With Spanish being a global language and one that is spoken by a significant portion of the world’s total population, its importance and influence on the planet can not be understated.
According to figures, almost 600 million people can communicate in the language, thus making it one of the dialects that are spoken the most. This is something that the business world has had to recognize, especially those that continue to try and maximize their revenues through international trading. Globalization has helped to facilitate cross-border transactions as barriers to entry have started to ease.
As a result, there has been a rise in the number of entrepreneurs looking to expand their businesses and the ideas they have internationally. To be successful in a Spanish-speaking market, it can be an advantageous idea to learn the language, as it will provide numerous benefits.
Access to New Markets
With almost 600 million people worldwide speaking Spanish and 20 countries using the language as their official mother tongue, there are a number of new markets that entrepreneurs could look to access if they have been able to learn the dialect. If the entrepreneur can communicate with the markets, they can unlock a number of potential business opportunities, which could ultimately help them succeed. They can also try to capitalize on the growth experienced in the region, with some Spanish-speaking countries being among the fastest-growing economies.
Personalized Customer Service
Communicating effectively is arguably one of the most important aspects of any business. If the entrepreneur is unable to relay the message that they intend to give to their customers, then there is the likelihood that they will not succeed. If they can, though, then they have set themselves up for a better chance of success. Entrepreneurs who can communicate in Spanish with their target market will be able to form relationships with those that matter. This can help them to create a level of customer service which is personalized, which can then lead to a greater level of engagement and possible customer loyalty.
Cultural Awareness
Entrepreneurs should ensure they have cultural awareness whenever they look to conduct international business, as this can be key in helping them to succeed. By learning Spanish through resources such as the online platform Preply, they can gain an understanding of certain cultural norms and social beliefs. A private tutor who is native to the language will be able to offer insights into the do’s and don’ts of the Spanish-speaking country they are from, while they will also likely have a better idea of what other nations are like. Knowing about the culture and the social norms can help entrepreneurs to create business plans and marketing strategies that can be favorable to the market that they are looking to enter, as they can be more personalized to the target audience, which may help build trust and lead to relationships being formed.
Better Communication with Employees
Should an entrepreneur decide to set up in a Spanish-speaking country and require employees, then having Spanish as a spoken language can be helpful. Much like being able to speak effectively with potential customers, communication will be more effective if the dialect is also spoken. Employees will better understand the entrepreneur’s goals and objectives, which can help the business thrive from the get-go. Being bilingual can also help the entrepreneur to be able to form a positive relationship with their workforce, as employees may want to build a stronger relationship as they may feel valued as they can communicate with the business owner.
Greater Networking Opportunities
Being an entrepreneur is hard, and succeeding can be something that only a few are able to achieve compared to the number that try. Findings from BLS have revealed that 65% of new businesses fail within the first ten years, with just 25% of businesses started being successful for 15 years or more. One way businesses try to improve their success rate is through networking; knowing Spanish can help increase their chances. By speaking the language, entrepreneurs are able to communicate effectively with others in the industry and markets that they are trying to tap into, which can help them to build long-lasting relationships. If they do not, they can find it hard as an outsider.
Final Thoughts
There are a number of advantages that entrepreneurs can obtain when it comes to learning Spanish, with the language opening up a vast number of opportunities. Communication in business is key to success, as this can help to create long-lasting relationships. If done correctly, the probability of being successful can be increased.