Mr Christopher Yeung, Founder of Carshare.hk (www.carshare.hk)

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Entrepreneurship

18 classificações

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The Chinese University of Hong Kong

Entrepreneurship

18 classificações

Curso 3 de 4 em Specialization Doing Business in China

An entrepreneur is someone who is always on the lookout for problems that can be turned into opportunities and finds creative ways to leverage limited resources to reach their goals. In this course, learners will be introduced to the fundamental concepts, theories, and frameworks of entrepreneurship and learn how to apply them within the context of the world's largest market: China. Through cases, articles, and experiential learning, learners will gain expertise in how to identify and evaluate opportunities; interpret, analyze, and build financial models to enable high-growth ventures; practice living life as an entrepreneurial leader; and create a new product or service for the Chinese market.

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Module 1: What Is Entrepreneurship?

In this first module, you will learn to appreciate the mindset of an entrepreneur. If you are thinking of starting your own business, it is critical for you to adjust yourself to be one if you want to succeed.

Mr Christopher Yeung, Founder of Carshare.hk (www.carshare.hk)5:29

Conheça os instrutores

Prof. Dominic Chan
Associate Director, EMBA Program, Associate Professor of Practice in Entrepreneurship, Project Director, Centre for Entrepreneurship
Department of Decision Sciences and Managerial Economics

Why why Shanghai as the first city

outside Hong Kong?

So, first of all, it’s a Tier 1 city.

It is very diverse compared to…

compared to other Tier 1 cities,

it’s quite similar to Hong Kong.

And also because we want to focus on

different verticals… besides car… so,

some luxury brands or some,

for example, expensive cameras.

These brands’ headquarters are also in

Shanghai, so we chose to go to

Shanghai to be closer to these people.

But when you move like from Hong Kong

to Shanghai, you already expand

beyond the car-sharing industry.

So, you already… but but that you also

copy that model for Hong Kong cos I know

in the Hong Kong model, you you stick

with just sharing car (Yeah.) but in

Shanghai not only expanding in terms of

geographic but you also expand

in terms of the range of shareable items.

Then, what makes you think of…

you're not just replicating the model in

Hong Kong (But also expanding.) cos at

the same time you’re actually trying out

to expand that model. (Yeah.) So,

wouldn't that be a little bit more risky or

why or why wouldn’t you try that first

in Hong Kong and then expand there?

Well, on hindsight, it's definitely a lot

riskier and it turns out having your…

having your focus spread across all the

different verticals make the team really

difficult to to find collaborations and to

build the business.

What we learnt is that, for example,

the target audience for using cars...

is actually very different from people

who may use a camera or who may

use… who may want to borrow a dress.

So, it makes the marketing costs

basically really high. (Right.) And

also… and also, so we basically had

kind of like a rush because we wanted

to tap into the China market.

One of the main reason is that we found

out that there were competitors starting

to come up in China for a cost-sharing

space. (I see.) So, we chose that time to,

ok, let's go to China at this time,

into the market and get some market

presence first. And then, yeah, basic...

basically … right I may need to kind of

(Sure.) re-structure this.

Because you said there are already people

starting the car sharing in Shanghai.

So, that would've been, that would've been

direct competiting… competing space...

so you are expanding beyond that.

(So.) Is it to avoid to avoid a direct

competition with that and then…

Yes, one of the reasons is we wanted to

kind of stand out and basically, kind of,

absorb a larger group of audience

but then basically after thinking…

hindsight it's basically we were kind of

spreading ourselves too thin.

So, if I understand this correctly -

although the idea of sharing seems to be

universal but but because of the items

that are shared, it actually results in

different customer segments and and

unfortunately there seems to be little

overlap for some of the major categories

(Yes.) and therefore, it makes it makes

the marketing costs that much more

expensive and it makes the whole

operation a lot more… difficult. (A lot heavier, yeah)

And also, I would say the timing of

entering into the sharing economy

business for all the different assets,

the timing is probably too early.

Because unlike more sophisticated

market like in the States, China actually

they don't have a really centralized…

they didn't really have a centralized

kind of reputation system (Right) in in

in place. I think it started to have

like a… like a credit score for people

around 2015 or 2016, (Right.) but then...

back then when we were there at 2014,

I think, we basically don't have the

infrastructure to support doing

such business models.

So, I guess what you're saying…

because in the center of the sharing

economy, there is a lot of trust and

therefore, the rating system becomes

very important. (Yeah.) What people...

whether people can trust each other

and… and that's the very essence of

sharing economy. (Yes, exactly.)

So, that’s a little bit ahead of time.

But I also know by the time but by the

time you start… kind of operating and

you already see competitor

also popping up, right?

Yeah, so basically when we entered the

China market, we were the… I think we

were the second one in the market

and then basically every month there is

a new competitor (Every month!)

for around a year. Yeah, so there…

at the end, there were twelve...

business doing the same business model

and all trying to expand to a lot of cities

very fast. Yeah. I think that

that ties into kind of like the China

culture of doing businesses.

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