8 Things We Can Learn Doing Business From The Chinese
Forbes list of Philippines richest are dominated by those with Chinese blood. And it’s apparent that one of the fastest way to achieve millionaire status is to smartly own and run a business!
But it doesn’t necessarily mean that when you have a business, you are rich. Having a business is like your work, the only difference, you work for your own. Now, doing business in a smart and wise way is a different thing than just plainly doing business. Take it from our Filipino-Chinese entrepreneurs, they know how to do it right.
In line with the Lunar New Year, PawnHero shares eight things that you can learn doing business like the Chinese.
1) Money always goes in, never goes out.
It’s true that you should never say never, but this just does not apply to our fellow Chinese businessmen, money always goes in, never goes out. To make sense, they know discipline like no other! Discipline is always key. They keep a fixed amount in their banks, stick to it and grow it yearly with a goal to set the fixed amount higher. Now, while most of us live a paycheck after paycheck lifestyle and thrive on a 9-5 daily job (we’re being brutally honest), they go to sleep while money still works for them.
2) Savings stay as savings.
Interestingly enough, everyone wants savings. However, what separates majority of Pinoys from our fellow Filipino-Chinese, is that the Chinese maintain their savings as savings. They only get their expenses from their salary.
Plus, another stark difference from the Filipino businessman and the Filipino-Chinese businessman is that the latter get themselves paid and they don’t take the business money. This means that they consider the business and themselves as separate entities. The business’ profits is the business’ money alone.
3) Business is on their mind everyday.
They always look for an opportunity where they can put their eggs not in just one basket but diversify it. That’s why most of the rich had been handling not just one or two type of businesses but five or more.
4) They study to be employers, not to be employees.
While we study to land a job at a company, they study to own a company.
This mindset was stemmed upon their childhood. They were raised in shops of their grandparents or parents, assisting daily operations where they learn the important value of money at an early age. As they grow, they had the keen interest and the business acumen to emulate their parents or grandparents’ business pursuit.
Another character of a business mindset, “I”ll work for your company to learn.” Hence, they see themselves being employed temporarily only to learn and then leave to start anew company based on experience.
5) They practice the “kurot” principle, not the “dukot” principle.
The pinch or “kurot” principle states that you only get a pinch of your savings to buy something while the handful or “dukot” principle states that you get a handful of your savings (literally more) to splurge on something. The Filipino-Chinese usually practice the pinch principle. They don’t splurge their earnings for material pursuits and instead focus on fattening their income. They only spend when they know it’s just a pinch.
6) They use volume-based selling.
If you are familiar with wholesale, then that’s how you should be doing business.
Now, Chinese businessmen are successful in their business because they understand that Pinoys are living in a sachet economy. They took advantage of the market’s needs. They listen to their problems and provide solutions. The takeaway here, treat problems as opportunities in disguise. Who knows, your friend might be sharing a multi-million idea.
7) They keep a family-oriented business.
One of the common grounds for conglomerates in the Philippines is that they are manned by members of the family. Parent and sibling partnerships are very common among our fellow Chinese entrepreneurs. It is because family is who they trust most. Plus, a family-run company sometimes do not allow in-laws to participate to avoid conflict of interest.
8) Sometimes auspicious beliefs work.
While its up to you to make your business work, a little luck wouldn’t hurt. And yes, they believe in luck from the types of businesses to own to the auspicious dates to open a business. Feng Shui plays an important role on their business ventures. It’s like reading the stars to make an astrological fortune road map to success. A good example would be having dragon dances to let luck come into the business.
In any case you need extra budget to invest and to get that business venture to work, you can always get quick cash loans from PawnHero .
PawnHero is your go and beyond online pawnshop that is always here to give you access to affordable credit and to answer your short-term cash needs! PawnHero accepts a wide variety of items to give you quick cash loans anytime, anywhere. Just download the PawnHero app to start or visit the PawnHero website to learn more. Meanwhile, you can also shop for great deals at the online store, Marketplace.ph. Find carefully tested authentic pre-loved brand items up for the grab!