David Baazov explains how to build a successful business from scratch

David Baazov is an international entrepreneur passionate about helping others looking to start successful businesses. His story inspires those looking to break into a specific industry and develop large-scale solutions. Baazov shows us through his experience that shifting an idea into the business realm takes time and determination. He demonstrates that it is possible, no matter where an entrepreneur is initially.

Baazov started his business journey with a natural skill from a young age – math. In his teenage years, Baazov had already started his experience with sales. He began selling discount coupons for dry cleaning, giving him an initial exposure to the business world.

Later, he started a computer-reselling firm. The company eventually boomed and landed a contract with Montreal Public Library. He sold the library computers for public use. After five years of working with the library, Baazov’s company was worth $20 million. This was Baazov’s final confirmation that the beginning of his ultimate business success was speedily approaching.

The start of Baazov’s masterpiece

Propelled by his computer-selling accomplishment and eventual company exit, Baazov designed an electronic poker table alongside a group of software developers in 2005. Cruise ships and land-based entities bought the software to implement on top of their existing operations.

This online software began what Baazov would later call Amaya, a company even grander than the previous. Amaya performed exceptionally and went public in 2010 on the Toronto Venture Exchange. With its initial public offering (IPO), Amaya raised close to $5 million with a revenue of $6 million.

From then on, Baazov extended Amaya’s work throughout the industry, partnering with and acquiring top names and offering services to various other companies. In addition, Amaya’s board was comprised of strong professionals, and its services met industry needs. Amaya’s stock price increased from $3.5 to $7 between 2012 to 2013.

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Baazov’s evident success allows him to mentor and teach aspiring entrepreneurs globally until today. Continue reading for entrepreneur-focused advice and inspiration on being a key industry player, no matter what field you are interested in revolutionizing.

Insights for aspiring entrepreneurs

Acquire knowledge of human behavior

Every business pursuit, according to Baazov, requires a high level of interpersonal and abstract skills, also known as soft skills. Some examples of soft skills include time management, adaptability, leadership, and critical thinking. Business is a naturally creative pursuit, meaning that soft skills come into play at almost every stage of business operations.

Baazov suggests that entrepreneurs acquire and refine these soft skills from the start of the journey. This will make essential skills, such as employee management, easier to practice when the company proliferates, hires new workers, and takes on more projects. Baazov highlights the importance of learning how people behave so that new company operations run smoothly.

People will always be at the core of any business. Decision-makers and employees are the magic behind making an idea tangible. Entrepreneurs must work alongside others to make an industry solution plausible. With guaranteed hiccups and unexpected circumstances in every business pursuit, one of the best skills to acquire early is learning how to manage people.

Understand logistical business elements

After a business plan and structure are agreed upon, an entrepreneur is responsible for documenting and submitting all legal filings. In addition, any aspiring entrepreneur must question how they would like to register the business, finalize a name, start funding, apply for permits, and open essential bank accounts.

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Alongside abstract skills such as understanding human behavior, entrepreneurs can lock down a concrete plan by implementing more detail-oriented logistics and finances. Although it may be cumbersome, these logistical items will ensure that a company is legally protected and acknowledged appropriately by the public eye.

How to be a key industry player

David Baazov has shown up consistently for his work since his beginnings in business. Due to Baazov’s determination, Amaya saw success because it fulfilled a specific industry need. Baazov understood a human problem and devised a creative business solution to mend it.

Carrying an idea into a full-fledged operation as a company can be a daunting and complex process. Many businesses may fail due to improper management or inaccurate analysis, though Baazov says this can be avoided with the right balance of skills and mindset.

Baazov started his journey without prior business knowledge and tried multiple avenues to reach his high-achieving goals. After a few trials in various industries, Baazov quickly learned how to create and scale a business based on deep research and superior levels of interpersonal intelligence.

Entrepreneurs must call on soft and hard skills to solve problems and succeed. The principal element of becoming a key industry player is pushing through issues that will undoubtedly arise when venturing on this journey. David Baazov’s work on Amaya is a perfect example of reviewing multiple options and scaling the most viable solution with consistency and determination.

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