Especially during a time of economic uncertainty, many Canadian entrepreneurs are hesitant at taking any time away from work. The thought of missing a business opportunity, combined with the guilt of leaving colleagues at the office puts some entrepreneurs in a tight position.
Is there a way to turn your vacation into a business generating opportunity while getting some much-deserved relaxation? I’ve had the pleasure of traveling with many an entrepreneur. I’m always amazed at how many successful entrepreneurs look for business opportunities while on vacation. The good entrepreneurs use a break to scan for opportunities while gaining some perspective on world business. Here are some tips for your next business vacation trip. [/intro]
Travel to Growth Countries
A trip to China, Brazil or India is not only exciting and adventurous but also can provide opportunities to evaluate growth markets. Regardless of the nature of your company, these markets provide opportunities for import and export for your company. Take a day or two to focus on the local economies and you may find an amazing opportunity to grow your business.
Check out Local Products & Businesses
Some of the best entrepreneurial businesses were formed by bringing foreign products/services to the local market. Starbucks chairman and Entrepreneur Howard Schultz built was inspired by a trip to Milan which gave him the idea to sell coffee and espresso through Starbucks. His experience with local cafes in Italy contributed to a multi-billion dollar business.
Talk to Locals and Expats
A business trip to Mexico a few years back was an eye-opener on how to truly evaluate business opportunities. Our business was tasked to analyze the Mexican Real Estate Market. I know, it’s a bit different than our actual business services, but we thought it would provide us with some divergent thinking. Anyways, we interviewed everyone we possibly could about Real Estate Market and everyone gave us a different opinion. We put ourselves in contact with local tour guides that provided us with key information on market conditions that were unavailable to traditional visitors. However, we tempered this by talking to ex-pats in the country who provided us with cautionary tales on real estate purchases, corruption and property management. In order to get a true understanding of business opportunities, it is always best to analyze the market from different angles. Put yourself in touch with people that can provide you with nitty-gritty information.