{"id":29188,"date":"2020-08-12T11:28:49","date_gmt":"2020-08-12T09:28:49","guid":{"rendered":"https:\/\/www.euruni.edu\/blog\/?p=29188"},"modified":"2020-08-12T11:33:21","modified_gmt":"2020-08-12T09:33:21","slug":"how-to-start-sustainable-business","status":"publish","type":"post","link":"https:\/\/www.euruni.edu\/blog\/how-to-start-sustainable-business\/","title":{"rendered":"How to Start a Sustainable Business"},"content":{"rendered":"\n

In another\u00a0fascinating and engaging Crafting Your Future event, Timo\u00a0Buetefisch<\/a>, Co-Founder and CEO at\u00a0Cooltra<\/a>, spoke with EU students about his\u00a0experience\u00a0starting and growing his company.\u00a0<\/p>\n\n\n\n

Cooltra\u00a0is the leading two-wheel mobility solutions company in Europe<\/strong>. They\u00a0have\u00a0over 1,000 employees\u00a0from\u00a036 different nationalities.\u00a0Cooltra\u00a0operates\u00a0in 6 countries and 35 cities\u00a0and has an\u00a0annual revenue\u00a0of\u00a040 million euros. They have a fleet of 17,000 vehicles and have provided 12.8 million rides since they were\u00a0founded in 2006.\u00a0In other words, they are an incredibly successful business.\u00a0\u00a0<\/p>\n\n\n\n

Starting and growing a prosperous company is not easy, so we hope that these insights shared by Timo help you on your path to success.  <\/p>\n\n\n\n

Where to <\/strong>S<\/strong>tart <\/strong>W<\/strong>hen <\/strong>S<\/strong>tarting a <\/strong>B<\/strong>usiness<\/strong> <\/h2>\n\n\n\n

Cooltra was born of a personal need of Timo\u2019s; he found that when he took his scooter to be fixed in Barcelona, there was nowhere for him to rent a temporary replacement.  <\/p>\n\n\n\n

Fulfilling a personal need or surmounting a challenge that you have faced personally is a common starting point for entrepreneurs. It has the advantage of giving the founder an insight into their customers\u2019 needs. And having a personal story as to why you founded your business makes a compelling story which is helpful when pitching for investment.  <\/p>\n\n\n\n

If you are a budding entrepreneur, noticing the challenges or unmet needs you have could be a productive way to start thinking about the business you want to set up<\/strong>.\u00a0\u00a0<\/p>\n\n\n\n

Successfully <\/strong>R<\/strong>aising <\/strong>I<\/strong>nvestment<\/strong> <\/h2>\n\n\n\n

It is essential to have a strong pitch when going for investment. Many founders, Timo included, start by investing their own funds into their budding business; Timo started Cooltra with 60,000 euros in capital. They\u2019ve since raised over 70 million euros from venture capital companies, banks and private individuals.  <\/p>\n\n\n\n

It wasn\u2019t until the company had been operating for nine months that Timo wrote a detailed business plan and approached investors. He pitched at an angel investors forum and found three angels willing to put in 700,000 euros to grow Cooltra. <\/p>\n\n\n\n

By the time Timo gave his pitch he had scooters out for rent, customers using the service and was generating income. This gave him credibility and reassured the angels that the business would be profitable.  <\/p>\n\n\n\n

Timo\u2019s advice\u00a0for entrepreneurs is to\u00a0ensure that you have a convincing business model and evidence\u00a0of demand<\/strong>\u00a0when you are seeking investment in your company.\u00a0\u00a0<\/p>\n\n\n\n

Standing <\/strong>O<\/strong>ut <\/strong>A<\/strong>gainst <\/strong>t<\/strong>he <\/strong>C<\/strong>ompetition<\/strong> <\/h2>\n\n\n\n

Cooltra is no longer the only two-wheeled mobility provider on the block. But they are still the market leaders.  <\/p>\n\n\n\n

Entrepreneurs should expect to face\u00a0competition. If you\u2019re the first to launch a unique product or service, success will naturally bring\u00a0competitors. Continuing to differentiate yourself is key,\u00a0as is building a strong and loyal customer base<\/strong>.\u00a0\u00a0<\/p>\n\n\n\n

Cooltra has approximately one million loyal customers who, despite multiple competitors creating a crowded market, do not defer to another company. Timo believes their success is largely down to being solutions oriented and focusing on providing excellent customer experience. They work to solve any challenges that arise\u2013 and they do arise, daily \u2013 as quickly as possible.  <\/p>\n\n\n\n

Knowing your company\u2019s unique selling points and the aspects of your business that make you stand out, is important when it comes to maintaining your market share. <\/p>\n\n\n\n

A <\/strong>B<\/strong>usiness <\/strong>M<\/strong>odel <\/strong>F<\/strong>or<\/strong> <\/strong>G<\/strong>rowth<\/strong> <\/h2>\n\n\n\n

