Many small business owners see expanding their operations overseas as a natural progression. Driven by a passion for their business and fueled by entrepreneurial dreams, they embark on an enthusiastic journey to invest in foreign markets.
Low-budget entrepreneurs, especially those investing in overseas markets, often feel the excitement and promise of entrepreneurship. However, this is not a casual undertaking. Low-budget entrepreneurs typically target small, cheap, and poor countries where local people have been struggling with unemployment and poverty for a long time. The presence of a foreign investor with better financial means can create myths and hopes around them, as locals dream of a new business that will provide jobs and better salaries.
In such poor regions, it is essential to approach the local society with caution, to understand their values and beliefs. Entrepreneurs must take the time to get to know the local people and their culture, as this will be crucial in gaining their support for a new business venture.
Small businesses often have a more personalized approach to customer service, which enables them to cater to individual demands and desires. This approach is essential when targeting specific demographics in a foreign market. Through my own journey around the world, I have gained a wealth of experience and knowledge about small businesses in different markets, which I will share in this and future articles.