Written by Ganga Sagar Goud Nadukuda, Global MBA (GMBA – CMM) student. SP Jain School of Global Management – Class of 2017.
There is a nominal growth in overall economies in the world including the world’s strongest economy – United States of America since 1871. Narrowing in close is China.
China’s economy performance is improving year after year due to their innovative business strategies. It’s no surprise that China has gracefully transformed itself from a centrally-planned closed economy in the 1970s to a manufacturing and exporting hub over the years.
So, what makes the China’s business market unique, what sets this Asian giant apart?
To understand this, Marwan Emile Faddoul, Chinese based entrepreneur and strategy consultant at Qadisha Consulting, visited SP Jain School of Global Management Dubai campus as part our Global Learning Industry Speaker Series on May 15th, 2017.
Marwan has been based in China for over 7 years, helping Chinese and foreign enterprises with their restructuring and expansion plans. Prior to Qadisha Consulting, Marwan Emile was a consultant for IBM, and then joined as a partner at WIDE, a management consulting company that operates in the Middle East region.
His insights on how China’s economy GDP is improving substantially and the way of establishing business in China Market helped me form these 5 key takeaways about the Chinese business market:
1. Innovative Business model: Efficiency driven, Customer focused and Engineering led innovation, these are the three prime factors of China’s Business Innovation Model.
2. Foreign Language and Culture: Effective communication across multiple languages acts as an indispensable tool for relationship building and financial success.
3. Extensive Usage of Digital Platform and Mobile platform: There is a lot of Digital implication in Today’s Businesses, Most of the Companies in China are connected to customers through “WeChat” which is a social networking platform where 80% of the population uses it.
4. Boot strapping of the Business: Boot strapping the business is one of the most effective and inexpensive way to ensure a business cash flow as people start their business with their internal cash flow and its very much encouraged in china economy.
5. Hiring Standard workforce to enhance quality Output: Hire employees who have strong domain knowledge and deliver potential output and the minimum ratio of Chinese staff and the expatriate staff in the foreign office should be 1:1.
The vital lesson from this session for any upcoming global leader (me included) would be to “Take Risks, Be Innovative and Never Give up”.
About the Author: N Ganga Sagar
N Ganga Sagar is currently studying Marketing with SP Jain School of Global Management. He is also a member of the Global Learning and the Student Life committees. Before joining the Global MBA Program, he has had over 4 years of hands on work experience in the Automobile Sector, working with Mahindra Rise. Fond of playing basketball and trekking, he loves exploring different new places.