The Entrepreneurial Mind

Roger Cohen offers a stark analysis in the International Herald Tribune:

The West's moment, I thought, is passing. Money and might are increasingly elsewhere. America's little dose of socialism from Ben Bernanke and Hank Paulson might stave off the worst but cannot halt the trend. Then I arrived in Hong Kong. The talk was all about how U.S. economic woes could impact Chinese growth. Might it tumble to 8 from over 11 percent? And what of India, powering along with growth of a mere 8 percent or so? The West should have such troubles! Even revised downward, these growth rates are at levels Europe and the United States can only dream of.

As the world moves toward capitalism, the US marches on in the other direction to socialism. France has lower corporate taxes than half of all US states. China is embracing capitalism at a break-neck pace. America is debating about how fast to federalize health care, energy, housing and how quickly we can increase our taxes to pay for it all.

I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle. Winston Churchill

Posted by Jeff Cornwall at 01:50 PM | Permalink | Comments (1)

The Global Small Business Blog has a Q&A with Elaine Allen of Babson College who is the research director of the Global Entrepreneurship Monitor (they publish regular surveys on entrepreneurship featured in this blog). Here is a sample of her comments in this insightful interview:

Reasons for the US continuing high rate of entrepreneurship can be partly explained by cultural values but economically it probably has to do with some of the lowest levels of perceived ‘red tape’ involved in starting a business and also the lower cost involved in starting a business in the US compared to other high-income countries.

Posted by Jeff Cornwall at 06:43 AM | Permalink

The latest study released by the Global Entrepreneurship Monitor shows just how global the small business world has become.

In high-income countries and depending on the size of the national economy, 10-40% of early-stage entrepreneurs expect 25% or more of their customers to come from outside their country. GEM also found that the more burdensome a country’s business regulations, the lower the entrepreneurs’ expectations for growth.

This is not only an issue for entrepreneurs to ponder for their business plans or their strategic decision-making. It is also an issue for public policy.

"The world economy needs entrepreneurs," says Babson Professor and GEM U.S. team member Kent Jones, "and increasingly, entrepreneurs depend on an open and expanding world economy for new opportunities and growth-- through trade, foreign investment, and finance. GEM research confirms that new entrepreneurial opportunities in all countries will expand if trade, entrepreneurship and economic growth are fostered, especially in the developing world."

The best way to foster the global reach of the entrepreneurial economic boom is through open, free markets, low regulatory barriers, and low tax rates. Previous GEM reports have supported this formula.

So to you entrepreneurs out there: Think Global!

And to you public policy folks and government bureaucrats: Everything you try to actively do to steer the entrepreneurial economy will only hurt it -- resist the temptation to intervene and get out of the way!

Posted by Jeff Cornwall at 07:11 AM | Permalink

The National Dialogue on Entrepreneurship reports on two new studies that highlight innovation in Asia and Europe.

A new World Bank study examines the state of innovation in East Asia with a focus on three primary sources of knowledge flow into the region: international trade, acquisition of disembodied knowledge, and foreign direct investment. East Asian economies still rely heavily on knowledge flows from Japan and the US, but the region's economies are beginning to build their own home-based knowledge industries as well. Patenting activity is growing in the region, especially in Taiwan, Korea, Hong Kong, and Singapore. Not surprisingly, electronics, computers, and communications are areas of particular strength. Other nations, such as Thailand, Indonesia, and Malaysia, continue to lag behind these regional leaders. When seeking to explain these patterns, the authors point to several factors. Regional innovation leaders tend to have more open local economies, better local education systems, and more effective government supports for innovation policy.

Let us hope that by the phrase "more effective government supports" the authors are referring to what has proven to be the most effective government support for entrepreneurship -- bureaucrats and politicians getting out of the way of entrepreneurs and letting free markets work. Central planning efforts where government agencies try to pick winners and losers have never proven to be a wise long-term strategy.

NDE also reports on a new Information Technology and Innovation Policy Foundation report:

[F]uture European prosperity depends upon Europe's ability to more effectively deploy information and communications technologies (ICT). The study notes that European productivity growth rates have lagged in recent years, and it identifies lagging use of ICT (especially in service sectors) as one culprit in the process. Like the US, Europe needs to boost productivity rates. But the pressures in Europe are even stronger, due to a more rapidly aging population. How can Europe reverse these trends? The report's author, Rob Atkinson, recommends greater overall private investment in ICT, the creation of public incentives to support such investment, and expanded efforts to promote digital literacy and adoption among the general population of European countries.

