“Stay independent, avoid VC funding” - BitcoinVN Founder Dominik Weil on bootstrapping & entrepreneurship

Recently BitcoinVN’s Co-Founder Dominik Weil sat down with the team of Starterstory out of New York City to share the story of BitcoinVN’s early days.

In the interview, Dominik shared how getting involved with Bitcoin enlightened a fire in him and provided him a new purpose in life:

“After three months of intense study and research – I knew that this is something I need to become a more active part of.”

He also shared how he and his team struggled getting the business off the ground in his home city of Frankfurt due to the oppressive regulatory environment imposed on the traditionally mercantile and enterprising people of Frankfurt by the occupying Berlin regime – and ultimately led them to take their venture to the challenging, but opportunity-rich environment in Vietnam; which has dignified itself as one of the fastest growing economies globally in the past decade.

The very first version of BitcoinVN - launched to the public in Quarter 1 / 2014
The very first version of BitcoinVN – launched to the public in Quarter 1/2014.

Opposite to the common mantra of “Fake it, ‘til you make it”, Dominik advances the idea to seek a more long-term oriented outlook on business and life in general.

http://bit.ly/32LbCLR

“Optimizing for short-term benefits without thinking about long-term implications is the wrong mindset. It might help you at the moment but puts you long-term in a much harder spot.”

He also spoke out against prematurely giving up founders equity to people who might not be aligned with the greater vision of the founders:

“Stay independent, avoid VC funding (unless you really know what strings come attached with it and that it is a part of your game plan).”

Last but not least he also shared how his entrepreneurial journey shaped changes in his general outlook on life and what sacrifices it ultimately entails:

“It’s not for everybody – working a job is much less stressful, less risky, and you have more time off.

Running a business – you can’t just take a week’s vacation. You can barely take a day off. It’s always on your mind; you always think about what to do better; what to do next; what things to do today, tomorrow, next month.”

For the full interview of Dominik with Starterstory go here