1. Application for IE MBA
C. Describe a time when you took a great risk. What was the outcome?
2. Who:
Those two young Gentmen are the main players of the story.
story
We did internship, graduate traineeship and worked together with
Commerzbank in Frankfurt. He becomes my business partner later.
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3. When:
My partner and I quit the
Commerzbank CEO
job with Commerzbank and
announced the merge with
g
Dresdener Bank set up our own t di
t trading
company
Sep. 2008
Sep. 008 Oct. 2008
Oct. 008 Jan. 2009
Jan. 2009 Dec. 2009
Dec. 2009
Lehman Brothers German government
p y
filed bankcruptcy took over 25% shares
of Commerzbank.
Commerzbank Share
from 2008 to 2011
Dec. 2009
I quit my job,
job
and set up my own company
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4. What:
- In 2009, the darkest moment in the last turmoil, my partner and I quit our
job and set up our own trading company.
- The company is legally based in Frankfurt, Germany.
- We were l ckil appointed as cement s pplier for a social housing
ere luckily supplier ho sing
project in Benin (West Africa).
- In order to faciliate the first transaction, we invested all our saving.
Toghther with a guarantee of his family, we issued a letter of credit
a ou t g
amounting to 1.2 mio USD, and bought 13´000 metric to ce e t from
o US , a d boug t 3 000 et c ton cement o
China and shipped to Benin.
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5. Where:
Germany
Frankfurt
China
Q gdao
Qingdao
Port
Benin
Cotonou
Port
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6. Outcome:
- Due to lack of experience, the first transaction was not profitable.
- However, despite all the difficulties, we executed three transactions
successfully thereafter.
- It is my conclusion that from NO books in the world, one can learn more
m concl sion orld
and faster than a true entrepreneurial experience.
Thanks for your attention
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