What defines entrepreneurial success? What advice do successful entrepreneurs offer and which lessons have they learned from their mistakes? For over two decades, EY teams in Switzerland have been seeking out the remarkable individuals shaping our economy. Each year, through EY Entrepreneur Of The Year™ – our Swiss entrepreneurship program – we meet inspiring founders, CEOs and leaders who excel in areas such as innovation, financial performance, social responsibility and personal commitment to their businesses and communities.
Each year, around 40 Swiss entrepreneurs apply for the EY Entrepreneur Of The Year award. As part of the competition process, EY teams conduct 90-minute interviews with nominees across Switzerland. These interviews serve as a valuable source of knowledge for the future entrepreneur, offering insights into the unique Swiss art of entrepreneurship. In this article, we highlight key takeaways and provide a comprehensive roadmap for the next generation of entrepreneurs as they navigate the diverse and rewarding entrepreneurial landscape.
Qualities and values
The entrepreneurial spirit is built on key qualities such as curiosity, resilience, determination, passion, humility, courage, tenacity and grit. Personal values, self-belief and maintaining mental stability are also crucial. Entrepreneurs must be flexible, adaptable, willing to take the risks of entrepreneurship, make mistakes and learn from them.
Leadership significantly impacts entrepreneurial success. Entrepreneurs thrive when leading by example, inspiring others with clearly defined and measurable goals, refining their vision, managing emotions and fostering the growth potential and talent of their employees.
People, focus and finances
Building a robust, experienced team is crucial. Moreover, surrounding oneself with individuals offering complementary skills, both internally and externally, while steering clear of toxic influences, is advisable. Trust plays a pivotal role in fostering positive relationships with co-founders, employees, investors and customers.
Successful entrepreneurship requires a customer-focused strategy and a clear understanding of the market and products or services offered. Entrepreneurs need to be adaptable, able to self-finance, have a long-term vision and plan – while being open to changing that plan.
Getting things done is vital. This involves making quick decisions, implementing plans into action and being focused on execution. Regular evaluation and adjustment of the company's fundamentals and strategy are necessary.
Entrepreneurs must generate revenue early, practice good financial management and be aware of cash flow. While raising funds is essential, the entrepreneurial idea must remain at the center of strategic planning for a small business.
Mistakes to avoid…
Our interviews revealed notable mistakes in human resources management, financial planning, strategic decision-making, work-life balance, lack of transparent communication, risk management and in not seeking external advice when necessary. Issues surfaced in recruiting, team building and delegation, including hiring individuals who were not the right fit, delaying task delegation and lacking proper HR processes as the company expands. Entrepreneurs expressed regret for attempting to handle everything on their own, resisting external advice and facing challenges in establishing trust or fostering relationships with the right people. These patterns became evident as interviewees recounted instances where they delayed parting ways with unsuitable employees or acknowledged the advantages of establishing a team sooner.
Errors in financial planning and capital management are also common. These include undercapitalizing the company, inadequate financial monitoring, excessive optimism in financial forecasts and poor management of stock and cash flow. Overlooking potential pitfalls and risks can have significant consequences, such as overestimating the company’s capabilities, underestimating competitor strength, failing to plan for potential downsides and aiming for overly rapid growth.
Entrepreneurs often express regret, either for taking or refraining from certain strategic decisions. Procrastinating on critical matters, delaying market validation for product development, disregarding intuition, relying on assumptions about customer needs and overlooking early emphasis on sales and business development are also commonly mentioned.
Numerous mistakes are attributable to a lack of clear and effective communication. For example, entrepreneurs may initially neglect to share the company vision with the team. Additionally, they make (incorrect) assumptions about customer needs and convey complex information using inappropriate communication channels.
Finally, some entrepreneurs wish they had not ignored their personal wellbeing for the sake of the business. This includes excessive work hours, the struggle to balance work and family life and impatience leading to hasty decisions.
…and how to learn from them
Some entrepreneurs mentioned rushing decisions, being over-eager to get things done or not employing sufficient patience in business negotiations as mistakes. However, these experiences taught them the value of patience and timing in business.
While initially regretting hiring the wrong people or delaying task delegation, these experiences empowered entrepreneurs to improve their recruitment processes, learn how to build teams effectively and understand the significance of delegating early on.
