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The following video transcript is generated automatically by a computer algorithm that learns and gets better on a daily basis. Please accept our apologies if some content below doesn’t make sense:

Thinking about our viewers and our listeners, they probably can’t compete in the space race or launching satellites. But for our final topic, I thought it would be a good idea for us to discuss something that’s a bit more down to earth. I’m full of the puns today. And that is. An idea for doing business and an angle on doing business, which is something that we’ve obviously been doing, but I think that should be open to more people and is probably something the people don’t think about as much as maybe they should think about. And that is. You doing businesses in other countries and territories other than the country or territory that you’re in at the moment. And also the opportunities that are out there for taking businesses and business models that work in one country and bringing it to another country and introducing it. So if youre in the US, your business sort of view tends to be very Eurocentric, like the US, is it like a massive market? There’s plenty of people there, lots of money. And so, you know, you can make really good business without having to look elsewhere to do anything else. If you’re in a much smaller country, then you’re probably more open to doing business elsewhere, because in order to get a large market, you’d have to go internationally. You have to do things. So the classic example of this kind of approach was and is a rocket internet, which is the Samba Brothers in Germany, and essentially their business model has been for many years, is taking the business model of start-ups that are on sort of high growth trajectories coming out of Silicon Valley and doing things like that and then essentially cloning them in the European market. Investing. Building them out. An almost one for one exact copy of what is working, what is with particular companies in the US, building them out, taking out the profit, and then either IPO ing it or selling its private equity or. Doing things like that, and they’ve been very successful. So they’ve, you know, they’ve got clones of things like eBay and strike and payment providers and all sorts of things. And they’re they’re quite sort of famous or infamous for doing this. I think they get a lot of stick for various reasons. But, you know, some of their business practises may be somewhat. Who knows? But the you know, they get set for essentially cloning ideas and doing whatever, but like, fundamentally. There’s no you know, it is more of a kind of a strange fairness, moral argument around like, oh, well, this is you know, it was their idea.

So you’re stealing their idea or you’re copying their idea. It just is the idea from school.

You know, when you’re at school and you’re doing an exam, when you’re like five years old and you sort of put your hand around your exam papers now and could copy it, it’s that it’s the same thing of like, well, you know, that that is not the world isn’t a zero sum game, you know, it’s like, you know, if they’re introducing that into new markets, then the new market is able to take advantage of whatever benefits that those companies are bringing to the market. You know, say that they’re Aebi clones, allows the whole class of commerce for a bunch of people to to do commerce over. There were either eBay wasn’t available or it was set up better than the by the payment providers. You know, you arrive to get access to cheaper transaction fees. Right. So entrepreneurs were able to base it of more commercially successful off the back of it. So, you know, the net win for the ecosystem was far greater than any sort of damage, pride of stealing a business idea from someone else. So what are your thoughts on? So obviously, you know, we you spent a lot of time in the U.K. and London and sort of the English speaking business world, but obviously also yourself. You also the native Spanish speaker, and you are now in Spain. What’s your thoughts on sort of doing business or taking business ideas sort of across buycks language and sort of cultural barriers?

I think it’s a great way to do business. But for any entrepreneur at any stage, we talked a lot before on previous podcast on the importance of doing your homework, your research, but don’t get stuck there. So by imitating something that works, I’m taking somewhere else. That’s you save a lot of time and you lower your risk considerably. You should pay attention, though. Then first of all, I would say that regulation in our country, because there may be financial services for sure, it borrows a lot. But then on like e-commerce, there could be no quotas or these or that or tariffs. So you should pay attention to that. Then Brocket started doing that very successfully. But nowadays I think they are more or not like acquisition strategy because I’m not prove the point that essentially it’s not rocket does a combat rocket DNA does the company doesn’t have any special advantage unless they send people to leave me in Silicon Valley and they can spot it earlier.

