Is Shanghai the place for your next business venture?
As a woman, I am inspired by the number of small businesses women are constantly starting in the United States. On my visit to China, I noticed many women led the operations of local stores that my classmates and I ventured to. Currently, women comprise nearly 47 percent of the workforce and one-fifth of all Chinese entrepreneurs are women. 2017 data found that 11 out of 100 women manage a business, as compared to the world average of 7.
According to the Global Entrepreneurship Index China ranks in the top 30% of countries, which measures the performance level of Entrepreneurs in each market. Start-up businesses are becoming increasingly popular across the globe. The most innovative and diverse businesses last the longest in this industry. There are many views on which traits the most successful entrepreneur inhibits. Some common traits that are often stressed are patient, determination, and the willingness to be flexible.
If you look at the business culture of China as a country you will see many of these traits already ingrained in the culture. China is known for its rapid economic growth and has one of the largest economies the world. Relationships in business are built on trust. Visiting companies you’ll learn quickly that business is done after small talk.
My curiosity about entrepreneurship in Shanghai was not far from the truth. Shanghai is a melting pot of culture and population of 24 million is leading the way for women entrepreneurs. Females starting businesses in this city feel that it is easier to rise to the top and the culture continues to collaborate. At the forefront of Shanghai’s rising success is its willingness to welcome with open arms new foreigners and their ideas. The city is constantly seeing an influx of young graduates who want to open new businesses. Expats are gaining faster access to permanent residency and are being to join in on “trial and error business”
So if you are a woman looking to start a business it just might be the perfect time to jump into the industry. Most recently an alliance was formed for innovation and entrepreneurship in Shanghai. This alliance is looking to support entrepreneurs and startups and encourage the establishment of venture capital and talent.
China’s role in entrepreneurship is quickly rising and I would not be surprised in the next few years if, with the hunger of expats to explore new territory coupled with China’s economic growth, Shanghai is at the top of the global entrepreneurship index.
MBA Candidate 2018
Tulane University – AB Freeman School of Business