Tsinghua university jrm#8888

创
业
者

是
Entrepreneurs are the Future of
来经 Economic Development
济
发
Jerry R. Mitchell
展
President
的 Jerry R. Mitchell and Associates Inc
未 03/16/13 For China Tsinghua University 1

创
业
者

是
I would like to talk about my life,
来经 entrepreneurship, and globalization
济
发
展

的


创
业
者

是 You may wonder how one is
connected to the other, but I
来经 promise that, as there is truth in
济 advertising, the connection will
发 come.
展

的


创
业
者

是 This was one lesson I picked up when I
was a very young child. It has been my
来经 guiding principle ever since. And I have
济 had 60 years to practice self-
发 determination. When I wanted something,
展 the best person to depend on was myself.

的


创
业
者
From my experience in helping to create technology
是 companies, the right attitude, people, and actions
make a bigger contribution than a novel idea to the
来经 success of these endeavors. Never underestimate the
济 role of passion, the importance of management
发 talent, and the significance of teaming with the right
展 investors. Second, bringing innovative ideas to
market requires a series of actions, from securing
的 patents to moving a high-quality product to market
quickly.

创
业
者

是 “I had no ambition to make a fortune.
Mere money-making has never been my
来经 goal, I had an ambition to build.”
济
发
John D. Rockefeller
展

的


创
业
者

是 The person who starts out simply with the
idea of getting rich won’t succeed; you
来经 must have a larger ambition. There is no
济 mystery in business success.
发 If your only goal is to become rich, you will
展 never achieve it.
的


创
业
者

是 To succeed, a technology-based
entrepreneur needs more than an innovative
来经
product. How one organizes a start-up
济
company often proves more important than
发 the product in determining whether the
展 venture succeeds or fails.
的


创
业
者
Too many innovators underestimate the
是
need for excellent management.
经 Investors always say that they would rather
来
济 have a first-rate management team with
发 average technology than have a first-rate
展 technology with a second-rate management
team because the strong management team
的 Is more likely to succeed.

创
业
者

是 There is no I in team!

来经 One false impression about
济 entrepreneurship is that it is an
发 individual
展 behavior. What I have found is that
entrepreneurial behavior succeeds more
的 often when performed by teams.

创
业
者

是 In my research about entrepreneurship
in China I have identified three different
来经 forms at three different times.
济
发
展

的


创
业
者

是 The first occurred before reform and
through the 80’s, consisting of very
来经 small-scale activities in retail and
济 services such as street vendors.
发
展

的


创
业
者

是 Perhaps more accurately referred to as
‘self-employed’ rather than ‘entrepreneurs’,
来经 those involved were of low social status,
济 and illegal migrants, and low education.
发 They started out on their own because they
展 were excluded from the state system.
的


创
业
者

是 Some achieved success beyond their
expectations. But for most, business
来经 was a means of subsistence.
济
发
展

的


创
业
者

是 The second group emerged in the late
1980s, with more highly educated
来经 individuals, often engineers or SOE
济 (State-owned enterprises) managers,
发 operating on a larger scale out of choice
展 rather than necessity.

的


创
业
者

是 These businesses, operated in all
sectors, ranging from restaurants to
来经 transportation to manufacturing,
济 especially the production of inputs for
发 SOEs.
展

的


创
业
者

是 The third type is the foreign educated or
trained Chinese returning to China to start
来经
businesses.
济
发
展

的


创
业
者

是 This type of entrepreneurship has been
evident recently in the flourishing
来经 Internet sector. Each of these types of
济 entrepreneurs operates in a somewhat
发 different environment, under different
展 constraints and has distinctive
characteristics.
的


创
业
者

是 I will focus primarily on the second type,
which I believe is the most interesting
来经 group. After all, for those who have no
济 other choice, starting a business carries
发 no risk, while for others the risk can be
展 tremendous.
The problem, becomes the accessibility
的
of foreign sources.

创
业
者
The average Chinese person has never
是 travelled outside of China, let alone
经 accumulated foreign business contacts. The
来 result is that most high tech ventures are
济
发
started and controlled by foreign-educated
Chinese who have spent several years in the
展
West, have the contacts, and have received
的 funding commitments before returning to
China.