But actually, people from anywhere intrapreneurs from anywhere in the world, they can cheque and see, which I mean, what’s going on? What are the new trends start-ups these and that. And they can try to imitate on their feet. So they tend to market for local entrepreneurs. It’s going faster than rocket go into those markets. So for them, for Rocket, I’d say Ning doesn’t matter. Got some make up and feel like we deliver a hero, which was essentially like set on imitation, on where each store does, etc. They say this is food for delivery. I’ll say mass deliver. So they have acquired a decent system, build a very strong brand. I mean, multibrand because they kept their local brands there behind those businesses. So yeah, they won more DeCoursey Show. They empowered those businesses. They buy the Merrilee. But you as an entrepreneur, you can’t start those businesses as well. You can grow them or just exit with one of these chips that you can go to rocket engine and then say, look, I’m doing this, which is like a Prudence’s model of that. Let’s partner. Let’s do this and that. So. So you have that you have like already like an initial push are like momentum from something that’s working where you can take it to your market and then you have a clear growth or exit path. So, for example, with Rocket or other companies that are investors also tend to like, you know, business models that are proven. They are more careful on investing on something that is not proven because, of course, there’s high risk. Not only that, there is that execution risk, which is always there, but then they have the risk gone like that. There is a demand for this or not or was just going to happen. So I think it’s a great this is one hide your friends from your staff recommended as well before. Like Richard Branson or even others. So, yeah, I will recommend it. I think so. Soft don’t think is very straightforward. But if you are Locana, your country, I’m sure you will find a way to adapt that to how it works in that country. And that’s actually any value you are having. But then you are solving the problem somehow to make that work in your country, not on how to build a whole new category.

Yeah. And another pro to the model is. Distribution tends to be a pay, distribution tends to be cheaper, and in markets outside of the USA, for example. So if there is a business model that is, you know, is working in the US and you’ve got a handle on, you know, how they’re acquiring customers, how they’re then converting those customers into how they’re monetising those customers and things like that. If you take that same model to a two different market, for example, you’ll pay per click. Advertising or SDM advertising is going to be cheaper on a per customer basis than it is in the US because there’s less competition for it. And so the economics of the distribution side of things are in your favour when it comes to things like that. So in other words, it should be relatively easier in Tibet. Obviously, there are other challenges and other other other problems. But, you know, your your margins might be better. You know, the amount of money you have to spend to get set up will be lower. And so there’s a whole bunch of benefits in there. I think another thing I would say is that from the perspective of someone who is in, say, for example, in the English speaking market, who wants to take a business and go out into another’s language market. Then it pays to find someone who is a native of that language or culture who can help you sort of like navigate the intricacies of both the language, the culture, the regulatory environment, et cetera, et cetera. You know, having like a joint venture set up where, in other words, if you can find, you know, someone who can you know, who can see where one of you can sit on the other side of the fence and then, you know, each of you has the knowledge of each other’s regulatory environment and business culture, et cetera. And then that’s really powerful as well. You know, particularly coming from sort of English speaking business. You can find, you know, good English speaking natives of pretty much every country in the world, which is, you know, the the benefit of English being sort of the lingua franca kind of of business. And so there are plenty of people out that, you know, you can find these people online even if you don’t have them within your own kind of like friend groups, things like that, then you’ll be hard to find on any of the sort of communities that are associated with entrepreneurship or communities that are associated with doing business. You’ll be able to find people to help you on those lines. You can team up to do some this kind of thing. You got any thoughts on that?

Oh, yeah. Also, personally, whether we have seen that when trying to sell same product in different countries or we actually surveyed people in different languages and countries, they tend to behave the same. And that was very interesting. So if you run a survey on what you want for some, for you and for networkers, which type of content you want. It was almost identical, their responses. So percentages of responses on interests in English and Spanish, for example. So honestly, the first time I have seen that, I’ve seen it in French, Italian, Sidrah. So they’re Reise tendency to, you know, to repeat the patterns of what people like or how they fix up, how they search for things, how they consume online.

So it’s tend to be it’s not even if the countries are culturally very different. There are several things that actually you can run by analogy. You can have a comparable sample there. So. So then that’s that’s also been in your favour. So, yeah. And just don’t assume I would say that because they are very culturally different. That’s money. Something to work. Usually it’s not the case. It will work. So I thought, for example, initially that Uber is it was not going to working part time because I know a stranger would get into your car. Who knows? But yeah, it did work. So. So, yeah. Just something because of there. Of course there are risks and there are outlier situations on. Yeah. And that can happen actually anywhere but not because of that. That doesn’t mean that it’s still going to work. Better service. So usually does it’s a better service on any vertical. Yeah. You have good odds on that. Working your country. So. Yeah. Tried out.

For sure. So as to take a try and see what you could do either with your own business model elsewhere or see if there’s a business model from a different market that could work in your market. That’s our podcast for today. Thanks very much for listening. We’ll be back next week with some more nuggets of knowledge. In the meantime, please do cheque out our YouTube channel, which is where we post this and our other podcast, search for net workers to us. Or you can find a link in the show notes if you’re interested in a deeper dive into all things entrepreneurial, including more detailed information, help mentorship and courses. Please cheque out our website, which is at networkers dot com. See your next. I think you’re right.

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