May 10, 2011

Secrets of Chinese Business Owners' Success

Unless you've been living in a cave for the past few months, you've probably heard of Amy Chua's infamous book, Battle Hymn of the Tiger Mother. After reading the book, small business owner and mother Barbara Taylor wondered if there were parallels between how the Chinese raise their children and how they run their businesses. For her article, Battle Hymn of the Small-Business Tiger Mother, Taylor talked to a number of Chinese business owners in the U.S. What did she learn? In essence, successful Chinese businesses are steered by two principles. The first, avoid debt and manage expenses. Second, expect and demand excellence.

More detail is offered in the following pithy five-point motto:
  1. Every penny matters.
  2. Everyone has to earn his or her keep and add value.
  3. Appreciation of the asset is the driver.
  4. No excuses for failure.
  5. Set goals high and achieve them.
Print those five points out and stick them on your refrigerator. Now go forth and prosper!