Enterprising During the Venezuelan Crisis Founder of Hecho en Venezuela Store and co-founder of Ridery (a local "Uber") A few days ago, someone asked me if it was possible to start a business in Venezuela, given that the media portray us as a country in economic, political, and social crisis—where everything seems wrong and many want to leave. The truth is, since 2019, entrepreneurship has been thriving here. More of us are working to turn our ideas into reality. Ideas Amidst Chaos At the start of the 2000s, words like “entrepreneurship” and “entrepreneur” were not as common, but some of us unknowingly began understanding their meanings, the sacrifices involved, the rewards, and the lessons learned. While studying Business Administration at the Metropolitan University of Caracas, I had a subject called Comprehensive Development. Our task was to design a business model. Most students saw this as just another tedious homework, but I felt excited—creating my own business and earning enough to buy a laptop, which was a novelty back then. I thought, why not open an online bookstore? I called it Librosweb.net, and with my family’s support and help from my sister’s boyfriend to create the website, I launched my first venture, using my savings to buy the initial inventory. Resilience in Action When Librosweb.net launched, the response was disappointing—schools didn’t want to partner with us. I almost gave up until a teacher in Caracas believed in my idea and shared a list of books his students would request. That support helped the business take off, leading to four years of learning and growth. We expanded to sell on Mercado Libre, including handbags, laptops, and phones, but I wanted to build a business like that e-commerce platform, not just sell on it. My curiosity and entrepreneurial spirit are in my genes. In 2013, I founded Wuelto.com, inspired by the Spanish word “vuelto,” meaning “change.” I envisioned it as Venezuela’s Amazon. However, after two years and significant investment, I lost everything. The name and product were confusing, and the launch took over a year. After the loss, I wondered what to do. It was 2015, and due to Venezuela’s economic crisis, many friends began leaving the country. A major company even offered me a good position in the U.S., but I chose to stay and try to improve things here—I have no regrets. Lessons from Failures Following Wuelto’s failure, I read Eric Ries’ “The Lean Startup” and recognized I had made many of the mistakes described there. But I also saw that I could do better. Wuelto.com didn’t die completely; it had a comeback. In 2015, I launched HechoenVenezuela.store, showcasing high-quality Venezuelan crafts—clothes, bags, traditional foods, and more. The online store became a showroom, then a physical store, where visitors sought items that reminded them of Venezuela, especially those leaving the country. This experience taught me a lot about the importance of emotional connection to products. Seizing Opportunities In 2017, amid a wave of emigration, we opened a store at Maiquetía Airport after months of negotiations. Despite the crisis—political, economic, insecurity, and violence—I chose to stay. Today, HechoenVenezuela.store has six retail locations—three at the airport and three in Caracas. Since 2019, when the government allowed unrestricted dollar use, conditions improved, and entrepreneurs gained recognition as allies, not enemies. I believe the world should also learn about the positive developments in my country. As my business grew, I needed capital to expand. During the pandemic, I co-founded Ridery, a mobility app similar to Uber. The idea was born in January 2021, and within two months, I secured funding without risking my savings. Learning from mistakes is part of entrepreneurship—I've learned a lot from my own and others’ experiences. Initially, Ridery charged manually, but as the platform evolved, we automated payments. We faced challenges like a 15% user dropout rate, but we quickly adapted. A few months after launch, Ridery was valued at $4 million, with 300 drivers and over 200,000 users—all because we focused on providing safe, private, and efficient transportation. This success reflects the changing economic landscape in Venezuela. In 2013, the average monthly salary was under $5, making a service like Ridery unsustainable back then. Now, with a minimum wage of around $100, people can afford to use our service. Being part of this historic shift is incredible. Young entrepreneurs are emerging, and although 90% of startups in Latin America fail, we learn and grow. Currently, I serve as director of the Association of Young Entrepreneurs (AJE). In the beginning, we were more like a supportive club, sharing lessons and encouraging each other to survive the crisis—an economic, social, political, and existential one. Riding the Wave Starting a business requires a clear purpose. Without it, you risk failure. Entrepreneurship demands discipline and balance—physical and emotional. I recommend exercise, good nutrition, family time, and rest. I’ve learned to prioritize my relationships and well-being, understanding that entrepreneurship doesn’t give back your time. Clarity about your goals helps you enjoy the journey. Self-acceptance is crucial for an entrepreneur. Written by Sandra Márquez, edited by Anastasia Chernikova Subscribe to the newsletter Vivid Minds is a space for doers—adventurous, risk-taking people aiming to make an impact. Read more #J-18808-Ljbffr