The Chinese became successful at starting new businesses because they desired to run a business of their own and maintained a self-reliant attitude. The Chinese abhorred borrowing from banks because banks treated them poorly by demeaning them. The Chinese came to the conclusion that banks only work for big businesses. The Chinese took it upon themselves to manage their own needs by minimizing costs to run their businesses. Similarly, the Chinese used their own income to get started or saved from a spouse’s earnings to start the businesses they desired. The Chinese did not trust government and banks to help them. Instead, the Chinese became resourceful using bootstrapping and their own finances to get started (Wing, 2009).
Sound familiar? The United States once worked this same way to build the number one economy in the world. Anyone who wants to work for themself can. The founder of a new business must use his or her own resourcefulness to get off the ground and build a successful business. Want to learn more? Click here.
Wing, L. (2009). Funding gap, what funding gap? Financial bootstrapping: Supply, demand and creation of entrepreneurial finance. International Journal of Entrepreneurial Behaviour & Research, 16(4), 268-295. doi: 10.1108/13552551011054480