The most effective means of encouraging private investment is making favorable policy decision for an entrepreneurial economy. Lower taxes, less regulation, and stronger property rights are all key elements. I am afraid that most of Europe has a very long way to go on all three of these critical issues of public policy.

Posted by Jeff Cornwall at 08:46 AM | Permalink

A new survey released by UPS finds that most of America's small and mid-sized businesses have failed to explore the significant growth opportunities offered by an increasingly global economy. Specifically, 67 percent of the nation's small-to-mid-sized enterprises (SMEs) are still relying solely on the U.S. economy. This figure is surprisingly low given the increasing ease of importing and exporting in today's economy.

Of the 33 percent reported participating in any cross-border trade, 15 percent are importers, nine percent exporters, and nine percent do both.

Survey respondents cite many reasons for not engaging in international trade, including a perception that it is too risky, a lack of knowledge about international markets, unfamiliarity with customs regulations and disinterest in expanding business beyond U.S. borders.

Among businesses that either import or export, 45 percent perceive global trade as a benefit while 18 percent see it as a disadvantage. 52 percent say global expansion will help them remain competitive or create an opportunity to increase profits. One out of every four believes that global expansion could lead to competition that will cut into profits.

The results regarding global trade represent the initial findings of a survey that will be released in full later this fall.

UPS Business Monitor has previously released small and medium enterprise studies on businesses in Asia, Latin America, and Europe

Posted by Jeff Cornwall at 11:06 AM | Permalink | Comments (1)

I wrote a post a couple of months ago about the problems that current immigration policy is creating for high tech businesses in their hiring. However, our immigration policy impacts more that just the hiring of high tech workers. It is also having an impact on the creation of businesses in our entrepreneurial economy.

From TechJournal South:

More than a quarter of technology and engineering firms started in the United States over the 1995-2005 decade had a least one key foreign born founder. But those who grow frustrated faced with delays in obtaining visas move back home to start companies, says Vivek Wadhwa, executive in residence, Pratt School of Engineering at Duke University....

Nationwide, these immigrant-founded companies produced $52 billion in sales and employed 450,000 workers in 2005. The majority of these immigrant entrepreneurs came from India, United Kingdom, China, Taiwan, Japan and Germany.

Immigration reform should not be code for keeping people out. Rather, we need reform so we can assure the people we need come in. This should include both unskilled workers and skilled workers.

But more importantly, we should be actively recruiting immigrants who want to come to our system of free enterprise to start their businesses. This is no less important for today's world than it was to bring in the scientists we needed in the 1950s and 1960s to help fight the cold war. It we want to remain a world power, we need to continue to have a strong economy that leads the world.

Economic growth today is almost solely the domain of entrepreneurs. Let's attract the best, the brightest, the most passionate entrepreneurs the world has to offer. However, what ever we do, we must not create a bureaucratic system that controls what industry or type of business we think that we want them to start.

Let's qualify them by making sure that they have the basic experience and skills necessary to be successful business owners, and then turn them lose. Look at their education, their experience in business and as business owners, and their legal record.

Give preference to those educated in the US. Again from the TechJournal South article:

These immigrants come to the U.S. primarily to study and many received advanced degrees in engineering, math and science fields. But the once three-year process for getting a green card that permits them to work in the United States now stretches to six or even 10 years sometimes, says Wadhwa. Rather than deal with lengthy delays, they take their advanced U.S. educations and go home to start new companies.

Let them in -- or in many cases let them stay here -- and let them compete and innovate in a free market. If not, we are feeding competing economies with the entrepreneurs who will help those countries supplant our global economic strength.

(Thanks to Jim Stefansic for passing this along).

Posted by Jeff Cornwall at 01:03 PM | Permalink

In this, the global age of small business, sometimes it is the little things that cause the biggest headaches. Start-up Journal looks at the challenges of that going global can have on one of the most basic aspects of commerce -- exchanging cash for goods or services.

Question: We are a small manufacturer and want to purchase some component parts overseas. The overseas entity doesn't want to ship without payment. Yet we don't want to pay before we are sure that the goods will come and they will be of the quality represented. What are our options?

Answer: You're asking one of the age-old questions of international trade: How do a buyer and seller handle payment so neither gets burned?

