the Us. In Germany, I work for many corporations like Ge. Or in the Czech Republic for Ppf. Group, Cfo. For home credit.
Sonia Slavtcheva: I've spent most of my career in financial services which was actually ge in consumer and commercial finance. Ppf, home credit. This is consumer finance business as well. Then I was with Allianz insurance, which is Insurance and Pension Company.
Sonia Slavtcheva: and last, but not least, I decided to step out and to try something completely different. And this was Rocklake, which is a technology startup. Or at this point, I think it scale up. It's not anymore startup. It's an online grocery store. And right now I'm working as a strategic advisor serving on the boards.
you know. One insurance
Sonia Slavtcheva: start up pillow insurance also, at one small company in Burno and they produce propellers for drones. So I'm on their advisory board and can make a lot of fun with them. And I actually, you know, lecture from time to time. So I had last week a lecture with the New York University students here in Prague.
Sonia Slavtcheva: and I spend the majority of my time right now painting. So that that's been my hobby in the last few years. And now I'm getting ready to archive. You know all the genius pieces that I've made and decided to put them on Saatchi art. This is an online gallery.
Sonia Slavtcheva: And it will actually, it seems like there is no other way for me. Unless I go to social media, so I'll have to open an account with Instagram as well. So not very happy about that.
Sonia Slavtcheva: We'll give it a try, and then we'll see. Yeah.
Sonia Slavtcheva: and I'm married. I have my son, one son and 3 granddaughters, and but I visit them kind of once, twice per year. They live in the Us. My son is
Sonia Slavtcheva: Trading fixed income on the New York Stock Exchange.
Sonia Slavtcheva: and my granddaughters are kind of small cute girls that you know recently started going to school and and kindergarten. So that's it. Yeah.
Sonia Slavtcheva: so you can ask me. You know
Sonia Slavtcheva: anything. I've had my ups and downs in my career. I've you know
Sonia Slavtcheva: I've managed many people. I had roles that I didn't manage anyone.
Sonia Slavtcheva: I, you know, had to hire lots of people fire lots of people.
Sonia Slavtcheva: and I had to grow up teams to make them smaller.
Sonia Slavtcheva: Yeah, both companies. Salt companies. Most companies. you name it. Yeah.
Sonia Slavtcheva: So
Sonia Slavtcheva: how do we take it with the questions. So Misha, are you going to navigate that if someone will raise their hands, or are people going to write them down? How are we doing this.
Michala Kozinová: I would like people to raise their hand
Michala Kozinová: and we will take it in sequence. I'm I can see that not many people actually prepare the questions. And that's okay, folks. It's okay. I'm pretty sure we will make this an amazing lecture again. Whether you had questions prepared upfront, or whether it just we just go with the flow. But if you do have a question, please just raise your hand or push the button. That would be even better
Michala Kozinová: and and ask the question. So who would like? Do we have a question already? Who would like to ask
Michala Kozinová: so, Martinet, would you like to go? Oh.
Martin Svoboda: I'm interested in like beginning of your career, like what was the process, and what was the first success
Martin Svoboda: of your career if you can name something.
Sonia Slavtcheva: Okay? Well, the first success is when you get a job. So
Sonia Slavtcheva: my, actually, my very first job after graduating from the university was as a
Sonia Slavtcheva: developer in a software company which was producing logistical software for transportation companies, because I started economics of transportation, economics and management transportation. And I actually was very inexperienced developer, and I was
Sonia Slavtcheva: the only one in the team who is not a mathematician
Sonia Slavtcheva: or physicists, which means that I was several levels below. You know my peers, because, you know, I actually don't know any mathematicians and physicians which are, you know? How shall I put it?
Sonia Slavtcheva: averagely smart or not smart? Yeah. So
it. It was a big push for me to kind of
Sonia Slavtcheva: learn very fast. and
Sonia Slavtcheva: I enjoyed it very much. And I think that learning actually is
Sonia Slavtcheva: is one of my lifetime values, and whenever I look for a new job. I look, you know, one of the key aspects of of every new job for me is what it is that I can learn in that II would I would not take a job that would be the same as the previous one, just for the sake of comfort, because it would be just boring. Yeah.
Sonia Slavtcheva: And
Sonia Slavtcheva: you know, after changing several jobs, I realized that you very rarely feel smart in the first, you know, one to 3 months when you start a new job, especially if you follow the role, let's learn something new, which means, like you start inexperienced with something that people expect you to know.
Sonia Slavtcheva: So you should get comfortable by being uncomfortable. Yeah, and not give up. Okay, so and people know, you know, and it's kind of it takes time, and you know, when people around you tell you
Sonia Slavtcheva: simply ask all your questions. There are no stupid questions you should really, you know, follow that rule in the first one to 3 months of your job you should ask about everything that you would like to know, because
Sonia Slavtcheva: it's kind of there is.
Sonia Slavtcheva: there is no expectation that you know how it works. Yeah.
Sonia Slavtcheva: But if you're afraid to ask the question, and then, you know you're there for a year or longer, and you still wonder in your mind how the hell they do this or that, or what exactly it is that I'm supposed to do that is pretty bad because time passed. And if you raise your question at that point of time.
Sonia Slavtcheva: that's a bit late that will not put you in a strong position. Yeah.
Michala Kozinová: Oh. you've touched the the the values. You've mentioned that learning and ongoing learning is one of your lifetime values.
Michala Kozinová: And
Michala Kozinová: I'm curious about that. Like, can you elaborate? One of the lifetime values is learning what are the other values that you've built your life and work
Michala Kozinová: on.
Sonia Slavtcheva: Okay? Well, I mean, learning is really important to me, because it it gives me fun and enjoyment at what I do.
Sonia Slavtcheva: And I'd say there was no surprise that I started painting, you know, so late in my life.
Sonia Slavtcheva: I literally started from scratch.
Sonia Slavtcheva: Yeah. And did you stop.
Michala Kozinová: When did you start?
Sonia Slavtcheva: I started. what was this? 4 years ago.
Sonia Slavtcheva: when I was living aliens? So my colleagues asked me, what kind of farewell gift I would like to get, and I told them that one of my biggest fear is that after 6 years with aliens insurance
I have ever had any creativity. It was probably killed by the bureaucracy of the organization, and I need something to
Sonia Slavtcheva: proof to myself that I'm still creative. So I got a voucher for arts painting class. Yeah. So
Sonia Slavtcheva: yeah, so
Sonia Slavtcheva: for me.
Sonia Slavtcheva: An out of value is that I really would like to treat people equally, and to give equal opportunities to everyone. And I'd like to be given this equal opportunity as well, and and
Sonia Slavtcheva: to kind of be treated with respect if you wish. I think it's critically important and
Sonia Slavtcheva: and I've been trying to do this, you know, all my life because I believe that
Sonia Slavtcheva: mit Ctl, and if you want something to happen to you, then this is how you should also behave. I can't expect to be respected unless I respect the people around me, regardless of you know how young or old, or what is their sexual orientation, or what kind of nationality they're coming from.
