The lecture and subsequent discussion focused on the difficulties of entering the market, the background to business decisions and the mindset required for long-term success. The event was moderated by Dr. Attila Petheő, Associate Professor.  

Elek Nagy used his personal story to show how past experiences and overcoming difficulties can shape a person. His Transylvanian childhood and his parents’ values – especially their love of literature – played a defining role in his thinking and entrepreneurial approach later. He emphasized that the characters portrayed in literature frequently reappear in the business world, providing valuable insights into navigating human relationships. 

He started his entrepreneurial career as an architect, and at the time of the regime change, he was given an interesting opportunity as a senior advisor to the Prime Minister’s Office, where he recognised the importance of networking and experience. Even though he would have earned considerably less in the public sector compared to his entrepreneurial income, he accepted the offer on his father’s advice, and the experiences, contacts and knowledge he gained there have been of great benefit to him in later life. 

In the 1990s, he was given the opportunity to run a real estate fund management company, but felt he lacked necessary management and leadership skills. That’s when he decided to enrol in the MBA course at “Közgáz”, which, by his own admission, not only gave him knowledge but also shaped his outlook.

Without it, I probably wouldn’t be poor today, but I would have understood a lot less about the business world,

he says. He stressed the importance of lifelong learning and the importance of looking at the mistakes and successes of others, because that is where you can learn the most. 

One of the most exciting parts of the presentation was about the competition between Főtaxi and Uber. Nagy Elek, the owner of Főtaxi, talked about how they managed to bring Uber back to the Hungarian market within a regulated framework after the government had previously forced them out of the country due to concerns over tax evasion and competition law, under pressure from the taxi industry. It’s worth noting that, in the meantime, Uber’s strategy also changed, focusing more on cooperation. They went public and became very successful. One of the goals was for Főtaxi to gain time for digital development through the competition with Uber and Bolt. Realistically, the Vienna model was the inspiration, where, alongside the two major foreign companies, one domestic player remained. During the negotiations, they ultimately managed to reach an agreement that was extremely favorable for both parties, with near-parity conditions. According to him, this agreement is a different approach compared to the usual conditions Uber has with local partners in other countries.

Elek Nagy stressed that the most important thing in business is not to avoid mistakes, but to manage them and learn. By his own admission, he has made many bad decisions in his career, but he has always tried to learn from them. He also noted that he is here now because, overall, he has made more good decisions than bad ones. He also spoke of the opportunities that failures bring: he has lost a third of his fortune due to geopolitical factors, but he has always tried to see the opportunity for progress in adversity.

When one door closes, another opens,

he said, recalling the well-known saying. 

He also answered questions from the audience during the presentation. He explained that Uber has not regretted its return to the Hungarian market and that in the post-COVID period it was mainly the more stable and strategic Hungarian taxi companies that were able to survive. Speaking about his social responsibility as president of MKIK, he stressed that the future lies in knowledge- and data-based decision-making, and that innovation and the use of artificial intelligence will be key to increasing the competitiveness of Hungarian businesses. 

Finally, he concluded with an important piece of leadership advice:

The most important thing is to surround yourself with smart people. A good leader doesn’t do everything himself, but he knows how to find the best people and show them the way.

The presentation provided a deep, honest and highly instructive insight into the realities of being an entrepreneur, the pitfalls of decision-making and the power of long-term strategic thinking. 

Author: Csege Szabó