Rules to Guide Young Entrepreneurs in Panama

Panama is a city ripe with opportunity for young entrepreneurs who aren’t afraid to take risks and work hard for success. Young entrepreneurs who are willing to network and have unique ideas will benefit from the small business community in Panama. The following are eight rules by Adrián José Velasquez Figueroa, has outlined for those wanting to find success in Panama.

* Be an original. Don’t do what everyone else is doing. Follow your passion and focus on unique ideas that will make you stand out in Panama.

* Build your business idea on a platform that involves minimal intervention on your part. Online businesses are a great idea in Panama since high speed internet is widely available.

* Networking is critical for success in Panama. So, don’t be shy. Get out there and meet other business contacts that will make your life easier. It is beneficial to meet and partner with other entrepreneurs with a similar vision that are trustworthy and hard working. Follow your gut when you enter a partnership do not make enemies, which will hold you back in this small community.

* Don’t worry about a bad academic record, which isn’t valued as highly here. Work with an attorney to become legitimate, keep shares in your corporation, and print business cards. Getting your name on paper will boost your confidence.

* Don’t take shortcuts according to Adrián José Velasquez Figueroa. Use your vision as a guide and set goals and reward yourself when you reach them. Read about your industry and stay informed

* Try to keep your costs low and balanced equally between partners. Don’t go into debt with ideas that require large capital, which are difficult to pay off.

* Prepare for failure so that you won’t have competition ready to pounce when you make a mistake or lawsuits that will cause you further harm. Ask people who aren’t involved for their opinions and accept their criticism openly.

* Seek a mentor like Adrián José Velasquez Figueroa who will be able to stir you away from trouble and will open up your social network. Ask for advice from anyone willing to share it.

Adrián José Velasquez Figueroa is a native of Venezuela who became an entrepreneur in Panama. He is currently Treasurer, Director, and President of five companies in panama. Adrián José Velasquez Figueroa is a prominent member in the Panama business community and mentors young future entrepreneurs in Panama to help grow their businesses and to improve the local economy.

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