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Starting a new Job

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Written by   16
3 months ago

In times when business is especially good or bad, many entrepreneurs try to identify new business areas to enter either in addition to their existing businesses or to replace their old ones. Especially in our country, when determining new business areas, the 'neighbour-influenced syndrome' comes to the fore. When you see a job that pays well, you try to do the same job. This approach can negatively affect both the first entrepreneur who cannot differentiate himself sufficiently and the new entrepreneur. However, in order to gain a permanent competitive advantage, operating a strategic thinking process can provide significant benefits.

 

The important thing is to meet an unmet need, or to produce more effective solutions by adopting a different approach that is difficult to replicate in order to meet a certain need. There are some issues that are worth paying attention to in order to be successful in a new job.

 

First of all, while entering a market for the first time sometimes brings very important advantages, the burdens of creating a new market are often advantageous not for the first entrants, but for those who step in and buy it at the stage when the financing power of the first company is exhausted. For example, the first hotels opened in a certain region are not for those who build those hotels, but for those who buy them later. Therefore, it should be taken into account that success in financing power planning may be delayed when entering a new market. Similarly, the failure of a business does not mean that it will not be successful in the future, what matters is what kind of original physical and intellectual capital has been created and the potential return of this capital in the upcoming period. For this reason, many companies can be successful with the strategy of acquiring companies that run out of breath, by saving time, reducing competition and making the capital created more effective. For example, big pharmaceutical companies can achieve greater success with purchases than they produce in their own R&D departments.

 

Another factor to be considered is that the investment made in the first entry is in proportion to the economies of scale. Let's start small first, and the lack of planning for investments to achieve economies of scale may cause others to eat the cake. Even in cases where the market is tested with small investments, resource planning that will ensure rapid growth in the next stage is important for success.

 

Making sure that you have the important competencies required in the new fields to be entered is also an important element for success in new business. Entering a new job, with new staff, and in a new location is too risky and often leads to failure. Therefore, prioritizing areas that will create synergy with existing competencies increases the chances of success.

 

In cases where market knowledge and relationships are important in the new area to be entered, existing competitors will be stronger. However, in sectors where technological developments or different approaches are important, the flexibility and probability of success of new entrepreneurs increases. For example, Dell's direct sales model has achieved great success as an approach that cannot be easily imitated by existing competitors with a large dealer network. On the other hand, Ülker's domestic distribution power and network of relations help it to gain an advantage over its competitors in many new fields.

 

In summary, strategy is essential for success in new businesses. While creating the strategy, while trying to identify the gaps in the market, on the other hand, the questions why our company can make a difference in filling this gap should be answered in detail.

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Written by   16
3 months ago
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Comments

Good planning and strategy are essential in building a business or expanding the existing one. Also, the ability to solve certain struggles is really important.

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3 months ago

You are right, if we want to be successful in a business, we must act in a planned manner. Thank you for your comment.

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3 months ago