创
业
者

是 While funding is perhaps less of a
problem for Internet entrepreneurs, access
来经 to labor is more of one. The labor issues
济 are also problems Internet entrepreneurs
发 must deal with. However, in addition to
展 those, a ‘brain drain’ reduces the speed in
technological advancement.
的


创
业
者

是 International demand for technical
graduates means an inadequate supply in
来经 China, especially given the number of
济 technically skilled students who move
发 abroad and never return. Finally, the
展 potential value of stock options, a key
incentive of Internet start-ups, is not always
的 understood in China.

创
业
者

是 While the phenomenon of foreign-educated
Chinese returning to their home country to
来经 start businesses alleviates the ‘brain drain’
济 problem, at the same time, many of these
发 returning Chinese entrepreneurs have
展 “back-up plans.”

的


创
业
者

是 Many of these entrepreneurs create ‘safety
nets’ independent of the success or failure
来经 of their businesses. Examples of such safety
济 nets include dual citizenship, green cards,
发 and even going so far as leaving one’s wife
展 or husband and children in North America
while spending months away from them to
的 work in China.

创
业
者

是 In such circumstances it is profit rather than
pure patriotism which draws them back. If
来经 environmental instability were to increase,
济 it is possible China could again see a
发 worsening of the brain drain problem.
展

的


创
业
者

是 An alternative “back-up” plan indigenous Chinese
entrepreneurs employ is having each foot on
来经 different boats; in a working couple, the wife or
济 husband will continue on at his or her SOE job
while the husband or wife ventures into
发 entrepreneurship. In this way, the family’s risk is
展 reduced because they can continue to enjoy state
benefits of housing and health plans while they
的 also reap the profits of a private business.

创
业
者

是 In my experience one big difference
between American and other countries
来经 companies is that U.S. companies are much
济 more generous in giving stock options to
发 their employees.
展

的


创
业
者

是 Americans have learned that when you
distribute ownership to the employees, the
来经
employees behave differently. They no
济
longer behave like employees but like
发
owners. Wide shareholder ownership is
展
one of the best ways to stimulate
的 passionate behavior.


创
业
者

是
Here is a great example of an
经 American success story.
来
济
发
展

的


创
业
者

是 In 1954, a fifty-two-year-old milk-shake
经
machine salesman saw a hamburger stand
来 in San Bernardino, California, and
济
envisioned a massive new industry: fast
发
food.
展

的


创
业
者

是
In what should have been his golden
经 years, Raymond Kroc, the founder and
来
济 builder of McDonald's Corporation,
发 proved himself an industrial pioneer no
展 less capable than Henry Ford.

的


创
业
者

是 He revolutionized the American restaurant
industry by imposing discipline on the
来经 production of hamburgers, French fries, and
济 milk shakes. By developing a sophisticated
发 operating and delivery system, he insured
展 that the French fries customers bought in
Topeka would be the same as the ones
的 purchased in New York City.

创
业
者

是 Such consistency made McDonald's the
brand name that defined American fast food.
来经 By 1960, there were more than 200
济 McDonald's outlets across the country, a
发 rapid expansion fueled by low franchising
展 fees. Ray Kroc had created one of the most
compelling brands of all time. But he was
的
barely turning a profit.

创
业
者

是 Ultimately, it was his decision to use real
estate as a financial lever that made
来经 McDonald's a viable operation. In 1956, Kroc
济 set up the Franchise Realty Corporation,
发 buying up tracts of land and acting as a
展 landlord to eager franchisees. With this step,
McDonald's began to generate real income,
的 and the company took off.

创
业
者

是 Kroc then introduced national advertising
programs to support the rapidly proliferating
来经
franchises, and when it appeared that growth
济
in the company's home territory was slowing
发 in the early 1970s, he started an energetic
展 and successful push to make McDonald's a
的 global presence.


创
业
者

是 Throughout the company's spectacular
growth, Kroc maintained a delicate
来经
balancing act, imposing rigorous system-
济
wide standards while encouraging an
发
entrepreneurial spirit that welcomed ideas
展
from all levels. Many of these ideas
的 contributed to the company's astonishing
success.

创
业
者

是 In amassing a $500-million fortune, the
king of the hamburger transformed the
来经 nation's cultural landscape and forged an
济 industry that is among America's greatest
发 exports. The widely imitated success of
展 McDonald's offers an excellent example for
today's managers and executives searching
的 for greater production efficiencies.

