Venezuela, situated in the north of South America, is a picturesque region with varied topography. It has been a country that at one time was considered a safe bet by people in business, a place where investing could lead to higher profits.
However, the last few years have seen Venezuela spiral down in turmoil.
An oil-rich country, Venezuela is also a cautionary tale of placing all the eggs in the same basket. Recent cases of hyperinflation and all-around uncertainty under the leadership of President Nicolas Maduro has raised concerns regarding businesses in the country, and while the future remains indefinite, with a little bit of analysis, it is still possible to work in the country and sustain in this economic disorder.
Why Venezuela?
The problems with Venezuela started around the time oil became cheap. Having oil reserves higher than even Saudi Arabia, Venezuela always relied on its black gold to make money, never investing in other forms of manufacturing.
This made Venezuela, until recently, the perfect place for business as it merely imported whatever was required. Unfortunately, the present situation in the country is driving out many of its residents, but the fact remains that efforts are being taken to stabilise the economy and once achieved the state can go back to being prosperous.
Caution still needs to be considered as there have been reports of a possible coup which can temporarily affect all businesses.
Understanding the client
It might seem a little harsh to say, but at times uncertainties bring about opportunities that may not be available in a stable state. As Venezuela steps into a world of confusion, businesses continue to adapt in one form or another. Having a better understanding of the client and their needs can in such cases make all the difference. The country might be suffering from inflation and money is tight, but businesses carry on, and the market is still there, only the commodity has changed in value and appearance.
Business learning
One of the most remarkable characteristics to emerge from all the chaos over the last few years has been the ownership depicted by the locals towards their work. Even with the recent change in the currency, businesses have shown strength by continuing to work in Venezuela, and this has been a lesson in teamwork and the power of a support structure that benefits the entire community. As a result of all the changes, the management of various companies has become more receptive to ideas put forth by the locals which in turn has helped with the overall functioning of the businesses.
Entrepreneurship
A new breed of entrepreneurs is emerging from the economic debris of Venezuela. A host of young and aspiring men and women who not only want to continue living in their own country but also want to see it reach the glory of its past are working day and night to achieve success. Ideas are pouring in from all directions and be it about selling products with iconic Venezuelan art or making the most of cheap shipping costs, small businesses in basements are on the rise, supporting the community, and bringing that desperately required foreign currency back into the country.
