Key Attributes of Becoming a Good Entrepreneur
Disucss about the Entrepreneurship intentions and perceptions in UAE.
Entrepreneurship is designing and launching a new product in the market. This paper will discuss about the key attributes of becoming a good entrepreneur. Entrepreneur is a person who loves to experiment and are not afraid to take risks in the market. Saygin Yalcin the German entrepreneur and businessperson created a website, which made life easier for the people. People can sell any car within 30 minutes in this website. Saygin Yalcin has also been to another business for example Sukar.com the online private shopping club. Saygin Yalcin received many awards for his brilliant skill and dedication, which is very much evident in the growth of Sellanycar.com. Saygin Yalcin also planning to expand his business in Germany. He also have a YouTube channel with 200,000 subscriber. This paper also discusses about the issues faced by Saygin Yalcin while starting this organisation. Saygin Yalcin is also a guest lecturer in in Canadian University of Dubai. This paper also includes the personality of Saygin Yalcin and the approach of stating this business.
Entrepreneurship means designing and launching a new product in the market. The entrepreneurs generally start this business as a small-scale business, and brings out something innovative ideas in the market that no one have ever seen (Drucker, 2014). Entrepreneurship can be described as the capacity and willingness to develop and innovate something unique that will help the society by making their life easier. This paper discuss about the German entrepreneur and businessperson Saygin Yalcin. Saygin Yalcin created a website that buys any car at a commission free-rate. The present valuation of the company is 500 million dollar.
The main attributes that makes an Entrepreneur successful are:
- Risks taking ability: The ability to take risks makes an entrepreneur successful. An entrepreneur should always take risk or experiment about the product (Dai et al., 2014).
- Confidence: The main attributes to be successful for an entrepreneur is to be confident about what he/she is doing. They should never ask themselves whether they could succeed or not. They should be confident about each step they are taking (Kirzner. 2015).
- Disciplined: The individuals should always be focused on how the business will work and grow. He should be focused on removing the barriers, which are not letting the organisation to grow (Dees, 2017).
- Open minded: Entrepreneurs should realise that every situation is a business opportunity and that will help the organisation to grow in the market. New ideas should always be in their head, which will help them to innovate more.
- Self-starter: Entrepreneurs should understand that the changes they want to see have to bring by themselves only. They should set the parameters and everyone will follow that.
- Creativity: The main weapon of an entrepreneur is innovation. An entrepreneur should be innovative and they should bring something new in front of the people, which will help the community (Audretsch & Belitski, 2013).
- Originality: An entrepreneur should not copy any other’s work. They should not follow the path, which someone has already taken. The idea should be his own and not somebody else’s (Antonio et al., 2014).
- Passion and motivation: One of the most important traits of good entrepreneur that makes him successful is passion and motivation. From building the framework to executing the plans correctly passion and motivation is the key to success. A successful entrepreneur should always have the passion and desire of achieving success (Thorgren & Wincent, 2015).
- Market and product knowledge: Entrepreneurs should know about their products every single detail. They should also know the market in which they are going to do the business. They should know which product at what time could make the idea successful (Block, Thurik and Zhou, 2013).
Saygin Yalcin is entrepreneur and businessperson born in Germany. Presently he is living in Dubai and has been running his business in Dubai since 2012. He has received many awards for his start up, which have become a global success in very small period. He attended business school in USA, Germany and Mexico. Saygin Yalcin first came into the headline when he presented a Rolls Royce to Kendall Jenner for 21st birthday. He also has a YouTube channel with 200,000 subscribers (Burgess & Green, 2013). He is one of the youngest entrepreneur who have achieved this much success in recent times. Sellanycar is one of the most successful start-up in Middle East. Apart from this, he has also been successful with another start-up “Sukar.com”, the online shopping club that has a membership of 1 million shoppers.
Sukar.com employs more than 120 employees. He has earned a position in Canadian University of Dubai as the Academic lecturer of Entrepreneurship and a part of the Advisory board. His current wealth is estimated as 100,000,000 dollar and experts say that he will soon break the record of 1,000,000,000 dollars.
Saygin Yalcin's Background and Achievements
Saygin Yalcin is a person with strong business mind and always looks up for opportunity (Kahlifa & Dhiaf, 2016). He came up with this idea of start-up when he faced a problem regarding the selling of his cars. He then started to plan to bring something, which will not only be beneficial for him, but also the people can sell their cars easily. He started with Sukchar.com and then made this start-up, which is now worth 500 million dollar. He has many challenges in front of him like the use of internet to sell car is often considered as ineffective and fraud but his strong will power and passion helped the organisation to grow and change the whole perspective of selling a car. He has recently started a new policy where the consumer can sell the car and can buy it again after 3 months at the same price. The business mind of Saygin Yalcin is a key factor behind the successful growth of the organisation.