创
业
者

是 By putting the humble hamburger on the
assembly line, Kroc showed the world how
来经
to apply sophisticated process management
济
to the most prosaic endeavors.
发
展

的


创
业
者

是 To succeed the McDonald's way,companies
must define the basic premise of the service
来经 they offer, break the labor into constituent
济 parts, and then continually reassemble and
发 fine tune the many steps until the system
展 works without a hitch.
的


创
业
者

是 Today, companies engaged in delivering
pizzas, processing insurance claims, or
来经 selling toys benefit from the kinds of
济 systems that Ray Kroc pioneered. To the
发 degree that such operations maintain
展 quality control, and cherish customer
satisfaction, profits may flow.
的


创
业
者

是 In 1965 Kroc's secretary, June Martino,
who came to work during the cash-poor
来经 origins of the company, now held $5
济 million in stock.
发
展

的


创
业
者

是 Thus, when McDonald’s went public in
1965, Martino cashed in $300,000 of her
来经 holdings (equivalent to $1.7 million today)
济 and her remaining holdings were worth $5
发 million (or about $28 million in today’s
展 money).
的


创
业
者

是 And when McDonald’s was listed on the
prestigious New York Stock Exchange
来经 the following year, Martino became the
济 first women to be a guest in the all-male
发 NYSE director’s dining room since
展 Queen Elizabeth.

的


创
业
者

是 Same thing for the founders of Dell
Computers, Apple, Walt Disney, Wal-
来经 Mart and Starbucks. They had a business
济 vision and to achieve it, they went out
发 and found the expertise they needed.
展

的


创
业
者

是 When comparing the U.S. economy to the
economies of other countries Americans
来经 seem to be much more willing to become
济 entrepreneurs. Indeed, a recent survey
发 found that more than 70 percent of adult
展 Americans would prefer being an
entrepreneur to working for someone else.
的


创
业
者

是 In contrast, the same survey showed that
only 46 and 41 percent of adults in Western
来经 Europe and Asia, respectively, preferred
济 being an entrepreneur. One possible
发 explanation for this difference is that,
展 because the United States is an immigrant
nation, we have inherited our dynamism
的
from past generations.

创
业
者

是 Many of those who came here had the
courage to migrate half way around the
来经 world in search of a better life. Not only
济 were the distances long but also the travel
发 was often dangerous.
展

的


创
业
者

是 I will discuss the roles of entrepreneurial
spirit and the policy environment in turn.
来经 Along the way, I will argue that the two are
济 interwoven and that policymakers should
发 keep in mind that the real key to
展 entrepreneurial success—entrepreneurial
spirit—is already in abundance and that we
的
should be careful not to waste it.

创
业
者

是 SBIR

来经
济
发
展

的


创
业
者

是 Discussion of the role of government in
经 the entrepreneurial process should begin
来 by recognizing the relative abundance of
济
发
entrepreneurial spirit in the world.
展

的


创
业
者

是 Generally speaking, the view in the United
States is that owning a business is an
来经 inherent right and that the operation of the
济 business should be left to the entrepreneur.
发
展

的


创
业
者

是 China must also excel as entrepreneurs
before the world. You must create
来经 Chinese brands for the global market
济 place.
发
展

的


创
业
者

是 Through the years, the market place has
expanded: between cities, between
来经
countries, between continents. I want to
济
urge you all here to think bigger. When
发
you go back to your homes, think of
展
ways to sell and market your products
的 and services to the world. Create world-
class
未 brands.
03/16/13 For China Tsinghua University 53

创
业
者

是 So, the real entrepreneur is not the one
who works in his company, but the one
来经 who works on his company. It is the one
济 who puts his body and soul into finding
发 new customers, developing his market,
展 forming strategic alliances, attracting the
best talent.
的


创
业
者

是 Entrepreneurship is synonymous with life,
经
with spirit, with growth, with challenge,
来 with risk, with empowerment and, of
济
course, with leadership.
发
展

的


创
业
者
Not all entrepreneurs are successful. In fact,
是
statistically, most entrepreneurs aren’t. But,
经 the good that is done by so many who step
来
济 up and take risks, exercise their leadership,
发 generate commerce, create jobs is what the
展 American Dream is all about and has been
critical to the growth and success of the
的 global economy

创
业
者

是 As an entrepreneur you have a strong point
of view. It is always the person with the
来经 strongest point of view who influences the
济 group – who wins the day.
发
展

的


创
业
者

是 My experience is that a powerful point of
view is worth at least 80 IQ points.
来经
济
发
展

的


创
业
者

是 Finally, entrepreneurs have candor. It has
been reported that seven of ten people in
来经
organizations do not speak up if they think
济
their point of view will differ with the
发
conventional wisdom of their boss’s point
展
of view, even if they believe their boss is
的 going to make an error.


