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Entrepreneurship in Ecuador

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JulioJr
  12/5/2019 14:44 EST

Good afternoon from New York City!

I am new to this website and hoping to familiarize myself with the community. My question is regarding entrepreneurship in Ecuador, specifically Quito. I spend roughly 3/4 weeks a year in Quito, but would like to know if anyone has experience doing business in Quito, or Ecuador at large? It would seem ideal as they run on the US$ and from my experience, appear to have untapped opportunities for products/services.

Any insight would be greatly appreciated!

Royboy
  12/13/2019 10:01 EST

I think that most here have little or no experience in doing business in Ecuador. I didnt come here to retire like most. I came here several years ago to start over. I won't bore you with all the ups and downs that I have gone through in building a successful business in Guayaquil. But I will tell you it can be done. Remember though that just as things that work here probably wouldn't work in New York, business ideas fron New York probably won't work here. Do your due dillegence. Research everything.

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kmoriarty45
  12/13/2019 10:43 EST

" Do your due dillegence. Research everything. "


¡¡Those words should be etched in stone and highlighted with bright day-glo paint!!


The better prepared you are the better chance you are giving yourself for success - be it in business or retirement. The major reason people moving here fail in both is because they were NOT PREPARED!


Sure, there's going to be situations that NOTHING could have prepared you for ... but those are very, very rare. The more you know about a country, its people, its culture, and its economic environment, the better you will be able to adjust and succeed.


Waltzing into Ecuador ( or anywhere else for that matter ) and expecting to fulfill your dreams and ambitions, without having done your due dilligence is a sure recipe for DISAPPOINTMENT and FAILURE.

windshadow
  12/17/2019 11:08 EST

Great way to make a small fortune here. Oh, did I mention, start out with a large one?

JulioJr
  12/17/2019 13:27 EST

Of course, researching and asking questions goes without saying. My girlfriend's parents (soon to be fiance) immigrated to NYC only 15 years ago so a lot of what I know is through them and from spending time in Quito. The reason for my post was to hopefully get some insight into other people's experiences, as a lot could be learned (and avoided) from these ventures. I am going again in January and look forward to doing more market oriented research while there.

DonSinclair
  12/17/2019 15:18 EST

"Market oriented research": Let's see, not to jump to the conclusion that it is a euphemism for one expat seeking to make a buck off other expats; But I remember that Patrick Minga made a somewhat successful business at the Hotel Bonanza in Quito a few years ago by doing so well that he was invited to spend a few years in federal prison in US. Patrick is gone, but you neophytes in Ecuador better tighten your grip on your billfold because cows may come and cows may go but the bull around here goes on and on.

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kmoriarty45
  12/17/2019 21:07 EST

JulioJr


You are looking for business advice and help with viable markets here but you don't give us anything to work with. What are your strengths/weaknesses ? What kind of business experience do you have? And most important, what kind of work do you want to do here in Ecuador?

If you could answer these questions and give us a little more to work with, then maybe we can be of more specific assistance, rather than dispensing general advice.

kmarch
  12/18/2019 06:53 EST

This thread makes me think of the Inca Lounge in Cuenca that just celebrated their 11th Anniversary last Saturday. Gringo owned. A great kitchen with many of the employees - celebrating almost 11 years of employment there.
Then take a look at San Sebas restaurant in Cuenca. Again, Gringo owned - extremely successful - putting out an outstanding product from their kitchen too.

kmoriarty45
  12/18/2019 10:47 EST

Ken,

You're right. There are lots of success stories of expat businesses here but they all have one thing in common, aside from a dream. an ability to work very, very hard to fullfill that dream - and that is a business plan!

I can almost guarantee that the owners of the Inca Lounge (that I highly recommend) and San Sebas (haven't had the pleasure,yet) didn't start their restaurant without a good business plan and realistic profit/loss projection.

Hard work, talent, and creativity still require preparation and realistic planning to succeed.

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