The Holy Grail of Risk Taking Entrepreneurs: Brits Get Rich in China Part 1 of 3
SourceJuice is always on the scout for informative and uplifting stories and experiences to share. This YouTube series ‘Brits Get Rich in China’ is just that, and an excellent watch for all those with the entrepreneurship bug! In the first video in the series, we’re introduced to 3 business men, all with their own interesting story.
Tony Caldera - Tony was in the Cushion Business in England; and very successful as he was the #1 Cushion maker in Europe! However, his business was ravaged by Chinese Importers and he could not compete. Tony is headed to China to salvage his business, borrowing 2 Million pounds to restart his business.
Tony chooses the city of LinPing in China because it is famous for its textile industry. He proceeds to find a business partner (Chinese) which he turns over 30% of the company to for help managing and navigating China. He tasks her with building the factory.
As you can expect, most of the time when your partner or supplier provides information on status, quality, capability, etc there is a gap in expectations. You must discount what is said to ensure you expect issues and delays. Tony realizes this when he sees the status of his factory – not what his partner told him it was.. and not close to being completed.
Peter Williams – Peter is a former Colonel in the British armed forces and is now 7o years old. Instead of enjoying retirement he is embarking on selling to the Chinese. Hit product? Energy Savers for Air Conditioners (saves 20 to 30% of energy), which he has collected awards for in England.
Peter feels selling his device will be easy and invested all of his savings and last decade of life to do this business. Moving to Hong Kong he believes his box has unlimited potential due to the number of people in China. Peter believes he will make $500 Million USD in the next year.
Peter is optimistic but has never done business in China and doesn’t speak a word of the language. He is also very concerned about his intellectual property (IP). His box will be copied. He believes time is the enemy and needs to get his product out fast.
Vance Miller – Vance has a notorious reputation for selling cheap Chinese kitchen equipment in the UK, where he has ‘single handedly’ destroyed the UK’s domestic manufacturing base with his ultra-low prices. Vance is going to China to fix his supplier network.
42 year old Vance has made a fortune. He goes far off the beaten path to find suppliers and goes to the source to avoid middlemen. “Got to go right where it begins”, Vance says. Vance is an extremely interesting and passionate individual and you might be interested in seeing an excellent interview done by The China Business Network.
Vance goes to MaDu - a remote mining village, where there is a treasure trove of granite. He goes to personally inspect why he’s been having quality issues and it’s very interesting to see how Vance challenges the factory to show certain cartons, bypassing the factory’s “plan” for what he should see. If you're interested in importing granite from China, check out the SourceJuice article Let's Talk Granite - Pre-fabricated Granite Import Guide.
Vance drives around many towns and rural areas, showing how so many towns/cities in rural areas of China are focused on certain product lines. There is “Condom City”, “Zip City”, “Bra City” and ends up “Tap City” to meet a supplier called “Black Horse”, who is known for undercutting everyone in the city. Vance has some great price negotiation skills, breaking down a high end faucet into pieces to arrive at a much lower cost than initially quoted.
Continue on to The Holy Grail of Risk Taking Entrepreneurs: Brits Get Rich in China Part 2 of 3.