Doing Business in Hong Kong

Introduction The report below talks of doing business in Hong King. It addresses the business structure, communication style, and management style adopted by businesses in Hong Kong.Advertising We will write a custom report sample on Doing Business in Hong Kong specifically for you for only $16.05 $11/page Learn More In addition, the report talks of the etiquette of business meetings in Hong Kong, the role of women in business, dress code, and successful entertaining. Background to Business in Hong Kong Although Hong Kong only has a population of approximately 7 million people, there are over 470,000 SMEs in the country (CIA-The World Factbook 2012). This is an indication of the vitality, hunger and health of the Chinese business community. If you intend to do business in Hong Kong, it is important to first study the business environment in the country as it will be affected by issues like the decision-making process, management style, and attitudes. The se issues may affect the long-term relationship of a business partnership. Country History and geography Hong Kong is made up of the Hong Kong Island, the Kowloon Peninsula, the Stonecutters’ Island, and the New Territories that borders mainland China. In 1841, China surrendered the island of Hong Kong to Britain (CIA-The World Factbook 2012) Geographically, Hong Kong is located in Eastern Asia and it borders China and the South China Sea. Business Structures The structure of business in Hong Kong is influenced by the colonial history of the island and the business practices in China. Most multinational organisations demonstrate a ‘managed’ approach (AGC Seminars 2008).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, majority of the SMEs in Hong Kong have been founded and are controlled by Chinese families. The SMEs are characterised by a centralised decision m aking process owing to the family connection. Management Style Due to the rich Chinese heritage, Confucian thinking influences the management style of businesses in Hong Kong. Although local ideas have also been influenced greatly by many years of colonial rule, such century old beliefs like seniority and respect for the aged are still upheld by the Hong Kong people (Mayerbrown n.d.). As such, managers in Hong Kong like to adopt a paternalistic approach while dealing with subordinates and the subordinates are expected to implement instructions given by their seniors with little or no objection. The decision making process tends to be centralized as many local firms are entrepreneurial in nature. Meetings The etiquette of business meetings in Hong Kong varies markedly, based on the type of firm in question. For example, multinationals are likely to adhere to the standard meeting style with regard to minutes, agendas, etc. Conversely, small firms are more informal in their meetings (R unckel Associates 2005). When dealing with either the multinationals or the local firms, foreign businesspersons are advised to address the senior person during business meetings, even if they do not speak fluent English. Business discussions tend to be polite and diplomatic but voices and emotions could be raised when things are not going according to plan. The Hong Kong people accept gifts during business meetings as they signify the development of a business relationship. Team Working Hong Kong is a Confucian society and as such, it culture is largely group-oriented, with the family forming the strongest group ties. This means that people in Hong Kong are more likely to make effective group members as long as there is a safe and harmonious group environment (Communicaid 2009).Advertising We will write a custom report sample on Doing Business in Hong Kong specifically for you for only $16.05 $11/page Learn More When it comes to choosing long-term loy alty for team members, people in Hong Kong will always prefer family members. The manager is expected to issue instructions to team members, who are in turn expected to foster a close working relationship with the manager. Team managers are expected to provide complete and clear instructions as anything left out may not actually get done. The maintenance of ‘face’ by group members is important and as such, it is important to avoid mocking co-workers as this may lead to ‘loss of face’. Communication styles Although Hong Kong was under the British rule for long, English is still not universally spoken. Most employees working at the large corporations are very fluent in English, but this fluency tends to reduce as the size of the firm decreases. As such, a foreign businessperson should be expected to encounter communication difficulties (Hong Kong Planner n. d.). Owing to western influence, the Chinese in Hong Kong are by far more direct in comparison with the other Asians. Such directness is mainly confined to peer-level discussions as opposed to the higher ranking employees. Women in Business Women are influences business decisions in Hong Kong, especially in the larger multi-nationals. However, some SMEs still retain the conventional Confucian attitude towards the role of women in the workplace (Communicaid 2009). Working in Hong Kong is not a big bother for visiting female businesspeople although the views of their male counterparts are more likely to be listened to keenly.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Dress Code In Hong Kong, the dress code differs slightly based on the industry sector and size of the firm. Men can wear shirts, ties, and dark suits. Women can also wear conservative business suits as well, although wearing of skirts is preferred to trousers (AGC Seminars 2008). Summer time is always hot and humid in Hong Kong and typhoons tend to be common. Top Tips Few conglomerates dominate business in Hong Kong. There are all kinds of businesses, and SMEs dominate the business environment in Hong Kong. Business relationships rarely affects a deal in Hong Kong Most Chinese businesses are family-run, and the oldest members of the family are the decision makers. The Confucian values affect the management style of businesses in Hong Kong Family members are preferred in businesses that require long-term loyalty Owing to the Confucian roots, team working in Hong Kong companies is largely group-oriented. Giving of gifts is acceptable in Hong Kong as it signifies the development of a business relationship. Successful Entertaining Business entertaining is very common in Hong Kong, and the inviting party always pays for the food. During meals, avoid topics like human rights and politics, but topics such as sports, the weather, family, and education are common (Communicaid 2009). Eating everything on the table is considered an impolite gesture as it means that the host did not give you enough food. Slurping and belching after a meal is welcome as it signifies appreciation. Facts and figures Hong Kong has an estimated population of 7 million people with a land area of 1,075 sq km. The HK dollar is the national currency in Hong Kong, while the country’s GDP is estimated at US$ 211bn (CIA-The World Factbook 2012). In addition, 46 percent of the population in Hong Kong traces their roots to China. Conclusion If you are interested in doing business in Hong Kong, it is important to first learn about its history, geography, and business etiquette, cultural, social and economic factors affecting the country as they will also affect the way business is done. Reference List AGC Seminars 2008, Business Culture in Hong Kong. Web. CIA-The World Factbook 2012, Hong Kong.  Web. Communicaid 2009, Doing Business in Hong Kong| Hong Kong Social and Business Culture: A Hong Kong Overview. Web. Hong Kong Planner, Doing Business in Hong Kong.  Web. Mayerbrown, Guide to doing business in Hong Kong. Web. Runckel Associates 2005, Business and social etiquette in Asia: Hong Kong. Web. This report on Doing Business in Hong Kong was written and submitted by user Giancarlo Alvarez to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

