WeWork Turnaround, Consultants = Entrepreneurs & Values vs. Financial Returns in Investments Using Adam Neumann as Example – Nikolay Kolev, MD Germany at doctolib

About this episode

Nikolay Kolev, Germany Managing Director of doctolib, brings a rare combination of entrepreneurial experience and investor perspective. In this conversation, he shares insights into complex decision-making processes, emotional investments, and the spectacular case of Adam Neumann at WeWork.

The WeWork Case: Lessons from a Billion-Dollar Turnaround

The rise and fall of Adam Neumann at WeWork remains one of the most fascinating cases in the startup world. Kolev particularly examines the question: Would you give money again to someone who was dismissed like that? The answer is more complex than it initially appears.

The turnaround of a billion-dollar company follows clear patterns: First, the core problem must be identified – was it the business model, leadership, or valuation? At WeWork, it was a combination of everything. The first investment round with Adam Neumann was so high because the vision storytelling and market size seemed convincing.

Emotional vs. Rational Investment Decisions

A central question for every investor: Are you allowed to be emotional? Kolev makes it clear that purely rational decisions often fall short. People ultimately invest in people, and that always brings an emotional component. The key lies in consciously channeling these emotions, not suppressing them.

Assumptions are a double-edged sword in this context. When are they appropriate? Kolev emphasizes that assumptions become valuable when they're based on solid data foundations and communicated transparently.

Decision-Making Under Pressure: When Your Reputation Is at Stake

It becomes particularly interesting with decisions that could damage your own reputation. Kolev openly shares which decisions he feared or respected and why. How you handle this pressure shapes every successful entrepreneur.

His approach: Accept pressure as a natural companion and develop systems that function even under stress. The situation at WeWork at the beginning versus the end exemplifies how quickly situations can change and why flexibility is crucial.

Entrepreneur vs. Manager: The Eternal Question

Is Kolev more of an entrepreneur or manager? His answer reflects an important insight: The best leaders combine both roles depending on the situation. At doctolib, this means connecting strategic vision with operational excellence.

His move to Deloitte was driven by the question: What attracts you to consulting? The answer: Partners at top consulting firms are ultimately entrepreneurs too – they build their own business, just under a larger umbrella.

doctolib: Current Challenges and Future

What should you know about doctolib? The company digitalizes healthcare – a mission with enormous social relevance. Current challenges range from regulatory hurdles to scaling across different markets.

Contrarian Opinions and the Startup Scene

Kolev also shares his contrarian opinion on common startup wisdom. What would he change about the startup scene? His perspective shows that successful entrepreneurs often must swim against the current.

His most frequent advice, which he finds hard to follow himself, underscores the authenticity of his statements: Even experienced entrepreneurs struggle with the same fundamental problems as everyone else.

Key Takeaways

• –Turnarounds follow recognizable patterns, but each case is unique
• –Emotions in investments are natural and can be valuable
• –Decisions under pressure require clear systems and principles
• –The combination of entrepreneur and manager skills is crucial
• –Authenticity and contrarian opinions can create competitive advantages

Kolev's experiences show: Successful entrepreneurs are those who learn from others' mistakes, develop their own principles, yet remain flexible enough to adapt.

The WeWork case serves as a masterclass in how quickly fortunes can change in the startup world, and how important it is to maintain both emotional intelligence and rational analysis when making critical business decisions.