Why Chinese are successful entrepreneurs

January 23, 2012 | By More

Do you want to be a successful entrepreneur? New research offers fresh insights into how successful Chinese entrepreneurs teach themselves to become better at making money:-

  • They constantly examine their business operations from every angle.
  • Pay attention to the finest details and agonize over their past mistakes with a view to not repeating them in future.
  • They are voracious learners: and learn through textbooks as well as business mentors.
  • Also study how opposition is up to with a view to copying best practices.
  • Spend much of their time in listening to other people: i.e. to customers and staff – including those who have left the business. This is the way they continually improve their business activities.

These are some of the key characteristics identified in a new, in-depth study of the learning behaviours of a dozen Hong Kong entrepreneurs who started up and developed their own highly profitable companies.The average age of entrepreneurs included in his study was 45, about a third were women and most were university graduates.

Most had built businesses from scratch into organizations with at least 500 employees. At least, one-third had more than 1,500 people working for them and one individual had as many as 5,000 employees. One entrepreneur is head of a company that recently listed on Hong Kong’s stock exchange.

“Learning is a key characteristic of a successful entrepreneur. They are highly motivated in seeking learning opportunities. They learn selectively and purposely and they learn in depth,”

Many believe that successful entrepreneurship is largely a combination of growing up in an environment that provides opportunities to observe successful business operators but, study shows that some of China’s best business players look to textbooks for advice.

“Successful entrepreneurs actively participate in training courses and look for management practices and ideas from others and from text books. They analyze how to apply certain management theories in their own businesses.

Unsurprisingly, the work environment is a central element in the learning style of Chinese entrepreneurs. “First-hand experience is critical in the learning process. Learning is selective, based on actual experience.

All entrepreneurs involved in the study spent much time carefully evaluating their own successes and failures in order to reinforce successful practices and avoid repeating mistakes. In addition, they put much effort into understanding every aspect of their business and its environment.

“They participate in daily management and acquire hands-on experience about the business operations, rather than taking an investor’s perspective. They learn the technical details about the business”.

Six main patterns of learning common to Chinese successful entrepreneurs include that they actively seek learning opportunities; they learn selectively and purposely; they learn in depth; they learn continuously; they improve and reflect on their experiences, and they transfer their learning outcomes to current practices.

The practical implications include that education and training for entrepreneurs should be situated at work or within simulated contexts that provide them with opportunities to apply their new knowledge.

Source: The University of Nottingham Ningbo China

Majid Shabbir
Official Moderator

 

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  1. Dear Moderator,

    Appreciate your perennial coordination and keeping update with such useful articles. Must benefit for all business circles.

    Thanks & Best regards.