More evidence from China shows new entrepreneurs are educated, young, and experienced. These entrepreneurs have made full use of their abilities and resources to take advantage of opportunities. These entrepreneurs start small and develop capital sources through savings. The new breed of Chinese entrepreneurs take advantage of information gathered and can forecast financial risks. Very few of these entrepreneurs engage in high growth ventures and most are second movers targeting existing markets (Long, Yang, & Gao, 2010).
Anyone aspiring to engage in self-employment should have at least equivalent skills to this new breed of entrepreneur because Chinese entrepreneurs seek to do better what existing firms already do. The prime ingredients needed to compete in the global market are education and experience. New entrepreneurs should prepare to compete by doing something better than existing businesses especially if the intent is not to seek high growth from emerging innovations. Ask yourself if you have what it takes?
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Long, D., Yang, J., & Gao, J. (2010). Anatomy of nascent entrepreneurship in China: A preliminary study from CPSED project. Journal of Chinese Entrepreneurship, 2(2), 129-147. doi: 10.1108/17561391011051126