In the PBS documentary of foreign entrepreneurs in China we discover (when the US financial crises hit the world causing more than $64US trillion in global loses while those who caused the crises walked away with fortunes) China experienced a slowdown in economic growth in 2008.
One foreign entrepreneur, Ed Hung, talks of the clothing store he co-founded, NLGX Design, which opened in Beijing in 2008. He said rent was still increasing.
Ed Hung was born and raised in San Francisco. His business partner, Michel Sutyadi, was born and raised in Germany. They met in Beijing while studying Mandarin in 2005.
Ed Hung says modern Beijing is becoming a consumer culture.
Then Doug Ma, a co-founder of Go Tour-ING, talks of how the global financial crisis (which was started in America) has affected business.
In the spring of 2008, Dough Ma left his job at an investment bank to travel. He wrote a post for Jet Set Zero in July 2009, and said, “It has been quite a challenge starting up Tour-ING (looks like this business didn’t survive). For one thing, it has been a tough year for the tourism industry. Less people are traveling due to the global economy and the outbreak of swine flu has hindered a lot of travel plans.”
Brian Sloan, CEO of Robotic Blow Job (want to be shocked and/ or LOL, click on the link), says the toys he manufactures and sells seem more popular in hard economic times since people spend less money going out and stay home more so they need a method of self-entertainment.
In addition, in October 2013, Forbes ran The Rise Of Self-Made Billionaire Entrepreneurs In China, And What It Means For The Future Of Chinese Corporations, and said, “Anyone who has followed China’s business billionaire lists in recent years will probably have noticed an encouraging trend: self-made entrepreneurs are climbing the charts. Six out of the ten billionaires topping this year’s list are genuine entrepreneurs.”
Then in August 2014, The Diplomat.com said, “China has long been preparing the ground for entrepreneurial revolution. … Starting in the 1980s, the Chinese government actively encouraged entrepreneurship across the country, by introducing the first patent law, allowing state-owned enterprises (SOEs) to go bankrupt, and creating a more investor-friendly environment for private entrepreneurs.”
And in May 2014, TechNode.com offered The Top 3 Tips For Foreign Entrepreneurs Starting Up in China:
- Find a Local Partner
- Don’t confuse market size for adoption speed
- Learn the language and culture, and hire locals
Start with or return to Part 1
Lloyd Lofthouse is the award-winning author of My Splendid Concubine [3rd edition]. When you love a Chinese woman, you marry her family and culture too. This is the lusty love story Sir Robert Hart did not want the world to discover.
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