If you wonder what it is to be an entrepreneur, at UNIR we tell you what it is and the keys to becoming an entrepreneur with a future in Ecuador.
If you have ever wondered what it is to be an entrepreneur, at UNIR we tell you what it is and the keys to becoming an entrepreneur with a future in Ecuador.
Entrepreneurship is a capacity that people have to discover, build and identify a business opportunity and develop it , with an innovative and creative vision. Creating a company from scratch is a great challenge, perseverance and perseverance are needed for things to work and above all patience.
The entrepreneur must also have or develop some characteristics and attributes to lead his business to success: leadership, responsibility, organization, understanding of risk, ability to adapt to changes, autonomy, initiative, etc. One of the advantages of being an entrepreneur is that you can be your own boss, set your own hours and rules.
Ecuador, a country with a high entrepreneurial potential
According to the statistics of the Global Entrepreneurship Monitor GEM , in 2019 Ecuador was one of the most entrepreneurial countries in Latin America and the Caribbean , always above the regional average and efficiency economies.
The main indicator used to determine the activity is the TEA (Entrepreneurial Activity Rate). In 2017, around 3 million Ecuadorians between the ages of 18 and 64 started a business or had one less than 42 months old; for 2019, a TEA of 36.2% was registered, higher than that of 2017, which was 29.62%. This means that 3.6 million Ecuadorians started a new business .
In Ecuador, an enterprise can be classified depending on its sales and the number of workers :
- Micro-enterprises: from one to nine workers.
- Small company: from 10 to 49 workers.
- Medium company: from 50 to 199 workers.
- Large companies: more than 200 workers, as long as it does not exceed 10 years of creation and 10 million dollars in sales.
The most common ventures in Ecuador and with profitable results are:
- Sale of organic products.
- Digital Marketing Consulting.
- Courses or private classes.
- Clothes shops.
- Fast food and healthy food businesses.
- Barber shops or beauty salon.
- Online stores or internet sales.
- Technology sale.
- Event planning and catering.
Keys to undertake in Ecuador
Entrepreneurship is a very transcendental decision that must be assumed responsibly, and it is up to each person to turn the business idea into a profitable company. For this, it is very important to take into account the following:
- Knowing the market through a study will help to identify your possible potential clients, the demand that the product or service will have, identify the competition and thus reduce the risk of business failure.
- Structuring and preparing the business plan will allow us to have a clearer vision of the future and the viability of the company, determine short, medium and long-term objectives, create sales strategies, establish budgets and obtain financing if necessary.
- Analyzing the competition is one of the most important points when you want to start a business. It is essential to analyze their characteristics and know if they are really satisfying the needs of the consumer, since in this way new sales strategies can be developed and the competitive advantage found that makes the business stand out from the rest.
- If the business is going to start operating, it is essential to comply with all legal requirements , mainly the opening of the Single Taxpayer Registry -RUC- and continue with the municipal, firefighters’ operating permits or as appropriate to the activity.
- Training you and continuing with your academic training will give an important turn to entrepreneurship, it will allow you to develop projects, learn how to promote the business, formulate and establish strategies, analyze results and take improvement measures, avoid risks, among others.
When undertaking, you must be willing to try and take risks , in addition to being aware that there may be failures and failures that must be assumed, corrected and start over to be successful.
Before starting a business, it is important to learn and learn more about the keys to promoting the business model, which can be achieved through continuous training .
UNIR offers the technology-based Master of Entrepreneurship and Business Management that will help you design and develop your own business project with a sustainable and ethically