An entrepreneur is someone who is always on the lookout for problems that can be turned into opportunities and finds creative ways to leverage limited resources to reach their goals. In this course, learners will be introduced to the fundamental concepts, theories, and frameworks of entrepreneurship and learn how to apply them within the context of the world's largest market: China. Through cases, articles, and experiential learning, learners will gain expertise in how to identify and evaluate opportunities; interpret, analyze, and build financial models to enable high-growth ventures; practice living life as an entrepreneurial leader; and create a new product or service for the Chinese market.
From the lesson
Module 2a. Innovation And Creativity
In Module 2a, you will learn how to generate business ideas for your startup and identify an opportunity for it.
Associate Director, EMBA Program, Associate Professor of Practice in Entrepreneurship, Project Director, Centre for Entrepreneurship Department of Decision Sciences and Managerial Economics
And we often hear that an idea that happens outside get
copied in China. So, do you think China are innovative,
or do you need creativity or innovative
to start a business in China?
Well, if you talk about copying
or plagiarism, actually it happens everywhere.
It's only that when most people think about, okay, just
developing products or hardware, tangible products, it
is much more easier to be plagiarised or copied in China
because the cost of manufacturing is pretty low. But,
of course, not everything is that low in terms of
manufacturing; whereas there's a lot of people, a lot of
products are being manufactured outside of China these days.
But in terms of the innovation, a lot of the mentorship
I told to … I talk to the companies themselves.
If it's that easy for people to copy you, it's … doesn't matter
whether in China or in Hong Kong or somewhere in US,
it happens everywhere. So, the strategic importance of
your company being able to plagiarise by someone else
is very critical. So, if you’re developing a hardware product,
don't just think about the product itself. You have
to think about not just the hardware but also the software
and the services and everything that links in behind it
Because that's pretty much where the uniqueness lies
in terms of how you are providing. Because everyone
is providing pretty much the same thing. If you talk about
products like drones these days… flying in the air,
so everyone makes the drones. So, certain companies make
the drones earlier. So, they may sell like 3000 RMB
or 6000 RMB per drone. But if you go to, like, online
shopping commerce platforms, you can actually buy, like,
small toys, like, for 20 RMB.
So, the technologies is
… catches up pretty fairly quickly. So, if you just
rely on just the technological breakthrough at this point
of a certain hardware, well, be prepared that by tomorrow
someone else will be developing something even much more
better and copying you overtime. So, my suggestions
normally, like, if you are developing a hardware, you
have to have something in behind that you’re developing
services, maybe there is a software, maybe there's
an app to link into your consumers or your customers
that they will feel that okay I'm not just using the hardware
but I'm also using a service behind just using
that hardware as a medium.
So, your advice is to build
up extra, like, competitive edge, not just the hardware
but software and service that around it.
Well, definitely
I’m not asking everyone to build a lot of things.
But when most people think about … especially products or
especially creative, much more creative people …
the artistic people, they will be tending to think about,
okay, I’m drawing a picture on a plate, I'm doing a
machine, I'm doing a robotics. And these are things that
are pretty easy to copy because people can just buy a
prototype or just buy something off from you and then
they just copy exactly the molding in it. But in terms of
the creativity or building a better robot, or designing
something different, or providing that service that were
probably certain of the designs cater to certain people
of your consumer groups, and those consumer groups, those
people, those customers are happy with how you are solving
their problems, that's pretty much the key to how
successful company should be. It is not just about the hardware
it's always about how the company or the CEO
of the business itself solve a certain group of people's problems
And if you can solve that, then people will
rely on you a lot more longer and give you … a little bit
more money. Just think about … it’s pretty much like a doctor.
You don't buy medicine if you don't go crazy.
If you have …if someone's got cancer, you don't just go
buy any medicine from a pharmaceuticals company
You'll ask to consult the doctor, a professional. So, as a company
a developing company … whether you’re just developing
a hardware or software or some much more professional
company, you have to be in all cases be much more
professional in your field and also be able to solve your
customers’ problems in a much more professional way.
And in what area you think China is leading in terms of,
like, technology development or service development?
I think China has a leading area where number 1 the state
is very supportive. So, the government is actually
very support of very innovative kind of industries and companies.
And, there is also and because of that, there
is a lot of people who will be following suit for that
in those areas. Just think about e-commerce before. Like
10 years or 15 years ago, when people are just beginning
to think about e-commerce, and then suddenly there is
a boom of e-commerce, state’s supporting in terms of
e-commerce and then more and more people go into the
e-commerce area and build much more better solutions and
much more better technology behind. So, there is a lot of
… the state helps in that area. There is also in terms of
the people themselves, in terms of the willingness
of how the local Chinese… the mainlander Chinese,
they are willing to actually say, okay, I'm going to a new
venture, I'm testing out a lot of things and if I believe
in this area which will be the next area. Take,
for example, drone industry, so they would dedicate a lot more
be a little bit more committed because of that
entrepreneurial spirit. They will be a little more committed
in terms of that area. Of course, there will be people
who will be looking at just money and say, okay,
if you don’t pay me enough salary, I'll be leaving.
But then again there are a lot of people who are thinking
because of that entrepreneur spirit, thinking about new things,
and they are thinking about new dreams to fulfil themselves
And if those dreams are matching in terms
of overseas company coming in, and if you can tap into
their intrinsic needs, you can actually have them to
help you a little bit more in terms of how they help you
develop that business, and help you be much more creative
in business. Because the creativity, actually it's all
over the world. Creativity - it’s just a matter of
whether you're finding the right person to work with you
or to partner with you in that particular industry.
So, as an entrepreneur from overseas going to China, I’d
suggest that don't just look into, like, normal kind of a
business if you’re doing entrepreneurship. You have to
be a little more creative - the entrepreneur spirit,
especially new companies coming in, unless you have a lot
of money investing in China which can mean a lot of money
especially in China because there are more than 600
cities in China. So, you do your picking.
You will have to convince the right people and say, okay, this is
something that's new, this is something that will be much
more able to develop, much more creativity in terms of
the industry. So and from there on, another way of enticing
or attracting, appealing to the creativity of your people is
say, that it is not just in China, but this
solution applies to everyone else outside the world.