A total of 18 Shanxi entrepreneurs shared their reflections and experiences from a business trip to the United States in Taiyuan on March 11.

Opinions on running companies, exploring business opportunities and integrating resources based on what they learned during the trip were exchanged at the sharing meeting.

"American startups often have trials before seeking partners to start their ventures, which deserves the attention of Chinese startups," said Wang Zhiqiang, chairman of Shanxi Xingfu Jianianhua Intelligent Technology.

Wang Zhiqiang, chairman of Shanxi Xingfu Jianianhua Intelligent Technology, voices his opinions about innovative ideas and entrepreneurship at the sharing meeting in Taiyuan on March 11. [Photo/youth.cn]

Wang expressed his view that around 80 percent of startups conduct little prior research and thus often fail as many people are unsure in what they intend to do and lack reliable information and resources for reference, despite having good ideas.

The Shanxi business delegation visited 20 American IT companies, business incubators and top institutions, such as Microsoft, J.P. Morgan Chase and Stanford University from Feb 14 to 26, learning about business management, innovation and entrepreneurship.

The 13-day business trip aimed to inspire Shanxi entrepreneurs in developing their own businesses and the province, broaden their horizons, and further communication between Shanxi and American companies.