Ieva Bruksle: You have to be different to survive

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Everyone knows that when building a house, the most serious work must be invested in building a strong foundation. The same is true in business. Every new entrepreneur has to put the most work into creating their own specific vision of what the company will do: what goods or services will be produced and in which market it will be promoted. Without this vision, it is difficult to start doing anything at all. It is just as difficult to seek support for your business, because potential partners – private or public – will not be able to perceive what is really needed and how to help develop the business.

The best that can be is experience

The new entrepreneur has to develop specific criteria for himself, which he considers important in the cooperation with each other and what is the goal of this business in general. It must also be clear who the partner you are looking for must be and what criteria he or she must meet. You need to understand whether you want to work with a large – small entrepreneur, wholesaler – retailer or other intermediary. Experience shows that finding a new partner and starting a collaboration is most often unsuccessful in the long run if the young entrepreneur has not defined at the outset what he wants: what kind of collaboration, what kind of partner should be where to promote a product or service and so on.

What does an entrepreneur want?

To build a successful business, you must first seek support. I will emphasize again – it is primarily a matter of clearly and specifically defining for myself – what and where do I want? The next step, for example at international level, is cooperation with embassies. One of their tasks is investment and export development. So, if you are approached with a specific request to start or develop a business or make new contacts, they can really help in practice.

In Latvia, practical support for business orientation is provided by both Latvian Investment and Development Agency (LIAA), though Latvian Chamber of Commerce and Industry (LTRK).

For further contacts, you can contact various foreign cameras located in Latvia. We have German, Baltic, Canadian, American, Finnish and others. In general, the possibilities are. There is also real support. Most importantly, once again, define clearly and concretely what the business will be and which market you want to enter, as well as what specific support is needed.

Trade is the essence of Arabs

One must immediately understand who the buyer is, what the state is. Let’s say that eco-products can be highly valued with high purchasing power in one country and unnecessary, undervalued in another. This is an important point, what I emphasized above: you need to do market research, you need to understand the value of a particular product or service. In one country, an entrepreneur may charge a mark-up of 70% or more, while in another country there may be a survival regime.

Virtually every entrepreneur primarily bets on costs, the next step is to look at what’s going on around them. What are the competitors, what are the market prices there. A similar price is then established, corresponding to market averages.

In the Arab world, nothing happens without a trading process. That is their essence. They will even be offended if the buyer does not want to trade. It’s just their market culture, it’s normal for them. This is not common in Europe and Scandinavia. An entrepreneur needs to understand the culture of each country as a whole and the features of a business culture in order to be able to integrate their business locally.

Fast, convenient and cheap. How does it work?

It is necessary to study what is on the market, what is on offer, look at competitors. Simple for comparison. Then we have to understand, can we be different at all and with what can we form differently? If there can be no difference and there is no regional principle, when an entrepreneur goes to a place where he simply has no competitors, then you just have to go and look – physically or on the Internet, on social networks. An analysis is needed. Currently, business is transparent, everything happens in public. Also to make it easier for the customer to find a business. There are simple details to analyze: working hours, delivery methods, layout and the like – all classic things. They will also make you different from your competitors. At the moment, the customer needs: fast, convenient and cheap. Simple!

Today, many entrepreneurs are increasingly developing online marketing. If you ask me, I answer that it is not faster. For many, it’s not even more convenient. It is also worth thinking about.

Everyone needs an airbag

This time, like any other crisis, is a great illustration of the importance of building timely financial savings. For both entrepreneurs and individuals. Everyone must have an airbag, firstly, peace of mind and, secondly, to survive the crisis normally. No one ever knows how long it will last. Others create shopping lists, budget planning, use various applications. We have to be careful about our impulse purchases, when we are in a supermarket, we see colors, we feel the smell, promotions and we just buy a lot of things that are not necessary at that moment. You need to pay attention to it and learn to control it. I have to practice conscious consumption when we know clearly – yes, this is exactly the product I need now. If the previous phone is already worn out and not performing its functions, I choose to buy a new one because I really need it, not because it is my current weakness.

The most important thing to do is to help yourself in the most difficult time.

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