Why Agnes Aistleitner trusts founders' discipline more than genius

Agnes Aistleitner is a partner at First Circle Capital, a venture capital firm that focuses on Africa. What's striking about her is that she answers questions with a depth that suggests she's been pondering them for years. Her opinions are tempered by years of listening to founders, witnessing the rise and fall of businesses, and learning which assumptions truly hold up in reality. I met her at Artcaffé in Nairobi's Village Market, where aid workers, diplomats, and entrepreneurs often converge to shape the future. Aistleitner's Austrian roots are evident in her directness and quick wit, but she's now divided her life between Nairobi and Kampala, searching for founders with the potential to change the continent.

For someone who spends her days deciding which founders deserve funding, Aistleitner surprisingly rarely talks about money. Instead, she emphasizes the importance of discipline, learning, persistence, and showing up even when businesses are struggling. This focus on discipline is a thread that runs through her conversation, and one that resonates deeply with her own experiences. When I asked her about the part of the world she discovered in Nairobi and Kampala that she couldn't find back home, she replied that the rawness and possibility in East Africa was a breath of fresh air after the stability and organisation of Austria.

Aistleitner's remarks about the beauty of imperfection in East Africa are a crucial insight into her approach to entrepreneurship. In Austria, she notes, the systems are well-established, and the high quality of life can make it difficult to feel a sense of possibility and raw energy. In contrast, the gaps and challenges in East Africa create an environment where entrepreneurs can build something from scratch and see it matter. This is not to say that the region is without its frustrations; on the contrary, Aistleitner acknowledges that the visible gaps can be daunting. However, she sees these challenges as opportunities for growth and innovation.

So, what does Aistleitner mean by "discipline"? In her view, discipline is not just about following a set of rules or guidelines; it's about cultivating a mindset that allows entrepreneurs to persist in the face of adversity. It's about showing up when businesses are struggling, rather than disappearing at the first sign of trouble. This emphasis on discipline is a far cry from the traditional notion of the entrepreneur as a genius who can conjure up innovative ideas out of thin air. Aistleitner's approach is more nuanced, and more realistic; she knows that entrepreneurship is a marathon, not a sprint.

Aistleitner's trust in discipline over genius has significant implications for African entrepreneurship. By emphasizing the importance of persistence and hard work, she's encouraging entrepreneurs to focus on building sustainable businesses that can weather the storms of the market. This approach also highlights the need for entrepreneurs to be adaptable and resilient, able to pivot when necessary and to learn from their mistakes. In a region where the business landscape is constantly evolving, this ability to adapt is crucial for success.

As I left my conversation with Aistleitner, I couldn't help but think about the future of African entrepreneurship. With her emphasis on discipline and persistence, I predict that we'll see a shift towards more sustainable and resilient businesses. Entrepreneurs who focus on building strong foundations and adapting to changing circumstances will be better equipped to navigate the challenges of the market. And as Aistleitner continues to search for founders with the potential to change the continent, I have no doubt that she'll be looking for those who embody the qualities of discipline and persistence that she values so highly.

As Agnes Aistleitner navigates the complex landscape of African entrepreneurship, one thing is clear: discipline will be the key to unlocking the continent's full potential.