Originally published in NIN, this text by Zoja Kukić Đorđević – member of the unlockit conference Program Board and co-founder of Startit, XLSIOR, and Luni Club – explores the key differences between Serbian entrepreneurs and their peers in developed markets, and why those differences matter.
Being an entrepreneur in Serbia is not easy – but to be fair, it isn’t easy anywhere. It is different here, though. What almost all of us already know is that we face challenges that have been solved in other markets (such as simple online payments), and we operate in a relatively small local market.
However, there is still something that isn’t talked about enough: entrepreneurs in our region still lack sufficient knowledge about business development – even though they often believe they have it. Our new mantra should be that it is much better to be even last in a city than first in a village. The global economy is becoming increasingly unforgiving, and if businesses from the region do not at least try to enter the first league, the gap will only widen and opportunities will continue to shrink.
This text explores the key differences I see between our entrepreneurs and those coming from developed markets – differences that, in my opinion, significantly impact success.
Before diving into specific points, it’s important to note that these observations come from firsthand experience. I have been part of the Serbian startup ecosystem for more than 15 years, and I have spent nearly half of that time working with founders and companies from the world’s largest markets – from the United States and Western Europe to India and Russia.
A Smaller Goal Doesn’t Necessarily Mean Less Effort
At first glance, this may not sound logical. If we want to save €1,000, it will certainly take less effort than saving €10,000. But it won’t take ten times more effort – rather, it will require a different approach (and yes, some additional effort). Something has to change dramatically – either how we earn or how we spend.
This is exactly the trap we often fall into. We feel safer with smaller goals, believing they are easier to achieve, while we fear big goals because we assume the relationship between them is linear.
Here are two examples of how this shows up in business.
Growth based solely on direct sales makes sense in the beginning – it is the fastest way to test an idea and establish a direct relationship with customers. However, it is also a fairly linear game. You sell more only if you hire more (good) salespeople. Those who aim for more ambitious growth will look for a different approach. Initially, this is not easy. It requires testing multiple sales channels, discovering where customers most often look for solutions to their problems, and more. But once this is figured out, the results are far greater. Of course, some businesses cannot close sales without personal contact – but even then, it matters how that contact happens: whether the potential customer reaches out to you or you reach out to them, and what kind of reputation you start with.
Another example is geographic limitation. Founders from our region often tell me they will first test their solution on the local market. I can’t recall a single case where this approach resulted in a truly global business. When it comes to technology solutions, our market is still not developed enough and does not demand the highest level of service or product quality. If a solution is adapted to the needs and capabilities of the local market, it is most likely not good enough for the global one. This applies to most other products as well – on average, people in our region have lower purchasing power, which leads to more modest consumer expectations and weaker competition. The result is usually lower future revenue. After starting this way, it is much harder to expand into developed markets than if the business had been built with that direction in mind from day one.
We Should Be “Obsessed” with Users, Not with Our Product
If I had to choose one thing that slows us down the most, it would be our insufficient focus on users and their needs. The biggest gap between us and entrepreneurs “from the West” lies precisely in the level of user focus.
A constant feedback loop with users is essential for building a truly outstanding product. Data is important, but direct contact is indispensable. Being open to continuously listening to what users say and feel must be a standard part of every business. Instead of “defending our idea and product,” everyone in the company should be in a constant “listening mode.”
And I emphasize everyone. It is not enough for only business development teams to think about users and their needs. This is how a CTO doesn’t get frustrated when specifications change – because they understand that what matters is building the right solution, not a technically correct product that almost no one will use.
We Have to Spend in Order to Earn
Our entrepreneurs tend to focus much more on costs than on revenue. Every expense must be fully justified. Sometimes this leads to absurd situations – saving money on cleaning services while highly paid team members spend their work time cleaning. Other times the illogic is less obvious, but still present: they won’t invest in anything unless they are 100% certain it will generate returns.
There is no 100% certainty in entrepreneurship, and the search for that “golden investment” only leads to delays and slow decision-making. Yet speed, agility, and openness to testing new approaches are exactly what can allow entrepreneurs to beat larger players.
Additionally, while scrutinizing almost every other cost, founders often completely undervalue their own time – which is actually the most important resource in any small business. Founders frequently take on tasks that could easily be delegated to more junior team members, instead of using that time to further build the business and drive sales.
Delegating Key Business Functions
In our market, we lack globally relevant experience in marketing and sales, which often leads founders to delegate these areas early on. However, marketing and sales are the primary points of contact with customers and should shape the entire company. When they function in isolation within agencies, we lose the broader picture and miss strategic opportunities that could set our business apart.
Just look at successful startups from our region such as FishingBooker, Nordeus, or Photomath – it is clear that without deep founder involvement in these functions, achieving truly large-scale success is extremely difficult.
How Can This Change?
Most of what I’ve described is deeply rooted in our culture and doesn’t change overnight. Still, every change begins with awareness.
The next step – for those who recognized themselves at least a little – is to gradually start changing their environment. This doesn’t have to be a radical shift.
To start, let’s change the news, stories, and books we consume, placing more emphasis on global business content.
Next, we should rethink the events we attend, again with a global focus. We need to hear more about what we don’t know, from those who operate in developed markets. These events do exist here – you just need to look for them. This is precisely one of the reasons I am part of the Program Board of the unlockit conference, organized by the Digital Serbia Initiative on February 19–20 in Belgrade. Truly global names will be coming to our region for this occasion. You can start with the unlockit conference and then gradually attend similar events.
Finally, education – from reading and courses to engaging specific experts and mentors. By choosing the title of entrepreneur, one automatically accepts the title of lifelong learner. There is no room for delegating essential responsibilities or ignoring changes in the environment.
It’s simple – we don’t know what we don’t know. We may be above average in our circle or our country, but there is still a lot to learn – from other markets, entrepreneurs, experts, and above all, from our users. And we should stick together and continue expanding our circle.
