Mutation, alternative waves, social and economic effects, and the year 2021, when digitalization transformed from choice to necessity, will be a test for entrepreneurs. Istanbul Kültür University's Chairman of the Board of Trustees, Dr. Bahar Akıngüç Günver organizing the "Start-Up Feast" for entrepreneurial youth with the theme " Make Your Ideas real That Will Shape The New Norm" pointed out that crisis periods are an opportunity for out-of-the-box, innovative and solution-oriented entrepreneur candidates.
According to the study titled "How COVID-19 Affects the Challenges Faced by Entrepreneurs", published by the Kauffman Foundation in December 2020, there are many fronts entrepreneurs struggle against. According to the study, which deals with the effects of difficulties experienced by entrepreneurs before and after the pandemic, regional and geographic dilemmas were 17 percent before the pandemic, and 39 percent after the pandemic. The difficulty in finding new customers before COVID 19 was 60 percent before, now increasing to 80 percent. It is seen that the rates of social networking and connection building of entrepreneurs affected by the pandemic in terms of finding funds for business establishment, fear and insecurity, laws and regulations have also decreased in this process. Entrepreneurs and entrepreneur candidates are trying to deal with one more question in addition to all the dilemmas they faced during the crisis period: Is the right time for entrepreneurship now?
Big ideas are born in tough times
Chairman of the Board of Trustees of Istanbul Kültür University Dr. Bahar Akıngüç Günver is one of the managers who believe that his entrepreneurial ideas can flourish in difficult times. Stating that the Kültür College, which inspired the founding foundation of the university, was an educational initiative born during the crisis, Dr. Akıngüç Günver told the story of the Kültür brand in education that will inspire entrepreneurs: Kültür is a brand that emerged stronger from national and global crises. It was 1932 when my grandfather Halil Akıngüç established the Kültür Education House in Eskişehir. When the world took the Great Depression test. My grandfather takes the Turkey representation of Fernschule which means distance school in German and provides technical education by letter and has nearly 600 students. He moved the Kültür Education House, which he founded in Eskişehir in 1932, to Istanbul in 1943. At that time, when World War II was taking place, he was establishing an educational enterprise in a new city. My father and Honorary President Civil Engineer M. Sc. Fahamet Akıngüç gives the decision of establishment of Kültür College in 1958 when Turkey is in devaluation. He leaves the engineering profession due to the crisis and lays the foundations for his educational initiative. He has been doing preparatory work for 2 years. Our official establishment is on September 26, 1960, four months after the 1960 coup. If we need to take an entrepreneurship lesson from this chronology; the world is not a sterile place, bright ideas can flourish in times of crisis.
According to Dr. Akıngüç Günver, who noted that crisis times are special times that increase the appetite for risk for entrepreneurial minds, the capital of entrepreneurs is their creative mind and courage. Dr. Bahar Akıngüç Günver argued that mentorship is as important as economic support for entrepreneur candidates at this point.
Noting that they support entrepreneurial and innovative ideas at IKU during the pandemic period, our Chairman of the Board of Trustees stated that the Technology Transfer Office and Project Development and Coordination Unit continue their work without slowing down. Pointing out that managers should support different voices, ideas and participation in a crisis period, Dr. Bahar Akıngüç Günver pointed out that the entrepreneurship ecosystem at the university can be achieved with the synergy of students and teachers.
According to Dr. Akıngüç Günver, who noted that being in the Entrepreneurial and Innovative University Index rankings in 2020, which was under the shadow of the pandemic, was a serious motivation for entrepreneurs in Culture, it is a managerial responsibility to allocate resources for out-of-the-box thoughts and to develop environments that will bring together individuals with high problem solving skills. Our Chairman of the Board of Trustees answers the question ‘’ is the right time for entrepreneurship now?’’ with the following words without hesitation: COVID-19 has created problem sets waiting to be solved all over the world. For entrepreneurial ideas and minds focused on solution, this period is an oasis waiting to be discovered. In this process, we are organizing a start-up feast with the theme "Transform Make Your Ideas Real That Will Shape the New Norm" between 1-21 February where applications will be accepted. As an educator, I think the entrepreneurial ideas of young people should be supported in times of crisis. In summary, now my answer to the question of ‘’is the right time for entrepreneurship now? is definitely yes.
Suggestions for Entrepreneurs and Entrepreneur Candidates during the Crisis Period
Asst. Prof. Seray Begüm Teraman, an academic at Istanbul Kültür University, Faculty of Economics and Administrative Sciences, Department of Entrepreneurship, listed her suggestions for entrepreneurs and entrepreneurs who want to realize their ideas during the crisis period: ‘In general, entrepreneurs need to review all their current assumptions and, if necessary, evaluate today's conditions and come up with business models based on new assumptions. It is almost impossible for traditional business models to survive the pandemic crisis. In this period, it is useful for entrepreneurs to determine a financial strategy as if they will not be able to receive investment for a long time. Every entrepreneur should have an emergency plan due to the difficulties and difficulties experienced in cash flow. They should also anticipate which expenses will be reduced without harming existing operations. It is also useful to secure the cash that will ensure the sustainability of the business model in a period of 6-9 months. Considering that the investor has a low risk appetite and is just getting used to investing remotely, it should be kept in mind that investment tours will be even more challenging. Res. Asst. Mustafa Bekmezci, one of the lecturers of IKU Entrepreneurship Department, drew attention to the fact that initiatives such as distance education, health, communication, home entertainment come to the fore in the pandemic. Bekmezci also stated that the pandemic period contains important opportunities for initiatives towards the global supply chain and safe cities. Stating that the pandemic feeds these ideas and shifts entrepreneurs towards emerging areas, Bekmezci underlined that cloud-based technologies that support digitalization such as Healthtech, insurtech, and fintech, and applications that facilitate home activities in social isolation, have entered a period where they can scale rapidly.
