Nomad Entrepreneurship

By Kashuf Shahid, Oct 20, 2020

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Digital nomads are the people with a lifestyle of nomads — the people who are constantly moving/travelling and have no permanent residence voluntarily , except that they have the digitality/technology to their use, for earning themselves a living.

An entrepreneur, on the other hand, is the one who starts some new –innovative– business, whilst being the only one who faces most of the heat and bears most of the fruits.

By the courtesy of the information that we have gathered from the definitions of nomads, digital nomads, and entrepreneurs, it makes sense to say the least that Nomad Entrepreneurs are the people who build startups –some business of course, while they’re on a move or travel.

Speaking of sustainability —  of the lifestyle that digital nomads choose, comes with its own hard sides. Nevertheless, it is the entrepreneurship, that when opted, helps digital nomads to sustain and endure better. The product, service, a startup or business in the nomad entrepreneurship –whatever you’d like to call, is essentially online in nature.

Any entrepreneur, who has had built any startup, knows that there is always some connectedness, that one develops over time, for their startup –something that opposes nomads or digital nomads nature or lifestyle. However, as it contradicts with the very nature of any type of nomadness, a nomad entrepreneur may sale that very startup or start relying on its income only, when it later becomes successful– for going back to being a nomad. As told above, an entrepreneur is the only one who’s going to face the most heat and bear the fruits –facing the heat and bearing the fruit within the same day is not unusual, but nomad entrepreneurship comes at some additional heats.

With all being said, if you aspire to become a nomad entrepreneur –after weighing all the pros and the cons of course, here are a few suggestions that you’ll find helpful:

1. Find yourself a partner:

Travelling, it involves some uncertainty and instability factors.It is essential to have a partner — not necessarily a co-founder though, who shares the same aspirations as you do. A good partner is someone you get along with easily and there’s mutual trust between you two. Clearly defining the goals and motives before pursuing with your partner saves you from having differences with your partner in the future.

One plus one equals eleven.

2.  Build then move:

Essence to being a successful nomad entrepreneur, is that you should be building your startup being somewhere permanently for some time– ideally your home or hometown, where you may build and design its prototype. Before taking your startup along with you, whilst you travel, it requires to have your physical presence for certain things–as in the case of its registration. After some necessary formalities are met, you may waste no time to be on the move.

3. Be committed and determined:

Commitment, without which, nothing has ever been achieved. But, in the case of nomad entrepreneurship, to be successful, it requires a whole lot of commitment. The lifestyle of a nomad entrepreneur requires more time and money, as there is a constant finding for wifi hotspots, a workplace etc. This is primarily why some people don’t aspire to be a nomad entrepreneur and some give up halfway to their journey. Thereof, an awful lot of determination and commitment is needed for it.

4. Nomadic lifestyle and the idea:

If you’re essentially looking to be an entrepreneur while being on the move, make sure the idea does not end you up being stuck at one place. Evaluate your idea and have it pass through nomad entrepreneur criterion, to find it early whether it gets along with your nomad lifestyle or not.

5. Be prepared for early losses:

There is a high probability of your idea costing you huge money initially –same is the case with every business and startups. Also, there’s a high chance of you running out of money, that will make you give up your idea –even if it was very promising. Thereof, have yourself some money saved for your startup, at least for the starting two years. Be ready for your startup,when you have saved some money or have found an alternative source of finance, in case you run out of the finances in future.

6. Nomadic lifestyle and the idea (II):

As the fifth suggestion advises looking for an idea, that does not end you up being stuck at one place, If you’re essentially looking to be an entrepreneur while being on the move; this suggestion is vice versa to it, for, you need to determine very early if your very nomadic lifestyle is going to affect your startup or not –it may not end you at one place but may require you staying at one place and your always being on the move is affecting it badly.

Evaluate your idea and have it pass through nomad entrepreneur criteria, so you may not be in any dilemma in the future.

7. Exploit travelling:

As a nomad entrepreneur, you’ll be doing a lot of travelling. Take the most of it and exploit your travel in your entrepreneurial success, for you’ll be — while being on the move– getting introduced to the new market and getting to meet and know new people. You can make use of it by finding clients, partners and even a team for your startup. We also strongly recommend interacting with the respective local entrepreneurs rather chilling on some beach with a group of people. In this manner, you would be making the best use of your time, money, and travelling.

8. Pay success heeds more than investors:

Having a hunt in mind for finding an investor — for any genre of business– is pretty usual as well natural. However, for nomad entrepreneurs, finding an entrepreneur might prove a little harder and the reason only being the lifestyle of nomadic entrepreneurship. Rather trying to pursue investors betting their money on your idea, do extensive research from ideation to prototyping to marketing.

Remember one thing, if everything goes well, you won’t be requiring any investors –since you’ll be generating sales and having enough revenue from the clients only to have the startup spread. Last not the least, why would the investors place their money, if your startup is not working out? Better have the things work out for you, for that way only, you’ll have investors that will be reaching for you, instead, you are trying to reach them.

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