Cooltra is a business of two halves. They operate both B2B and B2C, meaning that they have both business and individual customers with different needs and different solutions.  <\/p>\n\n\n\n

Cooltra offer long-term rentals to a range of business customers including police departments and delivery companies such as Domino\u2019s Pizza. They charge a monthly fee for the rental of a bike over a two- to three-year period.  <\/p>\n\n\n\n

On the other side of the business they have\u00a0an\u00a0app\u00a0which enables individuals to rent scooters parked all over the cities in which they operate.\u00a0Their data shows that the scooters are usually used for trips of 2-5km, so they have just launched their first fleet of bicycles in Barcelona to provide for the shorter journeys their customers take.\u00a0\u00a0<\/p>\n\n\n\n

\"business<\/figure>\n\n\n\n

Timo is focusing his expansion on Europe. He knows the market and he knows that the southern hemisphere offers the temperate year-round climate that makes his business a success. He aims to expand to 100 European cities and to grow his fleet to five times its current size.  <\/p>\n\n\n\n

Cooltra\u2019s\u00a0fleet initially consisted of\u00a0gas engine\u00a0motorcycles.\u00a0Over the past 14 years\u00a0they\u2019ve been transitioning\u00a0to electric, emission-free vehicles\u00a0and\u00a056%\u00a0of their fleet\u00a0are\u00a0now\u00a0electric. Starting the business in this way enabled Timo to grow the company in a direction that accords with public concern for the environment.\u00a0It\u00a0also means he has a compelling story to encourage investors\u00a0and customers\u00a0as\u00a0Cooltra\u00a0continues to grow.\u00a0Cities around the world are shrouded in pollution\u00a0that causes\u00a0respiratory\u00a0diseases\u00a0and even death,\u00a0so\u00a0working towards car-free\u00a0cities is an appealing\u00a0narrative\u00a0and\u00a0an\u00a0admirable ambition.\u00a0\u00a0<\/p>\n\n\n\n

Founded as a brick-and-mortar company, Timo has repositioned Cooltra as a technology company. This plays out in several ways: Cooltra\u2019s team includes a growing number of developers; they own their own app, including the back-end development space; and integrating technology into their services is a primary concern. Given digitalization is rapidly spreading through every industry globally, this approach will ensure that Cooltra continues to be a relevant and competitive business.  <\/p>\n\n\n\n

When writing\u00a0your\u00a0business\u00a0plan,\u00a0consider the routes for growth that your company will have and\u00a0prepare accordingly<\/strong>. Having this\u00a0defined from\u00a0the outset will demonstrate your ambition to investors and give you a roadmap to guide decisions as you move through the challenging early phases.\u00a0\u00a0<\/p>\n\n\n\n

Preparing <\/strong>For<\/strong> the Market of the Future<\/strong> <\/h2>\n\n\n\n

All good entrepreneurs and CEOs should have their eyes on the future. What trends are emerging in your sector? How are customers’ needs or concerns changing?  How might that shape the position of your brand or your next product?  <\/p>\n\n\n\n

Timo\u2019s convinced that autonomous vehicles will become a reality, but that does not present a threat to Cooltra. As a large fleet operator, the company is prepared to transition to use their expertise to manage the autonomous fleets of the not-too-distant future.  <\/p>\n\n\n\n

When starting a business, it is also helpful to consider the sectors ripe for\u00a0innovation.<\/strong> Timo suggested that health care, particularly health and\u00a0technology, education, especially online\u00a0and mobility are all sectors that\u00a0will\u00a0continue to\u00a0flourish. However, he urged students not to feel limited\u00a0by this,\u00a0as,\u00a0\u201cAny sector can be innovated\u201d.\u00a0<\/p>\n\n\n\n

Life as a CEO and Leader<\/strong> <\/h2>\n\n\n\n

Every day throws at least five different challenges in Timo\u2019s path. Thankfully, he finds developing solutions interesting, and this is a huge part of his role as a leader.  <\/p>\n\n\n\n

Timo has 15 direct reports, including finance, marketing, business development and country managers. It is a high number of people for anyone to manage, but by meeting every Monday as a group and then spending half an hour with each person individually, Timo is able to make sure that they solve any issues that arise. Bringing everyone together, he said, is always interesting as they have different roles, experiences and backgrounds, and therefore different perspectives. <\/p>\n\n\n\n

He takes a very careful approach to hiring, seeking \u201cattitude not aptitude\u201d and paying no attention to the particular university or course that a candidate has taken. Instead, he is looking at how they behave in interviews. At Cooltra there is a five-interview process that helps them make sure they hire the right people. Hiring and retaining great staff was one of the challenges Timo predicted will face Cooltra in the future.  <\/p>\n\n\n\n

