Insights

The Challenges Faced by Entrepreneurs While Starting and Operating Business in a New Country

By

Aidar Vafin

Starting and running a business is difficult in any climate, but it is significantly more difficult in a new country. This research makes a contribution to the entrepreneurship literature by shedding light on the most common barriers encountered by most entrepreneurs during the seed and growth stages of doing business in a new foreign country. Keywords: Doing business, Entrepreneur, Language, Startup, New country

Starting and running a business is difficult in any climate, but it is significantly more difficult in a new country. This research makes a contribution to the entrepreneurship literature by shedding light on the most common barriers encountered by most entrepreneurs during the seed and growth stages of doing business in a new foreign country. When launching a new company in a new nation, the first hurdle is acquiring funds for the enterprise due to short or poor credit history. Individuals with insufficient native language competence may struggle to communicate with potential clients and suppliers, as well as understand the regulation of the new country, and gain access to local entrepreneurial institutions. Additionally, many newcomers struggle to gather appropriate knowledge about the market conditions, current needs, the kind of business, and the market dynamics prevalent in the new country. Additionally, the majority of new businesses started by newly arrived company owners are small, making it more difficult for them to hire experienced, qualified, and skilled native human resources to compete with local competitors. People are going to continue to migrate around the globe, and immigrants will bring new ideas and commercial endeavors with them. This study recommends that the government and other agencies must ensure that immigrants have access to services that meet their specific requirements and help them integrate into the local business community.


full version