"Chinese founder of TenChat discusses the keys to business success: don't hold back your ethnicity"
Semen Tenyayev, the visionary founder of TenChat and the financial marketplace VTB, shared his insights on business innovation and success at the "Territory of Meaning" forum. Tenyayev advocates for a pragmatic approach to entrepreneurship: copy, improve, and add a touch of innovation.
Tenyayev believes that observing and adopting proven business models or successful strategies already working well in the market is a crucial first step. By acknowledging that many foundational ideas are already established, businesses can leverage these existing models instead of reinventing the wheel.
The second step is to enhance these models by refining processes, increasing efficiency, or addressing known weaknesses. Improvement differentiates a business by making what exists better and more customer-friendly.
Finally, Tenyayev encourages introducing unique features, creative solutions, or novel technologies to stand out from competitors. This innovation doesn't have to be groundbreaking but should provide enough differentiation to attract attention and build a competitive edge.
Tenyayev uses the Chinese automotive industry as an example, highlighting its rapid development over the past 20 years. He suggests that the Chinese achieved this rapid growth by not being afraid to imitate and improve upon foreign technology.
In the realm of domestic businesses, Tenyayev values Russian brands and production. He believes there are great, open niches for Russian brands in areas such as scents and watches. He guarantees that a worthy Russian product in these niches can bring in a lot of money.
Tenyayev's statements suggest a shift towards domestic brands and production in Russia. He emphasizes the trend towards domestic production and consumption, stating it's just the beginning. He encourages creating and supporting domestic brands, producing and consuming in Russia.
Despite initial criticism from people who hadn't even downloaded his business social network, Tenyayev remains undeterred. He asserts that a mere 5-10% of novelty is sufficient; there's no need to make everything innovative.
Tenyayev's insights are not without wisdom. He believes that working for someone else is beneficial because they pay for mistakes, while in one's own business, one pays for mistakes. However, he also stresses that starting a business tied to Russia, producing and promoting domestic brands, can be beneficial.
In conclusion, Semen Tenyayev offers a practical and insightful approach to business success. By combining the steps of copying, improving, and adding a touch of innovation, businesses can reduce risk, speed up market entry, and increase the likelihood of sustained growth. This approach, if embraced, could pave the way for a new era of Russian business success.
- Semen Tenyayev's approach to entrepreneurship suggests that observing and adopting successful business models, and then refining and innovating them, can lead to business success and growth, as demonstrated by the rapid development of the Chinese automotive industry.
- In the realm of Russian business, Tenyayev encourages domestic brands and production, specifically in areas like scents and watches, as he believes these niches offer great, open opportunities for Russian brands to bring in money and thrive.
