Entrepreneurship Summit 2023: Keynote speech by Prof. Günter Faltin

Summary

In his keynote speech ‘Discover your potential – Entrepreneurship for advanced learners’, Prof. Günter Faltin questions the traditional view of entrepreneurship and explains why many start-ups fail. He criticises the common practice of immediately pushing founders into classic business plans and financing scenarios without first testing the central assumptions of their business model. Instead, he advocates a methodical approach in which founders test their ideas in practice at an early stage and test them with their own community.

Faltin uses vivid examples, such as Red Bull and Coca-Cola, to show that success often depends less on the product than on the concept, marketing and brand building. He describes companies that are successful despite weak products or ‘dead horses’ if they skilfully generate attention and strategically position their brand. At the same time, he warns that founders with a sense of purpose beyond pure profit are more successful and fulfilled in the long term. For him, entrepreneurship is a marathon in which perseverance, conceptual work, community involvement and idealism are crucial.

Key insights for founders

1. Test instead of bet:
Instead of blindly betting on the market, founders should test their assumptions about product, price, design and distribution early on, ideally in their own community.

2. Idea ≠ success:
A good idea alone does not guarantee success – implementation, concept and continuous improvement are crucial.

3. Marketing and branding are key:
Even ‘weak products’ can be successful if they are positioned and marketed convincingly.

4. Starting a business is a marathon:
Perseverance, dedication and commitment to your own ‘brainchild’ are more important than short-term profit orientation.

5. Work according to your strengths and purpose:
Founders should focus on their core competencies and interests and delegate tasks they are not proficient in. A purpose beyond profit increases motivation and long-term success.

About the speaker

Prof. Dr. Günter Faltin is a renowned entrepreneurship expert, author and founder of the Entrepreneurship Foundation. With over 40 years of experience in teaching and practice, he has pioneered the field of creative entrepreneurship. He is known for his unconventional approaches that challenge traditional business plan doctrine and strengthen the potential of founders through methodical testing, concept development and community involvement. Faltin has advised numerous start-ups and has significantly shaped the discourse on sustainable, meaningful entrepreneurship. His philosophy combines economic success with social added value, seeing idealism and entrepreneurial spirit as the keys to success.