We’ve devoted a lot of time in the last few years encouraging people to start their own business in China and advising them how to run startups. And sure, there is a lot of fame and fortune to be found in building your own business. The truth is, you will be close to the edge more times than you can count and there is a good chance you will fail. And failing with your own business is never pretty, no matter how much people reiterate the many lessons learned through failure.
So read these five points carefully. If building your own business in China is something that you still want to do after reading them, then, by all means, go ahead. We will love to help you along the way. If, however, this articles discourages you greatly you may want to reconsider. Building a business in China is not for the faint of heart. And there are enough alternatives out there.
If you are living in China, it’s most likely that you are already on WeChat (it’s called Weixin or 微信 here). If you are abroad, you have probably at least heard of the China’s most popular messaging app.
WeChat belongs to Chinese internet giant Tencent and is the country’s equivalent to apps such as WhatsApp or LINE. The most recent statistics are simply amazing:
- WeChat has 500 million active users
- It’s the fastest-growing social media platform in the world
- 100 million people use WeChat outside of China (making it a pioneer in terms of Chinese innovations that are being used abroad)
- 10 million messages were processed in a single minute on Lunar New Year’s Eve
- WeChat is the most popular source for Chinese consumers to follow and interact with brands