As an entrepreneur, you've got to be constantly striving to get better at what you do. At least, that's the credo of Léa Miggiano, co-founder of Carvolution. In return, you're rewarded with freedom. The pleasure lies in making progress and observing the company's development.
Léa, in 2018, at the age of 23, you co-founded Carvolution. Six years later, you're already on the «Bilanz» list of the 100 richest young people in Switzerland. Did that surprise you?
No, but there are a lot of things I hadn't imagined, I must say. (Laughter)
How was Carvolution created?
Quite quickly. During my studies, I was already working in various startups. When I finished school, I tried to buy a car. I tried to negotiate with my father to sell one of his cars and keep the difference. But I wasted a lot of time selling that car. At the same time, one of my mentors told me about the car subscription concept in the United States and asked me if it wouldn't solve my problems. I said to myself: yes, it would solve all my problems. That's what Switzerland needs!
Have you always imagined becoming an entrepreneur?
Not at all. The next logical step would have been to do a Master's degree. But at the time, setting up my own business seemed just as exciting. So I didn't think long and hard about it, I just went for it.
Do you ever regret becoming an entrepreneur? It's very tiring.
When all my university colleagues finished their Masters, I had a moment of fear that I was missing out on my life: I hadn't taken the classic career path. But then I quickly remembered the freedom I have as an entrepreneur, that I can really take charge and say, «This is what we're going to do next.» Then you see how things progress, and that gives you a lot too. I don't know what's tiring or not - I just know what I'm doing. It suits me, I like it.
Have you had any role models as an entrepreneur?
I've copied certain things from a lot of people around me. Role models are important for inspiration, but you have to find your own path and follow it with your own personality.
Is Switzerland a good place to become an entrepreneur?
I founded Carvolution in an extremely privileged situation, which isn't the case for everyone. If I hadn't had any money, I could have called home at any time and asked, «Hey, can I go back to my room?» In principle, here in Switzerland, we have access to good education and financial means. In recent years, it has become a little more difficult for start-ups to raise funds, but on the whole, we have a functioning economy, in which innovation is seen as something desirable. It's the right breeding ground.
The car subscription is an alternative to buying and leasing a car. What makes it attractive to you?
It's so convenient, you only pay your bill every month. In exchange, you get a great car and you can choose how long you want to keep it - you don't have to worry about the rest. We make our profit through quantity structures: the private customer buys one car - we buy 150 of a model. In this way, we can offer our customers an attractive price.
It's very capital-intensive.
Yes, that's why I have a lot of respect for our CFO. We had investors who enabled us to buy the first cars. Then, with the help of financial partners, we set up our own constructions to finance the cars. These are always very long discussions. You have to present your figures very carefully to find people who will finance these cars.
What's the most popular car in your fleet?
It changes all the time, it's a dynamic fleet. At the moment, the Opel Corsa is very popular: a small car with very good value for money. But the so-called «mini SUVs» are also doing very well at the moment.
What's your favourite car?
I'm long past the point of having a favorite car. I like changing cars, which also means I know our products. After a week, for me too, the car simply became a car again, so I pressed all the fun buttons.
For a long time, there was a strong identification with the brand. Once I've bought my own car, I'm loyal to it for years, then I order the next model... Does loyalty in choosing a car no longer exist?
Yes, it still exists. Even here, there's a certain brand loyalty. It's a lifestyle choice: do I drive more Fords or more Fiat 500s, or am I more of a Mini guy? We focus strongly on the most popular models.
Do you also have Teslas?
At the moment, we have a Tesla Model Y.
Chinese cars?
Not for the moment, but discussions are underway.
What's your attitude to autonomous cars?
I'm an absolute fan. I think we have to be patient, because we'll have to adapt. A few question marks remain: do we have the right road signs and markings? How should a car react to obstacles? And: who is responsible for what and when?
How much time do you spend in traffic per week?
I'm never in traffic. I'm on the road either very early in the morning or very late at night, and that again has something to do with entrepreneurial life.
How has entrepreneurship changed you? Have you become more capitalist? More liberal?
I have a very liberal influence from my family. With my economics studies, I developed a slightly different outlook: you look at the country a bit like a business, with an understanding of expenditure and revenue. I can't really classify myself in a political party, I try to develop a well-founded opinion on each subject. But overall, my interest in politics has grown.
Did you inherit your entrepreneurial spirit from your parents? Or has it developed over the years since you became an entrepreneur?
My family gave me self-confidence. It gave me confidence in my ability to do things. And I realized that I had to strive to progress in these new tasks - which is typical of entrepreneurship. Everything changes so fast, so you have to want to keep up. So you embark on an exciting journey!
Aren't there a lot of young people who say «Work-life balance is more important to me», rather than taking on the responsibility of being an entrepreneur and getting up very early?
For me too, work-life balance is important. But when you love doing something, you don't just say to your colleagues «I'm off, have a nice evening» after 8 or 8.5 hours. You also get lost in the tasks. And I have a certain influence on the people I work with. If you have a cool team, you know very well why you do what you do.
When you're an entrepreneur, you have an incredible number of decision-making options for making something happen. I think a lot of people who have never been entrepreneurs underestimate that.
I can't recommend it highly enough - it's great fun. Of course, it's also frustrating, because you never get everything right. But I get such a kick out of watching development that I do it every day.
Ronnie Grob is editor-in-chief of Schweizer Monat.
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