But theres a difference between taking a risk and being rushed so how do we weigh it all up welcome to todays edition of made in germany im having a home free. In the business while some of the biggest risks taken by Company Found is often rule that the ones developing something from scratch based on a hunch that their idea could successfully corner the market the fact is most startups never get off the ground but speaking about fadia remains it to boot now some entrepreneurs are breaking their silence with the aim of encouraging others. When theres. No time at all i found myself getting totally burned out what. My thoughts kept looping back to the same issue. What do i do now where did i go wrong in this guy. Knows what it means to take a risk and fail in twenty ten he set up his own company with the goal of creating a coffee maker that could roast grind and brew coffee beans he quit his job at a law firm and set about the ceiling his dream. Needs covered by some goal of my savings into capito with the idea of really making a big splash out of what i bootstrap the company arrange the financing the team materials pay for flights accept i invested about fifty or sixty thousand euros in the end probably more amenable to say. That developing the coffeemaker proved trickier than expected during one presentation for investors the machine started smoking so badly they had to call the Fire Department customers also complained about malfunctions stea ended up filing for bankruptcy thats not all hours ago unfortunately that was also the got married in the end we werent even able to take a honeymoon and of course we had to move into another apartment a cheaper one. I also had to borrow money from friends and family to get back on my feet it was really hard. As wasnt as the. Stories like this are music to patrick wagners ears he organized as a forum in violin found to speak openly about their failures and what theyve learnt from them similar events take place in cities around the world and attract big crowds. I can try something out i can fall down and i get up again and its all good and the. World keeps spinning thats one of the secrets of event success it creates an opportunity to really communicate income you cant sort. Of interest is huge because failure is widespread nearly nine out of ten new businesses go bust its especially bad in germany where anyone who files for bankruptcy and the next six years living at the subsistence level only after that while remaining debts be wiped. Its something that wagner has experienced himself firsthand together with some colleagues hes now encouraging top managers to come and talk about that and failures. People dont normally talk about their failures or about their bankruptcy its not at that moment youre totally naked or so when someone bears their soul it builds this incredible trust. This when you come to one of our events you might end up meeting someone that you might want to work with because you bond over these sensitive issues you dont bond with people when youre presenting your ideal self on facebook. And steer is open about his failure and is happy to tell his story. Hes founded a new Company Called vandy which also makes coffee machines he raised money with the Crowdfunding Campaign and this time hes been more successful he took delivery of the first three thousand machines in october this time around there were no complaints but hes taking nothing for granted. And it is with one of the risk has increased ten fold. We owe it to people we owe it to them to deliver what weve promised. And its not just about the machines were providing. You could say ok weve kept our promise delivered the machines. But its really about delivering the entire functioning ecosystem that theyre getting their coffee on the coffee really comes from the copy farmer not from amazon thats not easy because there are ten thousand people not five. Cents in the world or. Maybe the old saying is true you have to take risks to succeed. And even if things dont work out many people will still win in the end because theyve gained experience and learnt that even after failure life goes on. And youve probably heard the saying its not whether you get knocked down its whether you get back up whereas Many Americans seem to live by but here in germany theres little appetite for risk taking theres no such thing as zero risk though its all about managing it so we sent our reporter your human egg is out to learn about when to hold them and when to fold them. What am i doing here im living dangerously. The number of buy quite is killed in accidents in berlin rose by seventy percent in twenty sixteen compared to the year before. That worries me but im still writing to an interview on my cycle. And im not even wearing a helmet thats risky behavior because if i for without a helmet my risk of getting a concussion is thirty percent higher and my health is my responsibility. How do we deal with risk ive come to the Max Planck Institute for Human Development to me the world expert. Get bigger answered by the Central Banks are managing risk in Financial Markets but he also studies risk in daily life. Why do i need risk literacy. Known when z well if you dont care what happens to your money or your health your welcome to be risk illiterate. But if you want to take control over your fears and emotions then its better to make decisions in an informed relaxed and competent way inform you when and. Then there will never be zero risk id say thats lesson number one of risk literacy. We germans are always striving for zero risk we want to have zero risk of cancer zero risk of accidents and so on point you thought well thats totally wrong we will always have risks and the future is always uncertain. If its good for the Max Planck Institute for Human Development houses the Harding Center for risk literacy who is harding. This outing. The Harding Center for risk literacy is funded by an endowment in london its a kind of Development Aid for berlin. Germany needs Development Aid. Yes definitely David Harding is an investment banker why do you need risk literacy in investment banking. And when we opened the center here David Harding said he didnt part of his money through peoples lack of financial risk literacy. And he wanted to give something back. Or he knew that in the Investment Sector there are many experts who dont understand the numbers and statistics today what surprised him. Was that our studies show that the same holds true of most doctors with him. They dont understand the tests they order but as long as the patient doesnt ask questions. With him today when we can get the facts of the internet the idea that we have to teach doctors how to think is something new voice when we also have to teach Business Leaders how to think yes. If you have an example of a home in the woods or. One of my former post docs did a study in the us. Where they ask brokers and other people who deal professionally with stocks and investments a simple question. What