创
业
者

是 Great leaders always cultivate strong-
minded associates with the wisdom and
来经
courage to make recommendations; in
济
fact, to say "no" when "no" is the right
发
answer.
展

的


创
业
者

是 For many startups, a core business
requirement is the creation of custom
来经 software. This forces the entrepreneurs and
济 CEOs into the uncomfortable role of
发 defining the software, choosing the
展 platform and managing technical staff.
的


创
业
者

是 Unfortunately, for the entrepreneurial
CEO, there are few resources dedicated to
来经 assisting small companies in navigating the
济 technology world of acronyms and
发 technicales. And even for experienced
展 technologists, the outlook is not bright.

的


创
业
者

是 Depending on the study, estimates on
software development failures range from
来经
30 percent to 70 percent. These studies
济
are based on large companies with vast
发
resources. It would be arguable the failure
展
rate for startups would be even higher.
的


创
业
者

是 There are two components of software
development that contribute to high failure
来经
rates. One is the company's capability to
济
managing the complexities of producing
发
quality software. The other is how the
展
company views software development in
的 general.


创
业
者

是 A discussion on adapting software
development processes for the start-up is
来经 outside the scope of this presentation. The
济 focus will instead be on how the
发 entrepreneur should view software
展 development as a whole.
的


创
业
者

是 Without an appropriate mind set, the
expectation will not be in sync with the
来经 developer's reality. The result of which
济 should be obvious.
发
展

的


创
业
者

是 A conflict between vision and execution
经 rarely results in a positive outcome. To
来 ensure a compatible outlook, identifying the
济
发
mental framework necessary to successfully
navigate the development process will prove
展
helpful.
的


创
业
者

是 "Nothing's ever easy" is a accurate statement
that serves well as a constant reminder that
来经 no matter how simple a software project
济 sounds, it never is. As the project is defined,
发 there will be many attempts to discredit this
展 mantra.
的


创
业
者

是 High-level discussions with non-technical
associates will ensure the most complex
来经 projects will appear basic. Simply generate
济 a feature list, hire a developer and the
发 throw up a website. Seems easy enough!
展

的


创
业
者

是 The oversimplification of the project will
continue during preliminary discussions
来经
with a development group where feedback
济
frequently consists of statements such as
发
"no problem" or "we have done similar
展
projects as this one."
的


创
业
者

是 To be fair, the developers are not lying.

来经 They are merely stating that the project is
济 doable. But the devil truly is in the details.
发 Any significant project will not be quick or
展 easy. Expecting otherwise will result in
considerable levels of frustration.
的


创
业
者

是
SOFTWARE DEVELOPMENT IS
经
来 NOT MANUFACTURING!
济
发
展

的


创
业
者

是 It is too common to see software
development as an assembly line. The
来经 reality is that software development is
济 much closer to creating art than gadgets.
发
展

的


创
业
者

是
Understanding this concept will shed light
经 on why project time estimates appear to be
来
济 pulled out of thin air.
发
展

的


创
业
者

是 It also will explain why a "few weeks" turns
into a "few months." In manufacturing, the
来经 number of gadgets you can produce in a
济 month can be accurately estimated by the
发 ones produced last month.
展

的


创
业
者

是 For developers, each project though there
may be similarities with past projects is
来经
unique. Ask an artist how long it will take
济
to produce a commissioned sculpture and
发
the response will be a general time frame.
展

的 The artist is not being evasive.


创
业
者

是 The exact amount of time it will take to
product the final piece is unknown. When
来经 developers present project time estimates,
济 the entrepreneur should understand the
发 estimate is a best guess. Like the artist, the
展 software developer can only provide time
frames.
的


创
业
者
However, unlike the artist, the software
是
developer must factor in external influences
经 such as changes in requirements technology
来
济 innovations, and dependency on other
发 teammates to name a few.
展
Unrealistic expectations of project time line
的 estimations will result in needless
aggravation.

创
业
者

是 The creation of software is a constant
process of shaping the product until it
来经 accurately reflects the entrepreneur's vision.
济 As the leader, you will be focused on the
发 final product. Nevertheless, it is critical for
展 the vision to be broken down into easily
manageable steps.
的


创
业
者

是 Unlike a large company where teams of
product specialists create reams of
来经 specifications, a startup does not have that
济 luxury. To further complicate the process,
发 the product requirements will likely change
展 as the software is being developed.
的


创
业
者

是 This is the nature of an emerging business. A
good development team will deploy many
来经
interim releases versus a few large ones. The
济
"mini-releases" allow the entrepreneur the
发
opportunity to verify the team is on the right
展
track. Thus, the software evolves to meet the
的 vision.


