Exclusive interview with Mao Lal, an entrepreneur, investor, and author. Mao is the founder of Coinygram LTD, a cryptocurrencies exchange. Besides this, he is also running two other ventures, Deutsches Edelmetallhaus and Bitson Management GmbH.
With his keen sense of innovation and years’ worth of experience expanding across different industries, Mao Lal is one of the most successful entrepreneurs in the field of blockchain technology. In this interview, he has shared some insight into his professional life for aspiring entrepreneurs.
So, what’s your story?
My career as an entrepreneur began when I started my first venture, Deutsches Edelmetallhaus, in 2003. I recognized the increasing value of metals and hence got involved in the trade of precious metals such as gold. In retrospect, my observation was right; the trading of gold, silver, and other rare commodities have taken on a significant role in the financial sector.
I had a similar premonition in 2010 when a new digital and decentralized currency, Bitcoin, was launched and was gaining fame. I was quite intrigued and started researching about the innovative construction of the decentralized managed currency. The more I did that, the more enthusiastic I became and my enthusiasm remains unbroken even today, about 10 years later.
Now, it’s absolutely clear to me: even if the Bitcoin itself may disappear at some point, the idea and the concept behind it will remain. Simply put, it’s the future!
Name of your businesses/companies?
- Deutsches Edelmetallhaus, deutsches-edelmetallhaus.de
- Bitson Management GmbH, bitsons.io
- Coinygram LTD, coinygram.com
What do your companies offer to their customers?
With my companies I pursue two approaches:
Firstly, through Bitsons, I basically give people an opportunity to set up an additional stream of income. The only prerequisite for this is, of course, that people have to be prepared to deal with technology as well as the risks involved.
Secondly, I see the disruptive power behind the blockchain technology. I know for a fact that it’ll redefine existing industries, and destroy individual markets to create new ones. Together with Bitsons Management GmbH, we develop innovative products and services together for customers that use the advantages of blockchain technology and integrate them into existing industries.
Share an interesting fact about yourself that not many people know.
Based on the first question, this fact probably fits very well: I started mining Bitcoins with my own computer, in 2010. At first, I didn’t realize how easy it is to become part of the network and benefit from it. However, my excitement went over the roof when I was able to mine the first Bitcoins after only a few hours.
Today, about 10 years later, I continue to mine Bitcoin. Of course, I’ve stopped making a profit with my work computer, but I used the time to construct my own mining farm in Norway.
What’s the one thing that drives you as an entrepreneur?
The answer to this question is very simple and it’s what probably drives the majority of people silently: success.
Those who have achieved their first breakthrough – with their own hands and their own mind – and have gone through all phases of entrepreneurship will know the overwhelming feeling of making it to the point you always wanted to be at (or at least getting there). To witness your brainchild grow is simply indescribable.
What’s the secret to your success?
I believe there’s no simple secret recipe for success, otherwise, success would not be an exception but the rule!
There are some factors that are given for success. This includes goal-orientation, discipline and persistence – it’s at least what helped me. Apart from this, personal experiences and the lessons learned from them also play an important role. You need to have the courage to take chances. It’s important to leave your comfort zone from time to time. I have made this attitude my motto:“Life comes by experience, everything else is just existing!” Click To Tweet
From investing to pitching to potential clients and finally selling, every entrepreneur has to face certain obstacles. How did you overcome these obstacles?
For me, there was no shortcut to success. I recognized the opportunities at the right time and researched about them intensively before taking a step. I believe that knowledge and experience are irreplaceable, especially in the financial sector. Both can only be acquired through hard work. If you want to be successful in the long term, you need to do more than what others are doing.
What makes you different from your competition?
Unlike most others in the industry, I’ve been involved with blockchain technology from the very beginning, even before Bitcoin became a popular commodity in the financial industry. In other words, my experience in the industry is what sets me apart from others, and I believe some of the credit goes to the numerous visionary people I got to meet and work with.
Through my large network of experts in various fields, I can implement innovative ideas with potential with Bitsons Management GmbH not only quickly but also efficiently. I especially enjoy the combination of the groundbreaking new technology with traditional markets.
If there was one thing you could change in your journey, what would it be?
I’m not being proud, but I don’t think I would want to change anything. My knowledge and experience are my capital. Of course, it takes a lot of effort to run a company – let alone take it forward – but as an entrepreneur, this is my daily work.
With a good idea, the right eye for trends and the necessary expertise to implement it, missing capital will not be a hurdle for you. In fact, building a successful business tends to become easier over time. The answer as to why this happens is very simple: after the first few bad experiences, you know exactly what you have to watch out for, which pitfalls threaten, and how problems can best be avoided. .
How do you plan to grow and succeed in the future?
I believe the right answer to this is through intensive and continuous training. The blockchain technology industry is quite dynamic. You can observe new trends and innovations almost daily. Anyone who does not keep up with the latest developments in this sector will lose touch within a few weeks and either miss the market or risk a market launch with a technically outdated product. Hence, continuous training is crucial to surviving in this industry.
Apart from this, I believe that to keep up with the market’s pace, strategically planned partnerships are also extremely important. No project can be implemented satisfactorily without the necessary experts.
My ambition was and is to develop innovations that offer real added value. The goal is the next big leap, not just the next small step forward.