Application for IE MBA

C. Describe a time when you took a great risk. What was the outcome?

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Who:

Those two young Gentmen are the main players of the story.

We did internship, graduate traineeship and worked together with

Commerzbank in Frankfurt. He becomes my business partner later.

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When:

Lehman Brothers filed bankcruptcy

Dec. 2009Jan. 2009Oct. 2008Sep. 2008

Commerzbank CEO announced the merge with Dresdener Bank

German government took over 25% shares of Commerzbank.

My partner and I quit the job with Commerzbank and set up our own trading company

Dec. 2009I quit my job,

and set up my own company

Commerzbank Share

from 2008 to 2011

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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 luckily appointed as cement supplier for a social housing 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 amounting to 1.2 mio USD, and bought 13´000 metric ton cement from China and shipped to Benin.

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Where:

ChinaQingdao Port

BeninCotonou Port

GermanyFrankfurt

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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 and faster than a true entrepreneurial experience.

Thanks for your attention