Golden advice for entrepreneurs from Rahmi Koç: We did five businesses, one succeeded

Koç Holding Honorary Chairman Rahmi M. Koç shared striking examples from his own entrepreneurial journey while offering guidance to entrepreneurs. "20 years ago, we invested in five different businesses. Only one of them was successful; the other four did not work out. However, the profit from that one covered the losses of the others, and we even made a profit," said Koç, noting that the only profitable investment was an aerial crane business.

In an interview with Fast Company magazine, Rahmi M. Koç evaluated trends in the world of entrepreneurship, stating, "Throughout my business life, there have been many trendy investment areas. At one point, everyone was getting into the textile and yarn business, then tomato paste and exports were popular. Nowadays, startups are the talk of the town. If you manage well and set your goals correctly, you can achieve great success starting from scratch."

'YOU CANNOT MOVE FORWARD WITHOUT LEARNING FROM YOUR MISTAKES'

Rahmi M. Koç explained why some of their investments failed with the following examples: "We invested in an electric motorcycle; it was wonderful, but it was not successful. People want to hear that 'vroom' sound when riding a motorcycle; the idea of silent operation did not catch on. We invested in another entrepreneur's idea to provide loans to those who are not bank customers, and that went bankrupt. Additionally, we invested in a system that takes your measurements and suggests clothes that fit you. Although it seemed like a brilliant idea, it was not successful. The only one that generated profit was the aerial crane investment, which involved erecting chairlift poles by helicopter."

Pointing out that competition in the world of entrepreneurship is very fierce, Koç advised young people to conduct "extraordinarily detailed and in-depth studies." Emphasizing that competition must be well-examined before entering a business, Koç said, "You should not be afraid of making mistakes. You cannot move forward without learning from your mistakes. You should not view your competitors as weak; they may be just as smart as you are. Most importantly, one must strive to learn from the mistakes of others and avoid making similar ones."

News Source: 12punto