Sonia Slavtcheva: you know, and there are always multiple reasons why you may feel kind of, you know, neglected or not treated well. Someone would say, Wow, you know you're a woman, so was it tough? Oh, you're Eastern European. Is that tough?
Sonia Slavtcheva: Now? Actually, very recently one headhunter called me and said, Would you be interested to be put on the list of, you know some candidates for some, you know. Startup, I don't know where, and I'm like you know, let's give it a try. And then a day later he called me and said, Sonia, I'm really, really very sorry. I have to tell you the truth. They told me that they looked at your Cv. On Linkedin, and it doesn't say how old are you? But it is quite visible.
you know, if you count all the years of experience
Sonia Slavtcheva: that you're very experienced, and they said that they don't want to have old candidates. So I was, you know, scratched from the list because of my age, you know.
Sonia Slavtcheva: Yeah, yeah. And this was international company, Western Europe, you know.
Sonia Slavtcheva: So
Sonia Slavtcheva: so that's that's a thing as well. And if you basically notice that you have people in leadership positions, you know, if I know this such people, I
Sonia Slavtcheva: I just leave. You know, I don't wanna mention the company, but at one of the companies that I work for the boss of my boss.
Sonia Slavtcheva: He was psychopaths
Sonia Slavtcheva: And he like every time when he visited a country team like he treated
Sonia Slavtcheva: people so badly. He basically tried to push them down and smash them in front of their colleagues with, you know, smart ask questions, and no one really felt good about this. And it was just a question of Russian roulette, you know, when your time would come to be smashed by him publicly.
Sonia Slavtcheva: And it was and one of the more senior leaders in the organization said, you know, we know that he's a psychopath, but he's delivering financial results. And this was the point for me where I said, well, I don't want to be part of that organization because it does not correspond with my values.
Sonia Slavtcheva: If this organization is ready to accept people like him simply because they deliver the results, then you know, I have to be out because I'm not in a position such a strong position to change the values of the company, and when you know so so, therefore I think that you have to be clear about your own values. You know what is really
Sonia Slavtcheva: a touch point for you, what it is that you cannot leave behind and and see if the organization that you'll be joining, or the person for whom you will be working there in alignment with those values.
And I'm not talking here about, you know, declared values on the Web, and some, you know, conferences where people put their faces.
Sonia Slavtcheva: But it is. If you're looking for new job. You also have to find a way to ask people who already work there. So what are the values that this company really lives with, yeah, because sometimes, you know, on the Internet, you can see all these beautiful words that are all written in there. But then you have the real people that
Sonia Slavtcheva: not always stay behind those values. And something else is happening in reality. And you're interested in that reality. Because if there would be a like I think psychologist call this cognitive dissonance between your values and the values of the you know
Sonia Slavtcheva: either your boss or the company that you work. For then basically, it causes internal conflict within yourself.
Sonia Slavtcheva: And
Sonia Slavtcheva: either you have to change and adjust your values.
Sonia Slavtcheva: Yeah. which I seriously doubt that it is possible. or you have to be senior and influential enough to be able to change those values
Sonia Slavtcheva: which you know one day hopefully will happen to you. Yeah. But I doubt that it will be in day. One or the third option is that you pack up your stuff and you leave, and that's it, because there is
Sonia Slavtcheva: no reason in the world to kind of stay on a place like this. Yeah.
Michala Kozinová: yeah, in such a situation. Well.
Michala Kozinová: ones, where it was really really bad, like the person was. My boss was really toxic, and would call me in the middle of the night just because to like you said, You know Russian roulette. Yeah, let someone. Why not this number?
Michala Kozinová: And and I love the job. So the the it was. It was hard for me to go like, okay, so I will leave because this is not working.
Michala Kozinová: And I was lucky enough that this person was let go within like 6 months. But I was literally at the point where I was like, Okay, either here is or Id, because this is not the life that I already environment I want to live in. And so I was lucky enough that the Ca. That the company acknowledge that this is not
Michala Kozinová: in line with our declared values, that we propel on the web and on the conferences like you were speaking about. But it's not often the case, and I and I would only resonate with you and say, if you love that job, put a deadline like it's either it is
Michala Kozinová: that something changes that that person goes or or I go because it's not worth it. It's it's at 1 point. It will become toxic right, and then impacts all your life not only just the job.
Sonia Slavtcheva: and you should never, never expect that that person would change.
Sonia Slavtcheva: I've I've never seen this happening. It is just a very false kind of thing to start with.
Sonia Slavtcheva: and
Sonia Slavtcheva: I know that, you know, when people are young, financially insecure, especially if they start up a family, have a small kid and sell it. They have a mortgage and all that kind of stuff. It's like it's like, Oh, I have to spend this, I have to, you know, secure my family.
Sonia Slavtcheva: Come on, I mean, this is not the only company in the world that you can work for. There are plenty out there, just, you know, fresh up your Cv. Go through the process
Sonia Slavtcheva: and and go away. And if you're a senior leader, just, you know, either kick someone like this out, or, you know, try to change the values of the company if you can. Yeah, because it it is one of the most hurtful things it. There is no coincidence that basically
Sonia Slavtcheva: a lot of people. When you ask them why they leave a job they leave because of their boss.
Sonia Slavtcheva: Yeah. So
Sonia Slavtcheva: add a question.
Michala Kozinová: Well, folks, if you are not curious. I totally am. So I will drive this show. But it's it opens the opportunity for you guys to ask questions. So do we have a question out there.
Michala Kozinová: I would like to ask if there are any.
Marie Bryjová: go ahead. Go next.
Marie Bryjová: Okay. If you can. Name some common mistakes when starting a business that might.
for example, a scene that
Marie Bryjová: it's the right approach. But in reality it doesn't really work. If there is something
Marie Bryjová: like common mistakes when starting a business.
Sonia Slavtcheva: Boo
Sonia Slavtcheva: Common mistake.
Think that one that we've been seeing in the last few years with the tech startups is that
Sonia Slavtcheva: They usually burn money much faster than they expected, so it usually leads to the conclusion that they had
Sonia Slavtcheva: very aggressive expectations about their growth or profitability, or both, and and they were not able to reach them. And one of the things that is kind of a common theme with the young generations now is that you guys are
Sonia Slavtcheva: much more confident than us, the oldest, and it is somehow, you know, this confidence is spreading around. And you're able to convince investors to give you the money and telling them, you know, if you give me this money in 3 years time I'll be from, you know y to Z.