is volatility or. Do you think most of these professional analysts were able to answer the question correctly. Or. No they were given a simple calculation to do and they confused everything with a standard deviation and as a result that underestimated volatility. So what messages can i take home from that dont just rely on others think for yourself. Even professionals are very risky where. Theres no such thing as zero risk. Well many managers have tough decisions to make every day and some might refer to other oracles for guidance the management for dummies or a ted talk but a session at the cant take all may be their best bet one from a poker champion is convinced of it he teaches top moves in shakers how to manage risk and assess negotiating partners. Death of fifty two cards gives two point six million possible poker. A number comparable to the cog in a typical lottery game. So its collecting the chips just. A matter of plain luck. Applied mathematics not a game of chance period. Stefan carl how much should know he studied mathematics and is the winner of an International Poker title. Been a sought after trainer since he coached the german team to the world championships. Here the expert will be coaching members of a lions club in cologne on applying poker to business. No one should think poker is about teamwork i can only win when someone else loses and i cant expect i dont deserve any mercy either because as a poker player i just profit from the others defeat. Poker can be seen as a microcosm of Business Life decisions have to be made despite uncertainty and under time pressure closely watched by the competition every mistake punished without. The training aims to improve the participants ability to assess risk and make decisions. Try to give them the courage to say yes or no even if the chances arent one hundred percent but maybe just seventy to thirty seventy to thirty is better than thirty to seventy so the decision has to be go. The lions want to go and play poker first they place their donations in the championship car the moneys going to a Childrens Cancer charity a worthy cause but when it comes to poker kindness isnt on the cards. This player is upping the ante to five hundred. Only professionals can keep track of thousands of combinations beginners need to learn how to identify good opportunities to keep an eye on the other players. The gentleman who fought it out in the first round of betting what hands did they realistically have. In the first round i cant know that but after i think playing with people for three hours i know exactly what kind of arrows they have in their quivers. Time to fold or raise bluff to make the others think you have a strong hand or sit out a round. For some of the players this is quite different from the way they conduct business. In my business theres no bluffing we work with tangible things money and theres no bluffing because you have to deliver you have to deliver quality and it has to be real but here you can keep your cards hidden. Money is an issue at the poker table and whether youre a poker player or run a business if you can accurately assess risk and make well informed decisions youre more likely to succeed over the long term. Carl hamas says going for a quick and easy result usually doesnt pay off. The right decisions that end in tragedy and there are ridiculous decisions that we praise to the skies just because they happen to be successful. Whats important for me is sowing the seeds of success in a measurable manner. Whether ill be able to harvest them. Goodness knows risin with. A good lesson for a poker champion after all even if youre at the top odds are you wont stay there forever. Now any woman whos trying to make it in a Silicon Valley knows the startup scene has a sexism problem its no different here less than fourteen percent of the people who set up companies in germany are women which means men account for a whopping eighty six percent and main problem is procuring Investment Capital also if each only managed to do just that but as she explains she had to fight for it so future begins her day with boxing training at seven a. M. She could knock out a much larger opponent if she wanted to but thats not the point. Boxing is actually a very technical sport very complex it doesnt look like that at first glance but there are various punches which can land correctly or not. You notice very quickly for me boxing is a combination of power strength and stamina. She has no problems encroaching into what some might see as a male domain. Personally i wish there were more women who practice martial arts whether boxing or karate the world needs more female klitschko unified he could pitch course. And more female steve jobs women startup founders are still very much the exception is actually a doctor but since twenty fifteen shes been running a platform for medical tourism that matches patients with hospitals worldwide its made forty thousand batches so far. In the world of business shes typically surrounded by men. I wish women were bolder in many situations. Maybe direct less criticism and doubt at themselves and show determination and. Trust themselves and go out into the world and start something up thats. The biggest hurdle in founding a company is getting investors to put money into it joan was looking to raise one point seven Million Euros from the two investors here and she got it thanks to our confidence and powers of persuasion. You have to convince and motivate your team you have to win over possible investors to fund it and to believe in the company to be convincing and thats most certainly one of sophies strengths. Does a good alpha males meet good Alpha Females and work as a team together. Children used to work as a Management Consultant and. When youre setting things up you encounter a lot of resistance. You have huge responsibility and you have to make decisions every day you need nerves of steel and ill start. A small ice cream break in the park with her staff thats part of the Corporate Culture and her company but so are all nighters and an uncertain future joan knows that both those things scare off many women from starting businesses female role models could help dispel some of those fears as a magnet if theres definitely a lack of role models i see that with myself there are hardly any successful women that i personally can look up to as an example. And thats the way it is with many things in life when there arent any role models when theres fewer people whove experienced how it functions then its something hard for young people to picture and then you lose courage sometimes. Almost half of sophie jones employees are women the boss says thats just by accident she doesnt give women any special privileges in her company. The Paradise Papers have put the spotlight back on the topic of Money Laundering that leak showing that a number of german banks have been processing payments to Online Casinos that are illegal money which often pasta through the hands