创
业
者

是 CONCLUSION

来经
济 The intent of this presentation is not to
发
paint a bleak picture of software
development but rather to assist with
展
managing the unique challenges of
的 software development within a start-up.


创
业
者
By understanding how developers work, you
是
will be better equipped to roll with the
经 challenges that will undoubtedly be
来
济 presented. With this pragmatic approach and
发 a good set of processes, creating software
展 will be extremely rewarding. Similar to the
artist's sculpture, the final product will not be
的 a gadget but a unique merger of function and
art.

创
业
者

是 One example of successful software
development I use is from a company where I
来经 am chairman.
济
发 The company is Modularis Inc. Here is an
展 example of how using the right tools and
strategic partnering can ensure success:
的


创
业
者

是 TATA India & Modularis USA: Forte
to .NET Migration Case Study
来经
济
Client
发
展
Large US based pharmaceutical company
的 with offices world wide.


创
业
者
Business Scenario
是
•The regulatory activity planning and
来经 tracking system is a business critical
济 application for the customer. It is used as a
发 key system for managing product
展 registrations, supporting other business
processes/activities, and serving as
的
subscription base for product dictionary data.

创
业
者

是 · The application had complex business logic
and was developed using Forte tracking
来经 application.
济 · The client wanted to migrate the application
发 to .Net platform due to high cost of
展 ownership and withdrawal of Forte support
by SUN
的


创
业
者
Solution Highlights
是
•The project included re-development/migration
来经 of existing web application from sun’s Forte to
济 Microsoft’s .NET environment. The goal of this
发 project was to take the older version of source
展 code written in Forte UDS 5.01 and re-write the
application in .NET using C#.Net for business
的
layer, code behind and ASP.Net for UI.

创
业
者

是
• The project used Accelerator tool from
Modularis (TCS’s strategic partner) for
经 enabling automated code generation based
来 on the existing data model.
济
发 Solution Benefits
展
• Automated code generation for business
的 layer using Modularis.

创
业
者
• Usage of this tool proved to be beneficial
是
in capturing of accurate business model and
来经 faster generation of code, so as to reduce
济 validation effort
发
•Migrated application had the same look
展
and feel as of the original application
的 •Overall effort reduction by 30-40%

创
业
者
When you see somebody coming out of
是 school with an engineering degree, the most
经 important thing they've got going for them is
来 curiosity engineers-or technologists-basically
济
are curious people. That's why you're in that
发 discipline. You're trying to look into the
展 future. You're surrounded, not only by fellow
undergraduates, but also by graduate students
的
and professors; you are exposed to the future.

创
业
者
Amount of start funds needed.
是
Of the Inc. 500 founders, 36% had start-up
来经 capital of less than $20,000.
济
With approximately 75% of all new job
发
creation in the U.S. coming from small
展
businesses, the Inc. 500 is a true indicator
的 of the companies and industries that are
driving the economy forward.

创
业
者

是 The role of entrepreneurship has evolved
经
significantly and is now seen as a requisite
来 ingredient in the global economy
济
-generating employment, growth and
发
international competitiveness.
展

的


创
业
者

是
It’s never about the money.
来经
济
发
展

的


创
业
者

是
What message does my life give?
来经
济
发
展

的


创
业
者

是 I believe that each of us has a purpose on
this planet. It is our duty and
来经 responsibility to find that purpose and
济 apply it for the betterment of those
发 around us rather than merely for
展 ourselves.

的


创
业
者

是 Ultimately, we will be judged by how
hard we worked to find that mission,
来经 how well we applied it in the service of
济 others, and how we ultimately made a
发 positive footprint on this planet by our
展 presence.

的


创
业
者

是 Never forget where you came from; be
proud of your roots and your upbringing,
来经 for they helped shape who you are today
济 and keep you grounded. Find out what you
发 were meant to do, what you are really good
展 at, and make sure you work hard to be even
better than that while helping all those with
的 whom you come in contact.

