Asia Home Youth Entrepreneur Summit 2018 In Conjunction With China (Guangdong) International Furniture Machinery & Materials Fair

CHARMING CHINA MEETS YOUTHFUL ASIA

Asian Home Youth Entrepreneur Summit Forum was held on 8th November 2018 in Guangdong Modern International Exhibition Center, Houjie Town, Dongguan City, Guangdong Province.

With the theme of “Building and Sharing in the Asian Home Community”, this summit forum closely followed the pulse of the times and brought together the emerging forces in Asia. It is a forward-looking study for the discussion of practical experience and development of a future path of the Asian home community – a new platform for effective exchanges and cooperation.

The forum was hosted by Dongguan Youth Furniture Club, co-hosted by Dongguan Famous Furniture Club and Dongguan Xuntong Conference and Exhibition Co., Ltd., and supported by the furniture industries of Japan, Singapore, Vietnam, Laos, Philippines, Myanmar, Pakistan, Thailand, Malaysia and Indonesia. Many guests came to participate in the summit.

Asia is one of the most dynamic and promising regions in the world today.

China and Asian countries are connected by land, sea, and human beings. There is a strong complementarity between the economies. The home furnishing industry is in the Chinese national “Belt and Road” initiative and the furniture industry is upgrading. Under this backdrop, there are great historical opportunities, and it is an opportune time for the expansion of exchanges and cooperation in the home furnishing industry within Asia.

“The Prosperity of a nation depends on its youth, the Strength of a nation depends on its young”. In Asia’s promising future, the youth is an important force in promoting social progress, will undoubtedly play a more prominent role.

With globalization comes rapid development and change, technological breakthroughs are made, traditional business and development models are constantly being subverted, bringing infinite new possibilities for the future. Although the furniture capital of Houjie, Dongguan, is surrounded by a strong furniture industry cluster and the pace of development has always been at the forefront of the industry, it is necessary to gather the strength of young entrepreneurs to create a long-term new growth engine for Dongguan and even the Chinese furniture industry.

Asia is the fastest growing region in the world today, and it is a future that can create a big showcase for the region and the world. The industry capitalise on the rapid development to grab the opportunities of economic development in the Asian region.

The youth has always been the pioneer of the times and the most dynamic and creative social group. As a younger generation, they must grasp the development opportunities with a broad vision, a self-improving mentality and an inclusive mind, and make a difference in the furniture industry, contributing to the symbiosis of the Asian home furnishing industry.
Asia’s “Innovating the Second Generation” on Enterprise Heritage, Innovation and Cooperation

For the important topic of family business succession and development, countries around the world have been studying for many years, and there are also many studies trying to explore the best practices, but often find that the efforts are futile, because each company is unique vis a vis the local culture. It’s hard to find a one-size-fits-all model or best practices.

A round-table dialogue was held during the summit hosted by Dr Casey Loo, editor of FurnitureAndFurnising.com and advisor to the Council of Asian Furniture Associations. Panelists include young industry leaders from China, Singapore, Vietnam, Myanmar, Malaysia, Indonesia, Thailand and Pakistan. The focus of discussion was on “succession, innovation and development, and Intra Asia Collaboration” seeking new ideas and calling for networking and collaboration.

Family business succession is based on respect, and respect must be shown for the experience of older family members, innovate and change. In terms of cross-regional industrial cooperation, the Dongguan Famous Furniture Club Young Entrepreneur Committee, as the forerunner, also took the lead in friendly interaction with the Vietnam and Singapore Youth Enterprise Associations and actively sought practical cooperation in the Asian region.

The label “Second generation entrepreneurs” in Chinese carries both stress and motivation, and it means that entrepreneurs need to spend more time and energy than ordinary people. In addition to corporate heritage and innovation, Singapore entrepreneurs are also actively seeking opportunities for cooperation beyond its borders.

Corporate identity and business discourse power are essential for professional managers to support family business. Under the situation of high production costs, cross-regional cooperation in procurement and design can achieve more cross-regional cooperation.

In the business succession of the two identities of relatives and employees, most agree that the way forward is an “open and honest, sincerely treatment”. At the same time, in the development of enterprises, the relationship between the elder and younger should be mutual respect.

In the new era, the older and younger generations are facing new challenges without exception. What is commendable is how the two generations face the difficulties and challenges together. The gaps and generation gaps created by different times will also be solved in a democratic and orderly working environment.

The succession and development of an enterprise requires the cooperation of family members and professional managers. In this process, there is a need do work, sometimes in a different way, to implement a division of labour, for all to do what each is best at.

The value of professional managers is not only to provide professional skills, but also to improve the relationship between family members, to bridge the gap between the previous generation and the next generation of family managers, and to achieve long-term goals.