I think I am the best LIVING EXAMPLE for his question, so here are my 2c:

I have been using a pen name for day #1, because my name was too exotic for the US IMers' Pantheon (back in 2002) so I wanted to compete with everybody on an equal basis, aka. not having people (customers and also fellow IMers) "judging" ANYTHING (my products, my habits, myself, etc.) based on my nationality.

Today IM's arena has become more flexible; one can be anywhere, be named even as Bobby Dick and sell well. Today people (customers and fellow IMers) love the sales your products can send, and the NAME, even the nationality, plays a minimal role UNLESS you are ethno-centric to your marketing approach.

However... I would not use my name if it was something like "John Loser" or "Ricardo Butterpeanut" or "Zudeistra Pomalakaterone," but again what really matters is the SALES you can send to your JV partners. NOBODY would have a problem if money was sent by John Loser, but if no sales come at all, then John verifies his name's meaning...

Building a BRAND online requires guts - some times the "self" you create online becomes the best product of yours and the real YOU stays in shadows begging you to show up. Sticking to your branding policy requires a discipline indeed.

John