Business Integrals of Two Generations

Giorgi Gagua, the Candidate of Historical Sciences, Businessman

-In your opinion, what can be the prerequisite of successful business career: an original idea, luck or any other factor? When you started your business, the faculty of Business Administration did not exist in Georgia. However, it has not hampered your success. Could you tell us, why has there been a need for special knowledge in this direction today? What are the new challenges facing the modern

All the listed criteria are necessary for success. But unlike the old periods, the modern era has other requirements for the beginner businessmen. In particular, then my “secondary” education didn’t prevent my business from success, if you had placed your processes under the so-called permanent stress. But today it’s necessary and even unimaginable to run a business without economic education. New steps in business require market research, analysis, marketing, effective business plans, risk assessment, financial feasibility calculations, etc, which needs deep knowledge and you can’t rely on intuition only. Otherwise, we will be dealing with something like the turbid water
principle, meaning that the chances of success are associated with random cases, rather than the rule. The muddier becomes the water, entrusted with such chances, when more educated young people join in this field.

At the beginning of my work, running and managing a business did not cover so many requirements, so we were able to manage the processes easily. Later we gained certain experience from practice, we studied some details on our own, attracted the professional staff, and today the serious
and educated young people are holding all areas of our business. I believe, that in case of having had appropriate economic education at that time, with my partners or independently, our business and return would have been much bigger.

Read the full interview with Giorgi Gagua in Business Georgia 1st Issue.