The eNotes Blog New! eNotes AnnotatedTexts

New! AnnotatedTexts As the Literature Experts, we’re excited about learning and obsessed with reading. We love books in all forms- from dusty tomes found in the back of used bookstores to sleek, new e-reading technologies. Because of the wide accessibility of digital reading, its no surprise that digital texts are becoming increasingly popular in and out of the classroom. To further our commitment to accessible education and literature, were excited to unveil Annotated Texts! Our digital text library features hundreds of works of public domain literature available to read online now for free. These texts have been annotated by our staff of literary experts, helping readers engage more meaningfully with these important literary works. Let’s take a look at five major benefits of annotated texts. The Benefits of Annotated Texts 1. Affordable Alternative to Printed Books One of the most appealing advantages of a digital library is its cost benefits. On average, students are spending $1,168 per year on textbooks while 94% of United States teachers reported spending their own money on classroom supplies. Digital texts eliminate the cost of shipping and delivery, which ultimately saves people money (and trees!). With hundreds of free books already available, plus new additions every month, our digital texts are an accessible alternative to purchasing hard copies of public-domain texts. Utilizing digital texts will eliminate the need to purchase books in print, while ensuring the texts do not get lost or damaged. 2. Helps Develop Close Reading Skills Close reading is a valuable skill for students to learn in order to gain a comprehensive understanding of a text. It’s a skill that helps students formulate an analysis of the entire work rather than summarizing what they’ve read. When individuals are told to teach or perform close readings, they often lack examples. Our annotations serve as models for teachers and students so that they can practice how to effectively conduct a close reading and become familiar with the process before dissecting intimidating pieces of literature. 3. Easy to Obtain We understand that finding and creating quality teaching and study aids can be time-consuming. That’s why we’ve compiled our annotated texts within their corresponding study guides to ensure you can access all relevant information in one place. With a vast library of study guides that include summaries, analyses, and criticisms, there are tons of supporting resources to accompany digital texts. Teaching students to actively engage with a text will help them stay focused and retain more information. 4. Creates an Inclusive Learning Environment Every student has a different learning style, so it’s important for teachers to create an inclusive learning environment where their students feel supported and inspired to learn. With a wide range of teaching resources that pair with digital texts, teachers can spend more time focusing on what types of material will help their students succeed rather than creating content themselves. Plus, the mobile-friendly addition of annotated texts allows students to read and research hundreds of titles from the palm of their hand. 5. Encourages Quality Interactions Teachers are responsible for creating effective and engaging curriculum that promote meaningful interactions among their students. Adopting annotated texts in a teaching curriculum allows teachers to create interactive activities for their students. Annotated texts allow teachers the ability to communicate with their students through shared annotations and notes. Teachers can highlight specific areas of digital texts to facilitate group discussions or create learning activities. This is also a great way for teachers to point out specific content for students to review and prepare for future assessments.