Banks generally offer several ways to reduce the financial risks of trade, but the payment procedure ultimately depends on how much trust the parties have developed, which company has more leverage and the types of goods ordered.

In other words, while banks can help (often for a sizable fee) there is still some relative degree of risk taken by both sides of the transaction. Understand the risks that you are taking while trying to bring down your costs. There is almost always a trade-off in these things. And when thinking about the savings from outsourcing, make sure to be clear on all of the costs, including bank fees for the transaction.

Posted by Jeff Cornwall at 05:37 AM | Permalink

There is a great article at Inc.com on what it will truly take to compete in the evolving global economy. And it will have an impact on businesses of all sizes, as this article so clearly demonstrates.

Thanks to Robert Hill (an MBA student at Vanderbilt) for passing this along.

Posted by Jeff Cornwall at 12:36 PM | Permalink | Comments (1)

Thinking of taking your small business global? The Global Small Business Blog has 50 links that might help.

Posted by Jeff Cornwall at 07:34 AM | Permalink | Comments (1)

I wrote a short post last week on a study that looks at entrepreneurship among women in the UK that reinforces the importance of culture in supporting an entrepreneurial economy. Arnold Kling has written a compelling essay that explores the role of entrepreneurship in American culture. He starts with a discussion of a thesis from Carl Schramm's new book, The Entrepreneurial Imperative (which I highly recommend):

Carl Schramm's thesis is that entrepreneurialism is as important to American culture as it is to our economic vibrancy. By the same token, in order to live in a congenial world, it is as important for the U.S. to export entrepreneurialism as it is to export democracy.

Compared to the United States, other developed countries, particularly in Continental Europe, put up more regulatory impediments to entrepreneurs, particularly the important subset of entrepreneurs that I will define below as change agents. In underdeveloped countries, regulatory impediments are compounded by crime and corruption, creating an environment even less conducive to entrepreneurship.

His concern is the socialized approach to entrepreneurship that so dominates much of Europe, and for that matter China. He concludes that we need to begin to look to new allies in the world such as India, Israel, and Singapore. His conclusion, with which I strongly agree, is that:

...if our goal is to have more countries that look like America, then having them adopt a democratic political system may not be necessary and will certainly not be sufficient. Instead, our primary focus should be on fostering an entrepreneurial economic system.

Read Arnold Kling's essay and Carl Schramm's book. This is a time of transition in the world economy, and we need to be vigilent if we hope to support free market, entrepreneurial economies around the globe.

(Thanks to our Entrepreneur in Residence, Dennis Disney, for passing this along).

Posted by Jeff Cornwall at 08:26 AM | Permalink | Comments (1)

Globalization has become synonymous with unchecked corporate and political power that hurts average citizens around the world. But in a speech this past week to the World Summit of Young Entrepreneurs, Abdel Hamid Mamdouh, director of Trade at the Services Division of the World Trade Organization (WTO), offers a very different view when globalization is viewed in terms of the emerging entrepreneurial economy.

From the Brazil-Arab News Agency:

According to Mamdouh, the WTO sent him to the meeting as their representative due to the theme, which is the liberalization of trade and is of great interest to the organization. To him the objective "is to liberalise trade as it is newly defined, to encompass movement of capital and movement of people, to liberalise it through agreements between governments, in order to open up new investment opportunities for entrepreneurs, to open their horizons."

Mamdouh called globalization one of the great facilitators of entrepreneurial activity in today's economy.

Mamdouh stated that the current generation of entrepreneurs is the best that the world has ever seen. "IT and technology have greatly helped entrepreneurs supplying them with tools that did not exist in the past, providing them with information about markets that were not available for previous entrepreneurs. Their work is simplified by market globalisation and by the reduction of barriers between countries," stated the Egyptian.

Posted by Jeff Cornwall at 06:24 AM | Permalink

A new study conducted by the UCT Graduate School of Business and just released by the Global Entrepreneurship Monitor finds that South Africa is falling behind in the global entrepreneurial economy.

The latest data shows that the South Africa’s entrepreneurship ranking has dropped from 20th position (out of 34 countries) in 2004 to 25th position (out of 35 countries) in 2005. And the country's Total Early-stage Activity (TEA) was only 5.1% in 2005, down from 5.4% in 2004. Significantly, South Africa also has the lowest entrepreneurial activity rate of all the developing countries participating in GEM.

