How To Recoil From Emerging Markets
This article is written by Clinton James, a Contributor Author at Startup Istanbul.
Philipp Kandal presents this title in Startup Istanbul. After burning 2 million euros and causing the company's bankruptcy, he uses this as an explanation to why there's need to assess deeply about business while getting to build your own startup company.
First, he went to Silicon Valley with high-ranking German officials, including the Minister of Economic Affairs, met with big German businessmen, venture capitalists and accelerators, and asked why and how to make a good company look like what Silicon Valley has.
How can we beat them in their game or better? If you are an entrepreneur, it's about how much you like your system, work hard, change or leave, and find other things you can do. Find out the best ways to use advantages, and don't think about disadvantages, even though you need to be aware of them, focus on them, and focus on the extraordinary advantages you have. For example, what is needed to hire someone directly from a university or university? Maybe it's cheaper, but what's the best value?
In most cases, competition can be misinterpreted because some of your competitors have no meaning and close your eyes not to recognize the potential business that you have in your area. So, think carefully about what should be the best and most successful start in your area, taking into account the most important aspects, such as brilliant thoughts that work best and which can be ten times more competitive than you.
Starting in Romania with the best engineers on the market, they had succeeded in convincing employees that they could do their jobs much better because they were the best company on the market. People forget that employees have the same brain as their competitors. Second, working in an outsourcing company is usually uncomfortable because you don’t call the shots. Third, with access to knowledge, equipment and resources, the world is flat, so you don't have to be in a place like Silicon Valley to create a multibillion-dollar business. Unlike previously, money is now available, especially for startup financing.
Look at your local role model and stop comparing yourself with international role models like Facebook founder Mark Zuckerberg. Instead, look at how they evolved in the market to be whom and what they are now. They are trained to understand how the market works and learn how to make a business successful.
The two basic rules that prove strong are that you need to build an income-driven business so that no one can take you. For example, when Philipp sold their company, the founders still owned 75%. Second, examine the weaknesses of market companies in this region, especially costs, yields and shortages of talent, and then build companies that are sustainable.
Build a global presence, For example, a Turkish company that pretend to be a US company, depending on markets. You can build a $ 1 billion company in your area at any time. You just have to think big and connect.