Sonia Slavtcheva: But
Sonia Slavtcheva: But then A lot of unexpected things happen along the way, and I would say that
Sonia Slavtcheva: people don't plan for the unexpected in their
Sonia Slavtcheva: financial and business plans. Yeah, because how can you plan for something if you don't know what that something is? Would I go and plan for the impact of the Ukrainian war on the business, you know, one and a half year ago II just don't know. Wouldn't I wouldn't know how and
Sonia Slavtcheva: but you should be able to do some sensitivity scenarios for yourself and say, Well, what if I don't grow? I don't know 50 per year, but I only grow, for some reason, 20 per year. What will happen to my plan? What does it mean? So the money that I'm given. Are they going to be enough for 3 years, or only for a year? And
Sonia Slavtcheva: if it's for a year, then what it is that I can kind of reduce the scope of what I plan to do, so that I can survive this year.
Sonia Slavtcheva: And and the other thing is.
Sonia Slavtcheva: you know, entrepreneurs tend to be very optimistic people. If they're not optimistic, they wouldn't be entrepreneurs at all. And they have.
Sonia Slavtcheva: Yeah. And they have a very strong
Sonia Slavtcheva: believe in the business that they're building and if they didn't have that belief they they wouldn't be entrepreneurs. They they should be the one who kind of are able to spread this belief into into the team that that works in their company and builds the company. And with this over optimism,
Sonia Slavtcheva: You should. If you yourself, as entrepreneur, are not able and willing to do this, downsize, you know. Scenarios. Then you should have a person in your team who should be able to do that, and and you should have the
Sonia Slavtcheva: the internal strength to listen to this, that you may go bust.
Sonia Slavtcheva: that, you know you may not have money for 3 years, but only for one year, that you know. What if I don't know, new competitors would show up. So maybe you're not able to grow 50%, but only 20%, because someone else will be better. And that is still a better option that your product or service will survive right?
Sonia Slavtcheva: And the other thing is
Sonia Slavtcheva: because you're over optimistic. Then basically, you cannot wait till the very last minute to look for money.
Sonia Slavtcheva: because
Sonia Slavtcheva: sometimes it just takes longer. Yeah. So for example, last year, when I was at broccoli, so we started equity fundraising
Sonia Slavtcheva: before the war in Ukraine started.
Sonia Slavtcheva: It was all kind of intense, as usual, but but but as expected, right and suddenly the war started, and then some investors started to drop out. You know there were some American investors that would just tell us
Sonia Slavtcheva: we do not invest in Europe. This is our new guideline because there is a war in Europe. So it was not. You know, Russia, Ukraine, how far, how close you are. It was just, you know the entire continent was out. No new investments to Europe. And there is absolutely nothing you can do with this. Yeah. And and basically, you're kind of the ring is getting smaller, and the number of investors you're talking to is getting smaller, and then you know.
Sonia Slavtcheva: it kind of prolongs the time and and puts you in very uncomfortable situation.
Sonia Slavtcheva: And you know, there are always things like this that could happen. When, for example, I started as a group Cfo for Home credit in 2,008 in July, the twentieth, 8, and when I was starting I was already, you know.
Sonia Slavtcheva: seeing the beginning of the financial crisis related to supply mortgages in us when I was there. Then I was in in G real estate in Europe, and this was the first place where it was visible. And basically we stopped doing business. We couldn't do any business. And when I interviewed with Ppf, I'm like, you know, you guys keep talking about growth.
Sonia Slavtcheva: But aren't you afraid of financial crisis, or just like Oh, I mean, it's been always tough, so there is no reason.
Sonia Slavtcheva: And and then, you know. 2 months after Lemon Brothers. you know, went bust. And suddenly this crisis spread around the world.
Sonia Slavtcheva: And and me, who started very naively with the thought that I'm finally in a company that focused on growth and will be growing in all these emerging markets. And it will be a lot of fun. So we had to deal with, you know, next 2 years in how to stop certain business lines, how to close bank branches.
Sonia Slavtcheva: how to restructure the whole business, how to keep, you know, thinking, you know how big business we can afford, so that we can still have cash to pay back our BA, that's and stuff and and then the growth came back again. But but it was not something that anyone thought
Sonia Slavtcheva: you know could happen. So so I'd say that
Sonia Slavtcheva: you should be prepared with having sensitivities. Scenarios. Huh?
Sonia Slavtcheva: Because a lot of things could happen. And and there are ways to. At least, you know numbers wise to figure out what could go bad, and if that thing could go bad, so what are the implications for you, so that you're somehow prepared, at least on paper. Yeah, there is also there is
Sonia Slavtcheva: Some stuff that we did like workshops on this several times. It's called pre-mortem! Usually many people and businesses do post mortem. So something happens in the business. There is a mistake, or whatever, and things don't turn out as expected. And oh, my goodness, it's a big issue. Let's go and figure out what went wrong after everything's gone.
Sonia Slavtcheva: But there is something that is quite interesting. Can you can go and search it online. It's called pre mortem. So you basically are preparing your business for something new. I don't know. Let's say, you decide that you will go into a new market. Either you'll start producing new stuff that you're not doing today or
Sonia Slavtcheva: You go into a new country, or even a new continent. And then you sit with your team and you say, Well, let's imagine that we are. I don't know 3 years from now.
Sonia Slavtcheva: And we thought that we would be number one in
Sonia Slavtcheva: China, yeah, whatever. Yeah. But actually, we
Sonia Slavtcheva: fail. Yeah. So everyone has to brainstorm. What are the reasons that we might have
Sonia Slavtcheva: failed? Yeah. But you really have to imagine that this is a total kind of you know, you were smashed. Yeah. And then people, only one by one. You know, brainstorm, what might be potential reasons for failing without, you know, explaining themselves a lot as to why they think this way, and then once it is all consumed, and you go, you know, one by one, and you have not more than 1 min to speak up.
Sonia Slavtcheva: Then you go into another circle and and then you start one by one, you know, analyzing each of the reasons and say, Okay, so person a said that we fail because, you know, we basically
Sonia Slavtcheva: didn't have the right product. So let's figure out what are the right reasons. What might have been the right reasons why we didn't have the right product. And let's try to analyze this and group them and then figure out what it is that you can do today to avoid this reason for failing. Yeah. So the whole thing is before you start. You analyze potential reasons for failure.
Sonia Slavtcheva: And then you try to prepare your kind of not even back up plan, but a plan.
Sonia Slavtcheva: What would you do differently if you think that you might fail? That would prevent you from failing a few years from now.
Sonia Slavtcheva: Yeah. And it's it's a fun thing to do, because it doesn't hurt that much to do a pre-mortem. So the real pain is not there, but it it. It brings a little bit of cool air in the room where everyone is already exciting about, you know. Let's go to China, and you know grab the market there. Huh!
Sonia Slavtcheva: So I strongly recommend that.
Sonia Slavtcheva: So those sensitivity scenarios before, because the the world is uncertain and do a pre-mortem.
Sonia Slavtcheva: Yeah.
Michala Kozinová: critical. Mathush, you wanted to ask.
