How to build a successful business in Israel without becoming a millionaire
How to start a successful Israel business without becoming wealthy?
I asked these questions during a visit to Israel, and it’s not easy.
My goal was to see how the Israeli entrepreneurs are handling the daunting task of building a thriving business without taking on debt, paying a debt-for-service fee or signing a contract.
The answers are in the slideshow below.
Be flexible and adaptable.
“It’s not just about a big budget,” says Ido Erez, cofounder of the online platform ErezMedia, who was born and raised in Israel.
“It’s about the quality of the product.
And if you’re not going to meet all the deadlines, you’ll never get any sales.”
Understand your market.
If you’re a young entrepreneur, Erez says, “you might have to adapt to your market and the needs of your customers, or you might have some competition, but you’ll still succeed.”
Take a long view.
According to the Jewish Agency, Israel’s economy is projected to grow at an annual rate of 6.4% between 2021 and 2025.
The next decade will likely see a bigger economic boom.
The Israeli startup scene is still young, and there are still a lot of unknowns, says Ofer Rabin, founder of the mobile-gaming company T.E.R.S.R., whose platform has been a leader in the Israeli online game market.
But Rabin said the key to succeeding is to make sure you take the right risks and that you do it right.
“Doing it wrong can lead to failure,” he says.
Understand what it takes to be successful in the business.
Israel’s business landscape is incredibly diverse, with dozens of industries to choose from.
And the vast majority of companies are still in the early stages of their growth, says Erez.
“If you want to be a successful entrepreneur, you have to take risks.
You have to invest money,” she says.
“I know what I’m doing.
But I’m also trying to find a way to make it sustainable.”
Keep in mind that not every Israeli startup is going to succeed, and that there are also those who will fail, says Rabin.
“You have to stay patient,” he adds.
Know your market, not just your competitors.
Despite the challenges, Rabin says he’s not too worried about his success in Israel, which is a big reason he decided to take on a new role in his field.
“There’s a lot I could learn from people who are successful and I hope to be the one to help them succeed,” he explains.
“That’s what I think makes me so passionate about it.
If I were a successful businessman, I would never have gone into it.”
Be open to criticism.
While many Israelis don’t agree with some of the decisions they make, Ezera says they’re not always wrong.
“We’re not afraid of being wrong, we’re not shy about being wrong,” she said.
“As long as we take the risks and make the right decisions, it’ll be good for us.”
Although it may sound obvious, you should always be prepared for the unexpected, says Dina Ben-Gvir, co-founder of online marketplace Vimeo, whose platform allows anyone to upload video clips and create a live video chat.
When I met Erez and Rabin during a recent visit to Tel Aviv, they were already at the stage of building their business and were ready to take the plunge.
I think that’s one of the most important things to keep in mind.
“If you’ve got to start something at the beginning, I’m afraid it’s going to be more difficult,” Erez said.