China Business Daffinitions
Due Diligence is a great blog for anyone wanting the inside scoop on how to travel China on less than a million dollars a day in legal fees. I was rooting through their archives and found a truffle (Hey! It is the year of the pig and I am partial to analogies) I wanted to share. It is a series of definitions that, while hilarious, contain important insights:
Expatrapreneur – Westerner who starts a new business in China. Usually involves a number of business plan rewrites, false starts, mental breakdowns, racist rants, cries for help, fits of despair and alcohol dependency. Potentially your best bet when looking for local professional service providers. Look for foreign run ops that have been on the ground for at least 2 years. Many foreigners burn out early, so make sure that your choice of consultant or service firm is in it for the long haul.
Dot.CN — China’s internet industry. Venture Capital firms are said to be chasing after start-ups in Beijing and Shanghai with buckets full of cash. Company’s are being started with no business plan or earnings model. Investors are valuing companies based on multiples of anticipated revenue because there are no earnings. In no way related to the Dot-Com boom in the US during the 1990s because it can’t happen here. (See GRAVITY — Myth of )
Gravity — A mythical, non-existent force reputed to pull high-flying things back to Earth. Does not apply to China or things Chinese.
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