of drug traffickers people smugglers and terrorists the u. N. Estimates that money ordering costs economies up to one point seven trillion euros every year and its on the ra e s. In germany a special investigation has been going on for months aiming to put money in a wondrous out of business. Its taken a long time for us to get access to this office the Financial Intelligence unit or f i you was established back in june its situated in cologne the exact location cannot be disclosed. The office employs one hundred people they include Customs Officials bankers and former business men and women the f. B. I. You is very discreet about its operations the director chooses his words carefully. In the guard purpose of Money Laundering is to hard illegally acquired assets from the government the poc says im trying to stop means identifying these cases out of the millions of illegal transactions or because of what this incident if its young its recognising them requires analysis and understanding of economic relationships and intuition. These days Money Laundering doesnt just happen in casinos suntanning sounds restaurants and retailers its also increasingly common in the property market. Banks are required to report suspicious activity to be a funny you one reason the authority was set up was to deal with the increasing problem of Money Laundering especially in germany. In the last few years theres been a big increase in the number of suspicious transactions being reported in twenty fifteen there were about thirty thousand and twenty sixteen the number had risen to forty thousand that put pressure on the existing Law Enforcement agencies. The new agency aims to reduce the quantity of information that police and detectives have been receiving in the future the f. I. A. Will process the cases and pass on the most solid ones to investigative. I thought i dont as a more thorough t. The f. R. U. Was bound by legal frameworks that allow cases without sufficient evidence to be processed with valena resources than would be possible with criminal proceedings. That saves time and resources. Critics including Transparency International accused German Authorities have not doing enough to crack down on Money Laundering that calling for the creation of a public register of the commercial interests behind companies some describe germany as a paradise for tax avoidance and illegal economic activity. The f. I you boss chooses not to respond to such criticism instead of answering probing questions he focuses on his agencys core competencies. He lets the end of. The Money Laundering out was lost amended at the end of june. It further strengthened the powers of the Financial Intelligence unit germany the f. R. U. Here compares well internationally because one important instrument available is the ability to enact emergency measures on credit institutes have already been obliged to freeze suspicious transactions for three days after alerting authorities instead of todays. Whats new is that we can now hold transactions the woman is the voice of. The f. I. A. The current team is struggling to deal with all the reports it receives the agency is planning to hire another fifty employees by the end of next year theyll have that work cut out for them after all Money Laundering takes place in all walks of life and transcends national boundaries. And money no wondering remains a big topic at International Conferences but its not the only problem delegates have to wrangle with theres also the group photo featuring some of the worlds most powerful leaders and obligatory local garb. And our resident style girl get whatever has this to say about it. Being a politician is hard they work long hours the pay is soso and some even have to get elected and theres companding petting behaves if you win you have to attend all those boring conferences and summits and you can ask any world leader they all agree apec summit. Because if youre a world leader you like navy suits and red ties but at apec summit they make you do this. Just a couple weeks ago all the worlds most secure cost you party was staged in vietnam. Who came up with this bright idea to put on National Dress and smile for. The world bill clinton in the nineteen ninety he handed out bomba jackets to promote come around with this in the other tradition was born the next year in indonesia they gave him a dose of his own medicine a well deserved punishment and from then on the theme party vibe continued and less fun was being thats the star trek model two thousand and fourteen in beijing where the next generation. Of the returning western feel. George bush he loved it and heres why. Canadas Young Trudeau got so excited about his job he had to be restrained shortly after this picture was taken. And it seems the teletubbies had a big run on vietnamese state t. V. In two thousand and six the two thousand and five summit with the held in the koreans and the unpredictable weather in sydney obviously decided this. But im really really looking forward to next year because you see next year the host country will be poor new guinea. Do you want to know what traditional dress looks like there. What if it falls off. And thats it for this week on a made in a gemini thanks for joining us and see you again safe. Warning highly flammable. What is using as a medium is not sand its gunpowder. The images are on a flight. By do you know. It has made millions of us. Your romex in thirty minutes on d w. Its all about the moments that lie before. Its all about the stories inside. Its all about George Chance to discover the world from different perspectives. Join us and be inspired by distinctive instagram others at g. W. Stories new topics each week on instagram. Crime fighters the new season of radio crime thrillers begins. Moving. Motion Domestic Violence cyber crime and Human Trafficking for investigative cases that will keep you on your toes the crime fighters stories at the base idea ever so every young person needs to listen to crime fighter and share tell a friend tell a friend to fight crime fighters dont miss it. Why not go out and they will not succeed in dividing us about not succeed in taking the people off the streets because were tired of this dictatorship. Taking a stand global news that matters d. W. Made from mines. This is a fifteen year old girl. Being gang raped. As teacher is beating a boy for talking back in class. But the rest of the class watches. And hear a toddler is being killed by his mother breaking up laps. A child sleeps in the streets because her family through right. Here. Online bullying. Pushes a teenager over the head. Just because you can see violence against children doesnt mean it isnt there michael the invisible visible of us mike violence against children disappear. The president of the pup with broken gobby has resigned that was celebrations in parliament after the speaker read out a letter from the veteran leader soon after people were dancing in the streets. Gabi rules and bumper for thirty