Entrepreneurism Rides High In China
Ted Fishman, the author of China, Inc. and a good friend, shocked me and the audience in Florida in late 2005 when he stated, matter of factly, that there are 85 million private companies in China, more than three times as many as the 25 million in the United States. Ted and I were serving on a China panel together, and I learned something that day that I still cannot get out of my mind. I always knew that China is an entrepreneurial country, but I had no idea as to the sheer magnitude of the numbers– until then, that is.
Entrepreneurism in China is infectious, and there is no known antidote or cure as far as I can see. It seems like everyone in China—young, old, Chinese, non Chinese— is starting some type of business. If you aren’t an entrepreneur before you get here, I guarantee you; you will become one before you know it.
Despite the difficulties of doing business in China and the fact that the country is already the third-largest economy in the world, China remains one of the best places in the world to start and build a business. Why? First, the economy is growing at double-digit rates, so whatever business you pick, it is likely to have a strong wind at its back.
Second, China is a large economy, but it is also one that is in an embryonic stage of development. That means there are many “gaps” that need to be filled. How many times have you met someone who has just returned from his or her first trip to China and is literally brimming with ideas for new opportunities in China? That’s because there are a lot of opportunities and gaps to be filled. Services and products that are readily available and familiar in a well-developed economy may not be so available or familiar here. Finally, despite China’s rapid development, it’s surprising how many otherwise well-informed business people around the world are not even aware that there may be opportunities for their products or services in China. If you happen to spot one of these “opportunity gaps,” don’t assume that it will soon be filled. The people or companies most likely to fill it may not even be aware it exists.
Having gone down the entrepreneurial road myself, I am always happy to help those that are beginning their own journey in whatever way that I can. That is why I was more than happy to accept an invitation by Jim James and Matt Lewis to speak to the Beijing chapter of the Entrepreneurs’ Organization (EO). EO is an organization that represents a global network of more than 6,600 business owners in 38 countries. Founded in 1987 by a group of young entrepreneurs, EO provides a platform that enables entrepreneurs to learn from each other.
The event in Beijing was well-attended, and I was delighted to meet many people whom I have known by name over the years, but whom I had not yet had the opportunity to meet in person. Most in attendance have been in Beijing and China for several years, so it was a very experienced group. I was particularly happy to meet Paul Denlinger, who not only wrote a review of my book, but also wrote about the event on his blog, The China Vortex.
I congratulate Jim and Matt for their hard work in building the Beijing Chapter of EO. In Jim’s words, “EO is a forum for entrepreneurs to share, learn and support one another here in Beijing. We welcome people who are taking risks, making decisions and building a business here in China.”
If you would like more information about EO Beijing, you may contact Jim directly by e-mail:jim@eastwestpr.com
