The Bermuda Triangle in Entrepreneurship

Entrepreneurship has three main components: business idea, business plan and business model. Your chance as an entrepreneur to become successful is significantly reduced if you don't have one of these or you make the wrong decision for one. Our project is at the centre of these if we think of three components as corners. In the 1980s, numerous planes and ships mysteriously disappeared in the Bermuda Triangle. If our project lacks even one of these three main components, it will vanish in this triangle and eventually fail.



The Significance of the Integrity of the Three Corners

One of the most significant entrepreneur mistakes is that they only have one of the corners and think that their ideas are world-changing. However, an idea without a plan is just a match. A plan without a good idea is just a piece of paper waiting to burn, yet there is no spark. A match and a piece of paper can't burn without the right environment. The business model helps build the right environment. No matter how excellent and well planned, an idea can't become a profitable project without a robust business model. Think of Google Glass that rocked the internet in 2012. Most of us remember it. It was voice-activated, it had an internet connection, and, plus, it could take high-resolution photos and videos. A product with well-favoured features and admired style, Google Glass let themselves and potential users down since it exceeded the budget for such a product because of the surcharge of the additional features. So, it couldn't get the desired place in the market, and it had to pull out of the market in 2020 entirely. Google Glass is among the best examples of how even the poorly planned most fabulous ideas vanish in this triangle.



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Awareness

Awareness is the difference between a successful entrepreneur and an unsuccessful one. An entrepreneur with blind confidence in their idea can't realize with which feature their product will be distinct if they don't know about the product features in the market. Plus, they think they can compete with a superior product than theirs and try to hold on in the wrong lane. In the end, they fail.



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Things to develop on the way to entrepreneurship

Among the common mistakes made in entrepreneur education in our country and worldwide is that whereas the studies/trainings on new idea generation are immense, the studies/trainings on its practice are inadequate. During the training, the participants must be given further information about the business plan and business model - how it is carried out.


Orhun Kaya Güleç

Jr Project Development Manager

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