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Recommendations by Temur Chkonia for Beginner Businessmen

Recommendations by distinguished billionaires for amateur
Warren Buffet: Invest in Perspective Companies;
Seth Klarman: Reduce Mistake Risks;
Ray Dalio – Ignore Experts and Think Yourself;
Paul Tudor Johns – Use Secret of Successful Billionaires;
Eli Broad – Do not Take Risks Evey time.

These people are famous and successful businessmen. A major part of them started making money from zero. Having reached a peak in their career, many of them made serious contributions to charity. They have also provided suggestions and recommendations for those who start business activities today in this or that field or those who have already attained even a little success.

All of them give different suggestions. They have passed various ways for making a fortune and attaining success. It is definitely interesting to know their opinion, their experience and suggestions. Beginner or succeeded businessmen can choose their favorite sample among these people and follow their suggestions.

It is not easy to manage business, even more so in Georgia. A part of people perceive the success as a luck, others can justify the failure too.

The Caucasus Business Week (CBW) continues inquiring Georgian businessmen on how they launched business activities and how they achieved success.

Several suggestions how to succeed in business.

Temur Chkonia

The Column Guest

Exportable Goods  Production – Beginner businessmen should know one thing. Namely, their business should not be focused on only Georgian market. In any case, they should undertake business and manufacture products for exports. In current situation, those, who have launched various business activities in Georgia with focus on only Georgian market, have turned out in heavy condition, because they have incorrectly assessed the Georgian market size, potential, solvency, competition and so on. Therefore, I would give one advice that their business should be oriented on only the market size and not only family sustenance. They should take into account the market volume.

Market Research – technologies and communications enable to explore the market demands. Business activities should be launched only after this exploration. Otherwise, they will bottle tarragon, pear and similar products again and again.

Business Plan – you may have a wonderful idea, a well-structured in brain, interesting, but you may not know how to develop a project. Therefore, there are various consulting companies that will arrange plans and tell how to act. It is not necessary to be both a constructor and a colorer. The same person should not do everything.  You should lower ambitions and say that you do not know everything. You cannot know everything and, to replenish the gap, you should ask for advice or apply to business consulting companies that are able to develop a business plan.

Education – It is impossible to launch business without education. It is my spiritual demand to do business. It is not my profession. Many people say that they can go to business. However, I have seen many people who went to business, but in vain. Business is a pleasant affair, when you manage and control it, not on the contrary. In Georgia, in most cases, business controls people. When you manage business, you control it and this is good, but when business controls you, your life gets complicated.

 Talent for Doing Business – Talent is necessary in everything, but everybody knows their potential. Sometimes, people confront with their internal features and go to the opposite side.

Initial Capital – It is wonderful that startups are financed in Georgia. As a rule, commercial banks finance startups less. And this is logical. The Government has started this program and I believe this is a good program. There is no size limit for startups and everything depends on brain and business plan. Your brain are assessed by only your business plan. When you do even small business, you should specify in which sector and in which part to be steady. Size does not matter. Business strength consists in its firmness. You may earn 100 GEL, but stably. But you may earn 500 GEL, but unstably. You should create the sense of stability.

Knowledge of Languages – I think  the issue of languages is of crucial importance, when we talk about visa liberalization and global integration. People frequently say that others should learn Georgian and we are not obliged to learn English. This is a major mistake and incorrect logics.

My generation is remains fastened to the past. Major mistake of my generation is that they live by the past and recollections and this is much mistake.We should set balance between the past, present and the future.