The authors suggest that government policy in South Africa needs to shift its policy away from wealth redistribution toward more support of entrepreneurial activity and the jobs it creates.

Given our high levels of unemployment and the indisputable relationship between unemployment and poverty, we would argue that job creation should supersede poverty alleviation, not as a national objective, but as an SMME objective. Job creation in itself is the most effective, sustainable strategy within the context of SMME policy that could alleviate poverty and reduce inequality.

I would go one step further in this recommendation. I would suggest that attention to supporting entrepreneurial activity should replace South Africa's focus on wealth redistribution. Their policies have proven to decrease total wealth by creating a zero-sum game between the rich and the poor. By focusing on entrepreneurship, more wealth will be created by a much broader number of South Africans of all ethnic backgrounds.

Decrease government regulation of small business, cut taxes, and improve entrepreneurial and economic education is the formula to improve South Africa and all developing nations for generations to come.

(The GEM studies are supported in part by Babson College).

Posted by Jeff Cornwall at 06:50 AM | Permalink

Based upon survey data from more than 107,400 respondents in 35 countries, today's GEM Women report, prepared by scholars at the Center for Women's Leadership at Babson College, gives a clear indication that while women entrepreneurs often exhibit patterns of behavior similar to those of men, a gender gap nonetheless exists for entrepreneurial activity across the globe.

Women most likely to be entrepreneurs are those who hold jobs, have higher levels of household income and education, and have confidence in their level of skill and in the possibility of their success.

For the first time, GEM divided countries into middle- and high-income clusters, on the basis of per capita gross domestic product (GDP), and identified entrepreneurs by stage of business process. The report found that women's businesses in high-income countries are just as likely to survive and thrive as men's. It;s a different story in the middle-income cluster where the survival rate is significantly lower than that of a man's business. Also, young women (25 to 34) are more active in 'early-stage' enterprises in middle-income countries while women 35-44 are the most likely to lead 'established' businesses.

Despite these encouraging signs, a gender gap nonetheless persists. On average, men remain nearly twice as likely as women to start a new business. In high-income countries, the gender gap is greatest, while in middle-income countries it narrows somewhat.

Posted by Jeff Cornwall at 09:12 AM | Permalink | TrackBacks (1)

At the end of last year I had a post on how entrepreneurship and free markets have helped transform farming in New Zealand. In a study recently released by Babson College, finds that the indigenous Maori are the world's third most entrepreneurial people.

- In terms of Total Early-Stage Entrepreneurial Activity, Aotearoa (Maori New Zealanders) at 17.7% and New Zealand at 17.6% were surpassed globally only by two other countries (Thailand and Venezuela).

- About 83% of Maori entrepreneurs are opportunity entrepreneurs, a value comparable to Canada, Austria, and the United States.

- About 25.0% of Maori versus 13.1% of the general population say they expect to launch a start-up in the next three years.

What drives this entrepreneurial spirit? For New Zealanders, both Maori and non-Maori, wealth creation is not as important as is independence. Maori have twice as many independence-driven entrepreneurs as wealth-driven entrepreneurs. The typical New Zealand entrepreneur is an opportunity-based lifestyle entrepreneur, opting for work-life balance rather than wealth creation.

The one concern from this study is that their success rates are fairly low. Only 37% of Maori entrepreneurial start-ups survive three-and-a-half years compared to 62% in the general population. There is clearly a significant opportunity to improve their success rates through education, which can as much as double success rates.

The full report can be downloaded here.

Posted by Jeff Cornwall at 06:10 AM | Permalink

I have written often about today's youth in America. They are full of the entrepreneurial spirit (as well as a strong libertarian streak). A new study just released by Babson College finds that young folks in the UK are also feeling entrepreneurial yearnings.

As well as expecting to be their own boss within three years (13.4% for 18-24 age group compared to 9.3% for 35-44 age group), GEM UK found 18-24 year olds were the most positive in their attitudes towards entrepreneurs, with 69.7% regarding it as a good career choice. Entrepreneurs were also given the highest status among the young.

While these numbers are not as strong as we are seeing in the US, it is a positive trend in the UK. A friend who teaches entrepreneurship in England has talked about being stifled in his work by a cultural resistance to entrepreneurship. This study shows a glimmer of hope that this may be changing.

