Sweden is known as the land of start-ups because the economic conditions of the country are detrimental to entrepreneurship. Swedish business culture is open and innovative, and starting a business there is relatively simple. Thus, Sweden excels in promoting the formation of ambitious start-ups on an unexpected level. After Silicon Valley, Stockholm is known for producing the second-highest revenues from tech companies per capita.
Being the tech and innovation hub, there is a high survival rate for start-ups in Sweden with relatively fast growth. However, you can face some difficulties in understanding the business culture and the procedures for operating a business in Sweden. Following are some useful tips to build a successful start-up in Sweden:
Have a strong and clear vision
The first step, of course, is to have a clear vision that what you want to do and how will you do it. Entrepreneurs spent weeks, months, or even years on brainstorming and polishing the idea they want to invest in. Your vision should be crystal clear and you should do the homework before digging into the market.
Search for a suitable and innovative business idea and it shouldn’t be ground-breaking in all aspects. You can work on improving something and come up with a better version of already existing service or product. Swedes are more attracted to innovation and so does their business market. Your vision and core values should be grounded in the business idea.
Benefit from business culture
Compared with many other cultures, the Swedish business culture is more relaxed and casual. There isn’t too much bureaucracy and the country is quite free from corruption. You will be inspired much by working in this much relaxed and informal culture. You will learn a lot will build many fruitful business relationships. These cultural reforms can be beneficial for you as an entrepreneur in Sweden.
Besides this, the Swedish government has made it a lot easier for people to borrow money from public or private lenders. Swedish are informal about names and being an expat, you should do the same. In short, the business culture, here in Sweden, is much favourable for new business opportunities.
Swedish consensus culture
Swedish organizations are flat in structure and the employees are highly satisfied. Swedes learn to collaborate with others from an early age and they like to work in teams. Teams in Swedish business culture are a bit agile and work autonomously. If you are new to Sweden, then this might feel a bit confusing and irritating. You might feel like we talk a lot and don’t make any decision but it actually is a part of Swedish consensus culture. Swedes like decisions to be based on wide agreements or collective opinions.
Sweden is among the high-ranking gender-equal countries in the world. You should hire a legal assistant to handle your legal affairs.
Stockholm is a very cliquey place and starting a business here can be both difficult and easy. It is advisable that you should do the proper research before taking any big step and stay passionate about your aim. Being an entrepreneur, you should equip yourself with passion, good-will, and ambitions. Don’t lose hope if you come across any hurdles in the process and keep ongoing.
Building a successful start-up is not a cup of tea no matter what the culture and business ethics are. However, it is relatively easy to start a business in Sweden due to the economic conditions and innovative culture of the country. By following the above-mentioned simple yet useful steps, the chances for probable success can increase for entrepreneurs.