Entrepreneurs encounter so many opportunities in China that sometimes is difficult to stay focused. I’ve written in the past the following tip in my post “7 Top Tips for Entrepreneurs Starting Business in China”:
“Be open to shaping your business as the opportunities materialize and your market knowledge expands. The idea you have when you land may not be the best business opportunity after all”
And although it still sounds like a good solid piece of advice, entrepreneur Vladimir Djurovic has shown me the other “side of the coin”. Vladimir founded Lab Brand in order to provide company naming and research services to foreign companies in China. He subsequently expanded his business into brand strategy and management. Vladimir tells us about the benefits of staying focused in this market:
“At the time I started the naming company there was nobody doing this. And it was not that easy to create the market, it was more like a “vision”… I tried to avoid drifting into something different. In China, there are so many opportunities that they also become a risk. Doing a lot of things may be good for your experience but it is very difficult to build a strong company and a strong brand if you do not stay focused. I think if you build a strong brand for your business you build the basis to be very successful in the long term. If you do too many things you may get lots of projects today but may fail to build the capacity to have a more stable position in the future.”
So what is your China business strategy?