Former CEO, founder, and Chairman of Amaya Inc., David Baazov, built one of the most successful online gaming companies from scratch. He enhanced the online gaming industry with strategic partnerships and a deep global understanding of business.
Baazov shares some of the best steps to create a successful business in this article. From his decades of experience in the field, he shines a light on relevant issues among entrepreneurs.
Find the market problem and build a solution.
Research is one of the most essential steps to actualizing a market’s potential. By understanding human problems within an industry, a business can rise and offer unique, catered solutions.
Baazov suggests devoting time to the development stages of a business. This ensures the idea encapsulates real human problems connected to the product or service. In addition, the solution will feel more tangible and exciting to work with as time progresses.
Once the primary audience pain points are developed, building a solution by introducing a unique value proposition (UVP) is the next best step. UVPs allow a company to stand out in an overcrowded market.
Baazov did this with Amaya Inc. He turned an industry-wide issue into a technological solution. This leveled up the industry and satisfied players worldwide with their gaming experiences. Due to this, Amaya Inc. became the ultimate online gaming empire and was widely known in land-based and boat-based gaming facilities.
David Baazov emphasizes the importance of crafting a business plan and marketing strategy.
A business plan will help consolidate your research and UVP while providing future investors, employees, and customers context. In addition, one of the most vital aspects of business-building is to gauge how the company will continue to make money and increase revenue. These are elements of a great business plan.
Strong team building, goal setting, and target marketing will all play a role in a comprehensive business plan. Other factors include funding, operational details, and realistic market projections. Therefore, it is important to infiltrate a market with an optimistic future. It is recommended to build a business plan that includes this variety of information.
Get finances in check so you can scale safely.
Taking control of business finances is one of the main pillars to ultimate success. After a marketing and business plan are in place, make sure to stay consistent with financial planning and spending. Monitoring finances will help the business scale in the future.
Staying close to financial details will ensure a better chance of raising the bar in an industry. For example, David Baazov started Amaya Inc. with a small group of developers. He then scaled this by providing more offerings and partnerships to increase sales and revenue.
Paying attention to incoming funds and cost efficiencies will be vital to keeping up with a business. This way, employees can stay motivated with raises, bonuses, or gifts, and customers will remain interested in the product. Lastly, business partners will trust and invest to a higher degree.
Finances are probably the highest risk in a business. By curbing potential fiscal complications, a business is more likely to succeed and continue to scale for many years.
Innovate and provide the best service accordingly.
Once a scaling and financial plan is in motion, it’s time to innovate. The idea here is to continue developing the product so it can stay relevant in the market and hook an audience. Innovation is key in modern companies, as the world of technology is constantly advancing.
Great customer service will also be essential to innovative product creation and marketing. As the world of technology evolves, customers will need representatives that improve the product and serve them based on their needs. This is the next step in technology; a mix of human interaction and computer-generated product solutions.
Community-building is also vital to the next evolution of companies worldwide. Customer service that incorporates community, kindness, and effectiveness will surely leave a brand at the top of mind. This is essential in an overcrowded market.
Most of all, investing in innovative efforts will offer a higher competitive advantage. The goal of a company is to stay on top by actively managing widespread issues. Creating products that constantly evolve and help with audience pain points will place a brand at the top of the ladder.
David Baazov’s Main advice: Persistence is critical.
David Baazov worked hard for decades to build the empire Amaya Inc. came to be. Because of his passion and determination, his business became a global success. Persisting in business is vital to sustaining investor, employee, and customer bases.
The mastermind David Baazov inspires today’s youth to become self-starters and entrepreneurs. Since his time at Amaya Inc., he has focused on giving back to charity. Much of his philanthropic endeavors help children in need, paving a path for the future of technology.