Economic development and innovation in management: Looking at China from the perspective of Singapore’s and China entrepreneurs
The China Studies Forum 2014 held on 17 May at Hwa Chong Institution (HCI) attracted more than 400 students from 9 junior colleges and secondary schools in attendance. Themed “Economic Development and Innovation in Management: Looking at China from the Perspective of Singapore’s And China Entrepreneurs”, the Forum aims to promote bilingualism and a keen sense for developments in modern China amongst Singaporean students through the provision of a common platform for the China Studies fraternity. The Forum was organised by Hwa Chong Institution and jointly organised by Business China and Ee Hoe Hean Club.
This highly engaging and interactive forum comprised a quiz segment which saw 6 teams competing on their knowledge of China; and a keynote segment with two successful entrepreneurs, Mr Shi Yong Hong and Mr James Ow, to share on their entrepreneurial experiences. . The teams were tested on their general knowledge of China, with Dunman High School emerging as the winner after two rounds of intensive match.
Invited by Business China, Mr Shi, shared how he had devoted all his time and effort together with his co-founders, to ensure business survival in a highly competitive market during the initial startup stage of Haidilao, now a famous hot pot chain in China. An example cited was how the company turned challenges into opportunities, during the 2003 SARS epidemic. The outbreak of SARS back then adversely affected Hai Di Lao’s retail business. Instead of muddling in despair, he and his team came up with the idea of hot pot delivery, turning the crisis into an opportunity and opening up a whole new market sector with tremendous potential for growth.
Another entrepreneur, Mr James Ow, Executive Chairman cum CEO of AnnAik Limited, shared with the students the challenges Singaporean enterprises faced in the Chinese market. Besides the ability to speak the language, it is also important to understand Chinese cultural nuances as well as the competitive strengths of Singaporean enterprises in the new economy. Mr Ow also emphasise the need to look beyond short term gains and set their sight on long term growth. Mr Ow also shared that business opportunities are aplenty in China, especially in the areas of environment and city management related services.
The forum proved to be an excellent platform for students to demonstrate their talents, and also gave them the opportunity to hear and learn from successful entrepreneurs’. Students also commented that the opportunity to exchange views with active practitioners in the industry has been greatly beneficial.