Matus.Kapicak: is so what are the possible ways to raise money?
Matus.Kapicak: And nowadays for a startup if I have some some idea which I would like to develop. But
Matus.Kapicak: now, in my situation, I see myself just
Matus.Kapicak: to credit with my I dunno peers just from the money we got, but I don't know how to
Matus.Kapicak: how to get in touch with some investors. If I had to create some advertisements, or
Matus.Kapicak: to somehow
Matus.Kapicak: present my vision, or
Matus.Kapicak: on the Internet, or all of that steps to yeah, to get in touch with someone.
Sonia Slavtcheva: Okay? Well, if you do not have a business, but you have a theoretical idea.
Yeah.
Sonia Slavtcheva: So the first thing you have to do is, you know, you, you have to be ready to put you some of your money, or you know, friends and family money first.
Sonia Slavtcheva: It's very difficult to convince someone just on the basis of theoretical idea these days. Yeah.
Sonia Slavtcheva: the other thing is, if you
Sonia Slavtcheva: you know, let's assume that you find a list of potential venture company venture funding companies, and you try to approach them. They will expect that you send them a presentation with your idea. And one of the key things there is.
Sonia Slavtcheva: How big market that is. So you should be able to do your market research and to size the market because it basically
Sonia Slavtcheva: in the future.
Sonia Slavtcheva: This is your limit as to how we could could be like, because you could have, you know, some market share within certain years of that market. One thing is to say, my market is, you know.
Sonia Slavtcheva: I don't know. Check maps at the age of, you know, 30 to 35, with one kid at home, and then you're limited to, you know, something like this, and I think is, this is a market of, you know, young women who have one to 3 kids and are working from home. In
Sonia Slavtcheva: European Union or around the world. Or you know, you know what I mean? Yeah. So that's one thing you know, what is the market size. Another thing is, you should be able to map out. What are the key competitors that you might face.
Sonia Slavtcheva: So are there competitors? Or really, this idea is so new that you're not competing with anyone? Yeah. So if there are competitors, you should be able to say how your product or service differentiates from theirs. Yeah. So that people who might give you money are convinced that you did your homework, and you search. If you're really, you know, the genius who is doing something, you know.
Sonia Slavtcheva: was the first time in the world, or or you know, at least a little bit of what you're doing and and why you can differentiate from others. Yeah.
Sonia Slavtcheva: and then you just, I think if you go online and search for examples for presentation of, you know, startup ideas. You can see what should be there. But basically, it's a lot about market and product and market size and and what your idea is, and how much money you need. You know your expectation to kind of develop at least
Sonia Slavtcheva: some mockup of of the product to start with.
Sonia Slavtcheva: and you you can search for venture companies venture funding companies. who are providing what is called preced
Sonia Slavtcheva: so it's it's basically someone who is willing to invest in non yet existing companies. Yeah. So because this is the biggest risk. Yeah.
Sonia Slavtcheva: I one of the people I work with like he is young, smart guy, and he he recently decided that he will start up his own company. So he did the presentation. He found the list of, you know, companies that he could approach into Czech Republic, and we started going. And
Sonia Slavtcheva: The answer that he got was, you should just go and find a company
Sonia Slavtcheva: that is willing to invest in you to do this product only for them. Yeah, because it was mostly like a business idea like for B, twob, not for consumers.
Sonia Slavtcheva: And when you do a pilot with them, then come back to us. Many of them said if some big foreign investors would give you money, then we would give you money to which is like 5 steps ahead like you're never going to get there. Yeah. Then the other thing that they mentioned is.
Sonia Slavtcheva: maybe you can just go search the net for pre seed venture funding companies around the world. See what their names are. Go and send them your presentation.
Sonia Slavtcheva: and don't ask for money, but ask for feedback on your presentation and your idea, and maybe someone will like your idea so much that they would say you, why don't we meet? And why don't we give you a little bit of money? Yeah. So so I think that now he's just swallowing through all this. All this feedback
Sonia Slavtcheva: and thinking where to continue. But these days it is. It is tough.
Sonia Slavtcheva: That's because of the high inflation and uncertainty on the market. Let's hope that this is short term so
Sonia Slavtcheva: like you can't go to a bank. II don't know a bank that would give you money for something that is yet to be started. Yeah. So your option is.
Sonia Slavtcheva: friends and family.
Sonia Slavtcheva: Yeah, to start with, yeah.
Michala Kozinová: If I can throw up a resource out there for Mattis, where you seem to be. At the moment where it's like, what do I do like? What are some of the resources? You may want to explore Linkedin check the name Vedoki and possibly check found us
Michala Kozinová: start there. They do some workshops for students just like you was even my guest last year, or maybe the year that's when you was there. That was very strong here. It was amazing, and and he even invited the students to participate in some of the workshops. And basically the workshops that they are doing sometimes to beat into
the people from the community, which are basically ancient investors focusing on pre seats and they would invite you to the workshop and see if your idea is worth exploring. And then they basically are actively looking for check based
Michala Kozinová: people with great ideas with potential to execute. And we'll help you pitch. And we'll teach you all this. These things. So this might be a good way to start. I will send you an email with with the follow up to all of you. But yeah, it's it's amazing to have some real world wisdom on. How does it really work? And that is not easy that you will say here a lot of no's. That bank was not an option. I remember in my studies, you know, kind of mix. We would write this
Sonia Slavtcheva: mit Ctl. And business plans which were supposed, which you were supposed to take, and go to the bank and expect the money to just be given to you, and once once you exist as a company, and you're already cash flow positive. Then this is a valid assumption that you take your business plan to the bank, but not really before. They're also, if you're based in the Czech Republicelna and chess so bad they have some startup community
Sonia Slavtcheva: mit Ctl, and so they support and provide training and advice to startups. But I believe that at least Francesca's Portugal you already have 250,
Sonia Slavtcheva: a little bit of something that you've started. It's not just a theoretical idea. So this this colleague of mine, you know, he figure that this is not a way, for I don't know. I think that there is something similar with Jnt bank. But yeah, it it. The toughest thing is, if you appreciate yeah.
Sonia Slavtcheva: one of the kind of known funds that are willing to give money, proceed money to entrepreneurs here in check is I think they're called nation, one
Sonia Slavtcheva: or nation, or anyone. Something like this. I don't know them. But that's what I've heard on the street. Yeah. So go and check them out.
Michala Kozinová: Thank you. Do we have another question.
Martina Linartová: Umhm, I have a question when is a good time in life to have a startup in terms of professional education, financial or family life?
Sonia Slavtcheva: There is always a good time and never a good time you really like. I don't think that you should look at your circumstances, but you should look at. How strong do you feel about the idea that you have about the business?
