Indeed, many of the business tycoons and taipans or captains of industry are Chinese. Here in the Philippines we have Henry Sy (of SM Malls), John Gokongwei (of Robinson’s malls) and Tony Tan Caktiong (of Jollibee). They all have one thing in common: they came from humble backgrounds. They are just 3 of the most successful entrepreneurs I know.

I think another trait that makes for a successful entrepreneur is being a risk taker. You cannot go into business without having courage to take risks because ultimately, it is a gamble. So, courage and resilience definitely is needed. If an idea fails or a product doesn’t click in the market, an entrepreneur has to learn to get up and try again and gamble on another idea, another product.

Here is a speech given by John Gokongwei about entrepreneurship. It is a very humbling as well as inspiring speech. And any aspiring entrepreneur would do wee to read this. http://www.philippinestoday.net/April2002/inspirations402.htm

@ Si Lin, you have a good observation, I agree with you.

@ Ceblogger, I observed also that the next generation of Chinese are not as entrepreneurial as their grandparents and parents. Maybe they are not challenged as their parents before them, because they have already the luxury and business bequeath to them by their older folks. Unlike their grandparents who had to struggle and started from virtually nothing, to give their children and grandchildren good life.

@ Grayspirit, thanks for adding more inputs and wisdom to my article. Your comment is exhaustive and is like another article in itself. Superb, to say the least.

Of course the Japanese and Chinese immigrants came to Hawaii as plantation workers in the early 1900′s and in two generations were able to rise to political and economic power in the state through hard work. Later, Filipino immigrants came and followed a similar path. I used to know immigrants who worked 2-3 minimum wage jobs to earn money for themselves and relatives back home. Usually their children became college educated and became part of the middle class. In the late 1900′s many Southeast Asians came after the Vietnam War, and they too worked very hard. Often times their children were the best and brightest children in school because their parents wanted that for them.

So the Chinese are reallty known as good enterpreneurs in the USA, but I think the new immigrants who have come, have more desire and are hungry for a new life than the average person. And in turn, they are successful in one or two generations. Sadly, sometimes by the third generation, this spirit is lost and the children are just your average American kids without so much desire. My grandparents were first generation immigrants and worked hard to give my parents a new life. I admire how strong they were to come to a new land without money, without education, and without knowledge of the language – and still be able to succeed in life. These are very special people.

however, some aren’t as lucky. my wife’s grandparents were chinese from the mainland. but the entrepreneurial spirit stopped at them and we’re not passed on the next generation. talented they are, but not business-minded.

Thank you for sharing this very informative lesson about business.