A key question for any Candian or US entreprenuer seeking a partnership in going global would be ”How can I get to know more about how businessmen behave in that country”. There are some qualities that define an Indian entrepreneur and there would be specific questions about the partner one is considering. While Rmagine can provide the service of doing the due diligence on any particular potential partner, here are some insights into how an Indian entrepreneur thinks, in general. A study done recently amongst 4000 entreprenuers, current & aspiring, in India and China, reveal some interesting insights [The research provides the comparison between Indian & Chinese entreprenuers and the points captured below are from an article in the Wall Street Journal on the research. The intent is to present the facts and not bias the reader in favor of or against any particular type]:
**Entrepreneurs in both countries are bullish.
**Asked about their main motivation, the overwhelming majority of Indian entrepreneurs name “being my own boss,” while the most popular response in China is earning more money. Indian entrepreneurs more closely resemble American entrepreneurs, who are more likely to cite “owning my own company” than “building my wealth” as the main reason they launched a business.
**Indian entrepreneurs place nearly as much value on personal qualities, such as creativity and the ability to take risks in the face of adversity, as they do access to finance. Access to information and knowledge, for instance, is more important to Chinese entrepreneurs than being creative. This suggests that Chinese entrepreneurs believe business success depends on external market conditions, whereas Indian entrepreneurs regard success as the result of their internal ability to adapt to changing conditions.
**In India, 81% of business owners say that jugaad, the ability to improvise and find ways around prohibitive rules and institutions, is important to business success. In China, 93% of business owners say guanxi, the networks and relationships (primarily with the state) necessary to succeed in business, are important to their own success. Generally, enterprising individuals in India believe they succeed in spite of the state, while in China they think they succeed through their connections to it.
** Entrepreneurship in India is marked by a kind of sustainability. Because India’s entrepreneurs have succeeded amid dysfunctional government and financial institutions by developing a kind of independent and experimental ingenuity, it stands to reason that the enterprising class would prosper even more were India to reduce barriers to business and clean up corruption.
If you are interested in reading the full Wall Steert Journal artivcle on the subject, use this link: http://online.wsj.com/article/SB20001424052748704271804575404650983236426.html . If you are unable to access it because you are not a subscriber, look out for our next post on how you can access it on Rmagine Blog.