Why Do Business in Emerging Markets?

It is no question that we live in a connected world, especially in business. With all the technological advances that have been introduced over the years, there are many opportunities to take advantage of. When I first launched my online payment processor, I recognized a niche that had a lot of potential. I saw that online payments take advantage of the technological resources available to us and find the best ways to utilize them. No matter what niche you are in, as an entrepreneur, your focus needs to be on where to take your business next. As you continue on your business venture, you will learn new things about your industry, and capitalize on its developments to progress.

I put a lot of my efforts into remaining innovative. As society and everything in it evolves, thinking critically is imperative to remaining competitive. When you think about your business and what you want for it, you have a certain idea and path you want to take, but with any industry, it is important to think outside the box. You first launch your business with a target market, for example, but as your business continues to thrive and gain success, you can see it begin to reach new niches and markets, and when this happens, you must be ready to seize the opportunity. You should always be asking yourself where can I take my company next?

We are so dependent on the markets that directly involve our company that we sometimes forget that there is a whole other world outside of the one we’ve created for our business; there are so many market segments to be explored. Due to this, I strongly urge doing business in emerging markets because, not only can they be lucrative to your company, but they also open up an array of other possibilities.

Full of Opportunity

While working in the online payments industry, I saw an opportunity to tap into an emerging markets, the market of Bangladesh. There are some countries in the world that are not on the same level as others, technologically speaking. Bangladesh is one of those countries. It is a market that is just as smart as our, and has a lot of the same needs as we do, but it lacks the economic advantages and the infrastructure needed to provide the services and products that the online payments market sees on a regular basis. But for all these reasons – reasons that others would conclude to be a poor prospect – I saw potential.

This was an opportunity to help an underdeveloped country meet its potential. Launching business in emerging markets opened up a variety of opportunities. For instance, emerging markets inspire innovative solutions that would otherwise not be looked for in first-world markets. By looking at the world from their perspective, it will allow you to look outside of the box. Emerging markets force you to work on a different level, and this will help to spark creativity for your business anew. I would argue that the opportunities are endless when you step out of your comfort zone. Your business can only expand if you help a new market, niche or customer segment to do the same. As an entrepreneur, emerging markets allow you to experience growth on another plain.

Competitive Advantage

As business owners, our goal is to create a successful, thriving business. We enjoy having the security of moving our business into markets that will help us grow it and obtain new goals. However, many entrepreneurs, young and old alike, fail to realize that emerging markets help us achieve this. Sure, they may be in unfamiliar territories to some, and there is risk involve, but the reward to this risk can be incredibly advantageous (and there is no such thing as a risk-free business venture anyways). In actuality, doing business in emerging markets gives you a competitive advantage. These are markets without resources, not income; they are willing to spend and, with their high demand and low supply, by providing needed products and services, this is an opportunity that can be very lucrative to your company.

Doing business in emerging markets is something to consider seriously. As entrepreneurs, we are constantly looking for ways to expand, as well as learn. Emerging markets give you and your business the ability to do just that.