Monday, January 14, 2008

Chinese are great entrepreneurs. Now Chinese should get into Internet Entrepreneurship.

Our Chinese ancestors went through very hard time in the past. Perhaps because of this, it has cultivated a hard working nature and an instinct for survival in their descendants. Perhaps also because of its very difficult past, Chinese also have an affinity for business and entrepreneurship. Look at the oversea Chinese (Chinese diaspora). They dominate the economy in many countries in which they have settled, including Malaysia, Indonesia, Thailand (but under Thai names), etc. Look at China. From the day the Communist ruling party became more business friendly, China rose like a shooting star within a very short span of time to become a very significant player in the world's economy.

Now the new frontier - the Internet. Look at Baidu, now the leading Chinese search engine. Baidu can search websites, audio files, and images. Baidu have an index of over 740 million web pages, 80 million images, and 10 million multimedia files, and will be more by the time you read this post. Baidu even started the Japanese version of its search - Baidu also started Baidu Baike, the Chinese competitor of Chinese Wikipedia. Within 3 weeks of launching of the test version on April 20, 2006, the encyclopedia grew to more than 90,000 articles, more than that of Chinese Wikipedia which had been around for a longer time. It had been reported that Baidu Baike have more articles than the German Wikipedia and other editions of Wikipedia, only exceeded by the English Wikipedia. Baidu Baike is now growing at the rate of about 50,000 articles per month. Baidu has become the first company from China to be included in the NASDAQ-100 index in December, 2007.

A Chinese, Jerry Yang, co-founded the hugely successful Yahoo! together with David Filo. 32-year-old William Ding founded Internet portal Inc., and is now China's richest person with a personal fortune estimated at $900 million.

Where Chinese Internet entrepreneurs have not yet make a mark is as online merchants like and similar enterprises like eBay. This should be the field that Chinese should enter and hopefully excel. However, to succeed as an online merchant, you need a Merchant Account so that you can have Credit Card Processing Services. Without the ability to accept credit card payments, an online merchant is greatly handicapped as it is the most convenient and secure way of getting paid for goods (physical products or downloadable digital products).

Accepting Credit Cards on Website is the lubricant for aspiring online merchants and will help speed you on your way to success. Minus that lubricant and expect an uphill endeavor for your venture into online merchant entrepreneurship.


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