Top 5 Highlights from AdVENTURE Challenge: China

By: Justin Taubman

I am home in Washington, D.C. and I am sifting through hundreds of photos and reflecting on tons of experiences as I prepare to move to Boston for my internship. I think it would be useful to list my five favorite parts of the program now that it is over.

  1. Customer Discovery in China

Each of us had been working on our business plans since the course began in April. We had been asking Chinese students at Maryland about our concepts, and while it was useful, nothing was as helpful as talking to our target customers when we were actually in China. We learned so much about customer pain points and the nuances about doing business in China compared to other Western countries. This was invaluable for launching our business in China.

  1. shnaghai dumplingsShanghai Dumplings

Several us arrived to Shanghai a few days before the program began, so that we could get to see some more of the city. We decided to venture into a very local part of town for lunch to get the famous Yang’s Dumplings. I had never tried these types of dumplings before. They were different from the dumplings that I had before because they were filled with a slightly sweet tasting hot soup. So you took a little nibble out of the side of the dumpling and sucked the soup out and then ate the rest of the dumpling. They were DELICIOUS! They have ruined dumplings in the States for me.

  1. Traditional Chinese Banquet Style Dinner

Our group experienced its first traditional banquet style dinner in Bengbu, where we dined with city officials, local businessmen, and students from the local university. We were considered guests in this dinner and therefore we were toasted many times by our hosts. The toasts would consist of a short speech and then the word, “ganbei” (literally meaning “dry glasses”). Our hosts usually toasted with a rice wine alcohol, such as maotai in a small glass. The toasts were repeated at least a dozen times throughout the meal and everyone got pretty “loose” as a result. Lets just say I mustered up enough courage to try snapping turtle after a few toasts.

  1. Lisa: Our Beijing Tour Guide

The tour guides we had in each city were fantastic, but our guide in Beijing was outstanding. Lisa was extremely knowledgeable about the city that she grew up in and about the history of her country and culture. Among many sites, Lisa brought us to Tiananmen Square and the Forbidden City where she taught us about the lives of the many emperors that resided in the ancient city. Lisa also arranged a rickshaw tour of where the “common people” resided during ancient times. The Forbidden City was forbidden to these “common people”, so it was very cool to get the perspective of how the two sides lived. As an example of how Lisa went above and beyond the scope of her job, she arranged for many of us to get professional massages in our rooms after long days of touring. We will all miss Lisa!

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  1. Learning to Make Dumplings

After a long day of climbing the Great Wall and touring the common people’s neighborhood, our final meal kicked off on a beautiful rooftop where we were taught how to make steamed dumplings. We surprised ourselves at how well they turned out. Chinese people make dumplings from scratch for special occasions, like the Chinese New Year. This seemed like a fun tradition and it was a ton of fun to learn. It was a wonderful final meal with the group.

I will mJustinTaubman Headshotiss China, our group, and the program!

 

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Reflecting on China Following the Adventure Challenge

By Justin Gordon

Dalian, Chian

Dalian, China

 

In 1985 at 60 years old my Grandmother decided to move to China to teach English. While she spent most of her six months in the country teaching in the city of Dalian located on the east side of the Yellow Sea, she did have a chance to travel throughout.  When she left, she even took a train from Beijing to West Berlin. I was only three years old at the time, but over the course of the last 30 years she has described her experiences in vivid detail a bit at a time. The China she knew was only about a decade past the turbulent “Cultural Revolution” period. She described streets filled with far more bicycles than cars. English speakers were difficult to find, even in large cities. Telephones capable of calling back to the U.S. were few and the cost was substantial. The primary means by which she communicated with my grandfather was by mail; letters could take up to weeks to arrive. Her depiction is of a country rich in culture and history, as well as one with a great deal of possibility, but a nation with a long way to go to realize it’s full potential. Continue reading

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Winning the China Business Model Competition

By: Tiffany Chang

L-R: Prerana Delal, Tiffany Chang, Justin Taubman, Shuichi Manabe, Brent Goldfarb

L-R: Prerana Delal, Tiffany Chang, Justin Taubman, Shuichi Manabe, Brent Goldfarb

I can’t believe the competition is already over and our trip to China is winding to an end…but another thing I’m still trying to wrap my head around is WINNING FIRST PLACE!!

My team and our business idea, Style Star, a personal stylist mobile app, took first place among some truly excellent competing models, and the Smith School once again is coming home with such great honor and such excitement to actually put our $3,000 prize money to good use in launching our app development. Terps also took 2nd place and an assortment of individual awards. Continue reading

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Entrepreneurship in China is on Fire

By: Justin Taubman 

After meeting with many successful entrepreneurs at some of China’s top start-up incubators and accelerators in Shanghai, it is clear that China is getting serious about entrepreneurship. Until recently, Chinese families have not been very supportive of their children leaving secure jobs to pursue entrepreneurial ventures. The most educated and wealthy families have always pushed their children towards traditional businesses, but that is starting to change. The Chinese government has realized the importance of innovation and the creation of new businesses and technology. While traditional careers in industries like finance, engineering, or medicine are still pursued by many, the government support of these initiatives has made entrepreneurial pursuits more accepted. Continue reading

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Adventure Challenge: China – In Country Prep and Customer Discovery

By Philip Webster

Conducting customer discovery for a product aimed at the Chinese market while you’re actually in China is an eye opening experience. After weeks of refining our business plan in the U.S., the chance to talk directly to potential customers has been invaluable. Yesterday Justin and I were fortunate enough to pitch an abbreviated version of our business plan to a delegation of business and educational leaders in the city of Bengbu. Afterwards we received a lot of feedback from students who attended the presentation.

