Entrepreneurial growth could be “stopped” by $450 base salary, but it is possible to change that perspective in 2023 through experiential marketing

A few days ago, a 2022 of ups and downs was left behind, but there was growth for entrepreneurs. This is because they lived through 2020 where the most regular thing was that those who had premises closed due to the pandemic; a 2021 dedicated to desperately seeking a source of income and a 2022 when they achieved better stability.

However, 2023 is projected to be the most challenging year for this segment of the economy.. One of the reasons is the salary increase of $450, which takes effect this month of January. and that, according to experts, the entrepreneurs will be affected and even forced to make decisions such as reducing its scarce staff or going to the billing.

Although specialists consider that there are these and other alternatives to cope with this situation, it is important to connect with trends. “You have to take advantage of new trends, keep reinventing, see the needs of consumers, if they change”it states Paola Aulestia, entrepreneurship mentor.

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And in this way, small businesses would stop dispensing with their staff and being part of the average duration of 42 months of life. This is indicated by the indicators of the Global Entrepreneurship Monitor Ecuador (GEM) where it shows that, in general, a venture does not exceed the threshold of 42 months.

And what are the reasons? Personal problems, lack of profitability, financing and innovation. In the last one are the trends.” In 2022 entrepreneurship has grown significantly, both in quantity and quality, but there is still more to do, we still need to see a true ecosystem so that it lasts over time. You have to work on public policies and decide to be formalized ”, comments the economic analyst Jorge Calderón.

He also agrees with this. economic analyst Hector Delgadowho invites entrepreneurs not to fear technology and take advantage of it; to absorb the advances and not be scared by the terms. And also, to not only focus on products but on services.

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And precisely this trend is reflected in the figures for the National Entrepreneurship Registry (RNE), created in July 2020 by the Organic Law of Entrepreneurship and Innovation (LOEI). More than 80% focus on products and Only 4.53% of the 6,378 enterprises registered nationwide are professional services such as consulting, accountants, lawyers. Also, there is 1.22% in services for events and 1.19% in tourism activities.

“With the new salary very few will be able to sustain themselves because the increase in the product or service is not reflected. They are the services that have a downward trend in fees, the client does not want to pay what they are being charged and looks for the cheapest, but how can we compete with a cheaper one if we want to generate sources of employment? should turn to experiential marketinggenerate added value”, explains Aulestia.

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For example: interactive games that make the customer have a memorable memory and thus create that emotional bond with the brand. And these experiences are also connected to technology, says Delgado, such as better service through digital channels and not waiting for the client to go to a store. “You have to focus on ensuring that the customer can have an excellent experience, both in sales and after sales”mentions the economist Delgado.

Calderón highlights that the application of trends goes hand in hand with public policies. He affirms that a formalized venture will always have more opportunities in the market how to achieve fidelity, recognition and associate.

“Without a doubt the first months of a venture are the most difficult, there is trial and error, but the biggest challenge is to stabilize in the market. On the government side, creating policies at different levels”, says Calderón.

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Ecuador presented an Entrepreneurial Activity Rate (TEA) of 36.2%, higher than that of 2017, which was 29.62%. This means that around 3.6 million inhabitants were involved in starting a business.

Experts argue that it is useless to have this high rate when most businesses focus on almost the same thing as commerce and food; and very few migrate to services where is the potential “There is no adequate orientation to undertakegrow in the same sectors and few dare to technology, environment, foreign trade, for example, “says Calderón.

And faced with this, both Aulestia and Delgado consider that it is It is essential to seek training, mentoring and even search the web for trends, of how the market is changing and thus analyze the target audience and be able to apply them. But they point out that this advice or curiosity is lacking.

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In Ecuador there are centers that provide training, some free and others not, such as the Guayaquil Entrepreneurship Center or the Entrepreneurs Club. “Entrepreneurship is a high-risk activity. You have to meet with other entrepreneurs, look for mentors so they can help you. Sometimes the entrepreneur wants to do it alone and that is where they start to falter”, says Aulestia. (YO)