Baybars Altuntas: Before the successful business, you need a good business idea

In order to become a successful business entrepreneur, you need a good business idea, and good ideas come to the right side of your brain, the one dealing with dreams and art. However, becoming good at that field, means you should not only have great dreams but also great execution plan. We shouldn’t ask ourselves how to become an entrepreneur, but how to become a successful entrepreneur. In order to be successful, you have to be smart and you have to bring something new to the market. Spending the whole budget only on marketing, without offering anything new to the consumer will not make the consumers go to your business. In order to persuade the consumers to start using your products, you have to give them an incentive in the form of innovation.

If you offer the consumers something new during your marketing campaign you will get them to try your product. This is just the beginning of the journey which will result in you getting all the consumers. The difference between an innovator and an inventor is that the innovator knows how to sell the products they invent. After the global financial crisis, whole governments are sporting innovation not invention. Governments don’t just need intelligent people, they need people who can create new jobs for the population.

It is very important to first innovate and then set up the company. Many people fail because they try to set up a company before having an innovative idea, meaning they are spending their money before they make it.

Once you have your successful product and you know that consumers are ready to pay money for it, you have to start thinking about branding. Every time you sell your product you are also selling your brand. Your brand is marketed through the same campaigns that market your product. If consumers enjoy buying your product and using your brand you have successfully set up a brand.

When you have successfully set up your business and brand you have to make sure that no one can innovate in the product you are making. When you do that competitors will be left with the only choice to buy the franchise rights from you and you become a big product family.

After the last stage, the management stage, you have to choose if you are yourself an employee or the CEO of the company. If you decide to work as an employee of your own company, you will have no time for any other business and ideas. During the leadership stage you have to convert your business into a real one. In order for a business to reach the expected results, it has to be professionally run, which means you will have to hire an external person to act as the CEO of the company, and you yourself can become the chairman of the board.

Once you get to that point, you can pick a startup you like and become their angel investor. That means you use your money, network and know how to invest in the business. In exchange you get a certain percent of the company shares, or part of the revenue.

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