Balkan Business Brief

Optical pioneers: Monika and Natasa's journey as female entrepreneurs

A year and a half ago, we had the pleasure of meeting two enthusiastic female entrepreneurs,? Monika Ruhs MD Ophthalmologist FEBO ?and Natasa Dimoska, who started a business in the field of ophthalmology in Prilep, a city in North Macedonia. We had an interesting discussion with them, and you can find our previous story at the bottom of this article.?After some time, we decided to check how their journey has been progressing and hear their thoughts on running their own business and being entrepreneurs. We wanted to learn about the challenges they have experienced and the goals they have achieved.

In the two-year period since starting their own business, Monika and Natasa have managed to achieve their short-term goals. Their primary focus was equipping the optical store with the necessary machinery and establishing contacts with numerous suppliers. Their aim was to provide the best service to their clients at competitive prices. The young entrepreneurs acknowledged the challenges of competing with established businesses that have been in the market for many years. They also faced the task of developing a unique sales strategy. Despite these obstacles, they approached the market with honesty and a commitment to maintaining a high level of service. They offered genuine discounts and provided advice to address their customers' vision-related issues. However, they observed that customers often prioritize brand names over their own eye health. Through dedication and hard work, Monika and Natasa successfully differentiated their business by offering a unique service, a variety of brands, and affordable prices. They have also signed contracts, implemented numerous discounts, provided free examinations, and organized summer training programs for aspiring opticians.

Regarding long-term goals, such as expanding their business in the Balkan region, the entrepreneurs have chosen to be realistic and postpone those plans for the time being. They also recognize the challenge of finding qualified personnel for such expansion. In the upcoming period, they will continue to expand and improve their services, expand cooperation with merchants, primarily with an emphasis on some European countries. As advice to those considering starting their own business, Monika and Natasa emphasize the importance of investing in one's own business as early as possible. They highlight that time is a limited resource and investing in one's own business is an investment in the future. Monika and Natasa describe their business journey over the past two years as both interesting and challenging. They consider the process of testing the market and meeting customer requirements as a valuable learning experience that has allowed them to acquire new skills.

Insurance lessons from Serbia's supercell devastation

Last week, Serbia faced a supercell storm that tore off roofs from houses, damaged parts of commercial buildings, toppled trees onto cars, hailed on agricultural land, knocked down cranes on construction sites while lightning struck several buildings. While data on the resulting damage is still being collected, experts estimate it to be in the billions of dinars. The main issue Serbia encounters after such extreme weather events is that the property of the population is not covered by insurance policies. Instead, citizens rely on the state declaring a state of natural disaster and providing compensation for the damage. In the aftermath of the recent storm, those who insured their property with insurance companies will fare better, as the companies can promptly assess the damage, collect the necessary documentation, and provide compensation within 14 days. To address this problem, it is crucial to raise awareness among the population about the benefits of having insurance coverage. The price of insurance policies for the population is reasonable, and people should understand the importance of owning such policies to protect their assets in times of crisis. The agricultural sector faces significant challenges, with numerous crops completely destroyed. Farmers expect not only compensation for their losses but also tax relief from the state. Nevertheless, it is essential for the expectations of the population to evolve, and awareness of the significance of insurance and personal responsibility must be heightened.

Montenegro and North Macedonia join forces for PayPal inclusion.

Montenegro, in collaboration with North Macedonia, is making a joint effort to apply for inclusion in the PayPal online payment system. The reason for joint action is simple. Namely, the company itself proposed that applying together increases the likelihood of both countries becoming part of the PayPal system, expediting the application process. Presently, in Montenegro, money transfers via PayPal are limited to one direction – i.e., paying for goods and services online. However, receiving funds through this platform remains unavailable, posing a significant obstacle for businesses operating online.

How NTP Belgrade's Student Startup Camp Sparks Entrepreneurship

The student startup camp at NTP Belgrade, supported by the Swiss Government, successfully brought together nearly 60 academics from various faculties, fostering creativity and entrepreneurial spirit. The participants were organized into multidisciplinary teams and presented with challenges from five different areas, requiring them to define problems and devise solutions. Throughout the camp, interactive lectures and workshops were conducted by prominent experts in diverse fields, simulating the development of startups. These sessions facilitated knowledge transfer on essential aspects such as market research, finance, idea protection, and presentation techniques, crucial for innovative business ventures. After three days of intense work, learning, and dedication, the students confidently presented their ideas and innovative solutions. The proposed concepts covered diverse domains, including renewable energy sources, agriculture, digital creative technologies, applications for proper medicine utilization, and specialized animal food packaging. The camp proved to be an enriching experience, equipping the participants with valuable skills and ideas to further explore entrepreneurial endeavors.