If you’re looking for some startup success in Asia, Hong Kong is definitely one place to keep in mind. Hong Kong is a special administrative region of the People’s Republic of China and it is a good place to start up a successful business as it is one place where east meets west.
In terms of business and Hong Kong’s economy, it is as of right now in a good place. In the past twenty years or so, its economy has doubled up in size, with a GDP growth at an annual rate of 5%. Furthermore, Hong Kong has managed to get a hold of management, finance, marketing, trade and many others. These happen to be vital elements in the success of any business.
In this article, we will give you some tips that will help your business be successful in Hong Kong.
Tip #1 Asian and Western Practices
Hong Kong has always been linked to China however; it was leased to the UK for a good number of years. Therefore, starting up a business here can be a smart move as it follows Asian as well as the western practices for starting up and managing a successful business. Hong Kong works under the principle of ‘one country, two systems’. Therefore this gives the city a high level of freedom and autonomy.
Tip #2 Business Structure
If you’re looking to open up a successful business you need to know the business structure of Hong Kong. Businesses in Hong Kong come in different shapes and sizes. There are few giant corporations in Hong Kong. Mostly, you will find small to medium sized corporations and also many family run businesses.
Tip #3 Entrepreneurial Spirit
You should not expect long term loyalty from anyone other than your own family members. Hong Kong basically functions on an entrepreneurial spirit which means that when better and greater opportunities arrive, the employees may leave. Therefore, if you are looking into a start up success, consider a family business. Plus, as mentioned above, family businesses are key in Hong Kong.
Tip #4 Bad News Alert
Employees working for you won’t tell you about all the bad news. This is the culture in Hong Kong. Therefore, you need to be fully aware and also committed to your startup success so that you have all the information you need at all times and are also completely aware of what is going on in your business.
Tip #5 Business Etiquette
When dealing with other people or during a meeting, certain procedures need to be followed. For example, people in Hong Kong stand when other people enter the room. Therefore, during a business meeting, expect people to stand when you enter and you should do the same. Furthermore, a small thing such as treating a business card if handed to you with utmost respect even if they’re your competitors is very important.
These are the five most important tips to keep in mind when considering a startup success in Hong Kong.