474: Why Market Uncertainty Is Good for Founders with Sebastian Siemiatkowski of Klarna
Aug 25, 2023
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Sebastian Siemiatkowski, CEO and co-founder of Klarna, discusses starting a tech company without coding skills, filling the gap for buy now pay later in digital businesses, focusing on profitability early on, overcoming negative public perception, disrupting the banking industry, and why economic uncertainty is good for entrepreneurs.
Financial uncertainty can be beneficial for entrepreneurs.
Disrupting the finance and banking industry requires balancing profitability and responsible lending.
Embracing challenges and learning from tough times can lead to growth and improvement.
Deep dives
Starting Founder Plus
The podcast episode discusses the launch of Founder Plus, an all-access pass to online courses and programs offered by Founder. The aim of Founder Plus is to provide entrepreneurs with the tools and knowledge they need to succeed in the business world. The platform offers proven frameworks for success and connects like-minded entrepreneurs in a global network. The speaker emphasizes the importance of Founder Plus in taking businesses to the next level and creating the world's best entrepreneurial community.
Interview with Sebastian Ciamatikowski, CEO and Co-Founder of Klarna
This part of the podcast focuses on an interview with Sebastian Ciamatikowski, the CEO and co-founder of Klarna, the largest buy now, pay later company in the world. Sebastian shares his journey in building Klarna into a disruptor in the finance and banking industry, overcoming challenges, leading a business through uncertain times, and challenging the status quo. The interview highlights Sebastian's humble beginnings, the inspiration behind starting Klarna, and the early struggles they faced, including finding funding and customers. Sebastian also discusses the importance of clarity and decision-making in running a successful business.
Disrupting the Finance and Banking Industry
In this part of the podcast, the speaker delves into the challenges of disrupting the finance and banking industry. They discuss the complexity of the industry due to high barriers to entry and extensive regulatory requirements. The speaker emphasizes that while there are negative perceptions and criticism, there is also a need for disruption in the industry. They highlight the opportunities to offer healthier credit products and increase competition, which would benefit consumers. The podcast explores the need to balance profitability and responsible lending practices while navigating the regulatory landscape.
Public Perception and Challenging Times
This section of the podcast addresses the challenges of public perception and how founders can navigate difficult times. The speaker acknowledges the negative public perception that can come with disrupting established industries, particularly those with potential negative consequences, such as credit and finance. They discuss the importance of addressing these concerns, being transparent about the changes made to products and services, and seeking a healthier approach. The podcast also emphasizes the value of embracing challenges and learning from tough times, as they offer opportunities for growth and improvement.
Advice for Founders in Uncertain Times
In the final segment, the speaker provides advice for founders navigating uncertain times in the market. They emphasize the potential benefits of facing economic or financial uncertainty, as it can lead to growth, creativity, and better decision-making. Founders are encouraged to lean into challenges, make tough decisions, and learn from the experience. The advice is grounded in the speaker's own experiences of starting a business during an economic crisis and witnessing how it shaped the company's development and success. The importance of time investment, focusing on customer needs, and constant iteration are highlighted as key factors for founders to consider.
Sebastian Siemiatkowski says financial uncertainty is the best thing that can happen to you. Siemiatkowski is the CEO and co-founder of Klarna, the world’s biggest “buy now pay later” company, bringing consumers a low-cost and low-risk alternative to traditional high-cost credit. Sebastian came from humble beginnings and built Karna into a finance and banking industry disruptor that now has over 150 million users worldwide. Learn how he’s overcome negative public perception, co-founder breakups, and market lows to sustain Klarna’s influence in the industry.
Listen to Nathan and Sebastian discuss:
Starting a tech company with no coding skills
Filling a gap of buy now pay for digital businesses
Why profitability was their main focus early on
Why financial success ruined his co-founder relationships
What would he do differently with co-founders
Why banking is the perfect industry to disrupt
Dealing with negative public perception
Why economic uncertainty is good for entrepreneurs
And much more founder advice…
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