Young entrepreneurs should go to China to start their companies, advises Michael Dell, CEO of Dell. That's what he said he would likely do if he was starting now.
"I would go to China at age 19 and start my company there. It's a much better environment," Dell told Charlie Rose at Ernst & Young's Strategic Growth Forum in Palm Desert, Calif., as reported by CNNMoney.
Dell dropped out of the University of Texas at Austin when he was 19 and built one of the world's most successful computer companies.
China is attracting U.S. entrepreneurs (and established businesses) because of its rapidly growing economy, according to China Radio International.
"We see tremendous potential in China," Walt Disney CEO Robert A. Iger said, according to CRI. Disney broke ground on its newest Disney resort in Shanghai, which will open in about five years. The company has been opening Disney English language learning centers since 2008, and the first Disney Store will open in mainland China next year.
China is approving more and more patents and is enforcing intellectual property laws more stringently, reports an article in the Montreal Gazette. Up until now, China had lax enforcement of intellectual property laws in order to give its native entrepreneurs time to develop.
The Chinese are starting to develop their own ideas and technologies that even Westerners see as innovative, and the Chinese invention engine will soon be gathering steam, reports the Gazette. Non-Chinese companies will be rushing to get their own patents approved in China in order to protect their inventions in Chinese courts.
Unfortunately, China's new tight monetary policy has limited the credit opportunities for entrepreneurs and put the country's prosperity in peril, according to the Financial Times. Total financing in China fell 30 percent from the third quarter last year to the third quarter this year. In September, bank loans grew at their slowest rage since October 2008.
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