Episode 051 – My Experience Setting Up a Business in a Developing Country

Episode 051 – My Experience Setting Up a Business in a Developing Country

Hello listeners! Today we interview Max from Düsseldorf, Germany. We discuss setting up a business in developing countries, how to find co founders and the evolution of Max’s business.

We also talk about:

  • Digitalization of country-specific activities
  • Finding local partners
  • Scaling a business
  • Online and offline promotion
  • Unused capacities as an asset
  • The right focus on a project

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Doing business in developing countries

Max is an entrepreneur in the IT sector. His first business, which he started with some friends from the university, was based around the idea of helping foreign students from developing countries fulfil their journey to Germany. The first country was Tunisia, and they are now present in other countries like India and Turkey. Max explains the challenges and opportunities of doing business in a developing country.

Going in business with friends

Max emphasizes that the people you partner with, as well as the first employees that the company will hire, need to be highly reliable people that you can trust. For this reason, personal connection has always played a key role in finding the right people to make business with. Even with his following venture as an entrepreneur, he has found in one of his best friends a great partner to start with. The ability to have an open communication with business partners is also a crucial factor that can be easier with people you know very well.

Paths to evolving an existing business

The company Max has started in the education sector is now finding a very interesting evolution aimed at working professionals from developing countries that work in Germany, and the investment in local capacities provide additional revenue streams with a renting activity. Moreover, the experience he has acquired in digitalizing complex activities has led him to start a new business in the legal sector as a consultant.

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