5-Minutes With: Petar Rizov
5-Minutes With is an interview series where business leaders from Endeavor Bulgaria’s network share their personal experiences, advice, and lessons learned.
Meet Petar Rizov, a seasoned executive with over 25 years of experience in business management, strategic planning, and organizational transformation across industries like finance, telecom, and FMCG. As the former CEO of Bulsatcom, NET1, and Management Financial Group, Petar has led major market players, driven innovation, and developed high-performing teams. Today, he focuses on scaling businesses, optimizing operations, and fostering entrepreneurial impact.
In this conversation, Petar shares the critical financial mistake that causes most startups to fail, why perseverance matters more than talent, and how staying focused can determine the success or failure of a business.
Why did you decide to join the Endeavor Bulgaria network, and how has mentoring impacted your own growth?
In my life and my career, I had a chance to meet with and study from great mentors and leaders, and I know how important this chance is for everybody. So, for me, it is very natural to try to share my experience with someone who is interested, and Endeavor is the perfect network to do so.
As a mentor, what’s one piece of advice you find yourself giving repeatedly?
One piece of advice I often emphasize is the critical importance of managing cash flow effectively. It’s a fundamental aspect that can make or break a startup. In fact, statistics show that over 90% of startups fail due to cash flow mismanagement. Ensuring that you have a clear understanding of your financials and maintaining a healthy cash flow can be the difference between success and failure.
What’s one surprising skill or hobby you’ve picked up outside of your work career?
Playing golf. I started playing golf as an obligation, because my company at that time was organizing golf tournaments. Since I believe you can’t organize something that you don’t understand or do by yourself, I started playing golf. Soon, I realized playing golf is a great way to spend time outside at beautiful places around the world, meet interesting people, and most importantly for me, playing golf is mainly competing with yourself.
What’s one book, podcast, or resource you’re currently reading or listening to that you’d recommend to others?
Recently, I reread “They Shoot Horses, Don’t They?” by Horace McCoy, a timeless classic that resonates deeply with me. I highly recommend this book to anyone feeling tired or burned out by their job. Its poignant narrative and thought-provoking themes offer a stark reflection on the human condition and the relentless pursuit of success.
What’s one piece of advice you’d give to aspiring entrepreneurs?
Stay focused. Keep walking and maintain discipline. The journey of entrepreneurship is fraught with challenges and distractions, but staying focused on your goals and persevering through obstacles is key to achieving success. It’s important to remain disciplined in your approach, continuously learning and adapting, and never losing sight of your vision.