Becoming a successful entrepreneur doesn’t stop when you have launched a new business; in fact, your journey to success only starts from there. Starting a new business is one thing, but growing your startup is another feat to conquer.
How does one grow a startup business? There are many different ways. One fairly new approach to scaling a startup, however, is through cross-border entrepreneurship.
What is cross-border entrepreneurship and how exactly does it help in growing your startup? Here’s all you need to know.
What is cross-border entrepreneurship?
Cross-border entrepreneurship is an entrepreneurial activity that involves doing business in multiple countries to further develop a fledgling business.
Typically, doing so entails using resources in partnership with other entrepreneurs in different areas so that both businesses can benefit from each other.
How does having access to cross-border markets help startups grow?
Among the most obvious and most beneficial aspects of cross-border entrepreneurship is having access to cross-border markets. Access to new markets abroad provides more opportunities for growth and success for your business.
This is especially true when your business idea does not have a feasible market within your border. Sometimes, a business idea can work better in certain developing markets, where the need for your product or service is most apparent. With cross-border entrepreneurship, you can easily expand to other markets and more likely see more success abroad.
If your startup, however, is doing well in your country but you wish to scale up, cross-border entrepreneurship also allows you to broaden your reach and network overseas. Partnering with businesses across borders helps you to strategically position yourself in new markets which, in turn, helps your business to grow as well.
What are the challenges of cross-border entrepreneurship?
One thing to note is that no matter how feasible it is to grow your startup through cross-border entrepreneurship, it may not be the most viable step for every business. Most often, the challenge with cross-border entrepreneurship is the relocation itself.
Some startup entrepreneurs find it challenging to go abroad for two major reasons:
- They may not have access to the connections or funding they need in the location they are eyeing (more on that in the next section).
- There may be language barriers and differences in cultures, which is more apparent if you relocate to a country whose native language isn’t English.
Location is an essential consideration to make when deciding to bring your business overseas. According to US News, among the top 5 best countries to start a business include Thailand, India, China, Singapore, and Malaysia—all of which are located in Asia, where costs are more affordable, regulatory environments are more business-friendly, and the availability of various networks for entrepreneurs.
Language and Culture
Sometimes, the differences in language and culture could be a huge factor in adjusting your product/service—for example, you may need to translate your website or app to accommodate the language of your new market, or you may need to adjust your pricing based on the currency and industry standards of a certain country.
How can you make cross-border entrepreneurship work for you?
Networking is a crucial aspect of cross-border entrepreneurship, which is why getting support from startup clusters or startup networks is key.
Being part of a startup cluster, such as accelerators and incubators, gives you a competitive edge over others, as it helps you to connect with the right people. Networking with key people allows you to get access to funding and resources to help you achieve your goals.
Most importantly, cross-border entrepreneurship is all about building a community. You need friends, partners, and people whom you can trust. By being part of a circle of startup entrepreneurs and resource people, you can share ideas and help one another as friends, not competitors.
Need help with your startup?
Cross-border entrepreneurship offers valuable opportunities for startups to grow and to connect with other like-minded entrepreneurs.
If you’re a startup entrepreneur looking to bring your business overseas but don’t have the right resources to help you get started, Lykwyz offers affordable solutions for startups, enterprises, and everything in between.
If you need help with web development, graphic design, video production, mobile apps, AR/VR or blockchain technology solutions, Lykwyz can lend you a hand. Just send us a message at firstname.lastname@example.org.