When speaking concerning the important qualities of the entrepreneur, two are sometimes cited ardour and persistence. Nonetheless, there may be rather more behind these two attributes to creating a profitable startup. Typically, entrepreneurs in creating nations, similar to Costa Rica, have a tougher time discovering the help they should notice their enterprise goals, however, regardless of sure challenges, discovering the best resolution isnt inconceivable. Randall Castillo Ortega, the founding father of small- and medium-sized enterprise (SME) funding agency RACO Investment, discusses what entrepreneurs in Costa Rica have to get began on the trail to success.
In Costa Rica, Regulation 8262, Regulation for the Strengthening of Small and Medium Enterprises, its rules and reforms, got here to develop a regulatory framework to advertise the excellent improvement of SMEs in Costa Rica, in addition to the promotion of applications that strengthen innovation and technological improvement of those.
As soon as the necessity you wish to meet has been outlined, order the concepts, construction them and provides them an financial worth so that a marketing strategy might be developed that features the steps to comply with, in addition to the targets and targets. The enterprise mannequin, the delimitation of the service or product and advertising and marketing methods, amongst others, will permit you to be clear about the best way ahead.
Says Castillo, Design a company construction that lets you develop each entrepreneurship and the formalization of agreements, credit and strategic alliances. This company scheme should be tailor-made and, at a minimal, it should embrace the structure of the industrial firm, the signing of accomplice agreements and the registration of one of the crucial worthwhile intangible property: the model. Different processes previous to the operation can be important to acquire sure advantages, being an important one to register SMEs with the Ministry of Financial system, Business and Commerce, which is able to facilitate, amongst others, to take part in bidding processes and can grant them sure tax advantages such because the exemption of the cost of the Tax to Authorized Individuals.
A vital ingredient for the enterprise can be to outline its financing technique, which they normally begin with their very own assets (bootstrapping), resort to triple FFF financing (Mates, Household and Fools) and later with extra solidity and having skilled preliminary enterprise success, choosing different forms of financing such because the seek for angel traders, seed capital, or resorting to customized credit score choices, granted by some banks.
Creating a advertising and marketing and communication technique (social networks, e mail, chats) permits entrepreneurs to have a long-lasting relationship with clients. For this, it ought to be thought-about, that are the channels that finest go well with the shopper and at all times preserve all the knowledge up to date as a way to present an accurate service, with out duplication or errors.
Make environment friendly use of know-how. Asserts Castillo, For this, the foundations of use and advertising and marketing in social networks should be well-known, in addition to an accurate implementation of the phrases and circumstances that should be current within the platforms created to market services and products and develop contracts for his or her use. Inside this space, correct administration of the private information collected is important, all in accordance with the Regulation on Safety of the Particular person In opposition to Private Knowledge, Regulation 8968 and its Laws.
Within the case of merchandise, it turns into important that residence supply (if provided) is environment friendly and on time, as clients lengthy to have their buy as quickly as doable. If the supply is just not made by personal means, it’s important to create alliances that permit an accurate and immediate supply. An instance of that is the alliances with present courier firm networks or creating a brand new supply community.
Supply totally different cost choices, utilizing conventional means similar to digital transfers to different dependable cost gateways similar to PayPal, Security Pay and the totally different choices for cost with credit score or debit playing cards, particularly with contactless know-how.
As soon as up and working, always remember to care for the patron. Explains Castillo, The entrepreneur should know properly the obligations imposed by the Regulation for the Promotion of Competitors and the Efficient Protection of the Shopper and its Laws, not solely within the rights that should be assured to the patron, however within the obligations that the entrepreneur has to the right commercialization of the merchandise. They need to contemplate from the precise description of the services and products to the cost methodology, return and trade processes, software of the assure and an optimum indication of how reductions and promotions are utilized, all of this, to facilitate the patrons buy.
Within the case of eCommerce platforms, different obligations that the Regulation to the Shopper Protection Regulation establishes as a way to defend the patron within the context of digital commerce ought to be thought-about, together with the obligation to tell concerning the value, open a channel that permits the patron to supply options, inform clearly and fully concerning the phrases and circumstances of the transaction, in addition to the indication of the cost methodology, the affirmation of the acquisition and supply instances of the merchandise, amongst others.
Shoppers more and more demand the event of services and products that contribute to sustainability and to respect environmental rules as a way to be socially accountable. The scale of the enterprise is just not a restrict to develop methods and processes of company social accountability; it’s sufficient with small steps that may go from offering jobs to sectors little thought-about in society, to utilizing recyclable or reusable packaging that reduces the environmental affect.
These suggestions, an important ardour and persistence, along with due planning, self-discipline, innovation, a continuing curiosity in coaching and reinventing themselves, in addition to being accompanied by the perfect work staff, will permit entrepreneurs to evolve from a startup to a big firm.
About RACO Funding
RACO is a monetary funding agency serving small- and medium-sized corporations in Panama and Costa Rica. It was based by Randall Castillo, an knowledgeable monetary adviser who has his roots within the import and export business in Latin America. The agency has helped quite a few startups discover the monetary help they wanted to get off the bottom, and has additionally contributed bridge loans to help these trying to restructure or enhance their operations.
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