Tips for Latinos who want to be entrepreneurs in 2021

August 18, 2022

The term “entrepreneur” is far from being in the past. 2021 is a year of opportunities for those who want to create businesses and develop innovative ideas.

If we Latinos have confirmed something over and over again, it is that opportunities are born out of crises. It cannot be denied that 2020 was a totally sobering year, where for many becoming an entrepreneur was the only option.

Thus, 2021 may be the ideal time to find business opportunities in the face of new consumption patterns, market niches and a different type of consumer.

What does it mean to be an entrepreneur?

The concept of entrepreneurship has matured in recent times to become more than just starting a business. Basically, it refers to the fact of starting a project, especially if it has a certain size and demands effort. In addition, the entrepreneur seeks to transform society, add value and somehow leave a mark.

In this sense, a venture can be about creating a personal brand or a family business. For large or established corporations, it may mean incorporating new lines of business, launching additional products and services. As well as, conquer other markets, build alliances and develop startups.

On the other hand, an entrepreneur has an innovative spirit. Leaving the comfort zone, using creativity to the fullest, adapting, reinventing yourself and taking risks are some of the aspects that have to do with entrepreneurship.

It is likely that the word entrepreneurship is often associated with having to invent a unique product or service in the world. But this is not necessarily the case, it is very valid to implement existing ideas, improve them and adapt them to another target audience. In the end, adding a differentiating element, the way to tell the story and connect with customers is what makes the proposal original.

Entrepreneurship in Latin America

It is interesting to note that now more than ever in Latin America the conditions are ripe for starting a business. There are great Latino entrepreneurs with important success stories, as well as public and private organizations and institutions that are dedicated to supporting entrepreneurship.

As if that were not enough, the health crisis has accelerated the trends that have been taking place in terms of digitization, digital transformation and ecommerce. However, eventually people are revisiting malls, restaurants, and other types of businesses. It is right in these moments of change where it can be used to add value.

Data on entrepreneurship

These are some findings that the most prestigious research project on measurements in entrepreneurship worldwide, Global Entrepreneurship Monitor (GEM), published in its 2019-2020 report:

  • The 6 highest levels of Total Early-stage Entrepreneurial Activity (TEA) are found in Latin America and the Caribbean. This rate indicates the percentage of the population between the ages of 18 and 64 that owns a new business.
  • Almost 50% of entrepreneurs are motivated to change the world.
  • Women entrepreneurs are more inclined towards improving people’s quality of life than their own earnings.
  • Entrepreneurial men are more oriented to generating wealth for the next generations, as well as continuing a family tradition.

Tips for new Latino entrepreneurs

After entering into context, here are the tips that we have compiled for those Latinos who want to become entrepreneurs in 2021:

1. Recognize your talents and set a purpose

Take advantage of your skills, your preparation and life experiences to use them in favor of your business. And more than achieving goals, focus on defining a purpose to fulfill. Having an aspiration that improves the quality of life of an entire community or generates a positive environmental impact will undoubtedly be a strong engine to maintain motivation even in difficult times.

2. Observe what is happening around you

Many entrepreneurs have come up with their great idea when going through unpleasant situations when they carry out a personal procedure or when they have some unmet need. Keep in mind that startups usually solve a problem that others have not detected or simply no one has dared to start it.

Pay attention to the challenges your friends, family and acquaintances face on a daily basis. It is likely that you can offer a very particular solution.

3. Know who you want to impact with your business

Determining the characteristics, tastes and preferences of your target audience will allow you to create the right products or services. Likewise, it is an essential element to guide the corporate image and create effective marketing strategies.

4. Seek support and allies

You don’t have to embark on the entrepreneurship journey alone. Complement your talents with those of others and enrich your project with different points of view. Adding key profiles to the management team, consulting experts, belonging to a community of entrepreneurs and seeking financial help from government institutions or private entities are some aspects that you can consider.

5. Stay up to date with trends

Take advantage of digital tools and emerging models of management, leadership and ways of working. It is indisputable that the use of technology provides a competitive advantage, streamlines processes and facilitates decision-making. That is why you must stay in constant training with your work team in the face of the most current trends and incorporate them into the operation and administration of your business.

Here are a few last tips: patience, perseverance and discipline are the greatest allies of entrepreneurs. Additionally, it is necessary to develop other attributes such as flexibility, resilience and adaptability. And don’t forget to add high doses of authenticity, always projecting the personality of your brand through your own language.

Act! There are many ideas, but those who dare to implement them are not so many. And if you need more inspiration, you can read the stories of these amazing Latino entrepreneurs.