Business and Entrepreneurial Insights from Ecuador

I recently had an opportunity to share my marketing and entrepreneurial experiences with business owners and professionals in Quito, Ecuador, through the YLAI Fellowship. The experience was powerful and memorable, and I look forward to continuing my involvement with the program. Over a two-week period, I was able to get to know the city and surrounding areas of one of the most beautiful countries in the world. As an entrepreneur and marketer, I couldn’t help but notice inspiring sights and sounds I believe the rest of the world would benefit from sharing.

Throughout Ecuador, like other developing nations, I observed that entrepreneurialism is thriving. On just about every street corner, if not in the middle of the streets, vendors were happy to provide goods and services. Another important and promising sight was also commonplace: a focus on sustainability. Both through necessity and smart business (often relating to tourism) it was common to see solar and wind power, even in remote places. Recycling was also prevalent. This is particularly true in the Galapagos Islands, where protecting the environment is protecting the livelihood of residents.

Beyond a love of the environment (I saw very little garbage anywhere, especially outside of the cities) unlike many countries (and even my hometown of Portland, Oregon), Ecuadorians value the entrepreneurial spirit. I couldn’t help but notice a level of savvy that many Americans and businesses would benefit from adopting. During my visit, I identified four primary strategies entrepreneurs used to create a livelihood for themselves in an otherwise challenging economic environment.

Find a (Captive) Audience

Most companies I’ve worked for and with over the years develop a product and then find a market. In Ecuador, I noticed a few examples of finding an audience (usually captive) and determining what can be sold to them that is affordable, portable and provides value. Driving into Quito, I noticed a variety of products being sold while waiting for the traffic lights to turn green. Candy, window washing and even entertainment (including a creative acrobat that set up a slack line during a red light and juggled various objects at a reasonably dangerous height). The takeaway is that too many companies focus too much on creating a product they know or love instead of determining what people need when they are hopelessly captive. Find your audience, then map their needs to a product.

Provide a Niche Product

While it’s easy to find the same products being sold across the country, even in a neighboring booth or storefront, the truly enterprising entrepreneurs identified products or services that solved a problem unique to their environment. One example is parking assistants: individuals that walk a specific city block or two helping cars pull in and out of traffic on otherwise busy and narrow streets. Another example was umbrella vendors walking the streets on Good Friday during The Procession parade, where clouds and rain squalls are common in the early afternoon.

Continually Refine the Product and The Pitch

As I traveled around Ecuador, I saw similar products (i.e., gum, candy and beverages) being sold in slightly different ways. The level of sales pitch complexity and enthusiasm was directly correlated with the proximity to downtown Quito or other major cities. The need to refine the pitch and improve the product was driven by competition, but I also noticed best practices travel throughout the country, from how the fruit was displayed to the look young children give you when you decline to buy candy.

Never Stop Hustling

I had an opportunity to meet extremely successful entrepreneurs during my visit to The Galapagos Islands. While it was an honor and privilege to create new friendships with these inspiring business titans, I noticed they shared similar traits with street vendors in Banos and Mindo: drive and grit. They had started with more and seen a greater growth curve, but they were still as hungry as the food cart proprietor. While that may seem an obvious observation with ubiquitous implications, I would suggest that too many entrepreneurs I’ve met over the years have lost their fire and would benefit from a visit down South.

Whether you’re looking to start a business, grow an existing company, or make a mark within a large organization, the above strategies are a reminder of opportunities available to those with the desire to improve their situation. Never stop hustling.?