Mexican entrepreneurs among the most resilient in the world
We share 5 aspects that show why Mexican entrepreneurs are among the most resistant.
Until a few months ago, our day to day was very different from what we are currently experiencing. Little by little we are learning to adapt to this new normal. The situation we are going through has no equivalent precedent and it has changed the way we do things enormously. One of the more timely changes has been the increased adoption of digitization and e-commerce to help small businesses stay active and engaged with their customers during the pandemic. This is perfectly reflected in the recent GoDaddy Global Entrepreneurship Survey 2020 .
During this pandemic, the results of our survey refer to the resilience that entrepreneurs around the world have shown, and especially Mexican microentrepreneurs, entrepreneurs who, despite the difficulties and challenges that the pandemic has brought, are positioned among the most resilient in the world compared to countries such as the United States, Germany or the United Kingdom, among others.
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Beyond the economic and social impact that the pandemic has generated on small businesses in our country, we have seen multiple success stories that have emerged despite the complicated situation we are going through. And while we continue to face significant challenges, many entrepreneurs have found the perfect opportunity to take the next step.
From the adoption of new technological tools to new ways of communicating with clients, we share five aspects that demonstrate why Mexican entrepreneurs are among the most resilient:
1. Determined to get up
Mexican entrepreneurs and small business owners continue to display optimism, resilience, and determination to keep their businesses active. While 2 out of 5 Mexican companies had to close at least temporarily and 85% reported a reduction in revenue; 8 out of 10 respondents expect to recover within a year, compared to 7 out of 10 in the overall result. Additionally, Mexican entrepreneurs said that 86% expect to grow at least 25% within three to five years compared to 63% globally. Overall, 96% of respondents in Mexico are confident that they can continue their business, compared to 87% globally.
2. They identify the perfect opportunity
The COVID-19 pandemic prompted many entrepreneurs to take the next step, either to start their own project from scratch, or to join the wave of digital transformation and continue to connect with their customers. In fact, 1 in 5 Mexicans started a secondary company or business as a result of the pandemic, compared to 1 in 6 globally.
3. New ways to connect with your customers
Taking advantage of the digitization trend is crucial for today's entrepreneurs. With the social distancing measures that continue to exist in Mexico and in the world, digital channels have proven to be the best way to continue close to customers. And using digital channels to help grow your business online offers the ability to expand services and products to other states, and even abroad. According to the survey, 3 out of 10 Mexican entrepreneurs implemented e-commerce tools to continue selling their products or services. Similarly, among the businesses that reported already having a website, 7 out of 10 also use social media platforms, such as Facebook or Instagram, to offer their products or services, and 44% do so with WhatsApp; however, there is still 18% that do not have any kind of online presence. Therefore, our commitment is to help all entrepreneurs to join a world full of new possibilities hand in hand with digitization, thus promoting a more inclusive economy for future development and growth.
4. From digital presence to online sales
Having a digital presence is an important step for entrepreneurs, and implementing online sales systems may be the next key goal in offering a more complete service experience for customers and unlocking new opportunities for a business. According to our 2020 Global Entrepreneurship Survey, in Mexico 18% of respondents implemented online sales in response to the pandemic, while 36% are considering doing so. Also, 34% say that having a website with digital marketing tools is the most important strategy at the moment for e-commerce to be successful.
5. The road ahead
Mexican entrepreneurs are aware of the aspects in which they must improve and update; Identifying new opportunities is critical to moving forward. For example, of the companies that have yet to implement online sales, 5 out of 10 respondents say they need technical support to transition to an online scheme. Similarly, 37% say they do not have the technical knowledge to implement this transition. Today, more tools and guidance are available online for small businesses and entrepreneurs to learn more about the benefits of connecting and how to get started.
We could think that this digital revolution only concerns certain sectors; however, it is a reality that runs through most industries. Restaurants, wellness and beauty companies such as gyms or studios, entertainment and arts businesses, hospitality, and even education, healthcare, and the automotive industry, are being impacted today by digitization.
In the midst of this new way of approaching innovative strategies and adapting their businesses, entrepreneurs must see technology as their ally, especially in these challenging times, using all available resources to their advantage. If entrepreneurs are still deciding between websites or social networks, the truth is that both complement each other perfectly.
Entrepreneurship will always be an adventure, and one way to achieve success is to rely on the right support, guidance, and tools to turn challenges into new opportunities.