Ask Stefano Passarello about entrepreneurship and he opens with something unexpected: “Top performing entrepreneurs prioritise the optimisation of their physical and mental wellbeing. Mental health, physical health and financial health are deeply interconnected. Throughout my experience in business, I have observed that individuals who consistently achieve success in their ventures are those who devote time to training and enhancing their mind, body and spirit.”
Is this why you opened the DB branch of Monx right by Kapuhala in DB Nor th? “Yes, this way I can combine the elements of physical, mental and financial health in one space. I like my employees to work out and also it allows those living and working around DB to commute less and focus more on wellbeing.
We support people who are looking to re-establish balance in the brain and body. Effective entrepreneurship involves actively suppor ting others. The most powerful force in the universe is to help others. If I see somebody who really needs help, I make myself available 24/7 – not only on the financial side but also on the cognitive side, showing them how to be a better business person.” Can you elaborate on that? What advice do you give someone who wants to become a better business person? Is it about drive, about passion? “Our motto at Monx is ‘Devoted to Business’ – we call ourselves Monx because we are as devoted to business as monks are devoted to religion. It’s not about passion, it’s about obsession.
Successful entrepreneurs are crazy, they are obsessed; they have a hunch and they go for it. You can have a passion for golf or football but to be successful in business, you need to be a crusader, you need to have a plan and a purpose. “If you want to start a business my advice is break it into parts: one aspirational, and the other technical.
If you have a dream, go and chase it. The crusade is what drives you in the morning, what inspires you. But it’s not all about vision – you need to measure everything. If you don’t have a good accountant next to you suppor ting you with your numbers, you are done. Accounting is not just compliance; accounting is the compass that drives your ship.” How important is it to have a Unique Selling Point? “The most impor tant thing is to deliver top quality. Always deliver the best and create a perception of value between your firm and whoever else.
My inspiration with Monx was to establish an accounting firm that would reinvent the industry. High efficiency, extreme customer service, no ties, no protocols. In our industry, accountants are usually slow and they tend to make lots of mistakes because of tight deadlines. We solved this problem with technology. I like to believe that I’m a bit of a revolutionary challenging the status-quo. Monx is fast, committed and also per fect. Fintech is the bad boy of finance and I like it.” Is there one thing a business needs to succeed? “Success in business is a moving target but what I can tell you is that it’s about company culture, not the money. You need sustainability in your financial models, happy customers and a happy team.
Money comes and goes and it will come if you have these three elements in place.” How do you go about creating a strong company culture? “I do not see my team as employees; they are my extended family, period. This is the culture we have. What distinguishes us from anyone else is that our team has free access to physical and cognitive enhancement facilities.
Whoever works at Monx can leave early, work remotely and use Kapuhala’s workout space. They get to meet futuristic entrepreneurs and all sor ts of interesting people.” What do you look for when hiring staff? “I look for adaptable people who will embrace our company culture. And I look for people who have a serious hobby – runners, pianists, ballerinas. This shows consistency and obsession. We like those people; we like those people showing off.”
Monx was founded in 2021 and already has a global presence with 50 people in nine offices. How do you make time for family? “The day is very long but those who say they have no time for family don’t know how to prioritise. I have time to compete in sports at the highest level. I run an organisation of amazing people and we are very successful. I have a side business, Kapuhala, with my wife and I’m very happy with that. I also spend at least two-and-a-half hours each day with my kids, more at the weekends. “There are many times I bring my kids to business meetings, they sit there, who cares? I’m not ashamed of it. I’m very proud. I show them how my business works. I’m sure that they will soon start helping with the business because they grew up with it. There is no separation for us between business and family. We run a business like a family.”
