Entrepreneurship is being embraced by young people in China. They are not only located in vibrant cities like Shenzhen, Beijing, Shanghai but also in Hangzhou, Nanjing, Chengdu, Chongqing and even second or third tier cities. It’s exciting to see the entrepreneurial culture being ingrained in part of the Chinese culture nowadays. The general public is becoming increasingly encouraging to entrepreneurship spirits as well. Entrepreneurship is a low-probability game, meaning only a small percentage of people attempting it can end up being successful. Chinese culture today has however given people the leeway to fail and even to embrace failure as precious experiences.
Dr. Tse said “many people outside of China, especially those in the west, have a perception that China is a state economy. They see China as a few head of states directing the entire country where everyone just follows the direction without any deviations. This is actually not true. The reality is that business, in particular the entrepreneurs, would take a step in going a certain direction to create a phenomenon through different experiments and trials. This phenomenon may not be very mature yet, but it’s developing and emerging. The government would then see valid phenomenons and embrace them as a concept or direction for development which may eventually be codified into part of the development plans.”
Dr. Edward Tse is a pioneer in China’s management consulting profession. He has built and led the greater China operations of Boston Consulting Group (BCG) and Booz over 20 years. Listen to this podcast and hear Dr. Tse and Ashley talk about the rise of China in the past 20 years, the post COVID-19 realities and what’s next.