This article is written by Clinton James, a Contributor Author at Startup Istanbul.
Philipp Kandal introduced this title at Startup Istanbul, the leading startup event. After burning 2 million euros and causing a company to go bankrupt, he explicated why a comprehensive review of a company must be made when starting a company.
He first 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 they could see and start good companies like Silicon Valley.
How can we outsmart them in their secret plan or be more in effective? If you’re an entrepreneur, it’s about how you like your system, work hard, change it yourself, or look for other things you can do. Find the best way to profit from it, and don’t think of misapprehensions, even if you need to substantiate it. Focus on them and focus on the extraordinary benefits you have. For example, what is needed to hire someone directly from a university or college? Maybe it’s cheaper, but what’s the best value for that?
In most cases, competition can be misinterpreted since some of your competitors don’t make sense and blindfold you from recognizing potential companies in your own area. So think cautiously about what should be the most beneficial and most successful beginning in your area, bearing in mind the most important panoramas, such as the smartest and most successful employable intellects, which can be translated ten times more competitive and productive.
Consequently having the best engineers on the Romanian market, the Philipp Kandal team managed to convince the staff that they can do their jobs a lot better because they are the ripest company on the market. People forget that employees have the same brain as their competitors. Second, outsourcing is usually complicated because you don’t see the picture. Third, they are gradually entering a monotonous world with access to knowledge, tools, and resources, so you don’t have to be in a place like Silicon Valley to build a multibillion-dollar business. Unlike in the past, money is now available, especially for startup funds.
Look at your local role models and limit yourself from international role models like Facebook founder Mark Zuckerberg. Instead, see how they grow on the market, who they are and what they are now. They are trained to understand how the market works and learn how this business works.
The two most important rules that prove strong are that you need to build an income-based business so that no one can accept it. For example, if Philippe sells his business, the founders still hold 75% and run very well. Second, examine the weaknesses of market companies in the region, especially costs, profitability, and lack of talent, and then develop your own sustainable business strategy.
Building a global presence as a Turkish company that claims to be an American company depends on the market. You can start a $ 1 billion business near you anytime. You just have to think big and network.