Me and Vivian negotiating her intern salary

Me and Vivian negotiating her intern salary

One student, Vivian, came right up to me afterwards and told me exactly why our business wouldn’t work in China. When I defended our plan she continued to elaborate on exactly why it wouldn’t work and she convinced me that we did indeed have a few holes in our pricing scheme and our bring to market strategy. Luckily, Vivian is a marketing major and had a ton of great ideas on how to fix the product and market to young people in China. I’m hoping she’ll be the first unpaid intern for our company! (Vivian was also instrumental in encouraging our table at dinner to drink a concoction that I referred to as Dragon’s Blood, that began a series of hilarious and bizarre events that Justin blogged about yesterday.) Continue reading

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Greetings From the City of Bengbu

By: Justin Gordon 

We JUST departed Bengbu, China, and it is my pleasure to blog about this portion of our trip. We departed Shanghai early from the brand new Hongqiao High Speed Rail Station bound for the central coast of China. The High Speed Rail was an experience in itself. Honqiao Station reminded me more of an airport than a train station. That is no coincidence; it is collocated in Hongqiao Airport, Shanghai’s domestic airport. This combination made for an impressive inter-modal transportation hub the likes of which are rarely seen in the U.S. The train journey itself is essentially identical to a trip on the Japanese “Bullet Train”, except in China the trains are known as “Harmony”. At an impressive speed of 300 km/h (roughly 190 mph) we whisked towards Bengbu.

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It was a bit hazy with light drizzle as we arrived. We immediately traveled by bus to Anhui University of Finance & Economics. We were treated to yet another wonderful authentic Chinese buffet.  During the meal we had the opportunity to dine with a number of undergraduate students studying various business disciplines. Using their impressive English skills they provided us insight into what it’s like to study at a Chinese university. They also discussed what they hope to do in the business world upon graduation. I think the sense in the U.S. is that China is lagging the West in gender equality in the workplace. I thought it was interesting that the female students said they anticipate having just as many opportunities in the job market after graduation as their male peers. Continue reading

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Kicking Off the AdVENTURE Challenge: China – First Impressions

By Philip Webster

After a brief fifteen-hour flight, Tiffany and I arrived in Shanghai on Thursday afternoon. Upon arrival I was seriously questioning my decision to pull an all-nighter the night before we left Maryland. I was trying to reset my body clock on Day One of this trip and planned to be so tired on the plane that I would sleep the whole time on the plane and arrive in China completely ready for action. I don’t usually sleep well airplanes even when I’m exhausted, so I brought a sleeping pill to make sure I could get some quality zzz’s just in case. Unfortunately my desire to watch the in-flight movie, Night at the Museum 3 (don’t judge) counteracted some of the soporific effects of the Ambien and I only slept for about four hours. So, the first thing I did after arriving in this amazing country for the first time was take a nap.

IMG_0046 Continue reading

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Preparing for the 2015 AdVENTURE Challenge: CHINA

By Tiffany Chang

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Greetings from the air as I am currently writing from my flight to Shanghai! While I am headed to China a few days earlier than the rest of the AdVENTURE Challenge: China group to do some exploring, once the Smith MBA team lands, that’s when the real fun (and work!) begins.

Our journey starts in Shanghai where we will stay for three days experiencing tours, Chinese acrobatics, and visiting accelerators; then we take a train down to Bengbu to visit an incubator and Enelco Environmental Technology. Finally we culminate the rest of our trip with a China Business Model Competition in Beijing.

This trip sounds like a TON of fun but it’s also very much about good, hard work. Each one of us has prepared up until this point to work on a variety of new innovative ideas and business models that will be pitched in a business model competition with participating universities in China. With all the amazing pit stops to incubators, accelerators and historic landmarks that the Dingman Center has arranged for us, there’s only one major thing left to do to prepare for the trip! Continue reading

Terp Toolkit: Legal and Intellectual Property Tips for Entrepreneurs

There is no entrepreneur in the world who won’t need legal guidance at some point in their entrepreneurial journey.

For simple legal matters such as incorporation or basic start-up paperwork, services such as LegalZoom, LawDepot or RocketLawyer are a good place to start.

9400252-contract-for-business-law-on-terms-of-agreementHowever, for more complicated matters like establishing a Privacy Policy, Terms of Use Agreement, or other documents tailored to your business, it may be worth consulting an attorney. If you are running short of funds, you can utilize RocketLawyer’s “Ask a Lawyer” feature.  You can get the answers to simple questions for free and find lawyers near you that charge reasonable prices for their services. Continue reading

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Event Recap: 2015 Smith Entrepreneurship Research Conference

Each year, the Smith School of Business hosts leading and up-and-coming stars in entrepreneurship research from around the globe for a three-day academic research conference. This year celebrated the 11th anniversary of the Smith Entrepreneurship Research Conference, which was held from May 7-9, in Van Munching Hall at the Robert H. Smith School of Business. The invitation only conference is co-chaired by Anil Gupta, the Michael D. Dingman Chair in Strategy and Entrepreneurship at the Smith School, and David Kirsch, Ph.D., Associate Professor of Management and Entrepreneurship at the Smith School.

The goal of the invitation-only event is to gather both junior and non-tenured faculty to present early stage entrepreneurship research to senior, tenured faculty for discussion and feedback — very similar to the way in which entrepreneurs constantly pitch their ideas, hear reactions and pivot. Continue reading

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