Jiří Koleňák: My name is Jiří Koleňák and welcome to the Úspěšní (Successful) podcast, where we explore the principles and habits that drive my guests to succeed. Let’s dive in. My guest today is Margareta Křížová. Margareta is a Czech investor, business mentor, and advisor specializing in business strategy, mergers, and acquisitions. In 1993, she co-founded the consulting firm CEAG with two American colleagues. She was also one of five investors on the TV show Den D. In 2018, she published her book From an Investor’s Diary: How to Do Business and Not Go Crazy. For two years, she hosted her radio show Business from A to Z on Rádio Z, and in 2020, she hosted the Czech Television show We Have What It Takes. She regularly serves as a judge in business competitions and currently leads the Newton Business Accelerator project at Newton University. Hi Margareta, welcome to the podcast.
Margareta Křížová: Hi Jirko, thank you for inviting me.
Jiří Koleňák: Margareta, what made you happiest in recent days?
Margareta Křížová: Two days ago, I was thrilled to see a shooting star—a really big one. I’m not entirely sure if I managed to make a wish in time, but it was beautiful. It was in Šumava.
Jiří Koleňák: Wishes count up to three days after, so I recommend making one anyway.
Margareta Křížová: Good to know!
Jiří Koleňák: How did you get into the business world? What led you there?
Margareta Křížová: It was unplanned. In 1990, I answered a job ad and joined an American law firm, diving into business headfirst. At the time, I didn't even realize it was called "business," but I loved it. I really enjoyed learning from capable people, which laid my foundation. Later, two American colleagues invited me to co-found a firm with them.
Jiří Koleňák: CEAG?
Margareta Křížová: Yes, CEAG. Back then, I didn't overthink the fact that I was running a business; I just went for it and enjoyed it.
Jiří Koleňák: What were the biggest challenges? What obstacles did you have to overcome?
Margareta Křížová: I had to learn extremely fast. I only had a high school education at the time, and back then, nobody in our country really knew how to do business. You had to learn on the fly. It required building self-worth and having the courage to step into things even when you weren't 100% sure they would succeed or whether you'd look foolish doing something you hadn't mastered yet.
Jiří Koleňák: That brings me to my next question: What advice would you give to people who want to start a business but are held back by fear?
Margareta Křížová: Fear is a massive, unnecessary brake. Unless you're taking reckless risks that could jeopardize your life or family—like taking out foolish loans—you should just try it. You don't need to start big or compare yourself to someone who has been in business for 10 years. Just pursue it, take fear by the hand, and take the leap together. It comes back to self-worth: everyone excels at something, so learn to value what you bring to the table.
Jiří Koleňák: I once read this called "perceived self-efficacy"—relying on past successes regardless of how small or large they were.
Margareta Křížová: I didn't know the exact term, but that's precisely what it is. You learn something new every day.
Jiří Koleňák: Let's talk about Den D. How did serving as an investor on that show impact you?
Margareta Křížová: Beyond the obvious—massive visibility because television is a powerful medium—it was a turning point. At first, I enjoyed people approaching me in supermarkets saying, "I have a project, can I pitch it to you?" I never turned anyone down. Scientifically, it sharpened my analytical thinking. Entrepreneurs had roughly 10 minutes to present, and I had to quickly distill whether there was genuine potential or if it was just a nonsense idea. It built quick evaluation skills and practicality.
Jiří Koleňák: What do you pay special attention to when someone pitches a project to you?
Margareta Křížová: People are always my top priority. I look for energy and genuine humility—not subservience to the investor, but a humble attitude toward life and business. Naturally, I also look at how cleanly and structurally they present their project. As you know from the Newton Accelerator, people sometimes talk for 10 minutes, and you still have no idea what the business actually does.
Jiří Koleňák: I know that scenario well. What does evaluating early-stage projects mean to you, and what emotions does it evoke?
Margareta Křížová: First, I deeply admire people who innovate and want to drive things forward. Beyond evaluating the people, it comes down to assessing whether the massive energy, time, and money invested are proportional to the potential result. If you're going to spend millions and five years on an uncertain outcome, maybe it's worth pivoting to a different idea.
Jiří Koleňák: What key parameters help you predict if a project will succeed?
Margareta Křížová: I always ask who is on the team. If everyone claims to be a "visionary," that’s a red flag for me. I immediately ask: "Where are the finishers?" A major pain point for startups is that brainstorming sexy concepts is easy, but someone actually has to execute. I look for that execution capability.
Jiří Koleňák: How do you spot a finisher?
Margareta Křížová: They sit in the corner looking worried because they already foresee the workload heading their way! Jokes aside, talking to the team makes roles obvious. Visionaries are crucial for ideas, but the chemistry between the visionary and the finisher is what matters. The finisher must be able to say, "This isn't feasible," and the visionary must be willing to accept that feedback.
Jiří Koleňák: Cultivating the finisher mindset within oneself is equally important. I had to go through that journey myself when I realized that without tangible results, vision is just talk.
Margareta Křížová: Absolutely, building castles in the air is fun, but execution makes it real.
Jiří Koleňák: Comparing the startup ecosystem in the Czech Republic to the global scene, what distinct differences do you see?
