The challenges of entrepreneurship in Colombia: lessons from an entrepreneur

We spoke with Manuela Hurtado, co-founder of Sinergia Agencia BTL, who knows well the difficulties of entrepreneurship in Colombia. From Manizales, a city with an increasingly competitive market, Manuela has consolidated her agency in the events, stands and branding production sector.

These are the most important points to keep in mind for those who are starting out in entrepreneurship, according to this entrepreneur who, after many obstacles, managed to get her business off the ground.

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Challenges to entrepreneurship in Colombia

1. Initial barriers

One of the main challenges faced by entrepreneurs is gaining the trust of their first clients. As Manuela explains, “one of the biggest challenges was getting clients to trust us, given that we were a young and small company”.

In a market where large companies dominate, it is common for emerging businesses to be viewed with a certain amount of caution. According to Manuela, the key is to offer a high-quality product or service.

According to Hurtado, “experience and word of mouth made our venture grow and consolidate. Now, after overcoming this initial stage, we are working with clients nationwide”.

Patience at this stage is key. Hurtado describes the start of his company as a difficult time, a struggle to build trust and put his name on the map. Undoubtedly, resilience is key for anyone looking to start a business in Colombia.

2. Fear: the main obstacle to entrepreneurship

For those who want to become entrepreneurs in Colombia, fear of failure is one of the biggest barriers. Manuela emphasizes the importance of leaving that fear behind: “Many times we limit ourselves believing that we are too small or that we will not be able to do it. It is essential to trust in oneself and in the abilities we have”.

According to Hurtado, confidence in the business idea is crucial to show oneself to the market and project confidence, something that is essential to capture the attention of potential clients.

3. An increasingly competitive market

In addition to these obstacles, competing in small markets, such as Manizales, adds an additional layer of difficulty. Competition comes not only from local companies, but also from large players with more financial muscle. “At the national level, there are companies with more financial muscle that can participate in larger projects,” explains Manuela.

This competition faced by many SMEs ends up hindering their positioning in the market and even spelling the end for many of the country’s entrepreneurs.

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How to start a business in Colombia and not fail: advice from a female entrepreneur

After six years of deciding to become an entrepreneur in Colombia, these are some of the lessons learned by Hurtado:

• The importance of leaving fear behind: For Manuela, when it comes to entrepreneurship, it is key to trust in your abilities and take the first step without fear. “You have to be adventurous and be sure of what you have to offer,” says Manuela.

• The power of word of mouth: Maintaining the quality of your product or service will generate recommendations that will help you grow. “Voice of mouth was crucial for Sinergia to consolidate,” she says.

• If you need it, seek support: Take advantage of the grants available for entrepreneurs in the country and use them to boost your business. According to Hurtado, it is key to generate more support for the country’s SMEs, as they often face difficulties in consolidating themselves in a market dominated by giants.

• Negotiate payment terms: One of the lessons learned that Manuela highlights the most has to do precisely with payments. Hurtado recommends negotiating payment terms that do not affect the stability of your business.

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