A detailed summary of this study can be found here. More detailed reports of this study can be downloaded from the London School of Business.

Posted by Jeff Cornwall at 06:00 AM | Permalink

Instapundit has a link to a story at Market Watch about the growth of capitalism in Sweden.

Sweden endured a deep financial crisis in the early '90s, with sluggish growth and high unemployment, but this provided an impetus to new approaches in fiscal policy. As a result, the central bank became independent and set a low inflation target of 2%. Centralized salary negotiations were abolished and the labor market developed into one of Europe's most flexible.

Large companies have long been the major driving force behind the Swedish economy, but attention is now focused on the lack of small and emerging companies.

Over the past several years I have seen an explosion of interest in entrepreneurship and free enterprise in Sweden. They are developing amazing educational programs at their universities. They are enacting public policy decisions that the US should pay attention to. It now appears that the Swedish government is moving ahead of the US in recognition of the global shift to a new entrepreneurial economy.

Perhaps we are witnessing the beginning of an entrepreneurial, grassroots transformation of the economic climate in Europe.

(Thanks to Bill Hobbs for passing this along).

Posted by Jeff Cornwall at 09:36 AM | Permalink | TrackBacks (1)

The International Finance Corporation (IFC) has a new newsletter that highlights their efforts around the world to fight poverty through economic development. Much of this development is through small and micro enterprises. In their first issue, the IFC highlights work being done in Bangladesh through micro lending programs.

Posted by Jeff Cornwall at 06:22 AM | Permalink

The National Dialogue on Entrepreneurship seems, at times, to be rooting for the "rest of the world" when it comes to entrepreneurial economic development. This week they focus on the east.

First, they offer a provocative teaser for a briefing they have next week by the author of Three Billion New Capitalists: The Great Shift of Wealth and Power to the East, Clyde Prestowitz. (More on this in the next week or two).

While the United States is still commonly accepted as the world leader when it comes to entrepreneurial innovation, the emergence of market economies in China, India and other nations in the East may have already begun tipping the balance of economic - and geopolitical power - away from the U.S.

Perhaps, but those of us old enough to remember the economic forecasts of the 1970s and 1980s heard the same song and dance about Japan and their centrally controlled strategic plan for their economy. By creating such a plan Japan would soon dominate the world economy. Well, they found out, not unlike the Soviets, that centrally planned economies are doomed to burn-out while those fueled by market-based entrepreneurship continue to transform to meet changing needs and demands.

But, wait! NDE tells us this week not to count Japan out. They have discovered entrepreneurship!

According to the latest edition of the Japan Entrepreneur Report, a new e-zine covering new business activity in the country, Japan is poised for a boom in new entrepreneurial ventures. In the newsletter, Allen Miner of Sunbridge Corporation argues that the Japanese economy is now at a critical turning point. As the information technology industry moves away from general-purpose computers to digital consumer devices (like the iPod and specialized cell phones), Japanese businesses and innovators are well positioned to prosper. Japanese firms excel at design and at customer responsiveness. These traits will aid them in capturing new markets in coming years.

I guess the authors of this e-zine weren't paying attention thirty years ago....

And watch out for New Zealand, "one of the world's most entrepreneurial countries." Except there is one problem, as pointed out by Inc this month. New Zealanders seem to be a little too laid back to create real entrepreneurial economic development. It seems to be a land of lifestyle entrepreneurs. But have no fear; the New Zealand government (with its strong socialistic roots) is planning to step in and save the day. All they need is a good old-fashioned government program to turn this situation around.

I know it disappoints many, but the US is still growing, innovating, and leading the world. What is the biggest risk to this? Not some government planned initiative from the east, but our own government creeping toward more and more restrictions on free enterprise.

Posted by Jeff Cornwall at 08:25 AM | Permalink

Entrepreneurs face a global marketplace that includes many options for outsourcing manufacturing of products. But, there are significant risks when entering the world market including protecting intellectual property, finding reliable suppliers, and understanding currency fluctuations.

Entrepreneur.com offers suggestions on navigating the complexities and risks of a global strategy:

- "Hire a source that's not a competitor." This is your best chance of protecting your intellectual property. However, there are no guarantees in the international arena so be prepared for knock-offs even if you have a US patent.

- "Determine a source's turnaround time." Talk to other US companies that have used the source. And understand the time and cost of your various shipping options, as both can vary widely.

