Great event at the January 2007 UVEF – Doing Business in China at Novell. Dr. Kent Millington, Dr. Mark Lund, Randy Pierson, and Warren Osborn were the panel members. Here are some of the take aways:
- China has changed dramatically in the last 20, 10, 5, and even 2 years. One city of 70 thousand people 20 years ago now surpasses 7 million in population. And the city is now the leader in the world in what they manufacture.
- If you source in China, you want to find a city that specializes in what you source. Many similar products come from mainly one area or city in China.
- China’s economy may be understated. Many experts believe their economy is bigger than they or many report.
- When dealing with China businesses or partners, relationships are important. Try to understand their culture, history, and language. Do not buy from China unless you have someone on the ground doing quality control. They should really know the language.
- Labor rates have had some recent increases, some as high as 25%. Labor rates will likely continue to remain steady due to the number of poor people in the country.
The UVEF or Utah Valley Entrepreneurial Forum is a nonprofit organization that promotes the development and growth of entrepreneur ventures. If you weren’t there, you missed out on the January 2007 UVEF – Doing Business in China panel.
Remarkable ! I hope to be a teacher in China and am trying to see what side business I could run there.