Sonia Slavtcheva: Because
Sonia Slavtcheva: some people might tell you. You know it is
Sonia Slavtcheva: good to have it while you're young, because you're willing to accept much higher level of risk, and you know it will not. You will not fall apart. If the company fails, someone would tell you. Well, statistically, basically, many successful entrepreneurs. They started when they are 45 years old. That's what I know. Recently read. I was surprised because it just looks
Sonia Slavtcheva: too old to me.
Sonia Slavtcheva: Like very often. Actually, the life circumstances that you have. They lead you to have the business idea. You start out of necessity. Yeah, because you're in certain situation and you're missing something. Can you like?
Sonia Slavtcheva: It is so easy. You know I could just go and make it. But you have to have an exaggerated belief in your own idea, so that you have the energy
Sonia Slavtcheva: to put in that.
Sonia Slavtcheva: and if you expect that you may do it when you have a so-called to be an existence work, life balance, you will never have a business. Yeah.
Sonia Slavtcheva: it's it's a good idea to complete your education.
Sonia Slavtcheva: because if your business will be, you know, it shouldn't take you that long right, and if your business will be successful and growing, then you will not be leading, you know, 2, 3, 4, 5, 10 people. But you might become a leader of many more people and sometimes
Sonia Slavtcheva: entrepreneurs. With no education, they really struggle. When the company really starts scaling up.
Sonia Slavtcheva: they need to kind of step out and give the management to someone else because it
Sonia Slavtcheva: they're never taught. So they're extremely good with their business ideas, with energy, with the drive that they can put in with customer experience or something. But school helps with some kind of basic grounding principles in leadership as well.
Sonia Slavtcheva: and yes, there are entrepreneurs who haven't completed their university degree. But if you keep reading, I don't know about the All Fox, you know Apple and Microsoft, and how they all started, you know. You see, yeah, they didn't complete the university degree. But they started, you know, doing the programming work and intensively programmed, you know when they were already 15
years old. And basically they accumulated a lot of technical experience by the time that they started their own business. Yeah. So it's not like.
Sonia Slavtcheva: they.
Sonia Slavtcheva: They didn't have a ground to to start. Yeah, it's there always things that will be
Sonia Slavtcheva: a challenge in life.
Sonia Slavtcheva: that you may feel uncertain about and you should not expect that your life will be smooth and easy, because it is very rarely smooth and easy, so
Sonia Slavtcheva: challenges will be there anyway. Don't don't get discouraged by I don't know. Oh, my goodness! So now I want to have a family, and I want to have a child. So therefore I'm not going. If you have a company or something like this, yeah, you can do it.
Michala Kozinová: That's encouraging. Do we have another question.
Matus.Kapicak: I would probably continue that. How in your life did you manage to
Matus.Kapicak: to balance your work life and your personal life? Because for for myself. If I want to go full in in some business idea or something, II think I would need to cut some relationships with some people. But
Matus.Kapicak: for me. It's just tough for me now
Matus.Kapicak: to do it. But I also
Matus.Kapicak: yeah, I have idea to
Matus.Kapicak: to grow and to start something for myself. But yeah, there there are. There are 2 sides, and I don't know
Matus.Kapicak: how to proceed.
Sonia Slavtcheva: Okay? Well,
I
Sonia Slavtcheva: I've always had my husband next to me, and he's been a great help.
Sonia Slavtcheva: And I could always rely on him.
Sonia Slavtcheva: And in our case.
Sonia Slavtcheva: like
Sonia Slavtcheva: he basically because he's a photographer. So he's much more flexible with his work time, and he had no ambitions to become, you know, the top leader of the world or something. So he actually always did major part of the work at home.
Sonia Slavtcheva: And that that helped
Sonia Slavtcheva: I
Sonia Slavtcheva: There were some decisions that I made which were very tough, so like I remember when I was looking for my first jobs in Prague, and at that point of time my son was 3 years old, and
Sonia Slavtcheva: it was in those years still allowed to ask, so do you have children? How old are they these days on the interviews like it's a no go, but at that time, but it was perfectly okay. And when I mentioned that I have a 3 years old, child, there's like, well, you know, we're in an environment where we expect people to work, you know, late in the evenings, whatever. We knew that kindergarten stay, you know, close at 3 in the afternoon. So
Sonia Slavtcheva: thank you very much. But we can't give you a job. And I decided to to do an Mba in the Us.
Sonia Slavtcheva: And once I got my Mba. You know. Since then no one ever asked me a question during a job interview. If I'm married, if I have children, how old are they? No one was interested anymore but
Sonia Slavtcheva: it was a financially very tough decision for me, because we were pretty poor at that point of time. So I had to get, you know, scholarships for this and that student loans. And I basically was in the Us. On my own, and I didn't see my son for one year.
Sonia Slavtcheva: And this was
Sonia Slavtcheva: extremely tough for me, because I felt guilty, not only during that year, but for many, many years after.
Sonia Slavtcheva: Because it's like as you say, you know, I have to cut some relations. II didn't
mit Ctl and cut the relation path. I basically cut it, you know. And and and these were the times where there were no video chats. II literally didn't see and didn't hear him for one whole year
Sonia Slavtcheva: and A few years ago we spoke, and I was like, Hey, you know, I really feel guilty about what I did to you. You were a small guy, and I didn't behave like a good mom, and I followed my ambitions because I wanted to get this into this leadership roles, and I couldn't do that without the Mba. And my sincere apologies. And I feel guilty, you know, since then.
Sonia Slavtcheva: And he was like mom, you know, just don't be stupid. I don't feel bad about that, you know. If you didn't do this we wouldn't come to the Us. And we wouldn't be, you know, having such a good life in the Us. I wouldn't be able to study at us University. I wouldn't be able to work on New York Stock Exchange. I wouldn't be able to have the life that I have today. So I
Sonia Slavtcheva: perfectly understand, and there are no bad feelings, and I'm very happy, and thank you very much. No. so Is it easy?
Sonia Slavtcheva: No. Would you know if you cut the right relationship or not?
Sonia Slavtcheva: I can't tell you, but it is obvious that if you want to start your own business, you have to throw a lot of energy into this. So some of the stuff that you're doing outside of work, most probably would have to be limited, simply because every day has only 24 h. Yeah.
Sonia Slavtcheva: it's
Sonia Slavtcheva: Take. You have to take something, someone with you. Yeah, like your best friend or girlfriend, or I don't know brother or sister, or you know you. You need to have someone who you can rely to you
Sonia Slavtcheva: like.
Sonia Slavtcheva: it doesn't make sense to cut off all relationships and to do it all alone. Yeah, because at certain point, even when you grow your business. sometimes you grow with, you know, with your friends from childhood. Yeah.
Sonia Slavtcheva: So sometimes you know, you'll see that. Well, my business. I already put some money. It works somehow, but I'm not yet ready to go to a bank and ask for money, but some of your friends. They may have the money that because they trust you, they will be able to give you a loan, or to invest into your company, and to grow with you so. But if you have toxic relationships
that totally distract you, someone who absolutely does not believe in your idea or could keep dragging you to. I don't know. Do whatever.
