There’s only so much you can learn about entrepreneurship from books or by networking in your local bubble. Traveling further afield will help you grow as a person, gain inspiration, and put everything into perspective.
Here’s why we think all budding entrepreneurs should travel …
1. To Recognize and Not Waste Your Privilege
Living in the United States or another developed nation gives you a huge leg-up in life. As a budding entrepreneur you can easily become frustrated when your ideas don’t take off or resentful of other people’s success stories. However, the truth is you have the best tools, knowledge, and economy at your fingertips and other people would give their life to be in this position.
Experiencing other cultures and visiting countries that are poorer and less developed will help you recognize your privilege and more importantly, not to waste it.
If you want to be an entrepreneur, there really isn’t much holding you back. Get out there and do it!
2. To Appreciate Raw Capitalism
When we think of entrepreneurs, we conjure up the tech giants in Silicon Valley or the suits in New York, but the spirit of raw unadulterated capitalism can often be seen most clearly in the bustling markets of developing nations. You can get affordable vacation packages easily as well.
The rug maker in Turkey who hangs his wares from a dirty stall or the fruit seller in Brazil driving around in a tin can and yelling through a loudspeaker, are business owners that you can learn from. Did you know that Uganda has the most entrepreneurs per capita in the world?
You don’t truly know the basics unless you’ve haggled a price in the bazaars of Morocco or tipped a Tuk Tuk driver in Thailand.
Tip: Whether you’re going from the East coast to Florida or all the way to China, traveling can be expensive. It doesn’t hurt to borrow money online to fund your excursion if you’re treating it as a learning experience.
3. To Experience Other Cultures and Their Lessons
There are many business lessons you can learn overseas that seem so obvious once experienced but have disappeared in the west or were never here, to begin with. Take the average bar experience in the United Kingdom—busy, a free for all to get the bartender’s attention, and no added value.
Take a short flight east to Greece and you’ll be greeted at entry, often shown to a table, drink orders taken by a server, and they’ll even crack open chips and snacks for free. Or get into Baltimore party bus rentals for a different adventure.
The United States falls somewhere in the middle.
The point is, there are always novel ways to approach even the oldest of business ideas.
4. To Broaden Your Market
Not every product is designed to be international, but if there’s potential to expand overseas then you need to make the trip to see for yourself.
At the least, you will be inspired and get to learn what different markets want and have to offer.
In some cases, you might even find that your business idea has more legs in an overseas market than at home.
5. To Find New Opportunities
From new suppliers to products that you can bring back with you, to untapped markets for existing business models—traveling the world is a great way to find opportunities and markets that you didn’t know existed.
Streaming services are already becoming saturated in the west, but can you be the person to bring them to China? With a population that size, you’d certainly get rich if you could.
But, just like McDonald’s never took off in Barbados, perhaps China doesn’t want Netflix. Your job may be to find what it does want.
6. To Unwind and Have Fun
Entrepreneurs tend to be hard workers and often don’t know how to switch off, but everyone needs to unwind and doing so on a sunny beach is a great way to do just that. What’s more, some of your best ideas may come to you when you have the time to relax and let your mind wander.
Whether you’re thinking about business or not, traveling is a fun and enriching experience. Broadening your horizons is always a positive thing.
Are you a successful or budding entrepreneur? Let us know how traveling the world has helped you in the comments below!
