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Secrets Of Success: 5 Lessons From Chinese Entrepreneurs


There’s a reason why people of Chinese origin make up nearly a quarter of the world’s billionaires.
According to the Hurun Rich List, people of Chinese origin account for 24% of the world’s billionaires.
Sure, China has the world’s second largest economy and its citizens constitute a fifth of the planet’s population.
But it is still ranked a lowly 121 on Index Mundi’s list of nations based on GDP (PPP) per capita. Indeed, it is sandwiched between Ecuador and the Caribbean territory of Montserrat, neither of which is an economic superpower.
So if China punches above its weight when it comes to producing entrepreneurs, what can it teach the rest of us about business?
1. Don’t rush decisions
In the West, we make decisions in a hurry. Being ‘busy’ is a badge of honor, and we expect everything to be done yesterday. In China, entrepreneurs take their time over the things that matter. They take time to make decisions and they take time to trust people. They get criticized for dragging their feet, but they get their priorities straight.
2.Do seize opportunities
Wonder why the Chinese already have a powerful presence in resource-rich Africa? They know a good opportunity when they see one, and they’re not afraid to seize it. Once they’ve set their mind to something, Chinese entrepreneurs are very good at doing. Hence they transform their businesses quickly. So what if your company produces electro-components today? It can still generate electricity tomorrow.
3. Know how to adapt
Change does not scare Chinese entrepreneurs. They are continually learning and adapting their business models to fit different circumstances. Those who say the Chinese can’t innovate or only produce low-quality goods do so at their peril. They are becoming more innovative and producing better-quality goods all the time.
4. Look on the bright side
Most of us sound off about government policies that we dislike. But Chinese entrepreneurs don’t waste their energy whining about things they can’t change. They just get on with it. Billionaires in the making are natural optimists; they don’t let politicians spoil their day.
5. Be a decent person
Chinese entrepreneurs care about reputation and integrity. They believe that losing face is shameful so they have a strong sense of honor. Equally, they expect others to deliver on their promises. And they value their communities and their families greatly. They know that building a successful business is a team effort.
China is one of the world’s most exciting economies, and its business leaders continue to amaze and inspire other entrepreneurs around the world. That’s why EY is bringing the Strategic Growth Forum to Shanghai this week from 22-23 May 2014. We want to learn how China punches above its weight – and we know you do, too.
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