Margareta Křížová: Access to early-stage capital remains harder here. There is still a degree of naivety around how investment works—among both startups and angel investors. Globally, investment literacy is much higher. While venture capital funds exist locally, they focus on mature projects requiring larger checks. Early-stage startups seeking small initial checks still struggle. Conversely, startup presentations often fail to clearly demonstrate why they deserve investment.
Jiří Koleňák: What is your personal approach to mentoring early-stage entrepreneurs?
Margareta Křížová: It comes back to people. I cannot mentor someone if there’s no mutual personal chemistry. Mentoring is a marathon, and moving step-by-step toward a goal requires real discipline from the founder. I also need to see vibrant energy—I simply can't work with low-energy "snooze-fest" personalities.
Jiří Koleňák: What are the three most common mistakes you see in early-stage entrepreneurs?
Margareta Křížová: First, naivety where excitement overshadows reality. Second, financial management—lacking a grasp of cash flow, costs, and margins. Third, a lack of execution discipline. Financial planning is often completely neglected in pitches, yet it's precisely what investors care about most.
Jiří Koleňák: What specific actionable tips would you offer to address those three issues?
Margareta Křížová: Regarding naivety: research global companies doing something similar for inspiration and study how their business model scaled. For finance: research the exact questions investors ask—preparation is everything. For execution: be ready to explain the precise, concrete steps you will take to achieve your milestones, and how you will measure when a task is completed.
Jiří Koleňák: Let’s discuss the Newton Business Accelerator. Where did the idea originate?
Margareta Křížová: The leadership at Newton University envisioned having an accelerator and approached me. I found the challenge enticing and applied my execution mindset to build it into a fully operational program.
Jiří Koleňák: How large is the Newton Business Accelerator today?
Margareta Křížová: We recently closed applications for our fourth cohort with around 140 students. Some enter our incubation phase—a sandbox for early-stage founders exploring ideas—while others go directly into acceleration with existing projects. Demand has been fantastic.
Jiří Koleňák: What business aspect tends to be most underestimated as companies grow?
Margareta Křížová: Internal communication. When startups scale into larger organizations, founders often realize: "The moment I see people in the hallway and don't know who they are, we've transformed into a large company." Communicating changes so that employees understand why decisions are made is crucial. It requires emotional intelligence and transparent dialogue—soft skills that carry massive hard business impact.
Jiří Koleňák: Amen to that. Margareta, where can people follow your work and stay inspired?
Margareta Křížová: Through the Newton Business Accelerator, on my website margaretakrizova.com—where I focus partly on supporting female entrepreneurs over 50—and on my blog, where I regularly share business insights.
Jiří Koleňák: What unique challenges do female entrepreneurs face?
Margareta Křížová: I dislike dividing business strictly by gender; we are all people. However, men and women bring different energies. Women often possess higher empathy and excel at reading between the lines, while men are often more direct and decisive. Today, a major positive shift is that women seeking domestic or childcare support to focus on their careers are no longer judged. Society recognizes that seeking help allows women to thrive without burnout.
Jiří Koleňák: How do you motivate women to step into entrepreneurship or executive roles?
Margareta Křížová: By leading by example. At 52, I sold my company stake to become a freelancer. It was scary, but I embraced the fear and made the leap. I share both the successes and the moments of doubt to show that things are rarely as terrifying as they seem.
Jiří Koleňák: What are the biggest benefits of freelancing or working for yourself?
Margareta Křížová: Ultimate freedom and ownership. You choose your projects, set your standards, and bear full personal responsibility for the outcomes. Freedom and responsibility are two sides of the exact same coin.
Jiří Koleňák: What drives you and recharges your energy?
Margareta Křížová: My family, my grandson, and removing toxic people from my life—a massive perk of self-employment. To recharge, I enjoy long walks along the Vltava and Sázava rivers, reading, and listening to historical or analytical podcasts.
Jiří Koleňák: Did you have mentors who shaped your values?
Margareta Křížová: Yes, my original American business partners at CEAG—a brilliant Harvard law graduate and a senior American lawyer. They patiently mentored my 24-year-old self, constantly challenging me to find better, faster, and more cost-effective solutions. Today, I still meet with my personal mentor a few times a year for high-level strategic sparring.
Jiří Koleňák: What inspired you to write How to Do Business and Not Go Crazy?
Margareta Křížová: It happened unexpectedly. When Den D began filming, I started a behind-the-scenes blog that gained a wide readership. Based on that, an editor from Albatros publishing approached me to turn those insights into a book.
Jiří Koleňák: What emerging technology currently excites you most?
Margareta Křížová: Artificial intelligence. I'm an enthusiastic user and constantly educate myself through AI masterclasses. AI won't replace people; people using AI will replace those who don't. I use tools like ChatGPT and Claude as creative sparring partners to brainstorm blog topics, refine strategies, and gain fresh perspectives.
Jiří Koleňák: Do you have a final piece of advice for aspiring entrepreneurs?
Margareta Křížová: Pursue your dreams, don't let fear hold you back, and above all, be a finisher. When you are determined to make something happen, mountains move.
Jiří Koleňák: Thank you, Margareta, for sharing your journey and invaluable insights on how to do business without going crazy. To our viewers, please share, like, comment, and subscribe. See you next time!
