Hi there!

[Renrewsa]

Hi Fastlaners,

My name is Werner Guldenpfennig and I live in South Africa, I am 24 years old and I love business. I'm currently enrolled in University studying a Business degree majoring in Business management.

My road so far has good and bad, but the bad has taught me more about myself and what i want in life.
I started off enrolling in a Chemistry and Polymer science degree, but quickly became unhappy realising that i would be stuck in a lab under strict rules, i discontinued that course and decided upon a business degree.

At that time it felt right to me, i believed studying a business degree would help me in understanding how to successfully start a company and become my own boss, I was wrong.The degree focused more on being an employee than a problem solver or how to start a successful company.

I continued my studies feeling empty, at that time I was enjoying a hobby called Specimen Carp Angling, and the sport started to take off in South Africa, however equipment was really expensive as everything was imported from the UK.

I decided that it would be a great idea to start an online shop and import the products myself, I delved deeper into the cost of these products and found out that the products were far cheaper than what the normal retail stores were charging us.

I borrowed $500 from my father, and partnered with a guy that could develop the website for me. The store became a great success, people got what they needed at a price they have never been able to receive, I also developed my own bait which did extremely well and was the top selling product in the store.

The bad that happened with the store, being inexperienced with selecting partners, i unfortunately chose someone that did not share the same vision I had, and the same customer service ethic. My vision was to import and re-brand products directly from the OEM and make my own brand of tackle, make a large profit on the gear but still be cheaper than imported tackle, providing great quality and value to our customers. My partner disagreed and we argued for sometime, I decided that the business wont last long if it continues as he thinks it should, so i cut my losses and sold. I sold my share for $10000.

A few months after i sold out, a new competitor entered the market and did exactly what i planned, and stole the majority of the clients from my old business. The fishing store taught me a million times more than what University has taught me so far, and that experience was priceless.

I believe that I was born to do business, and that i still have a million more things to learn, but i accept that there will be hurdles and broken bones, but the lessons taught by those incidents make you a much better businessman in the long run.

So lets talk business!

 

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