At the Forbes Growclub event in Prague last week, together with Michal Durinik from Lok Lok and Andrea Krkoskova from Forbes Growclub, we had an insightful panel discussion about doing business in the Czech Republic vs. Slovakia.
We talked not only about the differences between these two markets, but also about real-life experiences, mistakes, decisions, and things we would do differently today.
When we opened PERSONALITY Headhunters & Recruiters SK/CZ in Prague back in 2013, We thought that if we were successful in Slovakia, we would automatically succeed in the Czech market as well.
That was not true.
Over the past 13 years or so, We’ve realized several things that may help other companies considering expansion or building a business in a new market:
• A larger market does not automatically mean an easier market
• Prague brought us more opportunities, but also significantly higher expectations in terms of quality, speed, and professionalism. Competition forces you to grow.
• You must understand the market mentality, meet people, and become part of the community.
• Trust is still built mainly in person.
• Starting a company is easy. Building a reputation is not.
• Many entrepreneurs focus on the legal structure, but that’s actually the easiest part.
The hardest part is:
• Winning your first clients
• Finding the right people
• Building a system that truly works
Expansion will not save a broken business model.
On the contrary — it often only accelerates the problems. First, the fundamentals need to work at home:
• Product
• Service
• Finances
• Team
• Leadership
The greatest competitive advantage will be people who create value.
AI is significantly changing the labor market. Companies are no longer looking only for “managers.”
They need people who:
• know how to make decisions,
• deliver results,
• adapt quickly,
• can connect technology with business.
We believe the next five years will change the job market more than the last twenty years combined.
And one thing will still remain true: strong companies will always be built on strong people, trust, and reputation.
Thank you to Forbes Growclub for the invitation and for a very enjoyable discussion.
