Running a business is hard. Turning it profitable is harder. Making it successful is the hardest. But don't tell it to LouiseFerslev, Founder and CEO of MyMonii that recently reached 115.000 downloads of its MyMonii App.
Since its inception in 2015, Copenhagen based MyMonii is The Best Danish allowance- and payment app for children and young people.
I don’t do what I do to be ''successful". I do it to be as happy as possible in my everyday life. If I am just happy 80% of the time, I believe I am doing it right with my life
As our society is becoming more and more digital and cash free, and children's wishes and expectations are going through the roof, it is more important than ever before to help them achieve a healthy relationship to earning, spending and saving money. Used by more than 50.000 Danish families, MyMonii's free app is for the whole family--that makes it fun, playful and easy for children and youngsters-- to learn about the value of money. With MyMonii parents can teach their children about the value of money, how it is earned, and what it means when it is used. This gives children greater financial responsibility and healthy consumption habits that they will enjoy in their adult lives.
MyMonii ensures families get 100% control over the pocket money without bothering about cash. As a parent, one gets a simple tool to administer a child's allowance and savings. In the app, parents can create weekly downloads, set up allowances or create chores. As a child, one can complete these chores to earns money for their MyMonii savings account. What is innovative is that the app also supports adding a Dankort to the app. This means, that parents can connect their Dankort to the app, which will allow the MyMonii app to work as a method of payment for kids in actual stores as well. This allows children to pay for themselves in physical stores, see the impact on their savings immediately after a purchase and constantly track how much money they have saved up. Of course, parents have 100% control over a child's consumption. At the same time, children love the responsibility and become more aware of the value of money for each transaction they make. The solution has been developed in cooperation with NETS and is currently working in more than 25,000 stores across the country. MyMonii thus wishes to give families a practical and fun way to work to impart economic education.
Louise Ferslev is also Co-founder of the NGO Women in Tech Denmark whose purpose is to gather women and inspire each other. "With Women in tech DK we want to inspire tech companies to have more diversity in the organizations", highlights Fersley. Her main goal with being a part of Women in Tech is to encourage and help more women to start a tech company, by creating a community where entrepreneurial minds can meet and share experiences. "I don’t do what I do to be ''successful". I do it to be as happy as possible in my everyday life. If I am just happy 80% of the time, I believe I am doing it right with my life", reveals Ferslev.
But managing a business is not just about having a great idea or goodwill there is a lot more to it. Communicating the vision is the key. When people understand it, they know how their daily job supports the company's vision - self-motivated- they become an integral part of the bigger picture. In order to drive MyMonii culture of highest levels of discipline and honesty, Louise has a distinctive approach. "I like to give freedom to the employees. It requires a lot of discipline from each employee, but I like it better that way", says Ferslev. Again while hiring people she looks for people who are passionate, self-disciplined and honest. "I actually try to have 50/50 women and men and also look into different ages, backgrounds, educations, personality etc…... It is important to be different in a team/organization I believe", elaborates Ferslev. Indeed having the right people in the team is quintessential for growth. Subsequently getting rid of non-performing employees is equally crucial. Which obviously means not mixing emotions with business and surfing through the hard parts. "When you need to fire an employee or someone you have worked together with, you need to do it in a way so the other part will leave you with a smile on his/her face feeling okay. Never send an angry partner or employee out of the door, it will backfire on you. So do your best to close the doors in a neutral or positive way", shares Fersley speaking about one of the leadership lessons she learned in her career. Indeed running a business is a series of several highs and lows. Louise, however, does not let these challenges let her down. Instead, "when I face challenges I go to our support mail and look at the requests from our users to remind myself why I keep doing what I do", smiles Ferslev.
Mother of two and running a company? Work-life balance gets harder. Once an elite level golfer Louise Ferslev wishes to start playing golf again. Outside of work, she sometimes plays handball (for fun) and de-stresses by going for a run or taking a nap. If given an opportunity she suggests sharing a dinner table with Elon Musk or Richard Branson would be a wonderful idea, "To ask them what has been their biggest mistakes during their entrepreneurial career", says Ferslev.
Go for it!
Louise disagrees with the idea of chasing one's purpose instead she redefines the concept of 'having it all' by suggesting an alternate approach. "I never had a dream job and I still don’t have that. I don’t understand the term “dream job” to be honest. I live after an 80/20 rule, which works for me. If I am 80% happy for what I am doing, then I continue. It is okay that the remaining 20% is not happy times", elucidates Ferslev. She thus appreciates working on things that get her excited and gives her a sense of joy, growth, satisfaction or fulfillment.
Louise Ferslev, Founder & CEO, MyMonii
So drop mindsets, figure out 'what makes you happy', take a leap of faith, ignore opinions, throw off the shackles of stereotypes, and overlook obstacles."I haven’t tried to be a man, so it is impossible for me to say if there are any cons about being a woman entrepreneur. So I never think of it. I am myself and I have faith in myself, that is the most important thing for me". That is exactly what she recommends women, "Don’t think about being a woman, just blend in and ignore the fact that you are a woman. Be yourself and believe in yourself, then your surroundings will respect you. Go start your own company, then you can automatically set yourself in C-level and in the decision making place", insists Ferslev ...... and that's what she did....