Thailand has what is needed for entrepreneurs

[rooster59]

Thailand has what is needed for entrepreneurs

By NOPHAKHUN LIMSAMARNPHUN
THE NATION

 

THAILAND has good prospects to benefit from a growing number of entrepreneurs, according to a survey by Babson College in the US state of Massachusetts on global entrepreneurship.

 

Dr Kerry Healey, president of Babson College, who hosted the |third annual “Babson Connect: Worldwide” in Bangkok from March 24-26, said Thailand was chosen as the venue because of its favourable conditions for entrepreneurs.

 

Based on a Global Entrepreneurship Monitor survey for 2016-17, Thailand’s established-business ownership rate of 27.5 per cent is the second highest among 65 countries polled.

 

Second, many Thais are undeterred by fear of business failures; in that category, the country ranked third highest of the 65 countries covered by the survey.

 

Third, a large number of Thais have a positive attitude towards being entrepreneurs, which carries a high status in Thai society. Fourth, a significant number of respondents to the survey said they intended to start their own business within the next three years.

 

In addition, a large number of Thai women see opportunities to become entrepreneurs. 

 

Overall, the Thai population is largely optimistic and confident of being entrepreneurs, while there is also cultural support for experimentation and innovation.

 

As Thai society also does not punish failures, it is easier for those who fail to start anew.

 

Babson has alumni in Thailand plus 27 current students.

 

Healey said the Thai cultural support and high social status for businesspeople had led to admiration for entrepreneurs, and this made it a good career choice for younger people.

 

As a world leader in entrepreneurship education, she said Babson believed the skill sets and other requirements for successful business people are teachable, since students are well prepared while in college to take calculated risks so that they can learn the lessons from failures and can start anew.

 

Professor Heidi Neck of Babson College said it was also necessary for students to learn about design thinking for entrepreneurs as a tool set for finding how to find the right opportunities to meet customer needs. 

 

Once the needs are identified, entrepreneurs then evaluate whether solutions to the customers’ problems are feasible and financially viable.

 

At Babson, all first-year students are required to team up to start a small business with initial seed money of US$3,000 (Bt103,300) – a form of entrepreneurship in action while in college.

 

Neck said such an education helped reduce risks in the real world in which successful businesspeople need the right mindset, the right skill set and the right tool set, such as “design thinking” – jargon for finding creative solutions.

 

She said there was no scientific evidence that successful entrepreneurs are born with the right attributes, so the right mindset is teachable. 

 

Source: http://www.nationmultimedia.com/news/business/corporate/30310947

 

 

-- © Copyright The Nation 2017-04-01

[petermik]

"entrepreneurs" aka shyster

[chrisinth]

I'm glad it is the start of April today, otherwise that drivel would have ruined the rest of my day.

[strikingsunset]

yes its April 1st..............................

[11223344]

You mean like the sausage lady, or a chicken man on the sidewalk? Having a small coffee/clothes store?

 

Because with their amazing education there is hardly 1% of the population even remotely capable of 'entrepreneurship'

Edited April 1, 2017 by 11223344

[rmacee]

There's a first ..April the 1st ..if i ever find one I'll let everyone know !!

[yellowboat]

7 hours ago, rooster59 said:

As Thai society also does not punish failures, it is easier for those who fail to start anew.

The only agreeable statement.  People here have little choice, as decent paying jobs are not in abundance or the population does not have the skills to do them.  If they want success, they have to go at it alone.  They have few options. 

[Retiredandhappyhere]

All these potential Thai entrepreneurs naturally produce sales, cost and profit forecasts, in addition to substantial market surveys before dreaming of starting a new venture.     As far as I can see, many new businesses start with an idea or a dream on (say) a Monday and open up on the Tuesday, many of which close down by the following Friday.

 

Recently, a row of about  eight small thatched road-side food stores were built and started trading near our village to take advantage of a country road just converted into a dual carriageway.  Within weeks all had been abandoned.  So many Thai businesses start up, which does show an entreprenurial spirit of some kind, together possibly with lack of any alternative job opportunities, but lack of planning and any research unfortunately doom most to early failure.  The tendency for several would-be tycoons to set up business alongside the one successful operation in the same neighbourhood eventually leads to all of them closing down as their customers (and any profits) are then spread too thinly.  Eventually, even the proliferation of 7/11 stores may suffer similarly, as they seem to be springing up all over the place, sometimes even next door to each other, as is the case in Cha-am, foe example.

[soalbundy]

lawlessness 

[eeyang wah]

With so much absurd news coming out of this country it's hard to know which articles are the jokes on April 1st.

There is nowhere like it on earth. 

❤ Thailand ❤