Peter is from Hungary and has a Bachelor's Degree in Software Engineering from his hometown of Gyor. His hero is British-Nigerian entrepreneur and podcaster Steven Bartlett. Peter believes in power of a collective confronting similar challenges. His entrepreneurial spirit is rooted in his family background – his father also ventured into the world of entrepreneurship and Peter drew valuable lessons from his experience. What’s more, Peter’s ten-year career as a professional athlete instilled discipline and determination in him.
Tell us about your business.
My company operates in two primary domains. First, we've developed a LawTech product, a whistleblowing software designed to empower individuals to report harassment and mistreatment in their workplaces confidentially. On the other side of our business, we offer a range of services tailored to early-stage tech start-ups, encompassing business consulting, design, and development expertise, all bundled together to support their launch.
Where did you get the idea from?
The idea for our LawTech product stemmed from the increasing global awareness of hidden workplace issues. With discussions gaining momentum on social media and even the introduction of an EU directive to address these concerns, we saw an opportunity to develop a solution. Given our extensive experience working with start-ups, we had the necessary in-house resources to bring this concept to life, so we took the leap.
How old were you when you first decided you would start your own business?
I embarked on my entrepreneurial journey relatively late in life. My early years were dedicated to a career in professional rowing, a passion I pursued from the age of 11 until I was 24. My focus was primarily on achieving medals. After retiring from rowing, I felt the need to gain a deeper understanding of the inner workings of companies in my field. I joined a software development company with around 150 employees, starting as a mobile app developer. Over five years, I progressed to roles such as development lead, project manager, and eventually, a product lead. It was during this time that I felt prepared to venture into entrepreneurship, and I was 29 when I took that step.
How did you get it off the ground?
To launch our business, I contacted two former competitors from my rowing days. Krisztian had honed his skills to become an architect-level developer, while Adam had gained expertise in financial analysis and planning within the real estate sector. We decided to take a backpacking trip to Vietnam, where we could brainstorm and strategize. By the time we returned home, we had a clear plan and the motivation to establish our service-based business. We initially self-funded our venture, recognising that we wanted to develop a product in the future but needed to establish a stable foundation first. We started as an agency, building the right team and cultivating essential connections for the eventual product launch. Additionally, I played a role in co-founding the StartITup Gyor ecosystem (we started to organise meetups, hackathons, toastmaster events and even a TedX for local entrepreneurs) in my hometown, which became instrumental in securing our first clients.
Who did you turn to for help?
Drawing from our professional networks, we sought guidance from founders and CEOs who had already navigated the challenges of starting a business. We gathered insights, tips, and tricks to minimise risks and ensure a smoother launch.
Describe some of the obstacles you faced as a young person starting out in this business.
One significant challenge was earning the respect of established leaders, many of whom were older and more experienced. However, due to our backgrounds, we brought a valuable level of professional expertise to the table. Building a robust network was another hurdle. Initially, our network was limited, and we had to push ourselves to expand and meet new people, which could be daunting.
How do you define success?
Defining success in entrepreneurship is a continuous learning process. Unlike my previous career as an athlete, where success was measured by medals and championships, entrepreneurship is more nuanced. One defining moment of success that I cherish is from our early days. It was a Friday night, our company was just one year old, and our team was immersed in a crucial product release for a start-up accelerator. The energy and dedication in the office were palpable as everyone tested, analysed, and worked diligently to ensure a smooth launch. At that moment, I looked around and felt a deep sense of pride, knowing that we had built an exceptional team. To me, that was a genuine marker of success.
What was the most challenging aspect of setting up your business?
Balancing work and personal life has been one of the most persistent challenges. It's an ongoing struggle to draw clear boundaries. There's a constant temptation to check emails while waiting in line or handle tasks even when out for a meal with my partner. Striking a work-life balance is a delicate endeavour that I'm still refining.
What has been the most rewarding part of your journey so far?
On a personal level, one of the most rewarding aspects of this journey has been the opportunity to connect with an array of inspirational individuals within the entrepreneurship community. Some of these connections have evolved into deep friendships, while others involve occasional coffee conversations about goals and ideas. These interactions provide continuous motivation and a sense of personal fulfilment.
What are the future goals of your business, and how will you go about achieving them?
Our long-term goal is to expand our company globally. While our current client base primarily comprises local clients, we aim to diversify and tap into international markets. As a first step, we've been exploring major tech hubs across Europe to understand these ecosystems better and facilitate our expansion.
What advice would you give to other aspiring entrepreneurs out there?
One piece of advice, although it may sound like a cliché, is to be prepared for the possibility of failure. It's important to remember that setbacks are a normal part of entrepreneurship. Over the last three years, we've experienced both highs and lows, including times when we struggled to meet financial obligations. These challenges are par for the course. The key is to adapt and pivot as necessary, staying resilient in the face of adversity.
- Publication date
- 9 November 2023 (Last updated on: 9 November 2023)
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