My name is Georgia Eleftheria Tsiolakki and I am working in business field in tourist sector officially since 21 years old. The last 6 years. I studied business in University of Brighton. This article comes from my experiences as a young entepreneur. By the way if you are young in business make sure you look older, to avoid any age descrimination.
Almost 60% of registered companies in Cyprus are family run businesses. Before you start up your own business, it us good to have experience in the market. In business theory is different ( business models, business plans) from reality.
-Ask people who are already in the field to share their daily life (it might be little hard to find someone who is honest)
-If you don’t have experience on the field, find job and gain some.
-search the market. How many companies are already exist? What are the needs based on demographics and population of the island.
But what are the actual do and don’t when you open your own company!
-Adapt, adapt, adapt. In Cyprus things change slowly but in businesses dramatically. Due the fact of Multinational Companies operating in island businesses models and operations need to be adapted fast, effectively in order for company to not suffere from strategic drift.
-Expertise, skillfull, passion, love what you do. You must have the vision, passion, willigness to work ” smart” not necessarily hard.
-Contracts, contracts, contracts. I adore clarify contracts because the way I choose to do business in ethical. Any unethical behaviour and avoid any clarification might arised problem.
-Don’t open a company that does little bite of everything. Master your first idea and market and then expand.
-Aggresive Expansion without skillfull employees and knowledge.
-Cypriots are not on time when it comes to meetings, what I do in a nice way and humor I ask kindly why they were late to show that I am annoying! Our time is precious!
-Don’ t believe in words! I am Cypriot and I am young entepreneur. My personal advice is to use your email like you text in your phone. Have everything officially agreed by email to have evidence! If someone wants to close the deal and they are honest, they will prefer to send them an email and follow all legal procedures
-Don’t go to any lawyer but ask people for a good one. If you have a court case or trouble with someone, dont choose the same lawyer . It is better to be avoided.
-Don’t let other people to underestimate you because of your age (especially when you are young)! Young or older doesn’t mean you are not skillful and capable!