The Latino Entrepreneurial Spirit
by Alice Arandia, Commercial Director
I was only 19 years old when I first traveled to Bolivia, in the heart of Latin America. Little did I know then, all that this region of the world would teach me about business.
So, what is this entrepreneurial spirit that so many Latinos have? And before I start, yes, I am very aware of the dangers of stereotyping, but this is a trait that I have seen across Latin America, over many years, at all levels, and it is something that has inspired the way I do business. You don’t just need to look at the top levels; the Carlos Slim’s of this world, to see the Latino entrepreneurial spirit.. you just need to take a drive out of town, and meet the street vendors. Women, men and even young teens, clamber to the window of your car, each trying to out sell the other while they offer you a wide array of goods; be that windscreen wipers, baking, fruit or beverages, for your journey. If you are a regular some will recognise you and they master a patter that they believe will charm you. Their sales skills may be rather aggressive for the UK market, but they are persistent and they are innovative. Many underestimate these street vendors but I observed carefully how they adapted their sales techniques to the preferences of their clients, as more and more expats arrived in Bolivia in the 1990s. Their intuition, flexibility and adaptability is something many companies could learn from.
In order to be a successful business, it is important not just to have a product or service to sell, but to fulfill a need that your customer has, sometimes even before they know it themselves. When I lived in Bolivia, I was a regular user of their excellent taxi service. What I loved most, though, wasn’t how quickly they would arrive at my door, and get me to my destination but that I could call a taxi to collect shopping for me, or a takeaway, pick up an order from the printers, or collect a report from my office and deliver it to my client (this was before email!). Bolivian taxi drivers had services rather like Amazon, Uber or Deliveroo long before these services were launched elsewhere, and before any company in the UK, that I am aware of anyhow, thought of this idea.
Across the 33 countries of Latin America you will hear similar stories of the entrepreneurial spirit, yet it continues to surprise me that it is a region that is often ignored, especially by British businesses. Several years ago I attended a conference on international business; to my horror one speaker stood up and said that he wouldn’t recommend doing business with Latin American companies unless you “had a moustache and wore trousers”. This was admittedly a good few years ago but it isn’t the last time I have heard such a ridiculous comment made. Latin America has seen 4 female Presidents in the last 20 years, and many female CEOs. In fact one of the things that I enjoyed most in Bolivia was the number of incredibly competent women I came across in high level positions. Undeniably, like everywhere, of course, there are sadly still inequalities, however the idea that it is a macho society where women cannot succeed, or are not respected, is, from my experience, absurd. I have come across as many women as men in Latin America, who inspired me with their entrepreneurial spirit.
So what can we learn? The upheaval of the last few months, and the ongoing devastating effects of this Covid19 pandemic have created an unprecedented uncertainty for many of us. We have had to adapt quickly to new work methods and adopt new technology. One thing I am grateful for is that I am quite adaptable, I cope well with uncertainty and changes in plans. It is a skill I know that I developed while I lived and worked in Bolivia. Things never seemed to go quite to plan there, whether it be a meeting planned for 10am that noone turned up to until 11am, or a project plan that everyone seemed to be ignoring, there was always a spirit of “we’ll make it work” and “lets get on with things” and somehow we did. Mastering the skill to take things in my stride, and also to see opportunities in adversity, certainly saved me a lot of stress. Entrepreneurs, now more than ever, need to be adaptable, need to look for new customers if needed, and need to learn about new markets, so lets learn from the Latinos, take things in our stride, and seek opportunities wherever we can.
If you are interested in exploring business opportunities in Latin Ameria, we are here to help. We can provide market knowledge, carry out market research and feasibility studies, identify key contacts for you, provide training and orientation. Our services are tailored to your requirements, and we work with you to explore market opportunities, and find the best way to grow your business internationally. One thing for sure is that there is a large pool of experienced, skilled personnel, and entrepreneurs, there ready to help you grow your business.. let us help connect you with them.
Hasta Pronto!
