Online start-ups retain the glamour and risk of the original dot-com era. Famous names like Facebook and Alibaba have shown stunning growth. Yet, becoming competitive and profitable is no easy task, and for most entrepreneurs the technology alone is not enough to provide a competitive edge.
Forbes has the story of Rozee.pk, the largest job-posting site in Pakistan. The site’s founder, Monis Rahman, was originally focused on another social networking site he had created (Naseeb.com). The traffic the jobs site generated led him to direct his attention there. His current challenge is sorting out how to work with instead of against big networks like Facebook and LinkedIn.
Paraguay – On Wednesday, May 11, Fundación Paraguaya and the Paraguayan Ministry of Education signed an agreement to promote entrepreneurship in the Paraguayan public school system. This accord aims to strengthen educational institutions, capacities, and make resources available to improve the quality of training programs in these institutions and to contribute to sustainable development in the schools’ communities.
Russia – A CIPE partner in the North Caucasus region of Adygea has secured a formal commitment from its regional government to help support a USAID-funded project that trains local youth to launch businesses and expand their employment opportunities. Under the agreement, the government will provide access to business-startup credit for young entrepreneurs who complete a CIPE program. CIPE’s partner, the Chamber of Trade and Industry of the Republic of Adygea, signed the agreement as part of a three-year Promoting Entrepreneurship in the North Caucasus project that CIPE is administering with USAID support.
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Professor Tan Ying Lan, author of Chinnovation, traces the characteristics of innovation in China. Ranging from revenue-focus and rapidity to rivals and restrictions, his book outlines the “Eight Rs of Chinese Innovation.” The Chinese market is both a land of opportunity, given its rapid growth, as well as a source of daunting challenges for entrepreneurs to solve. Factors such as the particular demands of Chinese customers and limits on what entrepreneurs are allowed to do have sparked some creative thinking. My favorite innovations mentioned are the Haier washing machine that accommodates both clothes and potatoes, and Haier’s rodent-proof refrigerator.
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Two famous Chinese entrepreneurs—Guo Guangchang and Li Kaifu—generously shared some lessons for young entrepreneurs during the Global Entrepreneurship Congress in Shanghai on March 28.
Guo Guangchang, CEO of the FoSun Group, challenged entrepreneurs to think independently and investigate whether the market really needs what they are doing. Spending time talking to clients is a good way to find out.
Guo downplayed some of the excitement of innovation. He advised a practical, step-by-step approach. As for failure, he said, “If you’re not prepared for failure, you’re not ready for enterprising.” That said, he believes even if an entrepreneur fails commercially, that person will be richer in life for the experience.
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Participants from 92 countries gathered in Shanghai from March 28 to 31 for the third Global Entrepreneurship Congress, organized by the Kauffman Foundation. The congress celebrated Chinese entrepreneurs, explored what works in supporting entrepreneurs, and initiated planning to make Global Entrepreneurship Week 2011 a more powerful phenomenon than ever.
Shanghai has made its mark as an entrepreneurial hub. Mayor Han Zheng kicked off the congress by stating that entrepreneurship creates jobs, and called for government policy support for entrepreneurship. Carl Schramm, President and CEO of the Kauffman Foundation, then introduced the goal of improving “entrepreneurial ecosystems,” a theme echoed by China’s Minister of Science and Technology, Wan Gang.
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The world increasingly turns its attention to China and India: two economies that are driving global growth and which provide interesting terrain for entrepreneurs. What’s distinctive about entrepreneurship in these countries?
Vivek Wadhwa in Foreign Policy magazine says ”Chinese and Indian Entrepreneurs Are Eating America’s Lunch,” creating thousands of technology startup firms. What sets them apart? It isn’t the education system. They have absorbed practices and skills from the West, and now their companies are investing in innovation and education.
Continue reading ‘Views on Entrepreneurship in India and China’ »