The world-wide studies conducted by the Global Entrepeneurship Monitor in 2017 in 70 countries stressed that business development spirit is very noticeable in Panama and 60% of the population considers that establishing an enterprise or a business venture is a good option as a career for life, while in the other countries in the same region such an interest was not as noticeable, but the main difficulty the Panamanian had to face was in available access to financial support.
However, the situation now has substantially changed, among other reasons due to the restrictions and transformations imposed by the Covid-19 Pandemic on the national economy, which has prompted many individuals to develop new ideas, carry out new possible projects and complete pending work or procedures of unfinished projects. On the other hand, the government has established new incentives and is developing training facilities, organizing seminars and assistance for whomever is engaging in new enterprises and new businesses in Panama.
In order to create and/or develop a business enterprise, the new enterpriser has to analyze the market and the existing and/or possible competition, the services or products to be offered, a marketing plan to develop ideas and carry out plans, as well as investigating whatever may be necessary vis-à-vis the competent authorities.
Furthermore, the proper entrepreneurship will require an investigation concerning the use of websites and social networks as well as electronic means for publicity since most of the successful enterprises with advanced digital resources have survived the crisis in spite of the Pandemic and kept on growing towards a new stage with more possibilities.
The new enterpriser will be facing the requirement of creating a trademark in order to properly identify products and the enterprise itself by mean of distinctive words, drawings, colors, designs and combinations thereof, and to distinguish the enterprise itself from any other.
Consumers or service providers identify the new enterprise, its products and goods or services by the trademark. Any enterpriser should bear in mind that what people do not know and recognize is the same as what does not exist.
"You have to see failure as the beginning and the middle, but never entertain it as an end."
Jessica Herrin, founder and CEO of Stella & Dot
"If you’re starting something on your own, you better have a passion for it, because this is hard work."
Sallie Krawcheck, Co-founder of Ellevest
“It starts with not having a hangover with the way things used to be."
Kevin Plank, founder and CEO of Under Armour