Starting A Business Abroad: Why You’re Going To Succeed

Posted on 16. Dec, 2009 by Emmanuelle Archer in Blog, Expat Entrepreneurs, Expat Life
1 comment

Overwhelmed by how much you have to learn about doing business abroad? If you are wondering how expats can ever hope to become successful business owners in their host country, don’t despair – I have good news.

As you know, expats share common traits that happen to be highly desirable for entrepreneurs: resourcefulness, adaptability, creativity to name but a few.

In spite of this, many expats I talk to can’t help but feel like the underdog: there is so much they don’t know! If this sounds like you, here are two things I want you to know:

• Life abroad has taught you more valuable skills than you think – so give yourself more credit
• Sometimes, not knowing is the best possible thing that can happen

Not convinced? Read on and see why you’re actually better positioned to succeed than your average local business owner.

Top 3 strengths all expat entrepreneurs possess

1. A unique perspective

As a newcomer to your host country, you bring a fresh pair of eyes and a new perspective.

You’re more likely to notice consumer needs that are not being met by local businesses, and to spot opportunities for products or services that were available back home.

Conversely, you have a significant advantage over your local competitors should you decide to export local products or a brand-new technology to your home country – your networks and your firsthand knowledge of the culture will definitely come in handy.

2. Beginner’s mind

You may think that not knowing your host country and its culture too well is a big handicap. In fact, acknowledging that you don’t know everything can actually be an advantage.

Too many business owners believe they can skip market research, because they assume they already know what their customers want. You, however, cannot afford that luxury – you very well know that local clients don’t always think the way you do.

So you’re going to conduct proper market research, and find out all about your clients’ needs, while your competitors simply won’t bother to do so. Who do you think will come up with the better-targeted, more successful product or service?

3. Calculated risks

Even if you don’t think of yourself that way, you are a risk-taker. All expats are. Just think of how many people have told you, “You’re so brave to go abroad! I just couldn’t do it.”

Having said that, you also know to take calculated risks. You didn’t just pull up stakes one day to move to the first country that struck your fancy – you checked how safe and stable the country was, how likely you were to get a job there, etc. You came up with a plan B in case things didn’t work out, either going back home or moving on to a more promising location.

Being in business is no different. If you try to avoid risk at all costs, you will miss out on opportunities. But take too many uncalculated risks, or leap into the unknown without a contingency plan, and you may well end up bankrupt.

See? Far from being the underdog, you already have several decisive advantages that will greatly help you succeed abroad. You rock!

Was this post useful? Subscribe to the newsletter to get more expat tips and resources, delivered straight to your inbox!

Emmanuelle

Images by kevinthoule (top) and kaymoshusband (bottom), both via Flickr Creative Commons