IT TAKES A STRONG CONSTITUTION to overcome the fear of failure. For this reason many companies and executives have failed. How would this failure appear amongst their peers, their boss, and would they be penalised or demoted, are concerns that are ultimately holding back individuals and organisations. But imagine if you could remove this fear? An organisation could be empowered.
This is now the challenge for China, says Oscar Jazdowski, Head of Corporate Banking, SPD Silicon Valley Bank, a joint venture between China’s Shanghai Pudong Development Bank and America’s Silicon Valley Bank. Oscar believes that China’s culture, steeped in maintaining ‘face’ and avoiding embarrassment, is one of the challenges that China must overcome to encourage a culture of entrepreneurs. He adds that the driver behind Chinese entrepreneurs is also different. In the West entrepreneurs start companies to disrupt an industry, and if they are successful, they become very wealthy. But in China, entrepreneurs start companies to get wealthy alone. To this attitude, Oscar says, “Focus on the business model first, and creating the best company that you can, and the wealth will follow.”
Oscar joined the Silicon Valley Bank (SVB) in 2010. SVB only banks technology and innovation companies and the venture capital and private equity areas, and has been doing so for the past 30 years.