In some trade areas, the effects of consumer power are apparent. For example, the price for electronics and other mass produced products are on or near the lowest levels since forever. In other business areas, the tables are turned and the lack of real competition between the various companies is striking.
Swedish entrepreneur Fredrik Hjort shares his experience that most of the businesses are loyal to their bank.
According to Fredrik, “Small business owners tend to accept the first loan offer given” possibly unaware that this unreflected approach towards banks weakens the consumer’s position.
Fredrik encourages all companies to explore business loan comparison websites before signing a loan agreement. If you compare several offers, in most cases you will find a better deal.
Furthermore, by carefully comparing and picking the best loan offer out there, you will be contributing to lowering the business rates.
Passionate about lowering business rates:
Since last year, Fredrik and his company have focused their efforts on developing a better service for business financing.
“For consumers, there is a need of having the right infrastructure in place“ Further, Fredrik says, in this case, companies need transparent reviews, comparison and extensive information of all the different financial and funding options available.”
Fredriks project is called Nordiska Firmalån in Swedish, which translated into English spells” Nordic corporate loans.” The reason behind the name is more or less self-evident; the website is all about business financing and only covers the Nordic region.
Fredrik says, “He would be happy to see entrepreneurs around the world build similar services for their local businesses.
Indeed it will be a great gift to give back to your community.
What sparked your interest in corporate finance in the first place?
My company is a local business based in Gothenburg, but we build international web services operating not only in Sweden but also in Denmark, Norway and Finland. Over the last 6 to 7 years, the personal finance market online has grown remarkably in the Nordic countries with plenty of new financial services for individuals and households.
While services focusing on corporate financing has been underdeveloped for a long time.
What we see now is a somewhat saturated market on the personal financing side of things. Instead, fintechs and new startup lending companies seems to be shifting focus on corporate financing.
Any advice for aspiring tech entrepreneurs?
As a small business owner within the IT/fintechsector, you tend to spend lots and lots of hours in front of a screen, coding and typing your life away. That’s why it’s essential to appreciate the hours away from the office space.
My advice to new and hungry entrepreneurs is to care not only for building businesses. Instead, you should care for your whole body and being. Eat, sleep and exercise regularly.
Do something mentally or physically challenging that does not involve LED-screens or computers and make sure to spend time with people you love.
What do you enjoy doing in your spare time?
I enjoy sports, and I like cycling in open nature and a tremendous intense squash battle. Reading and spending time on the outside hiking, fishing or even kayaking helps take my mind off business problems. But most important is to stay connected to the world by nourishing your relationships and not end up living in a bubble.
What three pieces of advice would you give to college students/new startup business owners who want to become entrepreneurs?
- Work hard and don’t listen to what everybody else thinks
- Don’t give up; you never know when you are about to reach the goal
- Be humble and don’t fool yourself that you are a know it all done it all kind of person.
How should people connect with you?