Land Of Opportunity: Puerto Rico

With the current scenario of the developed economies like United States and the

United Kingdom witnessing saturation, thinking out of the box is essential. Young and dynamic entrepreneurs are currently looking at various other places and opportunities for setting up their business.

Tucked in between North America and South America geographically Commonwealth of Puerto Rico is fast becoming an ideal destination for setting up a business. Puerto Rico enjoys the advantage of the United States, although they have their own Governor, the Chief of State is the President of the United States of America. The currency used is the US $. Being one of the most diverse among the Caribbean, Industries and Service are the primary economic drivers for the economy of Puerto Rico.

The manufacturing sector contributes about 44% the GDP of Puerto Rico estimated in 2006. Way back in the 1950's agriculture was the primary business, but of late, contributes just about 1%. Falling the tropical climate zone temperature and climatic conditions are ideal for businesses and living. Followed by cheap labor and benefits from the USA, Puerto Rico beckons business opportunities.

Puerto Rico, along with its culture food and fun is a major tourist destination. In 2007 Puerto Rico welcomed 5.90 million tourists which gave an economic boost to Puerto Rico. One can look at a number of options for a business idea in Puerto Rico. After all it takes is an idea, a venture capitalist and a desire to succeed for any business to thrive. Looking at the current scenario of Puerto Rico, the GDP in 2010 stood at $93.52 billion with the average house hold earning about $16,300.

Puerto Rico enjoys duty-free access to the US and tax incentives. No passport is required for entry to the United States, making travelling an easy affair.

Currently there is a negative growth standing at -5.8 %( stats. 2010). Hence as the famous Warren Buffett said "invest when the market is low, sell when it goes through the roof." Similarly, now is the right time to enter the Puerto Rican market.

With the manufacturing and service sector contributing anywhere between 40% to 60% of the GDP and inflation at a comfortable 6.50% setting up a business would not be a night-mare. Well you may ask about the infrastructure of the region, after all infrastructure and raw material are the essentials for any successful business. There are 17 Airports and quite a few Ports. Raw material and labor are readily available. There are fast advances are in technology with more than 1 million internet users, and hence an overall increase in the standard of living.

So, whether it is finance, engineering, hospitality or any other sector which you wish to start a business in, stop thinking and take the steps needed to make it a success.

After all, Success is a ladder that cannot be climbed with your hands in your pocket. Like the Apple inc. founder Steve Jobs says "Innovation distinguishes between a leader and a follower" so it's time to quit that boring desk job and move on. A whole new and exciting career awaits you. All you need to hear at the airport is "Bienvenidos a Puerto Rico, Señor".