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2 Steps to Panama Start-Up

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Written by Matt   
Wednesday, 10 December 2008 08:41
Panama Start-UpsPanama is like an entrepreneur's dream tainted with some annoying sound in the background that doesn't allow for optimal rapid eye movement: there is a plethora of opportunity in just about every area of expertise, discount but there are also a number of speed bumps that can take their toll. Panama's best entrepreneurs know how to embrace that which makes the country's niches lucrative and how to play down those nuances, sovaldi sale which could be handled by someone else. Whether you've just lost your job (or are about to) in the job crisis, or you had a random light bulb moment in which your future was set affront you like the yellow brick road, Panama can be the ultimate entrepreneur playground. Having observed Panama's top entrepreneurs in their element, two big steps stand out on the path to success perhaps more than any others. There are a number of steps that need to be considered, such as researching the industry, protecting the idea, learning laws, finding funds, making business plans, branding...etc But the two most important factors we recognized, as common denominators to not only the success of Panama's entrepreneurs but also their physical and emotional wellbeing, were 1) working with the right people, and 2) knowing when to release control.

1. Building a strong staff: The majority of Panama's entrepreneurs operate in an environment of 1-15 employees. Due to lower education levels and a relatively narrowly-skilled labor force, Panama's entrepreneurs exhibit extreme selectiveness in their hiring processes. Take careful note of the personality traits you are looking for and consider looking through expat circles if English is a requirement. Panama's entrepreneurs take pleasure in knowing wages are much lower here than at home meaning, from maid to personal assistant to full time manager, mistakes in staffing have less drastic effects.
This all being said, Panama's best entrepreneurs understand fully the labor laws in Panama, both as to hiring (with regards to immigrants) and firing. When a bad apple arises, it's best to dispose of them as quickly as possibly so not to plague the rest of the team, but it's also important to know that in Panama, social security and compensation packages are common. By building a sound team of employees, Panama's entrepreneurs give themselves the time and space to not only focus on the tasks specific to their expertise, but also the freedom and less headache in dedicating less time to day-to-day minutia.

Tip: Use a Panama messenger to take care of chores such as bank deposits, deliveries, maintenance...etc. Their small hourly fee is well worth what you can otherwise accomplish in that time.

2. Time management: Entrepreneurs around the world experience this dilemma, whether they happen to be in Panama or not. Getting entrenched in work is the motor that allows most small businesses to succeed, but the same recipe can lead to burnout. In Panama, most businesses are started from scratch, as opposed to buy-outs or franchises, which has a tendency to breed a parent-like addiction for entrepreneurs to their babies. Hammering the same nail into the same wall, over and over again can wear on the brain. Without a strong staff to handle mindless activity, as mentioned above, the Panama entrepreneurs dedication is enveloped in the worst way.

But let's get real: you didn't come down to Panama to work yourself into a tizzy and collapse on the bed at night. You didn't move to a beautiful tropical nation to sit behind a desk and subscribe to the inner-workings of a 9-5 lifestyle at home. You came (I hope) to indulge in a better quality of living, to travel, to explore and see new things. While a new business does indeed require intense supervision, good entrepreneurs in Panama know when to take a step back from their craft and enjoy time off.

Designating beach days (Santa Clara, Isla Taboga, Darien are simple day trips from Panama City) or exploring elsewhere in Central American for a long weekend can be the perfect remedy to losing enthusiasm. This sort of step back can also refresh your thought process and allow you to refocus on the larger scheme.

Tip: While you may want to immerse yourself full time to your Panama business, designate in advance vacation days where you step out of your bubble. Copa Airlines offers great weekend getaway deals to Guatemala, Columbia, Nicaragua, Costa Rica, and Latin America with hotel included. These change all the time.


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Last Updated on Wednesday, 10 December 2008 08:50