创
业
者

是 Finally, appreciate every moment you have,
for you do not know when your last
来经 moment will arrive.
济
发
展

的


创
业
者

是
Lessons from personnel experience.
来经
济
发
展

的


创
业
者

是
Case study. One companies success taking
来经 technology out of MIT labs.
济
发 Lessons from personnel experience.
展

的


创
业
者

是
Changing how the world designs.
来经
济 Computer Aided Design CAD
发
展

的


创
业
者

是
Bringing automation to manufacturing
来经
济 Computer Aided Manufacturing CAM
发
展

的


创
业
者

是
From 5 founders to 150 people in 18 months.
来经
济
发
展

的


创
业
者

是 The lessons I want to pass on to you and other
entrepreneurs are about the need to develop a
来经 plan that matches your vision. Share the plan,
济 and that includes the company’s exit strategy,
发 with all employees.
展
Have meetings where all employees are able to
的 speak without fear of retaliation. Hold people
accountable for their responsibilities.

创
业
者

是 Globalization is unstoppable. Even though it
may be only in its early stages, it is already
来经 intrinsic to the world economy. We have to
济 live with it, recognize its advantages and
发 learn to manage it.
展

的


创
业
者

是
Globalization creates many more new jobs
来经 than it destroys, but in different sectors and
济 areas.
发
展

的


创
业
者

是
The global economy offers better
来经 opportunities to small and medium-sized
济 companies than they had in the past.
发
展

的


创
业
者

是 Entrepreneurs starting out in business, or those
new to the workforce such as students, will
来经 hear a lot confusing management expressions
济 (which some call buzz words). The term
发 “innovation” will likely be at the top of the
展 list. Here are my thoughts to help you to
understand what it means in terms of the
的 lessons to learn and to avoid.


创
业
者
I speak at many conferences. Most people think
是 that they are innovative thinkers until asked,
“Who was at this conference last year, made
来经
notes, and never looked at them again?” Half of
济 the people admit to this. Don’t fall into this trap.
发 Listen for the main ideas and write them down,
展 along with questions that rise in your head and
the actions you will take. If I or other speakers
的 say something profound, write down the quote

创
业
者

是
Innovation is more than technology.
来经
济
发
展

的


创
业
者

是
Creativity is about finding new and original
经 ideas while innovation processes manage the
来
济 best ideas into action.
发
展

的


创
业
者

是
It is best to consider innovation in terms of
来经 “innovative thinking”.
济
发
展

的


创
业
者

是 Innovative companies have two things in
经 common: everyone in the business knows
来 how to manage their ideas, and they
济
发
create a climate that is open to new ideas.
展

的


创
业
者

是
Innovative thinking is driven by your
经 ability to manage ideas.
来
济
发
展

的


创
业
者

是
Learn to be a creative rather than a
经 critical thinker
来
济
发
展

的


创
业
者

是 If an organization is not pursing
经
innovations, it is then pursuing
来 mediocrity and complacency.
济
发
展

的


创
业
者

是 Case Study. From monitoring the astronauts
life signs to real world applications. Lesson
来经
from personnel experience.
济
发
展

的


创
业
者

是
Bringing the team together.
来经
济
发
展

的


创
业
者

是 Handling competition.

来经
济
发
展

的


创
业
者

是
Mistakes we made.
来经
济
发
展

的


创
业
者
Warmed by a genuine sense of satisfaction,
是 we are in a position to look toward the future
and ask, "What next?" In answering this
来经
question, we should be aware of two
济 characteristics that will determine how well
发 we are able to meet the challenge of
展 innovation in our 21st century world: how
adept we are in anticipating the future, and
的 how wise we are in shaping it to our ends.

创
业
者

是 These three conceptual innovation
parameters – knowledge as capital,
来经 partnerships as transformational, and design
济 as intent – are the heart and soul of what
发 drives today's S, E & T Investment.
展

的


创
业
者
In anticipating the future, we must recognize
是 that civilization is on the brink of a new
industrial world order. The big winners in the
来经 increasingly fierce global scramble for
济 supremacy will not be those who simply
make commodities faster and cheaper than
发 the competition. They will be those who
展 develop talent, techniques and tools so
advanced that there is no competition.
的


创
业
者

是 If our goal is to instill entrepreneurship in
those we educate, then encouraging them to
来经 use their imaginations, to be visionaries,
济 and to think creatively is critical. We must
发 teach them to think against the grain; swim
展 upstream; violate the norm.
的


创
业
者

是 Albert Einstein, believed that
"imagination" was the key to his work.
来经 He said, "Imagination is more important
济 than knowledge." Imagination in the
发 hand of entrepreneurs brings the ability to
展 connect the results of research to society,
i.e., to envision.
的


创
业
者

是 The ability to understand the larger context
in which we work – the sector, the society,
来经 and even the time in history, the moment in
济 civilization, is crucial to any form of
发 entrepreneurial leadership.
展
Learning to read the larger context provides
的 a path for imagining the future.