- "Give your source an exact model of what you want produced." This will cost some money, but prototypes are your best chance of communicating exactly what you want them to do.

- Keep in close communication with source. This may help minimize surprises. They will probably not initiate communication if there are any problems.

The article also offers several places to go for assistance.

Posted by Jeff Cornwall at 07:57 AM | Permalink

A couple of reports may signal a softening of international entrepreneurial activity in China.

First, Red Herring reports that venture capital investments in China fell in Q1 of 2005.

"Venture capital investment in China dropped 24 percent in the first quarter, and some observers are blaming enforcement of a new government policy....The drop may have been caused by a regulatory initiative known as Document 11, which was circulated in late January. The rule makes it difficult for Chinese entrepreneurs to establish the elaborate structures that facilitate listing on international stock markets."

Second, the Treasury Department in looking into possible Chinese manipulation of monetary policies to effect trade. Any retaliatory efforts by the US could make outsourcing to China a more difficult and expensive process.

Add these developments to the pervasive reports of Chinese businesses thumbing their noses at intellectual property rights and we may see a rocky road ahead for our economic relations with this government. At a minimum, it all drastically increases the risk for American small businesses doing any business with Chinese companies in the next year.

Posted by Jeff Cornwall at 06:09 AM | Permalink

This week's National Dialogue on Entrepreneurship looks into entrepreneurship in Mexico, the Middle East, and Ireland.

Posted by Jeff Cornwall at 06:12 AM | Permalink | TrackBacks (1)

I am chairing the International Conference for Small Business this coming June (more on that as it approaches). I have been delighted by the interest in our conference coming from New Zealand. The National Dialogue on Entrepreneurship offers a couple of interesting links on entrepreneurship in New Zealand. One is a report from the New Zealand Ministry of Economic Development and The Treasury and one is a site on their framework for growth and innovation. As I look at these sites I see most of their focus is on cutting government interference of small business and enhancing entrepreneurship education. A good agenda, indeed!

Posted by Jeff Cornwall at 06:13 AM | Permalink

Small Business Trends has a guest post by John Wyckoff on the growing economic power of China.

"Here's what I suggest you consider. There's no way any industrial nation can complete with a country whose workers average 61- cents per hour and whose engineers (who were educated in this country), work for the equivalent of $100 a week. With so many American manufacturers partnering with Chinese makers in order to control costs, the Chinese makers are gaining the advantage of technology given to them by their partners."

This trend may prove to be the real test of our changing economic paradigm in America as some fear. But, as long as we lead in entrepreneurship and innovation, and let our free markets work, there will be new markets for us to pioneer.

Posted by Jeff Cornwall at 05:59 AM | Permalink

The international marketplace has a new danger for small businesses to be aware of as reported in this story about AbroIndustries (a small seller of glues, tapes and epoxies that employs 24) in StartupJournal.

"Abro's two-year fight with Hunan Magic Power Industrial Co. (a Chinese Company) marks a new twist in the annals of international trademark piracy. Hunan Magic isn't just knocking off a few of Abro's products. It's acting as though it is AbroIndustries. 'This is attempted identity theft at a corporate level.'"

Fighting the bad guys in this case does not come easy--or cheap.

"AbroIndustries...has hired dozens of lawyers and investigators, sued Hunan Magic, and gotten raids conducted in the United Arab Emirates and other countries, at a cost to Abro so far this year of more than $600,000...."

And the battle will not end if they prevail against Hunan Magic. There is now a South American company gearing up operations to produce and market fake Abro products.

Posted by Jeff Cornwall at 05:10 AM | Permalink

Opportunities seem everywhere when looking at global markets. Technologies, products and services can be introduced into markets that are hungry for such offerings. However, Harvard Business School's Working Knowledge offers a story that highlights the risks of business formation in developing countries.

"When Liberia-born Monique Maddy (HBS MBA '93) started Adesemi to offer users throughout Africa a wireless system of pagers and public pay phones, she believed that tremendous pent-up demand would launch her company to success. But in fact, the company eventually had to be liquidated, a casualty not only of internal miscalculations but also of the bureaucracy, corruption, and environmental factors faced by start-ups in Africa and other developing countries."

This article offers a candid Q&A about this would-be global entrepreneur's perilous journey.

Thanks to my colleague Howard Cochran for passing this story along.

Posted by Jeff Cornwall at 10:43 AM | Permalink