"Any 20-year-old American thinking of doing business in China one day ......

.. and not thinking of learning Mandarin is not thinking."

"This is a continental-sized economy being built from scratch," he said. "Everyone used to go to America because it was the global happening place. Now this is the global happening place."

McGregor, a former journalist who runs a business consulting firm in Beijing, advises those who want to head to China to bring an open mind, a sense of adventure and an appreciation for the absurd.

The other key to making it? Solid language skills.

"If you're going to be an entrepreneur, you need to sink into the culture," he said. "Any 20-year-old American thinking of doing business in China one day and not thinking of learning Mandarin is not thinking."

For a new generation, land of opportunity may lie in China, not the US