Turnaround Strategy: Think like a Chinese Entrepreneur
You want a turnaround strategy to help your slumping business? Here’s one that will definitely get you headed in the right direction: Think like a Chinese entrepreneur.
According to an article by Thomas Wing Yan Man, the University of Nottingham Ningbo, China, conducted a study to determine a model of “entrepreneurial learning.” Most of the people studied were males, and the average age was around forty-five.
Among the successful entrepreneurs, here are some of the shared traits:
- They constantly examine their own business from a variety of angles. They pay attention to details, and agonize over past mistakes.
- They are voracious learners, incorporating everything from textbooks to executive coaches. Studying business competitors is a top priority.
- They listen to their staff, their customers, their suppliers and even those who have left their business. They use what they hear to improve their business.
- They actively participate in training courses and search for management practices and ideas.
I guess these folks don’t spend a lot of time watching TV on the weekends.
The key takeaway, which to me should be the basis of your turnaround strategy, is this statement: “Learning is a key characteristic of a successful entrepreneur, entrepreneurs are highly motivated to seek learning opportunities, and they learn selectively and purposely, and in-depth.”
I think “learn” was mentioned forty-three times in that sentence, and for good reason.
You see, reaching out to an executive coach or reading a business text book is only one part of a turnaround strategy. You also have to learn about new topics and trends yourself. You have to fully understand what is happening in the marketplace, so you can tailor your business to meet the evolving demands.
These Chinese entrepreneurs understand that concept. They’re a big part of why the Chinese economy is expected to grow at 8% this year. If US entrepreneurs can follow their lead, maybe we’d be on our way to posting similar growth.
(Photo by topgold)
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