Saygin Yalcin mainly deals with the business of selling cars in the Middle East. People can sell any car whether it is Rolls Royce or Ferrari in just 30 minutes. He also buys old cars and makes them as it was before. Apart from this, Saygin Yalcin also had another business Sukchar.com where people can buy any products any online. It was Dubai’s first online shopping club (Guide, 2013). Later he sold Sukar.com to Souq.com and in 2012; he became the partner at both Souq.com and Jabbar group, which helped him to start his new business Sellanycar.com. Sellanycar.com became UAE’s largest car selling organisation (Hasan, 2016). The business of Saygin Yalcin was catalysed when he announced that the organisations expansion in the German market.
The product or service that Saygin Yalcin provides to the customer is selling of cars in 30 minutes. The organisation buy the cars directly from the customer within 30 minutes. The company buys all sorts of cars ranging from sports car like Ferrari, Lamborghini to the elite class cars like Rolls Royce. The company also helps the people to sell old cars at a good price. Saygin Yalcin is also planning to sell cars in the near future (Uae.sellanycar.com, 2018).
The competition in the market is very low as there is very few organisation who provides quality service like Sellanyycar.com. Sellanycar.com is one of the largest car-buying organisation in UAE (Bahrami, 2014). The company have made many brand loyal customers in very short span of time. There are huge scope for the organisation to grow its business in different countries, as there is very few competitor for this kind of business. Saygin Yalcin has also announced to expand the business in the German market as well.
Sellanycar.com - The Organization
Saygin Yalcin came up with the idea when he faced a similar problem where he wanted to sell his car in Dubai. This idea made him to a conclusion where he tried to help out the customers who are in trouble of selling their car. He did an International Masters in Business which later made him to contribute his work and time on the entrepreneurship of solving the problem of selling old cars in minimum in 30 minutes. He had made his complete focus of the business using internet in UAE. Where he knew that most of the people would not be aware of internet and its uses but still he chosen this path to expand his business because believed in using the technology rather than exploring technology (Yalcin, 2014).
Saygin Yalcin was involved in various business activities starting from his early career where he worked for the leaders in re-known industries such as BMW, L’Oreal and Capgemini. The work life that he contributed in these companies was when he was just completing his education. Then, he also worked for the companies based on internet such as Jabbar Internet and Souq.com which are one of the largest online retailers in the Arabic region. He was assigned as a management of a car sales project. One of which Souq.com is a part of Amazon now. From there Saygin used his career to start his own business.
The challenges faced by the entrepreneur Saygin Yalcin were many such as the initial problem aced was the key factor that was capital that he was lacking and for which he got desperate to raise funds under certain terms and conditions which even turned out to be horrible. Seeking for investors that also in first three years was a difficult task for him.
The challenge he faced was also the lack of strategic decision which will make less dependency on variable cost. The strategies that need to implement while as a startup is necessary to affect the business in an active way rather more chances were to harm the operations of the business.
Economic unit is necessary to focus upon when entering into the market which requires a brief research and analysis about the market, its competitors and active trends that can affect the business. This was his mistake which was not done by him and later he realized importance of doing research.
Competition in the Market
This paper concludes that Entrepreneurship is designing and launching a new product in the market. Saygin Yalcin the German entrepreneur and businessperson started an organisation name Sellanycar.com. The main objective of the organisation is to buy cars from the people who are willing to sell their car in just 30 min. this paper discusses about the key attributes which are required to be a successful entrepreneur. The attributes are Risks taking ability, Confidence, Disciplined, Open minded, Self-starter, Creativity, Originality, Passion and motivation, Market and product knowledge. To be a successful businessperson an entrepreneur should have all the above-mentioned attributes. The risk taking capability and constant innovation skill is highly requires to make an organisation successful. Sayging Yalcin started the business in 2012. Saygin Yalcin has received a number of awards for his amazing startup and he is a guest lecturer of entrepreneurship in Canadian University of Dubai. He also have a YouTube channel with 200,000 subscriber. Sellanycar is the largest car-buying organisation in Middle East countries and recently Saygin Yalcin has stated that he will soon expand the business in Germany’s market. Saygin Yalcin got the idea of this start-up when he faced the problem of selling his own car. He then did his masters International Master in business and planned to open this organisation, which is currently valued at over 500 million dollars. The net worth of Saygin Yalcin is expected to break the mark of 1,000,000,000 US dollars.
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