Enterprenuer
Petr Marek is co-founder of Wikilane Inc. (an American SaaS company based in Las Vegas, NV), whose leading product is Invoice Home, an online billing and invoicing application.
Wikilane Inc was launched in 2011 by Petr. Invoice Home was established in 2015.
Since then, it has gained over 5 million users from all parts of the world who want simple invoicing and a chance to grow their businesses.
The company currently has 15 employees and is consistently ranked among the top five invoicing apps on the Google Play Store.
InSIA was a 1992-founded network of brokerage firms.
INSIA’s revenues grew from $0 up to $40 million and its written premium reached $225 million in 2013.
INSIA’s minority stake was purchased by Marsh & McLennan Inc, the US-based broker.
It was also voted “One the Most Innovative European Business Projects” in 2012 by the European Business Awards.
A year later, Marsh & McLennan Inc purchased the remaining 20% of INSIA’s majority stake.
Petr also attended the Czech Technical University’s Faculty of Mechanical Engineering.
He earned a Master of Science degree in Physics, Optics, and Mechanics, and his thesis was titled “Microchip Radiation Resistant Checking Device.”
Petr enjoys many hobbies and interests, such as flying non-commercial planes, listening and reading, doing market research, and performing SEO/market research.
He also loves spending time with his family.
Wikilane: Where did it all come from?
Jiri Hradil, my business partner, and I started Wikilane Inc in 2011 as a concept.
It was a hobby at the time. We dedicated our efforts to Wikilane’s success in 2013, but it was still a hobby.
Because we had more than ten years’ experience in this field, we decided to concentrate on online software development.
We also wanted to offer a service for entrepreneurs and small businesses because we believe small businesses are essential for the stability and growth of a country’s economy.
Technology has generally made small businesses more effective than more giant corporations.
Small businesses are more likely than large corporations to adopt disruptive technology or find new areas of operations when introduced.
We realized that invoicing is a necessity for many businesses around the globe.
So we decided to create the best online invoicing and billing platform.
This will allow businesses to 1) save time and money with straightforward service and 2) grow their businesses through our professionally designed invoice templates.
We noticed that many invoices were not well-designed and missed opportunities to market a business’ brand.
We found our niche and differentiation in the market and could not waste this marketing opportunity.
How do you stay productive?
How do I begin? Every morning, I drive my children to school and preschool.
Although it is not always easy, I actively improve my children’s English.
I listen to songs and have them translate them into English.
A typical day is not as hectic as these chaotic mornings.
It can include everything from negotiating contracts and testing new app deployments or strategies to customer satisfaction, HR, finance/accounting, legal, legal, finance/accounting, and even translations of songs.
The list goes on. From daily SEO and PPC (Google Ads. Microsoft Ads. Apple Ads. Facebook. etc.), customer satisfaction, HR and legal, to testing new apps or strategies and negotiating contracts – it seems like there is no end.
Although I manage many of these tasks, we also have a team responsible for specific charges.
Each employee can choose their job based on their preferences and inclinations.
Lessons don’t need to be related, so one person can simultaneously do both design and PPC.
We also encourage employees to change their tasks as required.
The only requirement for performance metrics is that the task/area in question must improve over time.
This method has proven highly motivating and enables people to improve their skills and develop quickly.
We don’t have any directors or managers – Jiri and myself serve as such for each team.
Instead, we can sit with our employees in the same office every day, at the same table.
This is quite different from large corporations.
Our unique company structure allows us to be very effective.
For example, our competitors claim they have more than 200 employees.
With only 15 employees, we serve the same customer base.
How do you bring ideas to life?
It is vital to have the courage to take an idea from an idea and make it a reality.
Don’t delay if you have an original idea. Otherwise, this day could become weeks, months, or even years.
After you have committed to your vision and started this journey, it is crucial to listen to and consider the feedback from others.
Test your idea, then don’t be afraid of making changes.
A picture is not a fixed thing. It’s best to be flexible and fluid.
What’s your favorite trend?
Space exploration is a growing field. SpaceX’s efforts to lower the cost of space travel is one of the most outstanding achievements of this age.
This has the potential for a profound change in the future.
It will take years, if not decades, to achieve this goal.
But imagine a world without factories. It will be easier to create quality products and raw materials in space once the technology has been developed.
Gravity makes it challenging to grow metal or crystals on Earth.
But removing gravity in the area creates the ideal environment for perfect crystals and metals.
Space production could increase the quality and presentation of certain materials.
There is plenty of raw material from asteroids and unlimited energy from the sun.
What habits make you productive?
It would help if you read or listen to a book.
It is a great way to increase creativity and learn about different topics, whether they are in your field or another.
Reading or listening to books can help me with many things.
What’s your advice for the Noob?
