“Insanity is doing the same thing over and over again, and expecting different results” – Albert Einstein
An economic crisis in our country should serve us to pause and reassess the management of our business or personal project. Without even realizing it, we can reuse business strategies that have proven to be unsuccessful, resort to copying ideas around us, and lack a global vision. No matter the size or industry of your business, pause and reevaluate the economic setting of your country.
In Puerto Rico’s context, strengthening our global competitiveness and encouraging investment in local businesses requires a collective effort. For this reason, LUMINAR Project recognizes the role of women entrepreneurs as a key component for the recovery of Puerto Rico’s economy. A small effort might seem as insignificant as a grain of sand on a seashore, but united we can create a significant impact on our economy. Here are 4 questions that will serve as a guide in your assessment:
Am I aware of the economic development strategies of my country?
The work plan of each country should establish the growth strategies that will be in place, and the industries that will be benefited. If Puerto Rico is creating an ecosystem to boost exports, tourism and technology, then analyze if you are participating in this goal, and understand the financial aids that exist for those purposes. If we all paddle in the same direction, we can be more effectively.
Resource: Integrated Economic Development Plan of Puerto Rico
Am I frequently copying ideas?
It is considered normal to use ideas around us that have been successful or that we admire, and more so when it comes from our competition. Trends spread easily, however, they should not replace our ability to create. If you are attracted to a particular idea try to improve it, transform it and diversify your work from the competition. Puerto Rico has a small geographical dimension and good ideas are quickly repeated. A new perspective will not only help your business, but the economic development of the country as a whole.
Resource: Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration https://goo.gl/orsKJo
Am I using any obsolete system in my industry?
Analyze your business model from a macro perspective. We are going through the second technological age that will change the way in which many professions and processes are carried out. Evaluate your sales platform, marketing strategies, and the process of creating your final product. Get ready to adapt your business and take advantage of the global changes that will come in the near future.
Resource: Machine, Platform, Crowd: Harnessing Our Digital Future
Do I keep updated with my industry internationally?
Let’s look at those countries where our industry is more advanced, and study their trends. This will allow us to take the lead in our local competitive landscape, update our local industries, and may influence the interest of investors in local businesses.
Resource: Google! You can subscribe to international magazines like The Economist, The New Yorker, Fast Company, among many others that will keep you informed.
Kerenny has worked in Puerto Rico’s Finance Industry during the past 5 years. She holds a BBA in Finance and a Master’s Degree in International Business from the Graduate School of Business at University of Puerto Rico.