Founding President of Venture Warrior
The COVID-19 pandemic has taught all entrepreneurs a lot. In this process, the companies of entrepreneurs who are not mentally strong enough, whose products do not offer a unique difference and who are not environmentally friendly, are closed down or turned into “living dead” in the words by Hoshi Takeo, professor of economics who specializes in “Zombification” at the University of Tokyo.
According to The Economist, England handed out around £1billion in support to around 1million businesses, which make up 3% of the entire workforce, in 2020, even though they knew they were would not exist in the post-pandemic period. The FED printed trillions of dollars and distributed them to corporations at the lowest interest rates. Thanks to these business supports offered around the world, businesses that survived the pandemic even if they were not adapted to the times are still with us today, but they are now zombies. If they do not quickly acquire the qualities described below, they will soon completely disappear.
I believe the following articles, which I have referenced in detail in my book Entrepreneurship Fighting Perspective: Entrepreneurship in the New Order, which hits the shelves in May, will guide both entrepreneurs and businesses in keeping up with the new order .
A successful entrepreneur today should have four basic qualities;
1) Unique Value Proposition
Is your product really needed in the market? Let’s say you take your product off the market starting today. In such a case, if at least half of your current customers will not be “deeply” disappointed, your product is not really necessary. The first thing we need to do in such a situation is to strengthen our value proposition. Things often become the same as they adapt to the market (product-market fit). Harmony brings with it sameness. Instead, entrepreneurs should discover their own life goals, define their life philosophies, and be able to incorporate unique approaches stemming from their own unique understanding into the dough of their products. It is this “interpretation difference” that creates true value. It’s like singing. The singers who make the difference are among those who can add their own interpretations to the song. Similarly, the entrepreneur must be aware of the unique dynamics of their own outlook on life and be able to produce an original business by infusing these understandings and approaches into their product. We can make a difference to the extent that we can infuse our knowledge into our product, just as Jobs, an obsessive aesthetic patient who cannot get along with his environment, started a business focused on breaking the mold and design . Our product should reflect our complex mind map. Thus, the value we offer becomes both unique and sophisticated. To achieve this, the entrepreneur must analyze himself and his industry in depth.
2) Mental Stamina
In Darwin’s words, the adaptable species is the strongest. The power of man is that he can adapt to changing conditions by developing methods. If we leave an African in Norway, he will wear tight clothes and fill his missing vitamin D needs with a dropper. Even if we leave the Norwegian in Africa, he can use barrier creams so he doesn’t get skin cancer. But a polar bear cannot do the same. If we bring it back from the poles and leave it in the middle of the savannah, it won’t adapt, it will die. Thus, “developing a method” to adapt is the mark of man. The entrepreneur, on the other hand, is forced to adapt to changing conditions much more frequently than the average person. Thus, a successful entrepreneur is also a unique “method development” machine. He can mass-produce new methods capable of overcoming any obstacles he encounters. However, for this, one must know how to control one’s own emotions well, because constantly changing conditions increase stress. Making the right decisions under stress is possible with mental toughness, and it can only be learned with practice. Even the entrepreneur has to force himself to do great things in a short time, constantly test his own limits with drills, be able to act even when he doesn’t want to, and effectively control his emotions.
3) Technical infrastructure
Knowing everything about something is essential for today’s entrepreneur. It is not enough for the entrepreneur to specialize in his own vertical; In addition, he must be aware of a wide variety of information ranging from market research, concept development, preparation of promotional films, KVKK protocols, IFRS standardization to branding. In the information age, every detail makes the difference and the years that miss a point are wasted. The biggest obstacle for entrepreneurs to make a difference is the years they have lost to the syndrome of not knowing what they don’t know. Entrepreneurs, who are not knowledgeable on all topics, cannot see the shortcomings of their business and cannot grasp the right communication with experts when delegating tasks over time.
4) Social benefit
The fact that the population has tripled since World War II has led to increased social problems. The number of problems such as global warming, migrations and epidemics has increased and their dimensions have widened. Thanks to the development of communication technologies, we quickly became aware of these problems. Today, we realize that we have too many problems to rely on to find solutions to great leaders and saviors who have appeared by chance during the century. Thus, we expect every entrepreneur who “founds a business” to sincerely fight these problems with a certain “heroism”. It’s time for heroic entrepreneurs who put life at the center, combine profit and purpose, and are able to take risks for the good of the unknown, to take responsibility. Therefore, if you are a candidate to adapt your business to the new deal or to be a new deal entrepreneur, you must say yes to making a profit to fight a social problem. The new era will be one of entrepreneurs who don’t spend their profits to expand their comfort zone and live ultra-luxurious lives, but instead value them to improve the world.