Look to Asia – not Silicon Valley – for Competitive Lessons

Worry about staying relevant in your field? Think about your kids.

It’s a global world, no question, and they’re competing with not, 360 million in the US, but 7.7 billion people globally.

Competition -- while it can evoke all sorts of anxiety -- has other ramifications: jobs, innovation, opportunity for our people. 

I recently joined Google's Eric Schmidt and LinkedIn Founder Reid Hoffman to talk entrepreneurship and Hoffman's new book at the New York Economic Club.

His big theme: China. Here, 1.4 billion people are “ferociously competitive,” even with each other, he says. And now, the race is on among cities to see who's the next Silicon Valley.

We can’t rest on our laurels if we want to stay at the forefront of innovation and competitiveness.

Three key takeaways:

Remember, Silicon Valley is now a mindset, achievable anywhere

Whether you’re a CEO, entrepreneur or even a parent, we’re no longer competing with just Silicon Valley – once the hub of innovation.

Big investors and entrepreneurs are in the game. "More companies with tech relevance will come from China," says Hoffman, illustrating the growing trend of new tech hubs emerging elsewhere in the world.

Part of this Silicon Valley mindset relates to failure. Successful leaders and entrepreneurs understand that failure is a part of the game – and not a stigma. They create a culture that de-risks the chances of failure, by sharing information and exploring different solutions to a market need. Experimentation is the norm.

They also work hard: Fast-soaring companies – as Hoffman reminds us-- work 6 days a week. The Times’ Li Yuan reports they work 15-16 hours a day. The entrepreneur is always on.

Reduce the chances of failure

Imagine being competitive, like China. Now, imagine that because you have 1 billion people at a lower cost, you can throw even more resources at a problem.

Thanks to their enormous labor market, that’s exactly what some do, says Hoffman. They send off multiple groups to tackle the same project or challenge. The upshot? Lower chances of failure, higher success rates, stiffer competition for the rest of the world.

The takeaway? For companies, try exploring different solutions to a problem – even with small teams.  For parents, equip your kids with business skills and an entrepreneurial mindset that will give them the advantage in a changing economy, as Girls With Impact does.  

Be an infinite learner

The best executives and entrepreneurs feel the need to constantly learn. The game is always changing - from the market to your team to the customer behavior. That means learning, testing, and trying new things is the norm.

So, don’t be afraid to try new things or evolve yourself. Remember that most successful entrepreneurs – 62% in fact based on my research -- had to move outside their comfort zone to get to where they are.

Sure, thinking about competition as far as China can help you to put our best talents to work and make the greatest impact. 

#innovation #competition #entrepreneurship #education #Google #LinkedIn #culture #SiliconValley #China

Jennifer Openshaw is CEO of Girls With Impact, the only tech-enabled entrepreneurship program for teen girls, and a nationally known financial expert and author.