Entrepreneur in Spanish- Foolproof Strategies

Entrepreneur in Spanish- Smart Marketers Do This; Their Competitors Don’t

Entrepreneur in Spanish- Foolproof Strategies for getting more traffic.

Entrepreneur in Spanish. Although the English language is used primarily in the business world today, entrepreneurs cannot discount the fact that they also need to deal with other markets through the use of other prominent languages such as Mandarin and Spanish.

Global expansion is becoming the trend even in small businesses because of the advancement of technology. There is unlimited potential for various markets to be tapped but businesses need communication to be efficient and effective.

As such learning Mandarin or learning Spanish for Business purposes is essential among those who are already employed and among those who would like to be hired.

Businesses that would like to stay strong in the age of globalization have to make provisions for their employees to learn and to train in other languages so that they can explore business possibilities with emerging economies from various parts of the world.

In the US alone, the Hispanic population is increasing and this means another growing segment of the market for those who are doing various types of businesses. This market is also increasing its buying power over the years.

 

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Christopher Columbus was born around 1451 to a father, who worked in the textile industry as a wool comber, and was of small means.

Today’s Perspective: Christopher Columbus was not well-connected and he had to build his professional network to achieve his goals. Certainly, funding was not to be found among family and friends of his early childhood.

Professional Background

Columbus spent his youth sailing on small vessels. In one of his writings, Columbus claims to have gone to the sea at the age of 10. Yet, a seemingly contradictory statement by the admiral has him becoming a sailor at 14. In the early 1470s, he served on a Genoese ship associated with the failed attempt to conquer the Kingdom of Naples.

However, during the same years of 1470 – 1473 he can be found following the family business of weaving. In May 1476, he sailed on a convoy attacked by a privateer – two of the four ships escaped. His voyages continued into northern Europe. In 1479, Columbus settled in Portugal, where he worked with his brother as a mapmaker.

Today’s Perspective: Christopher Columbus had some experience in his industry. His resume is spotty. Nothing stands out or demonstrates any remarkable abilities at this point. Being a part of some failed or disastrous voyages is not optimal for asking investors for funding in later years.

Personal Background

In 1478, he married a lady of some rank, Felipa Moiz de Perestrello, daughter of Bartholomew Perestrello, a captain in the service of Prince Henry the Navigator, and also cousin of the archbishop of Lisbon.

Today’s Perspective: Now here’s some potential to get family and friends as investors, or at the very least, the ability to make some introductions and connections to those institutional investors (monarchs) and the super angels (noblemen).

Identifying the Problem and Need

In 1453, the Ottoman Turks took over the land-based trade routes to Asia, which made travel through the region dangerous and difficult. Thus, there arose the urgent need to discover a new sea route to reach India and China – vital sources of silk, spices and opiates

Today’s Perspective: The political winds changed, causing profits to be curtailed from a sole source supplier with no other geographic location being able to provide suitable replacements. There we have it: customers desperately seeking a solution to an urgent problem.

Over the decades, I’m sure they tried other solutions, but apparently none were adequate. And where there is profit, there is progress, and the greater the profit, the greater the progress and the greater the funding to create the progress. Here the investors were trying to solve a big problem.

The Product Concept

How Columbus arrived at his idea is not known, and many of the details are disputed. It is said that while working as a mapmaker, he came in contact with many mariners and seamen. There were books written about previous exploration to the east. He is said to have corresponded with some of the thought leaders of the day concerning his proposal.

Today’s Perspective: Columbus had a spark. He didn’t take a half-baked idea directly to the investors. He spent some time researching it, discussing its points with those current day experts – the mariners that required maps, and corresponding with the thinkers of the day.

He refined his idea and proposal. Columbus’ investment community was rather small. There were only a few that could afford to fund his proposal, likewise there simply aren’t a huge number of venture capitalists today and word gets around quickly.

Rejection and Death in Due Diligence

Columbus knew like the rest of the explorers of that day that the earth was spherical and one could reach the east. In 1485, Columbus presented his plans to the King of Portugal. He proposed the king provide three ships and grant Columbus one year to sail west into the Atlantic to search for a route to Asia.

The king submitted the proposal to his experts, who rejected it. In their opinion, Columbus’ proposed route of 2,400 miles was far too short.

Although the king’s council was negative, the king was yet inclined to favor the theory of Columbus. The king brought the proposal to the bishop of Ceuta, who suggested the plan be carried out in secret and without its author’s knowledge.