As the founder of the company,\u00a0having been at the helm\u00a0for 14 years, Timo has credibility as a leader. However, leadership is not something that you are just good at, he said, it is something that you\u00a0have to\u00a0continue to work on and deliver every single day<\/strong>. And it is not easy.\u00a0Communication skills are\u00a0really important. They\u00a0help him to navigate tough decisions\u00a0and to keep\u00a0his team\u00a0motivated through challenges. But it is\u00a0complex, and it takes continued effort to be a great leader.\u00a0<\/p>\n\n\n\n

Why Entrepreneurs Should Pursue <\/strong>F<\/strong>urther <\/strong>E<\/strong>ducation<\/strong> <\/h2>\n\n\n\n

Timo emphasized the importance his MBA had\u00a0on his entrepreneurial journey<\/a>. The opportunity to move from his native Germany to Barcelona, to learn a new language and to gain different perspectives by developing a global network, alongside the topics covered in the program, gave him the insights,\u00a0experience\u00a0and confidence to launch\u00a0Cooltra.\u00a0<\/p>\n\n\n\n

\u201cThe MBA is a very good platform to get to know many other students and especially dive into topics that you are interested in\u201d, he said. If you have studied a specialist subject, taking an MBA will give you a\u00a0360-degree\u00a0knowledge of the many facets of business you\u2019ll need to know to be a successful founder and CEO<\/strong>.\u00a0And studying abroad has the added advantage of preparing you to thrive in an international business market.\u00a0\u00a0<\/p>\n\n\n\n

At EU Business School we offer a\u00a0range of business programs<\/a>\u00a0from bachelor\u2019s to MBA level which will prepare you to\u00a0found, grow and lead successful businesses. <\/p>\n\n\n\n

\"mba<\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"

In another\u00a0fascinating and engaging Crafting Your Future event, Timo\u00a0Buetefisch, Co-Founder and CEO at\u00a0Cooltra, spoke with EU students about his\u00a0experience\u00a0starting and growing his company.\u00a0 Cooltra\u00a0is the leading two-wheel mobility solutions company in Europe. They\u00a0have\u00a0over 1,000 employees\u00a0from\u00a036 different nationalities.\u00a0Cooltra\u00a0operates\u00a0in 6 countries and 35 cities\u00a0and has an\u00a0annual revenue\u00a0of\u00a040 million euros. They have a fleet of 17,000 vehicles and have provided 12.8 million rides since they were\u00a0founded in 2006.\u00a0In other words, they are an incredibly successful business.\u00a0\u00a0 Starting and growing a prosperous company is not easy, so we hope that these insights shared by Timo help you on your path to success.   Where to Start When Starting a Business  Cooltra was born of […]<\/p>\n","protected":false},"author":2,"featured_media":29191,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[1771,1777],"tags":[1707,778,705],"class_list":["post-29188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-trends","category-eu-business-school-guest-speakers","tag-business-advice","tag-business-strategy","tag-sustainability","post--single"],"yoast_head":"\r\nHow to Start a Sustainable Business | EU Business School \u267b\ufe0f<\/title>\r\n<meta name=\"description\" content=\"Timo Buetefisch, Co-Founder and CEO at Cooltra, spoke with EU students about his experience starting and growing his company.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.euruni.edu\/blog\/how-to-start-sustainable-business\/\" \/>\r\n<meta name=\"author\" content=\"EU Business School\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/how-to-start-sustainable-business\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"EU Blog\",\"item\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EU Community\",\"item\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/category\\\/eu-business-school-community\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Guest Speakers\",\"item\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/category\\\/eu-business-school-community\\\/eu-business-school-guest-speakers\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"How to Start a Sustainable Business\"}]}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to Start a Sustainable Business | EU Business School \u267b\ufe0f","description":"Timo Buetefisch, Co-Founder and CEO at Cooltra, spoke with EU students about his experience starting and growing his company.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.euruni.edu\/blog\/how-to-start-sustainable-business\/","author":"EU Business School","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.euruni.edu\/blog\/how-to-start-sustainable-business\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"EU Blog","item":"https:\/\/www.euruni.edu\/blog\/"},{"@type":"ListItem","position":2,"name":"EU Community","item":"https:\/\/www.euruni.edu\/blog\/category\/eu-business-school-community\/"},{"@type":"ListItem","position":3,"name":"Guest Speakers","item":"https:\/\/www.euruni.edu\/blog\/category\/eu-business-school-community\/eu-business-school-guest-speakers\/"},{"@type":"ListItem","position":4,"name":"How to Start a Sustainable Business"}]}]}},"_links":{"self":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/29188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/comments?post=29188"}],"version-history":[{"count":7,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/29188\/revisions"}],"predecessor-version":[{"id":29200,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/29188\/revisions\/29200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/media\/29191"}],"wp:attachment":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/media?parent=29188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/categories?post=29188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/tags?post=29188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}