Issue link: http://endeavor.uberflip.com/i/317370
MARKETS On one hand, Lebanese entrepreneurs face the immediate challenge of a small domestic market. Most businesses fail to achieve economies of scale based solely on local demand and therefore look to expand internationally much earlier than their peers in larger countries. On the other hand, Lebanon's small size means entrepreneurs can use the local market to test their products before marketing them abroad, giving them a competitive advantage by working in a test market. A small domestic market also helps entrepreneurs become extremely connected. They build networks that promote their businesses both within and outside the country. ACCESSIBLE MARKETS ARE VITAL FOR A BUSINESS. ACCORDING TO A STUDY BY WAMDA RESEARCH LAB, IN LEBANON, "FINDING CUSTOMERS" IS THE MOST WIDELY CITED BARRIER TO GENERATING REVENUES BY ENTREPRENEURS. Depending on the products or services they supply, companies can choose to target local or foreign markets or both. Endeavor Lebanon's survey results reveal that, overall, Lebanese entrepreneurs do not perceive the domestic market to be more available than foreign markets. This can be attributed to the small size of the local market. AVAILABILITY OF MARKETS None Poor Neutral Moderate High 17% 10% 26% 32% Foreign Markets Domestic Market 6% 3% 20% 21% 32% 34% ENTREPRENEURSHIP IN LEBANON: PERCEPTIONS AND REALITIES 18