创
业
者

是 Part of our task is to mentor others in
scanning the big picture for the relevant
来经 signals. We must develop acumen for such
济 thinking in our nation's students. We cannot
发 graduate talented young professionals with
展 supremely specialized expertise that exists in
a vacuum.
的


创
业
者

是 The ability to read the subtle signals will
often make the difference between a nation
来经 being the industrial leader or laggard.
济 Reading the tea leaves, so to speak, is not
发 just for mystics anymore. It's a job for
展 mentors, managers, entrepreneurs, and every
kind of leader.
的


创
业
者

是 The astute "readers of the context" and
"imaginers of possible futures" have proven
来经 to us that envisioning is a worthwhile
济 endeavor.
发
展

的


创
业
者

是 Envisioning combined with risk-taking is
a supercharged combination on the
来经 personal level as well as on the level of
济 the economy.
发
展

的


创
业
者

是 Something new and exciting is happening in
the 21st century that can help us foster this
来经
capability. The borders between discovery,
济
learning, and innovation are blurring.
发
展

的


创
业
者

是 Increasingly, scientists and engineers,
educators, and entrepreneurs are working
来经
across many different disciplines, fields
济
and even sectors to make the connections
发
that lead to deeper insights and more
展
creative solutions.
的


创
业
者

是 We look ahead to exquisite but practical
improvements in everything from drug
来经
delivery systems to renewable energy
济
resources. I like to think of this as "creative
发 transformation" - the flip side of the coin of
展 "creative destruction."
的


创
业
者

是 Focusing on creative transformation can
经 help us act intelligently as we move ahead.
来 It can cultivate a benevolent approach to
济
发
robust change.
展

的


创
业
者

是 The question for us is: how do we mobilize
such an effort? A critical founding stone is
来经
to ingrain early on in education that failure
济
is a part of the learning process – if students
发
fear failure they will surely avoid changing
展
the status quo.
的


创
业
者

是 As students move on, we need to educate
them beyond their technical expertise. The
来经 best technical training must be combined
济 with understanding how that expertise fits
发 into the larger societal environment, into
展 our overriding national goals, and indeed,
into the goals of other nations.
的


创
业
者

是 Today, the trend in science and engineering
research, technology development and
来经 business operations is much more cross-
济 boundary centric. Many disciplines are
发 converging in surprising ways to generate
展 the new knowledge needed for the
increasingly complex challenges we face as a
的 society.

创
业
者

是 Today's graduates must be capable of
integrating knowledge from a variety of
来经 disciplines and working with industry-
济 partners to advance that knowledge into
发 innovations.
展

的


创
业
者
Engineers, scientists, educators, entrepreneurs,
是 and workers at every level must be able to see
functionally beyond the boundaries of their own
来经 fields. In the past, when the tools for discovery
济 and application were rudimentary, innovative
发 progress across the frontier of science and
engineering was possible only by parsing the
展 frontier into doable pieces that we called
disciplines. But today's increasingly exotic tools
的 allow a more holistic attack along the frontier.

创
业
者

是 If we want to change the way the workforce
thinks, and increase its creativity, innovation,
来经 and boundary-crossing abilities, we must
济 ingrain these ideas, while students are on the
发 path to becoming the workforce we need them
展 to be.
的


创
业
者
Together, we need to educate today’s
是
students and tomorrow's future entrepreneurs
经 to think strategically and holistically. They
来
济 need to be able to read patterns and trends
发 from the larger context to envision the future.
展 And, in particular, integrative, cross
boundary-educated, visionary engineers and
的 scientists are critical components to success
in our age of complexity.

