The first time Morten Lund went bankrupt was when he was 21 years old. He remembers cycling home from the bank. “I was so ashamed and could look no one in the eye.”
That however did not stop the serial entrepreneur from taking more risks. Saying that at least seven out of 10 start-ups fail and that it takes nerves and it takes a toll on your mental health, Lund, who opened the WITovation Entrepreneur Bootcamp this morning, confessed to being a serial entrepreneur.
Risk is key, he said. Do not be afraid to lose. But you learn after every failure. After his last bankruptcy – in which he went from 50 million Euros in the bank to being 20 million in debt after investing in a newspaper – he realised he needed to focus.
He used to invest in anything up to 80 companies but now he only has two. “I had no clue what some of the companies were about and but when I got a telephone call, I wouldn’t know the people nor the problems.”
Today, he’s in travel – he is the CEO of Everbread, the people behind the new Haystack search engine – and in invoicing. “I like to change industries,” he said. He’s invested in industries from music to landmine detection.
Beyond passion, entrepreneurs need stamina. “Business can burn you out.”
His most quotable quotes:
“There is a fine line between vision and hallucination.”
“Network is key.” But beware that networking doesn’t end up being a time killer, as you can get absorbed in the wrong direction. “There is so much distraction.”
“The problem with timing is you can’t time it.”
“In Scandinavia, people have forgotten how to work far, they are too far from the rice fields.”
“Look for good people. Good people can succeed with a bad idea. Bad people can’t succeed with the best idea.”
“Be proud of being in this region but be afraid of the Chinese – they will eat you like sushi.”
“Start-ups need help, and money. But money can’t guarantee success.”
“Money should come from sales, not from continuous stream of investments. This is an easy thing to forget because on the web, everything is free.”
“Don’t design your business to be super disruptive.”
“Don’t forget the basics of business.”
“Don’t over strategise – it’s surprisingly simple what works. Often, it’s the first right turn.”
“I love being in love – people in love fingerfeed each other.”
“Start movements – build communities.”
“It’s all your fault – nobody else is to blame.”
“Filter it (advice), generate your own filters, find your own path.”
* Below, video interview with Morten Lund at Web In Travel
Coffee with Morten Lund, ‘Archangel’ investor & CEO, Everbread from WebInTravel on Vimeo.