Sonia Slavtcheva: Hmm! I don't know. Go to the pub every night and and kind of kill time there were to play computer days, games day and night and take you, you know. Take your time for this. Then maybe you know there is something that you should cut off. Yeah, but don't. Don't leave yourself. Don't believe that you can all do it
Sonia Slavtcheva: by yourself yourself, with absolutely no support from anyone, because you will put such a burden on your shoulders that it will. It will be extremely tough. Yeah.
Michala Kozinová: maybe a nice bridge. How do you keep sanity
Michala Kozinová: when circumstances are tough. When
Michala Kozinová: you have a dream, you follow your dream
Michala Kozinová: when
Michala Kozinová: you have the boss of the boss who goes ballistic on Russian award basis like you've been through a lot of situations where there was pressure like Rodiq, where you were trying to go for further investment. And you were burning money way too much. And suddenly Ukraine happened, and Europe was crossed from the map of us investors and stuff like that, like basically, things don't go as expected.
Michala Kozinová: And
Michala Kozinová: and and you're still have that desire and fire and passion, and at the same time it. The world just doesn't seem to work with you throws obstacles like, how do you keep sanity? And and what would you advise there to the folks here?
Sonia Slavtcheva: I meditate. I've been meditating by now. I know, for
Sonia Slavtcheva: 20 years, maybe. Yeah. And I try different styles. And sometimes it is just as easy as you know, closing my eyes and trying to breathe and follow my breathing.
Sonia Slavtcheva: Sometimes I can't even do that, and you know I have to do it with a guidance. So if I have limited amount of time, and I have like energy. But but I need it. I actually do. Yoga needra. I have like one recording that I absolutely love. This is actually it's not even called Yoga Needrah.
Sonia Slavtcheva: It's I learned about that guy from andrew Huberman, podcast I don't know if you guys listen to Andrew Huberman, I'm his fan, and this was about no sleep. How do they call this? No sleep.
the
Sonia Slavtcheva: depressed? Yeah, no sleep depressed. Let me see if I can find a link to the one that I follow. Yeah.
Sonia Slavtcheva: oh, shit. Hi!
Sonia Slavtcheva: Can you guys hear me?
Michala Kozinová: We can hear you're fine. Yeah.
I will. I will find the link and send send the link to Misha afterwards. I absolutely
Sonia Slavtcheva: oh, it starts. Do you hear this? I have to stop
Sonia Slavtcheva: so. So this is like 20 min. It is just a body scan. But you just focus on one thing, and you just, you know, focus on your fingers, on your eyes on your whatever. There is no music. There is no trala about spiritual, whatever things like, it's it's very down towards stuff. Yeah.
and it is extremely helpful. and if you don't know how to do it, it may even put you to sleep, but but over time you get used to it, and you don't fall asleep during the session.
Sonia Slavtcheva: So I do this. I've also
Sonia Slavtcheva: kind of try to keep myself grounded, because when you have lots of ideas. You basically go a lot into your head, and everything is here. And you, you know, you can't even sleep. Okay. Because even during you know your night sleep you're thinking about, you know, work problems. So this is this is the worst nightmare. Yeah, that you wake up at 3 at night
Sonia Slavtcheva: erez agmoni to solve a company problem. This is just bad. Yeah. And one of the ways to do this is to do so-called grounding. Or I think 100.
Sonia Slavtcheva: Basically, you have to go into nature. It's not that difficult. You don't need to go to Himalayas. You just can't go to. I don't know a city park. Yeah, and be surrounded by trees, and you know, walk barefoot or
Sonia Slavtcheva: be in the nature and and do it often, and you don't need to run, and you don't need to run a marathon, and you don't need to have some. You know, world class, you know, Skier, or whatever you just be there and notice what is around you. It is as simple as that, you know, just looking at the trees, looking at the grass
Sonia Slavtcheva: and being there and not through the window, please. Yeah, it's just you gotta go out okay
Michala Kozinová: and and not on the video. You know, we're no watching, you know. A screen saver with trees.
So
Sonia Slavtcheva: yeah.
Sonia Slavtcheva: so that's that's what I do. Yeah. there are trees behind on the wall. Is this your art?
Michala Kozinová: Speaking of this is, this is my husband's. Yeah. So this is from Bhutan. Yeah. So yeah, so they're actually photographs. It's not paintings.
Michala Kozinová: Yeah, these are photographs on canvas, so he loves printing on canvas. He doesn't like paper. So so they look like paintings nice. And you've mentioned painting. And you've mentioned about your plan to create an Instagram and stuff is the idea that you're turning your painting
Michala Kozinová: into
Michala Kozinová: business is is the right word. But basically that that you're that you're going out with your art and that the art can be bought. And is that the idea that you're now developing?
Michala Kozinová: Yeah.
Sonia Slavtcheva: yeah, I'll give it a try. Business is a strong word. Yeah. And when I look at you know online and how many paintings artists put, and how many of them are sold. The success ratio is disturbingly slow, so and small. I think that if I would have to
Sonia Slavtcheva: be financially depending on me as an artist, I would probably simply die from hunger. Yeah. So that's that's right. Now the conviction that I'm starting with. But I would like to cover the cost for the materials.
Sonia Slavtcheva: And it's I kept painting like last year when I, you know, stopped working at Rocklich, I actually stopped due to burn out. So I had to go to psychology therapist and talk this through and figure out what to do. And basically, you know. One of the advices that I got is that
Sonia Slavtcheva: I should really do something that I enjoy doing
Sonia Slavtcheva: for my own sake.
Sonia Slavtcheva: not because I would like to be liked, or to make money or something, but because I simply enjoy doing it. And so painting was one of those things. And I started with that 100
Sonia Slavtcheva: and it was okay to get me going till recently, and then I think that I kind of recovered from the burnout and I'm like should do some business. I should do something. Let me go and figure out how I can sell. So you know, I did my search on online galleries
Sonia Slavtcheva: mit Ctl, and figure out that on many of them I don't qualify because I don't have art education, and I haven't had any exhibitions. So, therefore like, and I don't have social media accounts. So I am completely like 100.
Sonia Slavtcheva: If I think that if these days the vintage or Picasso were artists, you know, living their way the way they lived, you know, this years ago they would be dead, you know. So so I decided to give it a try. And because already, even without having
Michala Kozinová: any online presence, I already managed to sell 12 paintings. It's it's a lot, you know, it's a lot. So so I thought, okay, let's give it a try, because I need to free up space. Also, I don't know where to put all that stuff.
Sonia Slavtcheva: And I keep discovering new tools and new kind of paint and new types of paper. So it all costs money, so
Sonia Slavtcheva: I need to cover the cost to see where where it, where it will take me. Yeah, II doubt that that will go into all this, you know, doing workshops online. It seems like artists these days. They don't have it easy, like.
