Founding, investing and managing alongside your studies
Just do it, is Daniel and Carlo's motto. If you have to write a business plan in a course, then it shouldn't just be for the grade. Today, at the age of 32, the two are managing directors of StudyHelp GmbH and help students on their way to graduation.
Their work as tutors gave the two from Beckum the idea for their special tutoring concept. It all started with two-day crash courses for the supposedly tough basic subjects of maths and statistics. At the time, they certainly had no idea that ten years later they would be running their own publishing house, producing videos with Youtubers and offering tutoring throughout Germany.
Industrial engineering - maths and entrepreneurship
The two founders have known each other since their A-levels and decided to study industrial engineering and management, specialising in mechanical engineering, in 2008. At that time, the combination of business and engineering studies was not yet so common in Germany and the career prospects were extremely good. Over the course of their studies, the two of them focussed more and more on the economics subject areas. Nevertheless, they have never regretted their choice of industrial engineering. They both agree: "It's good to have seen both worlds. As an engineer, you learn to work well with mathematical models. You can use this anywhere: in process management, logistics or bookkeeping. You also learn real entrepreneurship."
From the idea to the limited company
The business idea for StudyHelp was then put down on paper for the first time in the "Entrepreneurship" course. However, the two decided that the idea should not end up in a drawer. The aim was to offer crash courses throughout Germany to prepare pupils for their A-levels. With their personalities, the two convinced Prof Dr Rüdiger Kabst of their idea. The head of TecUP, Paderborn University's technology transfer and start-up centre, gave them an office in the coworking space and every Thursday they received start-up coaching from the TecUp staff.
Daniel and Carlo embarked on their start-up adventure without any equity or outside capital. This meant that they were unable to pay themselves a salary in the early years. Instead, all income was directly reinvested. While studying for their Master's degree, the pair founded their first GbR (abbreviation for Gesellschaft bürgerlichen Rechts).
"After graduating, it was all-in," Carlo recalls. "We believed in the big picture and set ourselves goals every year, which we achieved." A loan of 50,000 euros helped them to set up their limited company. Other investors followed later. The two had also made an application to appear on "Höhle der Löwen", and a camera crew even came by, but unfortunately it wasn't enough for the programme in the end.
Perfection is death
It didn't do them any harm. The two have found their own way. Especially in the early days, Daniel recommends putting perfectionism aside when setting up a business. "Of course, there are industries where safety is the top priority. There you should always strive for perfection, otherwise it's a case of 'just do it', prioritise things and keep developing." The two have also developed personally with their company. Daniel, as Chief Executive Officer (CEO), is now the sales driver who works on the company and takes care of marketing and finances. Carlo, on the other hand, keeps things running as Chief Operating Officer (COO) and continues to develop the products and the team. The two describe each other as a "terrier" and an "Excel god".
The two founders know the two sides of the start-up coin: the existential fears on the one hand and the freedom on the other. The freedom of being their own boss has now cost them both so much that they say of themselves that they are no longer suitable for the free economy. "The start-up period was the most exciting, coolest and most exhausting time of our lives."
Learning to lead
Carlo remembers: "In the early days, we held our courses ourselves. It was fun to stand in front of 400 inquisitive students. Everyone wanted to learn something on our courses."
Today, instead, they are the heads of a team of ten and have to ensure that their tutors are selected correctly. "It's important as a company to stand for values and select people who embody these values. We are looking for doers who are hungry and authentic. Just like us. It is necessary to communicate goals and expectations clearly," says Daniel, explaining the management style in their company. Carlo adds: "It was also a development for us and we didn't always get everything right straight away. But as long as you learn from your mistakes and keep improving, you're on the right track. We first had to learn for ourselves what we stand for and what we want. During your studies, you learn numerous methods such as job scorecards, Kanban and key performance indicators (KPIs). However, every company has to find out for itself what works best to achieve its own goals."
Tips for prospective founders
The two still have many goals. They want to make their mark in the education sector and become the No. 3 behind Schülerhilfe and Studienkreis. To achieve this, they are constantly expanding their portfolio. In addition to the courses that started it all, they now offer learning videos with well-known Youtubers, their own learning books and traditional tutoring.
The two remain loyal to Paderborn University. They regularly drop by the garage33 to give lectures. Their tip for all (prospective) students: "Studying is the best time to try your hand at founding something. It doesn't always have to be rocket science, just do it! Paderborn is like a little Berlin. There are start-up events every day, lots of funding opportunities and good support. What happens there is amazing. And in Paderborn, you're not one in a million, you're one in a hundred."
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More information about
- about industrial engineering
- about TecUP, the Technology Transfer & Start-up Centre at Paderborn University
