Entrepreneurship can be defined as
l The recognition of opportunities (needs, wants, problems, and challenges) and the (acquisition) management of resources to implement innovative ideas for new, mindfully designed ventures… It requires a willingness to take risks and knowledgeable insight about the future
We focus on Asian entrepreneurship because
l This is our home region and we have intimate knowledge and experience of the region.
l Distinctive features of Asian entrepreneurs: Since the rise of Japan as economic power in the 60s and the Four Little Dragons in the 70s & 80s, scholars and practitioners are interested in the distinctive management and business practices (as compared to the west). We wish to identify the causes of these differences and whether these differences lead to better business/entrepreneurial performance.
l China: The transformation of China from a planned to a market economy leads to the rise of a new brand entrepreneurship (in the public and private sector) which is the driving force behind the continuous economic growth of China
l Entrepreneurial enterprises big or small are the building blocks of social and economic vitality and new job creation
l Entrepreneurship is the driving force for long term economic growth and job creation and is also the vehicle for upward social mobility
l It is the basis for continuously improving the competitiveness of the Asian Region
Research have shown that factors that influence the behavior of Asian entrepreneurs are
l Government policies
l Market environment
l Institutional environment
l Business values (we defined business values as those cultural and personal values that have an impact on business and management behavior)
Of these influencing factors, we focus on Business Values because they are the most important determinants of sustainability and viability of the business venture.
Based on his business insights and experience, Po Chung has proposed the Five Dynamics of Entrepreneurship Model to explain the success of entrepreneurs.