Life in Turkey for Entrepreneurs

Life in Turkey for Entrepreneurs

Although entrepreneurship seems to be a new trendy concept recently, it has a history as old as the history of humanity. The understanding of entrepreneurship in today's information and technology age has taken on a completely different dimension. The development of entrepreneurship has passed through different stages in world societies and in our country. While the foundations of entrepreneurship in Turkey date back to the Ottoman Empire, today's entrepreneurship has shown a different development.

What is the state of entrepreneurship in Turkey?

Entrepreneurship is a developing field Turkey, which has a sufficient potential for young workforce and education.

When the cities of Turkey have been considered, the largest city of Turkey, Istanbul is also the heart of the entrepreneurial world. Our capital city, Ankara, is in the second place after Istanbul. Istanbul performs well above the regional average in terms of human resources, research, infrastructure, market and business development, information and technology products and creative products.

According to the report of the research conducted by the GOOINN company in 2021, Turkey ranked 51st in the general ranking of the 2020 index. It is also stated in the report that it has reached the 41st rank in the 2021 index, which is the highest ranking in our country's history. In terms of competitiveness, our country was ranked 44th out of 49 countries in the ranking made by WCI in 2001. In the Human Development Index made by the UN Development Program, our country ranks 85th out of 173 countries.

Entrepreneurship Supports in Turkey

Entrepreneurship supports; It is done by both banks and financial companies in our country. The report titled "Entrepreneurship in Turkey", published by TUSIAD in 2002, contains research results on the state of our country in the field of entrepreneurship.

According to the report, it is seen that the number of institutions that receive financial support during the investment phase is quite low. At the head of these institutions are banks, which 20% of entrepreneurs say they benefit from. Universities, relevant professional chambers and KOSGEB, which need to provide support for the investment of an enterprise, cannot provide sufficient support. It is possible to clearly understand this result from a rate of 10%.

According to the TUSİAD report, when the financial support received for entrepreneurial activities in Trukey is analyzed, the following result emerges.

·       37% loan usage from public banks for entrepreneurial activities in Turkey,

·       Using a 25% loan from private banks,

·       24% use of financial support received from family and relatives,

·       20% use of financial supports from abroad,

·       19% use of financial support from venture capital firms and other companies in total.

·       Due to the tax system in Turkey, credit utilization is low for SMEs.

How is it possible to be a good entrepreneur in Turkey?

To be a good entrepreneur in our country is to read the market and all kinds of developments in Turkey well. Rapidly changing agendas and the process of adapting to a digital world; confirms that entrepreneurship also undergoes observation. Through observation and market research, it may be possible to discover how to be successful in entrepreneurship in our country.

In order to be successful in entrepreneurship in our country, it is necessary to know the following items:

Applicability of the Entrepreneurship Idea: The success of successful entrepreneurs stems from the fact that creative ideas are feasible. Because no matter how great an idea that cannot be implemented is, it will not make much sense unless it is achievable.

Making Analysis: Analyzing about the usefulness of the new idea will be a step that facilitates the implementation of the idea. Market research and analysis reveal whether there is a market for the presentation of the idea. In addition, the strategic path to be applied against the competitors can be obtained while analyzing.

Professional Support: Getting support from professionals who are experts in the subject when necessary is an important step on the way to success. It would be a good step to apply for the support of experts in every subject where there is a lack of knowledge or experience.

Being a Field of Expertise: Entrepreneurship action will always pave the way for being more experienced and knowledgeable. The chance of success in an idea about a distant field; It is lower than the projects in the field of experience.

Realistic Planning: A realistic plan is a very useful step in implementing the initiative. This plan should also include information about new ideas and all other technical issues. In terms of the sustainability of the idea and the success of the plan, the realistic planning stage is of great importance.

Using Capital Well: The most common mistake new entrepreneurs make is not using their capital properly. While planning, a spending plan should also be made. The use of capital within the plan and in the right places is the key to success.