With snow-capped Andean peaks in the west, the Amazonian jungles in the south and beaches in the north Venezuela is a country of natural beauty. It is located at the northern tip of South America bordering the Caribbean Sea and the Atlantic Ocean. Centuries of foreign influences have created a cultural fusion of indigenous, African and Spanish elements.
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Venezuela Today
Unlike its neighbouring countries Venezuela never experienced serious tensions among its population. Venezuelans have a high respect for difference and are known for their outgoing and friendly nature. An understanding of everyday social and business conduct and its underlying cultural values is essential for anyone embarking on business ventures in Venezuela.
Venezuelan Culture - Key Concepts and Values
Religion – Over 95% of the Venezuelan population is Roman Catholic and a strong devotion to God is part of daily basis. Religion, however, is not a contentious issue and Venezuelans are generally tolerant towards people of other faiths.
Relationships – Personal relationships are very important to Venezuelans with the family at the centre of life. Gestures of affection are often displayed towards friends and Venezuelans also like to foster a more personal atmosphere with colleagues. In business it is crucial to have strong relationships with your Venezuelan counterparts.
Time – Venezuelans tend to approach time in a flexible manner and sometimes arrive late to appointements. Delays are common but according to a Venezuelan saying ‘It is better to arrive late than never’. Within a professional business context, however, punctuality and deadlines tend to be respected, especially when dealing with foreigners.
Doing Business in Venezuela
The Venezuelan economy heavily depends on oil revenues which account for about 95% of export earnings. It is Venezuela’s most important asset and until 1970, Venezuela was the world’s largest oil exporter. This dependency, however, has made the country vulnerable to price fluctuations on the global market. Hugo Chavez, president from 1998 to 2013, increased the government’s control of the economy by nationalising firms in the agribusiness, financial, construction, oil and steel sectors. His efforts hurt private investments, reduced productive capacity and slowed non-petroleum exports. In addition, Venezuela recently faced a housing crisis, struggles with high inflation and food shortages. Nevertheless, Chavez’s successor Nicolas Maduro remains optimistic that this ‘21st century socialism’ will save the country from recession. A profound understanding of local business culture remains crucial to doing business effectively in Venezuela.
Part 1 – Working in Venezuela: Working practices in Venezuela
Structure and hierarchy in Venezuelan companies
Working relationships in Venezuela
Part 2 – Doing Business in Venezuela: Business practices in Venezuela
Venezuelan business etiquette (Do’s and Don’ts)
DO participate in social events to improve relations with working collegues.
DO make eye contact when conversing. It shows interest in the subject and creates an atmosphere of trust.
DO show gestures of affection when conversing with business partners you have become familiar with.
DON’T attempt to move back if you feel the person you are speaking to is standing too close as this could be perceived as a cold rejection.
DON’T point your index finger as this considered rude and vulgar. Use your full hand to indicate.
DON’T be too dominant or aggressive when conversing with Venezuelans. Let them take the lead.
Venezuela Culture Quiz – True or False
1. It is acceptable to arrive late to meetings.
2. If you are dissatisfied with a colleague, it is acceptable to voice your criticism immediately.
3. Venezuelans like to look each other straight into the eyes when conversing.
4. Venezuelans like to discuss business matters over lunch.
5. Humor is commonly used in conversations.
Venezuela Culture Quiz – Answers
1. False. Despite common stereotypes about South America, punctuality is respected in a business context, especially when dealing with foreigners.
2. False. Criticism should never be voiced in public. Instead take the person aside to speak in private.
3. True. Looking away is interpreted as unattentive behaviour.
4. True. Once a business relationship is established, it is common practice to discuss business matters in a rather informal setting.
5. True. Venezuelans like making jokes, even in formal settings.
Venezuela Today
Unlike its neighbouring countries Venezuela never experienced serious tensions among its population. Venezuelans have a high respect for difference and are known for their outgoing and friendly nature. An understanding of everyday social and business conduct and its underlying cultural values is essential for anyone embarking on business ventures in Venezuela.
Venezuelan Culture - Key Concepts and Values
Religion – Over 95% of the Venezuelan population is Roman Catholic and a strong devotion to God is part of daily basis. Religion, however, is not a contentious issue and Venezuelans are generally tolerant towards people of other faiths.
Relationships – Personal relationships are very important to Venezuelans with the family at the centre of life. Gestures of affection are often displayed towards friends and Venezuelans also like to foster a more personal atmosphere with colleagues. In business it is crucial to have strong relationships with your Venezuelan counterparts.
Time – Venezuelans tend to approach time in a flexible manner and sometimes arrive late to appointements. Delays are common but according to a Venezuelan saying ‘It is better to arrive late than never’. Within a professional business context, however, punctuality and deadlines tend to be respected, especially when dealing with foreigners.
Doing Business in Venezuela
The Venezuelan economy heavily depends on oil revenues which account for about 95% of export earnings. It is Venezuela’s most important asset and until 1970, Venezuela was the world’s largest oil exporter. This dependency, however, has made the country vulnerable to price fluctuations on the global market. Hugo Chavez, president from 1998 to 2013, increased the government’s control of the economy by nationalising firms in the agribusiness, financial, construction, oil and steel sectors. His efforts hurt private investments, reduced productive capacity and slowed non-petroleum exports. In addition, Venezuela recently faced a housing crisis, struggles with high inflation and food shortages. Nevertheless, Chavez’s successor Nicolas Maduro remains optimistic that this ‘21st century socialism’ will save the country from recession. A profound understanding of local business culture remains crucial to doing business effectively in Venezuela.
Part 1 – Working in Venezuela: Working practices in Venezuela
Structure and hierarchy in Venezuelan companies
Working relationships in Venezuela
Part 2 – Doing Business in Venezuela: Business practices in Venezuela
Venezuelan business etiquette (Do’s and Don’ts)
DO participate in social events to improve relations with working collegues.
DO make eye contact when conversing. It shows interest in the subject and creates an atmosphere of trust.
DO show gestures of affection when conversing with business partners you have become familiar with.
DON’T attempt to move back if you feel the person you are speaking to is standing too close as this could be perceived as a cold rejection.
DON’T point your index finger as this considered rude and vulgar. Use your full hand to indicate.
DON’T be too dominant or aggressive when conversing with Venezuelans. Let them take the lead.
Venezuela Culture Quiz – True or False
1. It is acceptable to arrive late to meetings.
2. If you are dissatisfied with a colleague, it is acceptable to voice your criticism immediately.
3. Venezuelans like to look each other straight into the eyes when conversing.
4. Venezuelans like to discuss business matters over lunch.
5. Humor is commonly used in conversations.
Venezuela Culture Quiz – Answers
1. False. Despite common stereotypes about South America, punctuality is respected in a business context, especially when dealing with foreigners.
2. False. Criticism should never be voiced in public. Instead take the person aside to speak in private.
3. True. Looking away is interpreted as unattentive behaviour.
4. True. Once a business relationship is established, it is common practice to discuss business matters in a rather informal setting.
5. True. Venezuelans like making jokes, even in formal settings.