Russian students learn the importance of business planning

Conducting business in any country can be tricky, and learning the ins and outs of entrepreneurship success can take time. That is why SUNY Canton is doing what it can to help students of all nationalities learn as much detail as possible. An exchange program at the New York school is teaching Russian exchange students how to run their own business.

Local news affiliate YNN spoke with several of the students. Marela Fiacco, SUNY Canton director of international programs, explained that the 14 Russian students have been learning about the intricacies of starting their own companies back in their own country. Areas such as business creation, marketing plans and financing have all been discussed, she said.

"We learned how to overcome the problems we have when you do your business, how to start your business, how to run your business, because it is very difficult to get started," exchange student Emil Nurmukhamedov told the news source.

Doing business in Russia is different than other countries, but many entrepreneurs are finding success. Marouan Sbai, an architect from Morocco, has been living and working in Russia since 2004. He explained to the blog Russia Beyond the Headlines that the taxation system was more or less moderate than in other European Union countries—6 percent for individual entrepreneurs.

Achieving Success in Russia

Sbai added that even though the competition is tough in his field, Russia has numerous growth opportunities and areas for business development. However, the architect did caution that individuals must be aware of all paperwork, and ensure that it is filled out properly. For example, a Russian translation of a license application for an office in Moscow would be crucial.

There are often many legal documents that must be filed properly to conduct business in any country, Russia included. Regardless of an entrepreneur's final destination, partnering with a translation firm that specializes in legal translation services can be greatly beneficial.

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