Hello Mexican entrepreneur friend and from other countries. I want to give you some tips that will help you succeed in your career. We don’t take the big boys’ advice, so it’s going to be interesting.
Mexico is undoubtedly an enterprising country and the numbers prove it. The fact that the report, conducted by CBInsights, Do Ex-Startup Founders Make The Best Venture Capitalists? (Do Ex-Startup Founders Make The Best Venture Capitalists?) states that just two years ago, Mexico was one of the most influential countries for investing in entrepreneurship. ! However, you have to be honest and all numbers are not good, for example:
- More than 30% of people who want to start a business do not do so out of fear.
- 75% of businesses close before the end of the second year.
And it is this endeavor, although it sounds simple, even if it were, not everyone perceives it in the same way. So it is necessary to encourage, advise, guide these people… and in this post we want to add a grain of sand to that.
Because it would be very sad that a country that has shown such a keen interest in a company cannot solidify what it is starting. So we want to give you some tips to help you be successful in your entrepreneurial career.
And if you’re not from Mexico, these tips will help you too. Well, we all need them, and good advice never hurts. And well, we take advice from Mexican businessmen like Carlos Slim, Andrés García and Jorge Gonzáles. What comes next will be fine.
How do you become a successful Mexican entrepreneur?
We’re going to lean on 3 principles, so to speak, to help you be a successful entrepreneur. If the amazing entrepreneurs who accompany us with these tips got where they are, then so can you! So read on, let’s move on to the first of the three principles:
1- Research: The basis of success
Although for many entrepreneurs it means executing a plan, in reality the work of a Mexican entrepreneur like you begins much earlier, in the research process.
I recently read a bit about some cryptocurrencies that have had some success. And it’s amazing how much time it took them to research the market, ideas, competition, etc. That’s how we have to be to be successful. We cannot arrive overnight and set up a company. True success lies in a solid foundation, and this is built long before it is officially launched.
What are the experts telling us?
I want to start with something we can learn from Karl Slim. We’re talking about one of the richest men in the world. It ranks #5 according to Forbes, which immediately makes us seek their advice. He tells us something like this:
“We have to choose the ideal time to invest.”
And how do I know it’s the perfect time to invest? research logically before investing. It is important to analyze if the niche is profitable, its background in the place where it is established, if we stand a chance against the competition or not, if there is any competition (if not, why should it be? Is it so? not profitable or no one thought of it ?)… and much more.
Andrés García Gasca himself tells us a little about his experiences directly related to the investigation. But who is he? Do you know Trisol?
It’s a company that, as one of its phrases goes, is committed to leaving the world better than it found it. So they shred tires to make better use of them and reduce the environmental impact in their country (Mexico). As they make clear on their website, they are a recognized company, so get an idea, they say they have appeared twice in Forbes magazine.
Well, its founder, Andrés, tells us something like this:
We have to investigate because there is not only information but also passion, even if the idea doesn’t seem very fun, profitable or innovative. Andrés researched something that seemed very common but found nothing similar, this motivated him to create something new, different and successful.
What do we learn from these experts?
I think Carlos Slim was very easy to understand, I already explained it. I want to talk a little more about Andrés. If you dig a little deeper into its history, you’ll find that we can get something attractive and different than something that didn’t seem so.
We usually look for ideas that grab our attention from the start and appear different. However, the most original ideas come from ideas that don’t seem original at first glance. But if you do some research you will find that there is nothing on the market that offers what you have in mind and it could be very profitable.
But like we said from the beginning, everything is based on research. A day is a short time to know what business you want to start and what added value it will bring (what makes it different from the rest).
- Look for related ideas: Your main idea might be selling ice cream. But if you look for related ideas, you’ll find that since they’re both desserts, you can also sell cakes. If you research further, you realize that selling both would be more profitable, and you wouldn’t know it unless you looked for related ideas. In some cases it may be more convenient to put the main idea aside and take the one you’ve discovered, it all depends on the research!
- Study the competition: This can help us know if we are comfortable investing or not, since we may not be able to compete on our own. Or quite the opposite, we realize that we can beat the competition. Conducting this study helps us identify what we can offer the customer that the competition couldn’t, and capitalize on it.
- Analyze if the potential audience exists: this way you avoid doing something that has no real demand.
- See if it’s profitable to do it in your area, because as I always say, not every business is profitable everywhere.
- Trends matter: what will your niche market look like a year from now? Will there be more demand or the opposite? This is important so your mothers day heart sales business will be a success on mothers day but then fail for the rest of the year hahaha it’s just an example. It is important that your business asserts itself over time.
A good investigation in this sense increases the likelihood of success in what you are about to undertake, so take that into account. And don’t just limit yourself to these points, anything you can research before starting will be very helpful!
Let’s take a break
We’re not done yet as there are two points we need to address. And we will share it in the next part. To give you an idea of what we are going to talk about these are:
- The application: a set of important techniques and attitudes
- Failure: an option that should not be ruled out
It will be very interesting, so I invite you to pay attention. Without further ado I say goodbye for now. A hug! Until next time!