Exploring Opportunities at the World Chinese Entrepreneurs Convention
Addressing the 4,000 delegates at the World Chinese Entrepreneurs Convention, Singapore’s Prime Minister Lee Hsien Loong drew attention to the tradition of building a network of connections to do business with, pointing out that with China opening up new markets, entrepreneurs who wish to trade beyond China’s borders will no longer be able to rely solely on guanxi – connections. He called on Chinese entrepreneurs to “upgrade” themselves and raise their game in order to take advantage of increasing overseas trade. Mr Lee assured delegates of the commitment Singapore has to supporting Chinese entrepreneurs throughout the growing global network.
Traditionally, many Chinese-run companies start off as family businesses, but Mr Lee noted that they should not let this limit their expansion. He referred to Huawei Technologies, a Fortune Global 500 company which had its roots in a family business. To move ahead in western countries, Huawei Technologies became familiar with western management techniques and called on professional consultants to guide them in enhancing their competitiveness.
Mr Lee also advised entrepreneurs to strengthen ties with local communities through philanthropic deeds and social projects. Strong communities are likely to be supportive and loyal to a business in the long term, thereby benefitting the community and the entrepreneur. Mr Lee further noted that Singapore’s cultural diversity, strong infrastructure and extensive connections makes it an ideal gateway between East and West, and gatherings such as the World Chinese Entrepreneurs Convention will present more opportunities for expanded trade.