People around the world are embracing the expat lifestyle, a life outside of their home countries, in search of new opportunities. Expat entrepreneurs are leveraging their new environment to start or continue businesses abroad. Discover how these intrepid business owners are finding success while navigating a different culture and language.
1. Beyond Borders: The Adventurous Journey of Expat Entrepreneurs
Across the world, adventurous entrepreneurs have been taking the plunge and immersing themselves in the world of expat life. Whether they’ve taken their startup, or joined in on another, these innovators are taking on the creative risks associated with starting a business in a new country.
- Working in an unfamiliar culture and language
- Wading through an unknown legal system
- Adapting to ever-changing customer needs
In a post-COVID economic landscape, going the entrepreneurial route has become increasingly attractive relative to other career options.
For expats, this risk is often compounded with those associated with life in a new country. But for many, that risk is part of the just reward.
Being an expat entrepreneur requires an immense amount of resilience. Expats are often tasked with the challenge of finding their way around foreign cultures and navigating tricky paperwork. In addition, these entrepreneurs are often subject to language barriers and require extra effort in order to build connections in their new environment.
For expats with an entrepreneurial spirit, the challenge of starting a business in a foreign country is often outweighed by the potential for personal growth. By taking risks and pushing boundaries expats gain newfound knowledge and understanding of the way business is done in different cultures.
The rewards of being an expat entrepreneur are manifold. Having the opportunity to learn and grow while living abroad cannot be overstated. From discovering new ideas and adapting to different cultures to exploring and learning, the journey of being an expat entrepreneur is truly beyond borders, and an adventure like no other.
2. The Maverick Path: Expanding Horizons and Business Abroad
We have all heard of the idea of a “maverick”— someone who fearlessly embarks on a path without getting easily discouraged. When applied to business, the same qualities can help you expand into international markets and develop your business abroad. With the right foreign investment partners, expanding your business internationally could open up opportunities you have only dreamed of.
Understand the Marketplace
The first step in taking your business overseas is understanding the marketplace. Even a slight difference in regulatory standards or cultural norms can have a major impact on your business. Before venturing overseas, take some time to do research and familiarize yourself with the specific overseas market. Understanding the complexities of the marketplace can help you navigate any obstacles you may encounter.
Choose an Investment Partner
When expanding overseas, it is important to carefully select the right investment partner. Once you’ve identified potential partners, research each one; this is a great way to make sure they align with your vision for the business. During the selection process, consider every element from business objectives, risk appetite, legal compliance, and cultural fit.
Secure the Right Resources
Having the right people and resources will help your business succeed overseas. Recruit local talent and seek out those with the right skillset and experience. Make sure to have a mix of professionals from both the home and host countries. Additionally, establish local partnerships that can provide:
- Access to local resources
- An understanding of local markets
- Expertise to inform trustworthy decisions
- Regulatory guidance and accountability
By leveraging the right resources, you can ensure you have the foundation for a successful venture abroad.
3. Unleash the Entrepreneurial Spirit Abroad: Expat Tales of Success
Are you an expat with a business idea? Perhaps you’re already an entrepreneur abroad? Moving to a different country can provide an incredible opportunity to develop and grow an innovative project of your own. This section celebrates the inspiring stories of some of the success stories from across the world showing how expats can harness the entrepreneurial spirit and make their dreams come true.
When Ideas Take Off. Surrounded by Lyons’ bustling business world, Veronica decided to take the plunge and launch a consulting business. With skills honed from previous roles, including international management and sustainable development, she combined her knowledge and expertise to start We Consult in Avaloy. The business has taken off and her clients range from private companies to international organizations.
Starting Something Unique. Jane was already an established social media professional when she moved to Turkey, but she could no longer deny her true passion. She decided to set up a small café in Thessaloniki specializing in gluten-free breads and cakes she had been experimenting with before her move. Almost three years later, her business is still going strong with the café regulars returning regularly for new delicious treats.
Global Positioning. When Jack left his home country for a business opportunity in Madrid he had no idea that he would become a Fortune 500 business owner. After settling in he got to work and soon set up his own online travel company. With a competitive business model, market analysis, and an eye on international trends, he was able to expand his business and reach customers around the world.
Doing Business with Passion. For Arjun, starting a business abroad felt like being part of something bigger. His Belgian based company specialised in market research and was quickly picked up by global clients. With a keen eye for customer service, enthusiasm to learn, and an insatiable desire to keep innovating, Arjun’s company has established itself as a leader in the industry.
These are just a few of the incredible stories that demonstrate the success that can be found when expats embrace their entrepreneurial spirit and pursue their business dreams abroad.
4. Breaking Barriers: Expat Entrepreneurs Redefining Borders and Business
In a world where physical and metaphorical borders divide us, expats are breaking barriers and redefining borders through entrepreneurship. Those who make the life-changing decision to uproot themselves from their homes and embark on a new journey abroad end up playing an integral role in how businesses and economies develop.
It all starts with an idea, and these entrepreneurs act on it. They pluck up the courage and seize the opportunity to make their dreams come true — overcoming language obstacles and cultural differences to build companies that ultimately benefit everyone, including those in their home countries.
Take Johnson Teoh from Malaysia, an expat entrepreneur who now lives and works in Singapore. While pursuing his MBA in the Lion City, Johnson identified the potential gap in the electronics recyclables market and co-founded Leyi Technology, a technology recycling company with a central mission of reducing electronic pollution. Through the company, he was able to build bridges between the two countries and create employment opportunities for locals and expats alike. Similarly, Nazzir Payapillai, from Sri Lanka, set up 2circles, a tech-based language app, to connect expats and locals and create a channel of cultural exchange.
For an expat, carving a successful career abroad comes with a set of unique challenges. But, with confidence, hard work and the ability to think outside the box, any barrier can be crossed. Seeing the current success of these and other entrepreneurs, moving abroad has become an increasingly attractive option for many. Taking this plunge allows people to explore a new culture, create new ideas and unlock limitless opportunities.
- Johnson Teoh from Malaysia co-founded Leyi Technology to bridge the gap between their home and host country and offer employment to expats and locals.
- Nazzir Payapillai set up 2circles, a tech-based language app, to create a cross-cultural exchange.
- Being an expat entrepreneur means overcoming language barriers and cultural differences to turn unique ideas into reality.
Expat entrepreneurs have the world at their fingertips, and with the right guidance and resources, foreign business opportunities can become a reality. For anyone interested in attempting the next big thing abroad, don’t be afraid to take the first step – it could be the beginning of a whole new journey.