Business ethics, statistical data and extraordinary development: all of these substantiate the growing belief that Asian Businesses have a lot to offer to their Western Counterpart. From technology to education, healthcare to governance, the top ten business models for the West come via Asia. Join us as we explore Asian businesses to unearth their true mettle.
1. Business Ethics: Honesty and Admitting Mistakes
Ingrained within most Asian cultures is the belief in Truth, Honesty and Integrity. Apologizing for the right reasons is seen as a sign of greatness, while being argumentative and defensive is generally considered a sign of impoliteness.
With the culture imbuing its businesses with such integrity, such businesses come with a solid moral fiber to uphold their practices. Developing solid relationships also works towards gaining influence and business clout.
2. Keeping with The Times: Online
With a major boom on online investments, retail segments, and online cash-flow systems, the Chinese industry in particular is flush. Even remotely connected areas have access to Internet, connecting a larger community of consumers and business with minimal resource investment.
E-commerce and chat-based applications are part of the growing success story of Asian Businesses, driving their success from VPN and cloud-based resources.
3. Community Values and the Relation to Food
Another aspect of Asian values is inscribed in the importance on food: business meetings transcend the sphere of practical sense and engage the personal.
With mutually respectful and meaningful conversations held over shared lunches and dinners, Asian businesses develop strong relations with their partners. This leads to subsequent collaboration and better development for both.
4. Trust and Mutual Benefit: Small Vendors changing the Business Scene
In general, the risk of investments especially with regards small vendors is seen with some amount of equanimity. Asian businesses however tend to retain an optimistic outlook on the same, allowing networks of people to communicate and work more effectively under broader frameworks of a large company.
It results in over-all growth of the region and the kind of intelligence/resource-tapping not available otherwise.
5. Experience over Blind Faith
In terms of hiring candidates, such businesses as are seen in the East provide a completely different model from the West.
While the Western system bases itself on resumes and recommendations for the most part, the Chinese economy for instance works on hiring contractually and taking in “interns” for an experimental period. By assuring themselves of “fit” and “compatibility”, such companies also receive the best of their workforce.
6. Global Outlooks and Progress
For businesses in particular, global networking is often an aggressively built-upon business model that leads to success. This explains the growing number of companies and manufacturing units based in the East, including China, Taiwan, and Korea.
Both in terms of information technology, information and physical resources, Chinese markets blossom from their wide outlook. Western businesses can expand by tapping into this market as well.
7. Equal Respect for Workers with Different Dispositions
The workspace is a place where all workers have some contribution, but in many cases, their individual work ethics and dispositions vary to a great extent.
Chinese businesses have a unique model to tap into the introvert segments, and the managers who are most effective allow for smaller, personal reports and discussions when it comes to such workers. This increases the efficiency in the workforce through greater employee support.
8. Structuring of Start Ups for IT Sections
Another rather new aspect of Asian Businesses is their outlook towards IT, and it is equally applicable to most old and new businesses alike.
For CIOs in particular, the ability to structure their business as a startup is crucial. Being able to move towards new innovations, shifting technology, outsourced infrastructure, outsourced system & developments, brings down costs and allows compartmentalization.
Linked to the development of the online business model, this can be an incredibly useful lesson even for mature companies in the West.
9. Education and the Economy
In recent findings published by a researcher, it was discovered that students from Asia were held up to higher standards because of their better grades, than students from the West.
The high quality of education in typically Asian communities and high-IQ population results in a smarter, more dynamic and better developed business structure. The influx of diversity through such high-IQ groups, especially in matters of information technology, can generate greater growth for business in the West as well.
10. Financial Sector and Business Relations
Asian businesses generally do not accept the benefits of consumption-driven services and growth, instead focusing on investment and industry to provide strong backbones.
Incentive schemes work particularly well in the Asian Business model, as evidenced in the governmental schemes to improve productivity and labor. Considering that nearly 45% companies experience greater results from such systems, it is worth trying out in the Western business model as well.
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While there are innumerable ways in which Asian Businesses offer a repository of information, these are just some exemplary ones that could lead Western businesses towards renewed and sustainable growth and industry.