Sonia Slavtcheva: you need to organize workshops. You need to have Youtube videos and to show yourself how you paint, you need to have the reals and Instagram and showing all the videos how you paint many of the, you know, at least, like the male painters, they're much more authentic.
Sonia Slavtcheva: and like they have dirty hands when they paint. It's like you. You believe them that they paint women like. Oh, my goodness! Like they wear all this, you know, white T-shirt. They are very well kind of, with their nails down, and and they have completely clean hands. I don't know how they do it. It's like it must be for the picture. I'm not going to do that.
Sonia Slavtcheva: I'm just, you know. I'm convinced that either I will not do it at all, or if I do it, then I have to be authentic, because this is not the way I paint, like I get dirty. Yeah, so
Sonia Slavtcheva: so we'll I will see. So my husband is right now. editing the pictures that we took over the weekend of of my art. So he's covering them and putting them. And I gave them. You know the specifications, how many pixels and stuff it should all be, so that it is accepted by the site. So I hope that
Sonia Slavtcheva: you know, at the latest. By the end of next week. I should have something online. So I'll send the link to Misha. And you guys go and give me some likes. Yeah, because if I don't have enough likes they will not do a marketing campaign for me, so I will not sell anything.
Michala Kozinová: so there will be at least 50 lines from us. That's for sure. That's easy, you know. That will not cost you, you know, more than a minute. A minute is a lot. Okay, yeah.
Michala Kozinová: And thank you for sharing this, because I think it's it draws a nice parallel on everything you were talking about right when you're starting a business, it's not easy. When you look at the stuff that stops, it's actually discouraging. If you look at the success rate and do your research. You go like this is
Michala Kozinová: not happening like never going to happen for me. But then you have your drive and your idea about the smallest win, and you've already have some successes like 12 paintings sold. That's a good start, right? And you go small and you build on it, and with every success you celebrate, and that brings more fuel to your fire, and you're ready to go. And first maybe you am small.
Michala Kozinová: and then you look at the research, how does this need to be done? And you get all these ideas about? Oh, I need to have a a social media account, because otherwise I will not even be accepted for the online galleries that are out there. And all these things. And and you're you're looking at what others are doing, and you're going like this is for me, and this is absolutely not me. I will. No.
Michala Kozinová: there's there's no circumstance that would. They would make me put the white t-shirt on and get mild day nails done, and do something with me. That's not me. I want to be authentic, and either I say so as I am authentically or I don't. And that's okay, too.
Michala Kozinová: And and all this brings resilience and builds resilience. And and it's amazing to, and I think admirable to look at someone who has so much experience. And I'm sure when you put your Cfo hat on, you're like.
Michala Kozinová: or the advisory hat on, or whatever heads that you're used to bring and and build, you build your career on. And and you have all this that that's kind of old news like you said you kept learning. So whatever you learned you became a pro at.
Michala Kozinová: I'm sure that the energy that you bring to the table would be like, Yeah, do this, do that.
Michala Kozinová: And then you speak about something new that you're starting. And and it's like, guys give me likes. And and I think that mixture of
Michala Kozinová: is just so authentic right there, and such a beautiful example of how you go to go about stuff when you don't know what you don't know, and when you're only at the beginning of starting something that may that feels like deemed for not succeeding because of the success rate.
Michala Kozinová: But you're doing it, anyway, because you want to. Yeah, I want to. And you know I enjoy it. And and then, you know, the other thing is, I do a lot of rational things as well. So I have my excel table, so I have different formats of painting. So I had to do like my price research. I look at different sites, regardless of whether I'm qualified or not to sell there. So what is the price of of art that is similar to mine.
Sonia Slavtcheva: And I have a price range. Mean, Max, I decided that since I'm a beginner I will go, you know, lower down on the range, and I'll be cheaply priced. On some of my paintings. I really believe that they're good, so I will probably price them higher, you know, to the mid range. But I will have no kind of aspiration at this point at this point to to Price, you know top Price, because I see that you know
Sonia Slavtcheva: there are people with such quality work that you know I can only learn from them and appreciate the fact that they have workshops. And you know, now, I'm looking at several different artists that provide, you know, online training, and some of them do it with personal coaching, so they. They can give you feedback, direct feedback on your paintings. And this is this is the thing like
Sonia Slavtcheva: to hear it from a pro, and from someone who can tell you what it is that you're not doing well, because there are so many things that I don't do well yet. Yeah. And
Sonia Slavtcheva: so it's it's it's like, you know, in between enjoyment and curiosity, and being rational about stuff and you know, and when you're a small business like it's not easy at all. So, for example, I figure out that for me to package a painting when it's being sold, so I need to buy
Sonia Slavtcheva: mit Ctl, and for different type of materials like acid-free paper. And this, you know, bubble paper, and I don't know what else, and whatever. And then I started looking where to buy it, and then most of it are, you know, wholesalers, and then they would not sell more than 500 pieces or something like this, and I'm like holy shit. I mean, I don't have that many paintings. It means that one.
Sonia Slavtcheva: Not only I have to sell everything that I have. But but you know even more than that. But if I don't buy the stuff, then basically, if something gets sold, I have only 3 days to deliver it. So I can't in this point of time, and I have no negotiating power.
Sonia Slavtcheva: Yeah. So to have a startup is very expensive. Like, even when I was at Rock League. So, and we were going internationally, and we were looking for a payment gate for our customers, and we wanted to have the same provider in all the countries.
Sonia Slavtcheva: So at the end of the day, you know.
Sonia Slavtcheva: mit Ctl. And we were choosing in between Adian and Stripe, which are among the biggest, and looking at Paypal, obviously, and 123
Sonia Slavtcheva: for Paypal like, even when I show them our aggressive growth plans for the next 5 years we based on the number of transactions that that we were planning, we couldn't reach a volume to negotiate a lower price per transaction. Yeah, so it it really puts you down. This is at the point where I think, Wow, one day I'll be big. And then Paypal is like
and not really important. So
Sonia Slavtcheva: so you have to live with this, you have to live with the fact that if you start a business, things might be more expensive in the beginning, because you will have no negotiating power. No.
Sonia Slavtcheva: unless you try something very smart, and you kind of combine forces with someone else and try to negotiate whatever resources you need to get. So you have to be extremely creative and flexible. Yeah.
Michala Kozinová: And the law. Oh, okay, do you have a question, Vick.
Zdeněk Vychodil: Yep, I have a question about started a business, or, more specifically, choosing your business partner, if that's the case. Because if
Zdeněk Vychodil: what do you think about like starting a business in like 1, 2, or 3 people, or maybe more, because I heard.
Zdeněk Vychodil: and I think that the company should be created in
Zdeněk Vychodil: in an auto account of person, and the free is too much. So if you could just put on comments on that or or your opinion.
