Although challenging, starting a small business offers ample rewards.
Undertaking Success: Mexican Love For Entrepreneurship
For the younger generations living in Mexico, entrepreneurship is one of the best economic support options, given the lack of employment and labor exploitation.
Many dedicate themselves to selling cosmetic or clothing items, while some others dedicate themselves to gastronomic endeavors, ranging from desserts to complete kitchen services.
One such case is that of Elizabeth López Ferman, entrepreneur and owner of a fruit and vegetable store in the Mexican state of Veracruz. She first set her shop when she was 28 years old and is now 35.
“I first started with a hot dog cart. It has generated significant earnings to date. However, I wished to invest my earnings and improve them,” said López Ferman. “I sought out different options on what to do and ended starting a small fruit and vegetable business, to the extent that now I have an employee who helps me with it.”
“I now have two small businesses that generate an income. Of course, it is not ‘free,’ as I have to invest time, money and effort to make it work, yet I find it very profitable,” she said.
Experience taught her the know-how of running a successful business.
“I discovered that I must sell quality products at reasonable prices, where I can still get a net income and have a satisfied customer,” said López Ferman. “I can proudly state that I can support myself and have a healthy number of regular customers to whom I sell daily.”
Another successful case is that of Marco León, 28, who launched Acid Alien Ink, a brand of caps and face masks with custom designs in acrylic paint to suit the client’s taste.
“I decided to start my own business due to lacking a decent job, and, later, due to the pandemic,” said León, who has a degree in communications from the Universidad Veracruzana. “It is challenging to land a job at the moment. The number of jobs that offer a decent salary is minimal, and many who get a job despite the COVID-19 [pandemic] may not earn enough to cover all their needs.”
Mexicans enjoy running their own businesses
“Launching yourself into having your own business is rewarding. It consists of doing things correctly, offering quality services and having a good marketing strategy — especially on social media, which broadens the customer availability,” said León.
There are stories of students who, starting from high school or university, create a business plan that allows them to form the basis of their future companies. Over time, they may establish them, especially with modern social media.
“My brand success is largely due to social media,” said León.
Mexican entrepreneurship still functions despite the global health crisis. Mexico is the second country with the best conditions to be an entrepreneur, according to the Organization for Economic Co-operation and Development. Every month, about 35,000 companies open in the country, the National Institute of the Entrepreneur reports.
One plus is that Mexico’s federal government helps these companies through several federal, state and municipal programs that encourage such activity.
A World Bank study in 2018 positioned Mexico as the 49th best country for starting a small business. Therefore, it comes as no surprise that young adults and students see entrepreneurship as a viable career option.
However, as people like León would attest to, the shows of support from both friends and online acquaintances can make or break a business.
“My main source of support came from acquaintances since they helped me recommend my products and share my work through social media, as it was something that interested people,” he said. “Alongside the Internet, the creation of content, design and a good management of social media has helped me gain popularity and generate customers.”
(Translated and edited by Mario Alberto Vázquez. Edited by Carlin Becker)