A ship was dispatched, but it returned shortly after beginning its voyage as the sailors lost heart and refused to venture farther.

Today’s Perspective: It would be a miracle today if an unknown and unproven entrepreneur could secure major funding from the first investor meeting. The king did exactly what the venture capitalists and angel investors do today; they validate the technical aspects of the proposal through their network of experts in a broad range of fields.

n Columbus’ case, the experts weighed in with serious concerns about the technical merits of his proposal – and rightly so. Columbus’ lack of experience in sailing made him underestimate the circumference of the earth.

As to the secret voyage, well… that’s when investors like the idea, but don’t like the entrepreneur. It’s when investors feel they want to appoint a more suitable management team. In Columbus’ case, the investors didn’t feel he would be adding much to the execution phase.

Investors’ Motives

In 1488, Columbus approached the King of Portugal once again, and again it came to nothing. Henry the Navigator had revived an old proposal for Portugal to pursue a sea route around the southern tip of Africa. In 1487, the Portuguese mariner Bartholomeu Dias set sail to round the Horn of Africa. In late 1488, shortly after Columbus’ second meeting, Dias successfully returned and Portugal was no longer interested in seeking a westward sea route to Asia.

Today’s Perspective: The investors liked Columbus’ proposal, they tried it, but it didn’t work. So they sought a solution elsewhere and chose to fund a solution that was proposed by a successful and proven mariner – Prince Henry the Navigator.

The entrepreneur is never the only proposal being presented to the investor; there will be many. Once Portugal had solved its problem, it was time to seek funding elsewhere, perhaps with a competitor.

Persistence and Searching Harder for an Investor

Columbus had difficulty finding funding for his voyage. Many of his proposals were rejected by the various European monarchs. While presenting his proposal to the monarchs, he continued to meet with noblemen, seeking their advice, and help in securing connections and funding.

Columbus persisted as the royal experts debated his proposal and subsequently denied its merits. There were moments when Columbus is reported to have fallen into deep despair.

When he presented his proposal to Ferdinand and Isabella of Spain, it received the same ill-fated response. Some moments were poorly timed, as the Spanish monarchs were in the middle of a struggle that resulted in the conquest of the Granada Moors.

However, the Spanish monarchs offered him an annual allowance and provided him food and lodging at no cost in all cities and towns under their control, just to keep him from taking his proposal to someone else.

Queen Isabella rejected Columbus’s plan three times before changing her mind. Columbus’ terms – the position of Admiral, governorship for him and his descendants of discovered lands, and ten percent of the profits for all trips made by Spain to the new lands, for all time. Finally in 1492, the monarchs approved his proposal and helped him set sail.

In August, his expedition departed and arrived in America on October 12. Columbus stumbled upon America. He returned the next year and presented his findings to the monarchs, and Spain entered a Golden Age.

Today’s Perspective: Persistence matters a great deal in the start-up game. Unless you’ve got a spectacular track record, funding won’t happen quickly – not in a week, not in a month. Entrepreneurs have to persist for some time and there will be those times when the entrepreneurs wonder why they are doing it.

Cisco was rejected by 77 VC’s before securing funding and it was near a 1,000 rejections for Colonel Sanders of KFC. It takes a strong ego to survive that much rejection.

Timing is everything in capital markets. If the entrepreneur is seeking funding from venture capitalists, private equity firms, angel investors or just about any kind of outside funding, it is all somehow connected to the capital markets. In Columbus’ case, it was the struggles between countries and empires.

 

Businesses have to think of strategies in order for them to be able to tap into this market aside from hiring employees or workers who can speak other languages besides English. Entrepreneurs who would like to expand further also have to consider another major language that is used in business such as Mandarin.

The Chinese economy is growing quickly across the globe. Those who would like to take the opportunity to do business in this market also have to include training employees especially those who would be handling transactions and providing customer support using the clients’ language.

Besides learning Spanish for business purposes or learning Mandarin for that matter, there are still other groups of people who make use of other languages. These people are also potential markets for businesses around the world. Hence, communication among businesses across the world may pose a problem if entrepreneurs do not think of effective strategies that will facilitate their access to them.

Exploring the attractive markets is possible especially if there are no language barriers. Businesses may have the option to hire new employees who have the skills and the proficiency in Spanish, Mandarin or other languages that are used in transactions.

Entrepreneurs may also opt to send their employees to language classes. Employees who know the significance of learning Spanish for business or learning Mandarin and other languages would be willing to contribute not only to the growth of the company but also in attaining the overall objectives as well.

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