While the millennial generation is one that is blatantly fond of travel (and will show as much constantly through their Instagram and Snapchat pics and videos), most of the population will still live out their life in one country without ever living in another place. A smaller though far from insignificant portion will never even make it out of their country for so much as a trip.
For some, that’s safe and comfortable, for others, it’s a bit depressing. Whatever your perspective, this content is going to dig into a few ways in which living in another place might just be the key to unlocking the full potential of your entrepreneurial self. Please note that this list is far from exhaustive.
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You’ll gain a new perspective (and on more than just business).
Do you remember your friends who went to study abroad in high school or college and then came back and it was all they could talk about? They acted like something was ‘missing’ for them now that they were home. It was annoying, right?
Well, there’s some truth to that sentiment, actually. Sometimes, gaining outside perspective can help you get more clear about defining your own goals, what you want in life and why exactly you want it. Plus, sometimes you’ll learn of business practices that are common in another country but might not have made it back home yet – could you be the one to seize those opportunities?
You might find tax law easier or more favorable.
This is obviously a highly country by country bullet point, but some aspects of US tax law punish entrepreneurs, especially when they consider themselves still to be freelancers or consultants. Some other countries take a view that more encourages entrepreneurship, though setting up your own business abroad for a visa can also be tricky.
This is probably the lowest in terms of importance on this list.
Cost of living can be lower.
In many countries, entrepreneurs who want to be able to bootstrap their companies and not take outside investment may find it easier to cover costs of living than in the US. It’s no secret that many “internet marketing gurus” live in Thailand (whether that’s because they just needed a good place to get started or that they’re faking their wealth and have no choice, that remains up for debate). Even so, this can be a serious boon to someone who is early in their business. Plus, the internet removes many boundaries from selling somewhere you aren’t actually headquartered, so you won’t have to worry nearly as much about the potential negative implications that this type of move would have brought around 30 years ago.
A change of environment can be stimulating.
Last but not least, everyone from writers to artists to purebred entrepreneurs in the world of business have been inspired by their travels abroad. It’s hard to quantify exactly what stirs within people when they travel, but – at risk of sounding a bit ‘out there’ – there’s a chance that things will just click for you.
Go big with your business, or at least, go further.