Patrick Vinding Olesen is co-owner of Furbazaar

Position: Partner and co-owner of Furbazaar
Educational background: Value Chain Managment (not yet completed)

Patrick Vinding Olesen

 


By Søren Munch Terkelsen

My job:

I founded Furbazaar.dk with a fellow student from the Value Chain Management programme. Furbazaar is one of the world’s leading and largest webshops for fur and fur accessories.

We offer a broad product portfolio with everything from accessories for a few hundred Danish kroner to custom-made furs from 10,000.00 DKK and up to 40,000-50,000.00 DKK.

It was a coincidence that I ended up in the fur industry. It happened when my partner Daniel Skovbakke and I were to start our internships.

Daniel knew a business owner who sold furs and skins and we decided to develop a webshop so the company could sell its stock of furs that had gone somewhat out of fashion.

Four webshops 

Today Furbazaar has four webshops. We have webshops specifically targeting the Danish, German and British markets and we have an international .com page.

We have sold our products in 40 countries, but we aim primarily at the Danish, German and British markets. Those are the markets in which we see the most potential.

Although we generated 500,000.00 DKK in the first three months and revenue increased by 400% from the first to the second year, it took a year before we could pay ourselves the first modest salaries. 

Trained as an accountant

Before I started the Value Chain Management programme, I had trained as an accountant. So I handle Furbazaar’s accounts, figures and budgets.

It’s important to keep track of those things, so we always know where we can and must improve.

In addition, we are continuously spending money on building up our own CRM system up. The system helps us keep track of our internal data, tasks and marketing efforts in the various markets in which we operate.

 

My advice

Establishing a company has been a huge advantage for me while studying VCM. I’ve been able to directly transfer many of the things I’ve learned in university to the company.
Of course, if you start your own small business while you are studying, you shouldn’t be foolhardy. But sometimes you can just jump into it without necessarily knowing everything. And you learn a lot from learning-by-doing.

If you need to write an assignment for a company or if you need an internship, then take the time to familiarise yourself with the company. Look through the company’s website with a critical eye and give your input on what could be improved.