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How to Support Entrepreneurs in this time of Contingency?

Updated: Dec 30, 2022

With regard to World Entrepreneurship Day, we want to highlight the resilience, drive, and desire to get ahead of Colombian entrepreneurs. Because the key during any crisis is to have the ability to accept that it is necessary to innovate over and over again.

Not for nothing, "in Latin America, Colombia is the third most dynamic country in entrepreneurship", according to the Global Entrepreneurship Monitor, called the largest research worldwide that measures business activity within countries. Bogota has the highest rate of entrepreneurial activity (21%) in the country, according to an analysis by the Bogotá Chamber of Commerce.

And it is that the needs of consumers are still valid during the pandemic, and other needs arise demanding innovation in processes and products by entrepreneurs. So why support entrepreneurs and how to do it in this time of contingency? Here we tell you.

8 reasons to support entrepreneurs

  1. By buying directly from local enterprises and businesses, you contribute to the growth and strengthening of the economy.

  2. The jobs of the enterprises are maintained and possibly new jobs are built.

  3. On most occasions, the ventures bet on offering sustainable and environmentally friendly products. If you choose to buy products from these enterprises, you also contribute to caring for the environment.

  4. Unique, original, and special gifts are achieved. Whoever receives a detail purchased from an enterprise has something different, which has been done with dedication, and in some cases personalized.

  5. You get excellent customer service. For entrepreneurs, their customers are very valuable, and they attend to them appropriately, answer all their questions, and talk about their products or service with passion. Finally, they know that a good experience will be reflected in a recurring customer or who recommends it to their friends. Here the saying of "attended by the business owner" applies.

  6. Quick delivery of products. Buying local guarantees that there is an advantage in shipping times. However, it must be taken into account that some ventures are adapting to these new modalities.

  7. When you buy from entrepreneurship, you support creativity, original design, and innovation. Local talent is very valuable.

  8. "The money stays at home." Unlike buying from department stores or buying imported products, entrepreneurs circulate money because they often source their raw materials from local suppliers as well.

Why is it important to formalize your company?

First of all, it is extremely important to keep personal finances separate from those of your business. Although you can do this without having to formalize your company, there are legal implications that you must take into account. When you create a company, you establish that the assets belonging to your business are separated from personal assets, which, in case of bankruptcy or some financial problem of your business, will help you, since it will not affect your personal assets but only It will affect your business.

Secondly, by having a formalized business you project more confidence to your customers. Although you probably already have their trust, formalizing your processes helps to empower them even more. In addition, it allows you to build a solid image in front of your current and potential clients, suppliers, and the general public, which will greatly help the growth of your company.

What benefits does formalizing your company bring?

Access to a wider market

By formalizing your company you have the opportunity to access much larger markets than you can access with an informal business. You have the ability to sell your products or services to larger companies, which will help you expand your market and grow your business. In addition, depending on what your company is, you can register in the Public Market and participate in State tenders.

Special credit opportunities

Another of the benefits of formalizing your company is that the doors are opened for better credit conditions, which in the informal sector is quite complex. You can opt for special loans for micro, small and medium-sized companies, which allow you to invest more capital in your business with the aim of promoting its growth.

Access to financing for companies

By formalizing your company, the financing opportunities for you grow exponentially. Both CORFO and Sercotec have programs for formalized ventures in their different stages of growth. The funds delivered are not refundable, so unlike a loan, this is money that you can invest without having to return it, you just have to justify your expenses and strive to meet the objectives proposed in your application. You can visit the CORFO or SERCOTEC website to find out about calls and dare to apply.

Potential business partners

When you are a formalized company, you project greater trust and credibility, as we saw previously. This also helps others see you as a potential partner when doing business, which could further help you expand your market and in turn generate more competitiveness to grow your business.

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