Interestingly, it’s a natural desire for entrepreneurs to do more and achieve faster.
But, for me, success has been slow and steady.
Although we could have released Invoice Home sooner, it was possible to do so by 2015 instead of 2015.
But then again, the timing might not have been right.
My wife and I try to instill the same values in our children that I tell my younger self.
Our children must complete any activity they try.
This is our rule. I fear that there will be too many people who aren’t interested in trying new things and won’t try them.
This mentality is essential for the entrepreneurial spirit.
What is one thing we can all agree on?
Jokingly, everything. If I had to choose one truth, it would be that almost everyone wants to do good in today’s world.
Whether a person is trying to do good or a politician trying to do good, they forget that every change brings something negative.
There seems to be a lack of awareness, consideration, and accountability for potential adverse outcomes.
It’s challenging to think about all possible results, positive and negative.
However, we can reasonably try to be more aware of the other side of the coin and the unknown consequences of good intentions.
What do you recommend as an entrepreneur?
As I said in the previous question, reading and listening to books is a great way to expand your mind and see the bigger picture.
It is essential to find some time alone or free time to do something you love, such as reading, exercise, meditation, etc.
This will help you regain your spirit, your soul.
What’s your rich strategy?
Not to study the competition too closely and not follow the “trend” or the mentality that “everyone else is doing it.”
Start with a blank piece of paper and see if you can develop an idea.
It’s essential to stand out in a sea filled with the same.
Differentiating in business can help you find new markets, innovate, and ultimately make you more popular with customers.
How do you overcome Failure?
Although it was not a total failure, the sale of my former company was mixed with good and bad experiences that taught me some lessons.
To help my ex-company grow faster, I initially wanted to sell my company.
This was in part a failure as a well-respected American company bought my former company.
However, solid oversight from a strong London finance department was a disadvantage, which made it a horrible experience.
After the sale, we were required by the company to stay with them for two years.
I quickly realized that this wasn’t what I wanted. Eighty percent of my time was spent on finance and accounting, with endless meetings and reclassifications.
It was just too corporate for me. I have learned that you should never sell your company to a minority shareholder.
Can you share a business idea?
You can become a retro refurbisher, offering retro repair and refurbishment.
Retro refurbishers bring old innovations and machines and then repurpose them for new uses.
If you enjoy tinkering and fixing up old gadgets, this can be a great job.
These classic yet dusty relics can be fascinating and accessible to people today.
Retro refurbishment is a niche business, so you have the opportunity to stake your claim in a specific market segment if you are skilled at it.
What’s your recent best buy?
My $100 best spend was on old tapes and fixing up my tape deck.
You could say that I feel nostalgic for analog items because of their unique sound and personality.
It’s also interesting to tinker with past innovations/technologies and appreciate the evolution that’s taken place – from vinyl to cassettes, mp3s, and now this streaming world we all live in.
My kids love to hear music from their tape deck without a computer or internet connection.
What are your favorite Softwares or Apps?
MyToDo is an internal productivity/work operation system that our company uses.
It is used to track ongoing projects and issues related to Invoice Home and Wikilane Inc. marketing, office operations, legal, customer support, etc…).
It’s a shameless plug and one we hope to make public shortly eventually.
Which book would you recommend?
As I mentioned above, I love books so it is no surprise that there are many books I can recommend.
If we can be playful, “The Egyptian” would be guided by Mike Waltari.
It questions whether civilization and human mentality evolved from ancient Egypt.
It is striking to see that people haven’t changed much.
This is very sobering. When we look at books that entrepreneurs should read, I will stay in my current marketing area.
This is why I think it’s important to read classics in this field.
However, the book’s primary goal is to help you synthesize marketing materials and create a mental picture of how strategies work for your company.
What’s your favorite quote?
“The leader’s task is to lead his people to places they have never been.”
Henry Kissinger
TL;DR by Petr Marek
- Reading is a great way to expand your mind and stimulate creativity. It is a good idea to read books in your field. However, it is important to synthesize and then apply the material in a way that makes sense to you. Even if it doesn’t, at least you are aware of the material. You should also be open to other contexts in which a strategy/tactic might work.
- Accept failure as part of the journey to success. It’s natural to feel down when you fail. However, this is a normal reaction. Instead of using this moment to defeat oneself, use it to motivate yourself to succeed later.
- It is important to be patient and not allow impatience to influence decisions. Entrepreneurial mindsets often require a strong-charging spirit that values quick thinking and dynamic action. This can lead to impatience and a desire to do more quickly. This is not necessarily a bad thing, but it can lead to poor decision-making and forgetting that there is no easy way to achieve anything of value. Most things that are valuable take time to develop, such as a skill or building a relationship. Take a deep breath, be patient, and remember to slow down.
