The growth of entrepreneurship in Asia

Asia as a rapidly growing continent is full of great business opportunities, creating the emergence of a wave of successful entrepreneurs, experts say.

This discussion was made on Friday at the 10th Asia Business Forum in London, organized by London Business School, and is attended by about 200 students and professionals.

Rajesh Chandy, a professor of marketing at London Business School, says Asia is a rapidly changing place, and this fast growth and development has created many exciting opportunities.

Meenakshi Nath, head of the private sector department at UK Department for International Development, which gives loans to emerging market entrepreneurs, has given an example of an innovative business in India during the forum.

The company, which stores seeds in a warehouse for farmers, provides convenience to its clients because otherwise seeds may deteriorate in quality during the long distance transportation process.

"When we visited the warehouse, it was interesting to see the dialogue between the farmers and the business. The warehouse actually produces a lot of value added products".

The owner, also demonstrated great entrepreneurial qualities. "He was someone who wanted to set up a business, he had ambition and empathy, and gave great support to the farmers who were in need of help," Nath says.

Florian Leonhard of CEO, Leonhard Fine Violins LLP, says he too has felt and experienced this creative and entrepreneurial drive from Asian businesses.

He says as things are changing fast in Asia, trust building is very important because some Asia countries do not yet have very established rule of law, therefore people do not always rely on promises when doing business.

Patricia Poon, managing director of Belmond Capital, says that Asia’s entrepreneurial environment is fluid and challenging, but competition is also great.

"Now, a lot more multinationals are going into Asia, and as well there is a growing number of local brands, all competing with each other," Poon says, adding that in such a tough market access to capital, platform, expertise and network is increasingly hard.

"If you are a self made entrepreneur, you are in a crowded market place. Local and international businesses are all in the market, and there are few opportunities. But you can seize the opportunity and strike," Poon says.

But an advantage for Asian entrepreneurs is the availability of talents in Asia. "It is less easy to find good talents in Europe than in Asia, as you have to pay a lot for the same quality in Europe. In Asia, there are a lot of young people who are eager and keen, and if you give them the opportunity, they will stay with you.

Rubelyn Alcantara, Chief Marketing Officer of Homestrings, an online investment platform for overseas diasporas to link financially with their home countries, says the internet is changing the way business is done globally, creating new opportunities, and Homestrings is an example of a company benefiting from this trend.

Kennedy Cheng, Founder & CEO of Lxpert, an online marketplace designed to connect people with local and accredited IT experts, says entrepreneurship is very common in Asia.

Cheng says in the past entrepreneurship in Asia is about making the ends meet, but now it is about raising standards of living, as many entrepreneurs have quit their jobs in big corporates that do not pay as much income.

"In my grandfather’s day, setting up a business is about survival, and today it is about improving standards of living, like buying properties, taking a holiday, the next generation of iPad, Ferrari and Porsche. People are creating better lives for themselves," he says.