创
业
者

是 In the larger sense, innovation depends upon
a synergistic set of interactions that includes
来经 not only science, engineering and technology,
济 but social, political and economic interactions
发 as well.
展

的


创
业
者

是 We need new arrangements that foster the
kind of integration that supports innovation,
来经
and the social and economic well being it
济
enables.
发
展

的


创
业
者

是 If innovation is at the heart of progress, then we
need to understand the skills that foster the
来经 capacity for risk taking, for imagination, and a
济 tolerance for unfamiliar and uncertain territory.
发 That in turn will mean that our institutions must
evolve to cultivate these skills.
展

的


创
业
者

是 Innovation and competitive entrepreneurship
will always remain an enduring quest, an on-
来经 going process. There is no peak that we can
济 reach that will assure continuing success. It is
发 not a matter of sticking to the task for the
展 long haul. It is the "haul."
的


创
业
者

是 Entrepreneurs will have to be effective
collaborators, innovators, risk takers, and
来经
communicators, working across shifting
济
boundaries, and embracing diversity. They
发
will need to know the human and social
展
dimensions of technology. Our social and
的 economic progress depends upon it.


创
业
者
I often get asked by college students whether
是
they should start their own businesses right
经 out of college or whether they should join an
来
济 established company. The reality is that at
发 that stage in your life and career, there are no
展 wrong choices. No matter what you choose,
you are going to learn a lot and get valuable
的 experience.

创
业
者

是 I want to reemphasize that there are no
fundamentally wrong paths out of college.
来经 You can create your company. Fail or
济 succeed, you will learn a lot. You can go
发 into management consulting. Another
展 alternative I discuss is to join a startup,
especially an early stage startup.
的


创
业
者

是 In startups there is so much work, that if
you step up to the plate you will be given
来经 opportunities you might never have in a
济 larger company despite your youth and
发 inexperience. It’s a great way to learn hands
展 on execution.

的


创
业
者

是 Entrepreneurs view work as a means to an
end -- to be their own boss. We measure
来经 success in terms of achievements.
济
发
展

的


创
业
者

是 Your presence this evening symbolizes the
global nature of Entrepreneurship.
来经
济
发
展

的


创
业
者
Today’s state of emerging business has been
是 described as "The Golden Age of Small
经 Business." Small businesses are becoming
来 increasingly competitive against their larger
济
发
counterparts. The global economy has seen
the emergence of new industries that have
展
captured the attention of consumers all over
的 the world, and has allowed resourceful
entrepreneurs to capitalize on these markets.

创
业
者

是 No innovative product was ever invented
without good science and risk-taking. By
来经 its very definition, science is a risky
济 business, and no amount of money will
发 ever eliminate the need for scientists who
展 go out on a limb to develop products
never seen before.
的


创
业
者

是 Copying someone else’s product is not
innovation, and adding something to
来经 someone else’s product is not innovation.
济 Bill Gates started out with an idea, not a
发 billion dollars.
展

的

未 For China Tsinghua University

创
业
者

是 During the last 100 years, we have created
more wealth, reduced poverty more, and
来经 increased life expectancy more than in the
济 previous 100,000 years. That happened
发 because of entrepreneurs, thinkers, creators
展 and innovators.

的


创
业
者

是 And that happened because of people like
you entrepreneurs, thinkers, creators,
来经 innovators—who had new ideas, who
济 traveled geo-graphical distances and, more
发 important, mental distances to create new
展 things and who saw to it that old traditions,
which would have stopped new creations,
的 would not stop them for long.

创
业
者
I am 70 today. But I do not forget the little
是 boy that I was in Chicago. I was influenced
经 by my parents who taught me how to be a
来 trusted friend. I still believe in family and
济
发
friends. I still want to make good. I still
don't mind going up against those younger
展
and smarter than me. I still believe hard
的 work will not fail me. And I still believe in
people willing to think the same way.

创
业
者

是 I am confident that each of you here today
will make many contributions to the
来经 development of strong relationships
济 between our two countries, and will shape a
发 future that is challenging and rewarding, a
展 future that provides you every opportunity
to create the life – and the world-you
的 imagine.

创
业
者
All of you carry the excitement and the
是 responsibility to make it happen.
经 The contribution of entrepreneurs is to tie the
来
济 whole package of ideas, knowledge, workforce
发 and institutions together into a productive
engine of economic growth. That's not only a
展
big job-but a worthy goal and I am certain that
的 you here at Tsinghua University can carry this
through!

创
业
者

是联系方式：
Jerry R. Mitchell 杰瑞 · 米切尔
经
来电话 : 001 630-305-0005
济
发 Email: jerry@jerryRmitchellandassoc.com
展网页： www.jerryRmitchell.com
博客： www.JerryMitchellBlog.com
的


创
业
者

是
I hope I've left some time for questions?
来经
济
发希望还有时间请各位提些问题
展

的


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