Sonia Slavtcheva: Okay? Well, you can start a company by yourself, and you don't need others simply because you read that there should be more people. You can be a single owner of the company and a leader. Yeah, and like, if you have someone that you want to have your business with, but you're not quite sure. If you want
Sonia Slavtcheva: to have them as co-owners.
Sonia Slavtcheva: then you may get some of your friends and tell them, Hey, I'm setting up a company to be 100% on by me. But I really value our friendship, and you know your qualities and whatever. And I would like you and you to work for me, and to work with me and build that company, and maybe we can agree on stuff that I can give you some stock options in the future. So if the company would grow to a certain extent, then you will get some equity. Yeah,
Sonia Slavtcheva: and that that that might be a bridge if
Sonia Slavtcheva: II don't like.
Sonia Slavtcheva: I can imagine that you can start a company with one more person. Yeah. And and you have a kind of clear idea who of you will focus on what?
Sonia Slavtcheva: Because you have to be in certain way complementary to each other. If both of you have the similar strength and similar
Sonia Slavtcheva: kind of weaknesses. then you will not get too far.
Sonia Slavtcheva: Yeah. And if both of you, or if you have different opinions, but both of you focus on the same thing, you'll be constantly in conflict, and the company will not go anywhere because you won't be able to make a decision if you're 50 50.
Sonia Slavtcheva: Okay.
Sonia Slavtcheva: so let's say that I don't know. You want to start a company, and you're the one who is creative and focus on the sales side and marketing site. And then you have a person who you feel close to and trust. And this is a person who is kind of more structured process, oriented, so he or she can take care of finance and operations. Then it might be a good match. Yeah.
Sonia Slavtcheva: and if if there, 3 of you's
Sonia Slavtcheva: us owners, then it will make
Sonia Slavtcheva: things even more difficult. Yeah. in terms of decision making like you like
Sonia Slavtcheva: it.
Sonia Slavtcheva: Either you have to start a company. And you say, I have 51%. And and I have the majority ownership and control and final decision is on me.
Sonia Slavtcheva: And the other person has 49%. Yeah. Or if there were 3 of you, then there might be okay that each of you has similar shares, so that there would be, you know, either 2 to one decision.
Sonia Slavtcheva: you know, or you know, all 3 of you would decide. You have to think about critical decision making. Because this decision-making, sir, based on your real power meaning how many percent of the company you control. Yeah.
Sonia Slavtcheva: And if if you are totally aligned with that person, meaning that you have the same strengths and weaknesses, there will never be a conflict. It will be very friendly environment, and you will not get that far.
Sonia Slavtcheva: If you have conflicts, they have to be productive in terms of having different opinions. But still someone being able to make the decision, and conflicts, usually in difference of opinion, moves us forward. But it is unpleasant. Yeah. So you have to kind of
Sonia Slavtcheva: mit Ctl, and take that conflict only in terms of conflict of opinion for that moment. But but once it is decided which way we go, then everyone has to swallow the fact that this is the decision, and then you can go to the pub and have beer together with no bad feelings. 2.
Sonia Slavtcheva: Yeah, don't take the things home. Yeah, because once you start taking them personally, then it will be very tough. So there is no formal rules as to how many you know owners of the company you have to have, and even if you start a company, if you have more people, not all of them have to be owners. Some of them may even feel more comfortable, not being an owner. But but to have this experience with you, to try to grow the company without having the risk that they may go bankruptcy. Yeah.
Sonia Slavtcheva: So and you may give them. You know this tick and say, Hey, one day, you know I can give you some stock options, and you know you can become an owner if we become 5 times bigger, 10 times bigger. And you know this is part of the ways.
Sonia Slavtcheva: how to get a person in. Yeah.
Michala Kozinová: And you thank you so much for being with us. We have 2 min to go. so maybe some final
Michala Kozinová: words of wisdom that you'd like to close the lecture with.
Michala Kozinová: Come.
Sonia Slavtcheva: I mean, I will go back to the beginning of the lecture.
Sonia Slavtcheva: Know your values stick to your values. This is critically important to kind of keep your personality intact. Yeah, because when your personalities intact. Then then you will be.
Sonia Slavtcheva: you know, having the strength in, in in satisfaction from life that you live, the way you want to live. Yeah, it will give you strength.
Sonia Slavtcheva: and
Sonia Slavtcheva: when you look for a new job.
Sonia Slavtcheva: try to look for places where you can learn something new. But at the same time where you you you have something that you can contribute to the table, not just to say, Hey, guys, I'm here, and I'm here to learn. And and I don't know anything. You you should be good at something right? That they need. Yeah, because what would be the value for them? You always need to
Sonia Slavtcheva: find is, you know, what's in it for me the employer, or business partner, or something, will always ask what's in it for me. So when you look for a job, you also need to kind of try to sit
Sonia Slavtcheva: hypothetically on the other side of the table and think about, why would they take me on board? Yeah, they wouldn't take me, because I'm only curious and want to learn. Yeah.
Sonia Slavtcheva: but there might be something that I'm able to bring so you should know what it is, and this will change through life. But there always be something. We all have some value. Yeah, so we better know what it is. Okay.
Sonia Slavtcheva: And I wish you good luck in all your endeavors. And complete your education, please. Yeah, it's not that tough.
Michala Kozinová: It's a good, a foundation, indeed, and you don't want to be asked to leave because you didn't, didn't have didn't complete your education and don't have a degree when you succeed in your business, and when the board of directors comes in and they go like, Okay, who's this person? And oh, they didn't they are drop out from University. So
Michala Kozinová: who here commits to give Sonya a like on the gallery that she will send
Michala Kozinová: awesome, and we very much. Thank you for being with us here today, and for sharing your experiences and wisdom with us.
Michala Kozinová: And we will provide you with the takeaways as well like what resonated with the guys and girls the most.
Michala Kozinová: and I will follow up with the meditation and with the resources that. So we're talking about. So does people have it in in the
Michala Kozinová: in in their resources, in the resource private library. One question. Final question to you. Sonia is, if the folks from here want to
Michala Kozinová: be in your network on Linkedin. Oh, and I'll that's probably the only social media that you can find me, and I'm I don't have Facebook account, but I want to keep it only for art. It is strongly recommended that I don't do chi chats for one
whatever comes to mind on Instagram that it is kept professional and clean.
Sonia Slavtcheva: So Linkedin, please, or Whatsapp, yeah.
Michala Kozinová: Okay. With that I have a good lunch, have a wonderful Monday. Have a wonderful rest of the week.
Michala Kozinová: and Sonia hopefully. See you next year.
Michala Kozinová: All of you see you next week. Actually, not. You know that you have a lecture with your Co student fellow student.
Michala Kozinová: Oh, okay.
Michala Kozinová: so data. That's it for today. Yes, bye, everyone.
Martin Svoboda: thank you. Bye.