For some years now, the word entrepreneurship has become commonplace in the business world. But have you really wondered what is entrepreneurship? This term goes beyond starting a business that sells products or provides a service. Below we explain more details.
I’m sure you’ve heard the term “entrepreneurship” on more than one occasion. Either because close friends or relatives decided to start a new business or you just heard about it in the media.
I must tell you that entrepreneurship goes beyond having an idea to generate income or “being your own boss”. No. You need to prepare yourself, have a work plan, allocate an initial investment –of time and money– and analyze many variables that exist in the market.
In the next lines I will explain what is entrepreneurshipthe importance it has in the Mexican economy, examples of success and some advice to have a successful experience.
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What is entrepreneurship: definition
According to the , undertaking is the act of undertake and start a work, a business, an endeavor, especially if they entail difficulty or danger.
Another definition, in this case from Economipedia, to undertake is to have the initiative to put a business idea into practice, that is, to create a company and carry out the production of the good or provision of the service, without this remaining a mere intention.
With these two definitions you can have greater clarity about what entrepreneurship or entrepreneurship is and take the first step to discover why it is important to undertake in Mexico.
Why is it important to undertake?
Continuing with the technical part, I will return to a Peter Drucker quotea character considered the greatest administration philosopher of the 20th century:
Entrepreneurship is not science or art, it is a practice.
This makes one thing clear: Entrepreneurship is a key part of the economy of any country.
To understand the importance of entrepreneurship, it is enough to see how a large number of Mexican families have embraced entrepreneurship as a means to improve their quality of life, generate their own income and create sources of employment. Not for nothing, In Mexico, MSMEs contribute 52% of the Gross Domestic Product (GDP).
But that is not all. At a macro level, having projects that generate a change in society, contribute a grain of sand to take care of nature and provide creative solutions to common problems, it is a winning combination to boost the economy and keep it healthy.
All this would not be possible without the support of public and private institutions, who promote and trust in , which has come to create around 4.2 million micro, small and medium enterprises.
Examples of undertaking
I am sure that you have repeatedly asked yourself what business is good to start. The answer is not easy, but thanks to success stories we can be clear about what kind of companies are the ones that have had the best results in recent years.
Below I will share some examples of entrepreneurship, which will inspire you to join them.
- Ben & Frank
- connect
- Yana
- win 147
- KidZania
1. Ben & Frank
The coolest eyewear brand in Mexico has Mariana Castillo behind her, a woman who has made an effort to offer a unique shopping experience and products at affordable prices.
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2. Connect
Online payments, for many, can be a headache. But thanks to technology, this is no longer an impediment to selling online.
Conekta is a Mexican who offers the opportunity to accept payments with credit cards, debit cards and bank deposits to online stores.
3.Yana
Mental health should be a priority for everyone. From that is born Yanaan application that offers emotional support to people through an automated conversational agent (also known as a chatbot), which uses strategies based on cognitive-behavioral therapy to help them.
This app was created by Andrea Campos and in recent years it has become one of the most used tools in Latin America.
4. Win 147
Ana Victoria Garcia is another example of successful entrepreneurship. This Mexican identified the need to support women seeking entrepreneurship and created Victoria 147, a school focused on boosting your skills in the business world.
The success has been so great that it became the only organization of its kind with a gender focus.
5. Kid Zania
One of the children’s paradises was created by a Mexican. KidZania is a park for children that offers a learning experience from experiences in a city on a scale of more than 3,500 square meters.
In this little paradise, the smallest of the home can be part of the world of adults, imitating their roles and living work experiences of all kinds.
Tips for undertaking in Mexico
To continue discovering what entrepreneurship is, the time has come to share some tips that will serve as a guide to start your next business on the right foot.
- Identify a market niche.
- Launch a business that creates change.
- E-commerce is important to grow.
- Think differently from other businesses.
- Be patient and measure your results.
1. Identify a market niche
This step is essential before creating a business. Nowadays, it is not enough just to have a good business idea, You must have the information you need to succeed.
Here you must identify who are the strong brands of the market you will enter, the prices of the products, what type of consumers exist and the tools that entrepreneurs have to communicate with them.
2. Launch a business that creates change
Brands committed to creating change in society or caring for the environment may be more successful than others.
Here you can make your products with recycled materials, offer a service to save the planet or support local talent. If you incorporate some of this into your day to day, you will create a good business to start.
3. E-commerce is important for growth
Electronic commerce is a key piece to being a successful entrepreneur that, in addition to offering an innovative service, saves on fixed costs.
With one you can accept payments with cards or deposits, make shipments throughout the country, sell 24 hours a day and even use social networks to your advantage to attract potential customers. And if you use the business model of , it is possible to start a business with little investment.
Currently there are tools like that that help you create an easy ecommerce without the need for advanced technical knowledge for only $99 MXN per month.
4. Think differently from other businesses
To stand out from the rest you must be different from them. While you carry out your market study, you will be able to identify which are the areas of opportunity of existing brands, what they are doing wrong and what customers are looking for.
If you use all this information in your favor to create a business, little by little people will see you and prefer your products or services.
5. Be patient and measure your results
One of the serious mistakes that entrepreneurs make is wanting immediate results. That does not happen and patience will be a great ally to avoid frustration.
Daily work is essential for everything to work over time. Along the way, measure the results you are getting, improve your processes and, if possible, make smart investments.
Starting an online store: steps to be successful
To close this article, I will share some quick steps to have a successful business that sells on the Internet.
Analyze the market in which you want to undertake
I mentioned it before, in addition to knowing what entrepreneurship is, this step is essential to know if your business idea is successful or not. If during the investigation you identify that the competition is very high, you should work harder to differentiate yourself from other brands.
Visit the online stores of your competition
The best way to benchmark is to live the shopping experience firsthand. Visit the online stores of other entrepreneurs, make a purchase and analyze the entire process. In this way you will be able to identify areas for improvement that you can implement in your business.
Define the initial investment
By being clear about the budget you have, you will be able to manage it intelligently, make purchases of raw materials and allocate it to the most necessary activities for the operation of the business.
Compare the different ecommerce platforms
The companies that exist in the market offer services with certain characteristics. Bet on the one that offers local personalized attention, this will be of great help when you need to solve any setback.
Choose a payment gateway and parcels
As in the case of ecommerce platforms, you should compare payment gateway commissions, parcel delivery time and coverage before choosing the ones that best suit your needs.
Lean on digital marketing
Social networks, emails and online advertising will help you attract customers and make your brand known. If you do not have the necessary knowledge to carry out these activities, you can visit and consult the digital marketing guides that we have for you.
Analyze the results and adjust your strategy
One of the advantages of online entrepreneurship is that everything can be measured and adjusted. Lean on the statistics of your online store, social networks and take action to change the direction of your business when necessary.
Now that you know what entrepreneurship is, its importance and some success stories, go ahead and create a business that generates sources of employment and helps people improve their lifestyle. Also, do not rule out internet sales, this trend has become a reality for many companies in Mexico.
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