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How Should Successful Entrepreneurs Start a Business?

How Should Successful Entrepreneurs Start a Business?

Hello there! If you’re planning to embark on a business adventure soon, you’re in the right place. Yes, you’re excited about this; slightly nervous too, we get it. But this article is going to help you understand the responsibilities of a successful entrepreneur in Turkey. In this article, you’ll learn about dealing with issues you might face – from financial to legal, sales, and marketing to human resources issues. So, without further ado, let’s move on to how to start a business in Turkey.

Planning Your Business

The first major understanding that should dawn upon any successful entrepreneur is the commitment and appreciation their business deserves. As a successful entrepreneur of the 21st Century, you should always plan before your business starts taking shape. The planning should be made in terms of time, management, and energy that need to be put in.

In its initial days, your business might face challenges, but keeping a strong focus on your goal without getting discouraged would help overcome such challenges. Planning would provide you with a strong vision for the same. Plan for the unique product or service you want to offer since this will also help you allocate resources wisely for your business ideas. Like an infant, your business is going to need some extra attention and effort in its beginning. Expect more working hours till your business starts to take off.

Start a Business with Legal Protection

Now that we’ve started getting serious with your business ideas, let’s discuss legal protection. As your business grows, your personal assets are going to face threats of debts from your start-up business loans and liabilities as well. These threats can be avoided by legal consulting and help. If you are starting a business, it is advised you start it as a Limited Liability Company (LLC) and not as a ‘sole proprietorship’. Setting up an LLC business is cost-effective. However, if you’re choosing to fill out the Certificate of Incorporation for your business, here are some procedures you need to follow:

  • Maintaining legal annotations to your company name, such as “Inc.” or “Corp.”
  • Legally, you’re required to sign all official documents on the behalf of your company
  • Adhering to legal bylaws, such as supervised corporate meetings and other formalities
  • Funds and business bank accounts should be maintained separately
  • Separating individual transactions from corporate transactions

Other than these, legal help must be sought for issues concerning copyright, human resource management, and other company policies.

Keeping it Fresh

Finally, you’re done with the legal hassles. But your work isn’t done yet. For now, comes the most creative and colourful part, which is naming your start-up business! Yes, picking a name for your business that feels just right is an important factor in determining your company’s success. Not to mention by choosing the right name you can avoid hours of legal paperwork and hassles. While choosing the name of your business, you should however keep the following in mind:

  • The name should be unique and creative without being incomprehensible.
  • Avoid names that are confusing or are similar to other popular brands; an internet search on a trademark can prove to be extremely effective in this regard.
  • Make sure the name of your company or business is flexible enough to allow minor changes as the business grows.
  • If you wish to get an internet domain for your business, a “.com” domain works better than a “.net” domain.
  • Consulting your peers and the creative team is always recommended when choosing a name for your company or a start-up business.
  • Acquiring knowledge of the market can help you choose a name that is politically appropriate and is not offensive towards a group or belief.

Deciding on the Product that Works Best for Your Company

As a 21st Century Entrepreneur, it is expected that you will have a sound knowledge of the market you are going to cater to. Not only does this help you plan your products accordingly, but it also helps you plan your business around it. So, when you start a business, it should be based on products that can have a positive impact on the market. If your product makes a meaningful contribution to the market, it can make your business stand out among competitors.

However, don’t be afraid if you face some initial roadblocks. Instead, feedback will help you understand the market and your customers better. And with this new understanding, you can approach the market with an improved product. In recent times, most successful entrepreneurs prefer taking their products through beta testing. The beta testing helps in evaluating the product in terms of reception and saleability.

Taking your Start-up Business Online

We belong in an era where almost every product or service is available online. So, to make your company accessible from home, you need an appropriately designed website. Devoting time and resources to building a website that looks and feels great is a worthy investment and can make your business popular. If you’re inclined towards building a website for your business, we have the following recommendations:

  • Like every business, your official start-up business website should be built from scratch. Planning a template for your website is a good place to start.
  • Keeping a tab on the market demands and competitor websites is also advised.
  • Make sure your business website is easily accessible, without bugs or technical errors.
  • The website should be visually aesthetic, with original, plagiarism-free content.
  • Your customers should have a concise idea of the products from your website, so try to keep your website clutter-free.
  • Your website should have a section devoted to the Terms of Use Agreement and Privacy Policy.

Now that you have significant knowledge of the responsibilities of a successful entrepreneur, the rest of the journey should not be too difficult. Get your business out in the world and dazzle the market!  If you have followed this article closely, this should be a cakewalk for you. All the best for your start-up business venture!