Turkey is a popular tourist destination and is famous for its teas and carpets as well as for breathtaking destinations such as Istanbul and Cappadocia.
Today, however, we’ll explore the prospects of Turkey’s business environment so you can see whether or not it’s a good fit for doing international business.
Turkey’s History and Culture
Founded in 1923, Turkey has a unique history and is located in Western Europe. Turkish people are very passionate about their independence and about embracing their rich and unique culture. Mustafa Kamal, their national hero, also known as ‘Father of the Turks, led in the defeat of the Ottoman Empire. After this, Mustafa Kamal had authoritarian leadership over Turkey and facilitated many economic developments.
Today, Turkey is a democratic country with a steady economy and a population of approximately 80 million people. It also has great prospects for doing international business. It has a steady economy built to thrive off the resilience of the Turkish people who sacrificed their lives.
Turkish culture is one that is vibrant and is kept alive through its very youthful population. Turkish national holidays and their celebrations are always a spectacle that goes hand in hand with the warm Turkish hospitality that is always present.
Turkish Business Culture
All the relevant information points to Turkey’s economy being part of the world’s top 20 in rank. That said, Turkey’s business culture is very entrepreneurial in nature. There is a growing middle class within the Turkish population, which means that the market is ripe for doing business in Turkey.
Of course, before this can be done, it is important to know all about how to develop business relationships, how to conduct business within this culture, and also learn more about Turkish businesses.
- It’s always a good idea to get familiar with Turkish business customs as long as you’re seeking to build a business relationship within the Turkish market.
- Turkish people are big on hospitality and as such, they are always polite in a professional setting. Turks enjoy getting acquainted with business prospects and prefer to develop personal relationships and learn about personal interests before getting down to business. For them, trust is very important, and creating personal relationships helps to establish this in a genuinely mutual manner.
- Turks, in their business dealings, take meetings very seriously. As a result of this meetings should always be scheduled one or two weeks in advance. It is also best to do this in case there are any Turkish holidays around the corner.
- One of the main religious influences within Turkish society is the religion of Islam. So keep this in mind when wanting to meet and be prepared to observe their prayer times throughout the day. Of course, the Muslim holy day Ramadan and any other religious holiday are out of the question when it comes to meetings. So be aware of the time of year and schedule accordingly.
- Initial meetings usually have a formal setting. A business meeting is a serious matter and is treated as such by Turks. Turkish hospitality dictates that upon arrival everyone is greeted with a firm handshake. If Turkish women are part of the business meeting, as a man you should wait for her to offer her hand first, especially during initial meetings.
- Do not rush right into the negotiation process especially at the first meeting. Local customs for Turkish business people will see lots of small talks and personal relationship building taking place.
- The negotiation process when doing business in Turkey may take a while. It will not happen at your first meeting. That said you may find yourself having to schedule meetings until you come to a reasonable compromise. If a Turkish business person senses that you may be dishonest, negotiations will cease and business comes to a halt.
Other Turkish customs to be aware of
Business meals are very popular among Turks. During the meal, it is ok to discuss business but only when led by the host. You are allowed to drink alcohol but only if the host orders first. It is also customary to have tea or Turkish coffee, their national drink, at the end of your meal.
When speaking it’s always important to maintain eye contact and not display body language that is too laid back.
The official language in Turkey is Turkish, which means you’ll need to get familiar with the language of your Turkish counterparts. If you don’t speak Turkish, it may be a good idea to have a translator or interpreter on hand for all your meetings. Of course, at Day Translations we have on-demand interpreters 24/7 for all your interpretation and translation needs.
Let’s wrap up
Turkey and the Turkish economy are ripe for international businesses. As someone who is from the outside wanting to enter the country to do business, it is important to get familiar with Turkish business people, their business customs and to study Turkish companies so you can get more acquainted with their culture.
At Day Translations, we know your next business move is important to you and our team is right here to help. Whether it be translation or interpreting services or any other kind of business services. Visit our website for a quote today.