Anyone who is interested in starting their own business can look at the successful strategies of these famous Asian American entrepreneurs and find a role model to follow.
Asian Americans have played a pivotal role throughout the years in shaping the business landscape in the United States. Some prominent names of Asian American entrepreneurs include Sehat Sutardja, Jeong H. Kim, Alexa Chung, and Dr. Steve Y. Kim.
Let's look at some winning strategies other entrepreneurs have followed:
Jerry Yang, the billionaire co-founder of Yahoo, took this approach when creating the technological juggernaut that is Yahoo. For him, Yahoo is not a technology company. It’s a company designed to address people’s basic needs for simplicity, efficiency, and effectiveness.
Jerry Yang and David Filo created Yahoo to address a problem their friends were having. They would find an Internet site that interested them, but the next time they went online, they could not find it. The solution was to create a road map that online users could follow.
As early as 1998, Internet giants like AOL and software giants like Microsoft were looking to buy out Yahoo or partner with them. However, Yang was not interested. His strategy was to work for the sheer enjoyment of it. This, when coupled with satisfying the public’s basic needs, has proven to be a strategy for success.
Vera Wang is one of the most famous Asian American entrepreneurs in the world. For decades, her products have been associated with high class, high fashion, and high prices. She identified her niche market early and then attempted to solve the needs of customers or create needs in her customers that urged them to buy her products.
Vera Wang has made good use of research and development to create new products or add features to existing products with the goal of growing her customer base. According to Forbes, Vera Wang’s net worth is approximately $420 million, which is proof that her strategies work.
Vera Wang’s name has long been associated with high-end wedding dresses. Recently, her brand has changed its strategy to focus on targeting people who are getting married regardless of their income level. As a result, she is producing products for stores such as Zales, Kohl’s, and David’s Bridal. The strategy of identifying a niche market and then marketing to them has proven successful for Vera Wang.
Amar Bose is the Filipino American founder of Bose. At the time of his death on July 12, 2013, at 83, he was worth $1 billion.
Amar Bose's strategy for success was seen in the mission statement of his company, which was to “Provide outstanding sound experience to everyone in the entire world.” He accomplished this by feverishly researching all things related to sound.
Amar Bose recognized the importance of distribution. Therefore, his products were distributed widely through Europe, Japan, and the United States. What made him one of the world’s most famous Asian American entrepreneurs was his singular goal of acquiring new markets. Amar Bose constantly looked for broader channels of distribution and ways of producing alternative systems and components that challenged conventional wisdom in sound.
Famous Asian American entrepreneurs have shown themselves to have an intrinsic strength powered by a desire to help their community. They have been able to leverage their background, remain motivated, and continue working hard to create businesses that improve the lives of those around them. Fusion CPA is a Georgia-based company that is partnering with Asian American entrepreneurs looking to grow their brand.
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