Mexico: Entrepreneurial structure
One of Mexico’s strengths is its cultural and geographical diversity, which gives rise to a wide range of business models. The adaptability and creativity of Mexican entrepreneurship is reflected in this, making Mexico a pioneer in this regard, from small family businesses to multinational corporations. Key sectors include manufacturing, services, technology and agriculture.
SMEs play a crucial role and bring dynamism and employment to the local economy. They are instrumental in overcoming specific challenges and seizing opportunities in an entrepreneurial environment. Micro, small and medium-sized enterprises form the basis of the country’s economic development, which has been the case since the end of the 1970s as a result of the exhaustion of the economic model of import substitution and the oil crisis (UNAM, n.d.).
On the other hand, the establishment of new companies and the arrival of multinationals have made Mexico a fertile ground for investment. The different business models offer the country great development opportunities. Some models are:
- Family business
- Micro-enterprises and local entrepreneurship
- franchising
- Social and sustainable enterprises
- Technology and start-ups
- Manufacturing and export industry
- Collaboration and strategic alliances
In the technology sector in particular, there is an upsurge in start-ups seeking to innovate as established companies, which represents a competitive advantage and is characteristic of this type of model. In agriculture, on the other hand, the trends towards sustainable business models are key for the sector, whose aim is to increase productivity while reducing environmental impact, which is a challenge in the midst of economic dynamism.
From family businesses to global competitors, Mexican companies face major challenges and opportunities that are constantly evolving.
WMP Mexico Advisors was born with the vision of two great cultures: the Mexican and the German. Founded in 2008, today we are an external tax advisory and auditing firm. Our goal is to assist international companies with tax, financial and administrative issues that arise in the start-up phase. With our services, we expand the possibilities of economic development and growth in Mexico by guaranteeing companies compliance with local laws and regulations and becoming a partner for small and medium-sized companies in Mexico.
