Article Synopsis: The Practices of Leading Asian Entrepreneurs in the UK by Chaudhry and Crick - Essay Example

The second generation of Asian entrepreneurs faces a different set of challenges when compared to its elders. Having had the benefits of upbringing in the UK, the younger generation of entrepreneurs has a different mindset and opportunity when compared to its elders’ cultural experiences and practices. The success of the Asian business community in the UK has turned it into an entrepreneurial role model for other immigrant communities.

This is based on the fact that this ethnic group makes a significant contribution to the UK economy, arguably, even more than the mainstream community. The paper attempts to find out if cultural experiences and practices can be used to classify the success of Asian businesses. Previous studies state that it is their cultural background and practices, which give them the edge when it comes to successful businesses. Their competitiveness arises from the fact that they can use family resources in terms of labor and specialist knowledge and use ethnic networks effectively for business development.

The study attempts to find out if these factors can be used to determine the reason for their successful ventures. The researchers employed a semi-structured qualitative approach for data analysis. Data was collected in the form of interviews with ten leading Asian entrepreneurs in the UK. Questions were framed after referring to previous literature and academic advisors. Data was also collected through e-mails and reports for a greater understanding of the subject. Moreover, interviews were recorded and transcribed to facilitate independent interpretation for the two researchers.

Secondly, since one researcher represented the Asian community and the other, the host community they were able to provide varied cultural perspectives to the data analysis. The researchers concluded that the Asian community did have an inherent entrepreneurial trait, which is not restricted to cultural background. Besides, though they started by catering to the ethnic community, many Asian businessmen have moved on to niche markets. Here it is not cultural background but recognition of market opportunities, hard work, talent, and luck, which play a pivotal role.

Many interviewees denied the role of ethnic networks or using family for resources or even discrimination as a reason for successful ventures. Though cultural factors do play an important role when setting up businesses eventually it is more of tapping opportunities and effective business strategy that helps them. However, the younger generation faces a different set of opportunities and challenges. The younger generation does not share the zeal and risk-taking abilities of the older generation.

Competition, rising property prices, and upbringing affect the younger generation more than they did the older generation. Thus the study reveals that many perceptions regarding Asian businesses need revision. Asian businesses can no longer be stereotyped as small enterprises catering to restricted markets. Moreover, businesses must be evaluated individually and their business practices must be assessed as a component and not as a whole for analysis.