Recently, the reporter interviewed Yu Minhong, executive director of China Enterprise Furniture Club and chairman and president of New Oriental Education Technology Group, on the entrepreneurial wave and the development of enterprises in the era of innovation.
Treat yourself as an ordinary person
Reporter: When New Oriental started its business in the past, it was incomparable with the current entrepreneurial environment. At present, the policy encourages investors to be enthusiastic. As a training institution, New Oriental has obstacles even in the listing. How did you break through the market environment constraints at the time?
Yu Minhong: There is a principle in doing things that is unconventional. It is not illegal to keep the bottom line of doing things. Surprisingly, you need to use some of the latest and most unexpected methods to make your business and things a success. In addition, one thing on the surface may not be able to do, but what may be done is a different development prospect.
Let me give you an example of New Oriental. When New Oriental is going to go public, it is a training institution. The state has clear regulations. The training institutions are institutions that cannot be listed. I did two things at the time. I set up a company called New Oriental Education Technology Group. The school has nothing to do with the company. This has bound the education bureaus in various places and turned me from the legal representative into the legal representative of the company. Training center units and individuals can hold, such as Beijing Training Center held by Peking University, I think this will not be illegal, so I changed to New Oriental Education Technology Group.
At the same time, all R&D, teachers, training, and technological innovations are placed in the head office. After the products of these head offices are mature, they are distributed to each school, and then connected transactions within the scope of the state, so that part of the income of the school will become a company. Income. There is no listing of the New Oriental listing to today's school system, but all operations of the New Oriental School System can be attributed to the head office, because the company is 100% legal representative, he invests 100% in the school, and carries out products for each school. Total differentiation.
So when I was on the market, I talked to the competent authorities. If you don't talk, the New Oriental School is very famous. If it is listed, if it is illegal, it may be very troublesome. Therefore, the relevant responsible persons of the competent department, they all said that there is no such precedent. Later, I said that we try, in the unlikely event that New Oriental tries to bring a new spring in the field of training. Moreover, New Oriental has not invested a lot of money from scratch to the present, and we now pay hundreds of millions of taxes every year. You must really convince them why you should try. As a result, the listing of New Oriental was successful in the United States.
Reporter: You once said that you are a poor person. At present, he can hold thousands of people. And even if New Oriental is listed for so many years, the company's brand logo is still "Yu Minhong." What are the capabilities that need to be at the helm of the company?
Yu Minhong: I think everyone has to do it and become a leader. Because in this world, you can't do things by treating yourself as an ordinary person. Leaders can be cultivated. They are not born. Some people may be born leaders. But most people are in the process of doing things. Gradually, they have the temperament of a vision, a pattern, and a decision-making ability.
I have several definitions of leadership temperament: First, I can lead everyone with ideals and shine with the ideal brilliance. The second is to establish a pattern, because as a leader, there must be a big concept of the pattern, and no concept of the pattern can be a big deal. Ideal ability, pattern ability, and employability are the three abilities of leaders.
Your ideal ability is equivalent to your strategic ability. The strategic layout is in the right direction. Everyone has hope with you. Your pattern ability is actually part of your strategic ability. The pattern ability is to see how large the future can be. What can I do? Your team's ability to condense a group of truly capable people. After you have been the initiator of the initial difficulties, the only thing you have to do is to find the most suitable talents for you. Now I am about 45% of the time looking for talent for New Oriental.
Reporter: Internet education is seen as a slogan in the field of education. Many new entrants are playing the banner of the Internet. What do you think is the model and direction of the future development of Internet education?
Yu Minhong: This is a big topic. I always think that talking about Internet or Internet + in a certain field is a bit outdated. Why? Because the Internet and mobile internet are a bit like water and electricity, any business model can use it, but it is a bit of a problem or a percentage.
I went to Germany, Germany's Industry 4.0 did the best, is the combination of the Internet and traditional technology, to make the latest model. I went to Germany to exchange more than 10 companies. No one told us that this is the fastest of the Internet. It is Internet+. They think this is very normal.
In the education sector in China, at least 100 companies have played the role of subverting New Oriental in the past two years. There are probably thousands of companies doing Internet education to tens of thousands. This year, the Zhenge Fund invested in about 36 educational projects. It is not an easy task to subvert education by purely using the Internet within a few years.
It is more difficult for large companies to do this in a purely educational way. But I do not deny the profound impact of the Internet on education.
I think the core point is that whether it is the Internet model or the ground model or the Internet plus the ground model, no matter what kind of intelligent system or management, learning system, or big data system, there is only one purpose, that is, can help It is a good system for children to learn happier and more efficiently. The Internet can certainly be established by making things easier and more efficient for children to learn and to achieve learning.
A bunch of buddies have no problem talking about the problem.
Reporter: At the time of New Oriental's entrepreneurship, China still lacks entrepreneurs in the iconic sense. The current entrepreneurs have many examples of creating rich heroes, such as Ma Yun, Ma Huateng, Lei Jun and so on. What do you think of these role models?
Yu Minhong: Actually, in the middle of our lives, we need such soul figures and spiritual figures as our role models. Frankly speaking, there is no Steve without Turing, because Steve Jobs used Turing as an example when he was young. He felt that it should be The talents that human beings make outstanding contributions can serve as role models, so Jobs appeared. Entrepreneurs in the future must also look for entrepreneurial role models in the middle of life, looking for your life role model.
Turing is a famous British mathematician. In the Second World War, he helped the Allies to establish a Turing machine with their own special methods. It was the predecessor of modern computers and deciphered the German password. At that time, it could not be deciphered. Thanks to the deciphering of the password, helping the Second World War two years earlier, at least 14 million lives were saved. When Turing committed suicide, he placed the apple in the middle of potassium cyanide. After soaking it, his mouth bite and passed away. So why should Apple's logo lack a mouth, that is, to commemorate Turing.
Reporter: The film "China Partner" describes the status of partners in the early days of New Oriental. What kind of partner mechanism is more scientific for many startups?
Yu Minhong: A bunch of buddies are together. No one counts in the final decision of this company. It is problematic. Why did New Oriental be made later, especially because New Oriental was the first person I worked for three years. Later, when I went to the United States to get Xu Xiaoping and Wang Qiang back, New Oriental was already a company with an annual income of 50 million. They have returned to the United States for seven or eight years, and they are back. I don’t think I am too normal. But there is a little benefit. I have already established the status of the first founder of New Oriental. I am not sure that I will give you the equity, but this position cannot be replaced. So New Oriental has not replaced me yet.
Reporter: In November 2014, you established the Hongtai Fund and turned from Yu to Hongge. Why become an angel investor?
Yu Minhong: Why do you want to be a fund and be an angel now? Just to seize the times. The upsurge of innovation and entrepreneurship in China has actually started for 10 years, but it has formed a climax since 2014. The latest round of climax is the "mass entrepreneurship and innovation" that Premier Li Keqiang said in 2015. The country has mobilized the enthusiasm of young people through entrepreneurship and innovation, mobilizing the enthusiasm of such a second venture, as a follow-up increase in the national economy. An important engine for development. Under this premise, a person who is even a little slower can grasp the characteristics of the times. Because you want others to wink at you for months, you still don't know if the other person wants to make friends with you is not sick. The national policy has been glaring at our young people for many years, hoping to integrate the enthusiasm and resources of these people. Of course, for various reasons, such as the temporary ups and downs in the stock market, and when we started our business, the money did not really go in the direction of the industry, but sometimes it went in the wrong direction. For example, some people still roll with money. The act of money to do it. I think this is an inevitable phenomenon of the country's economic development. The key is whether this trend can be optimistic. You want Hongge to do PE for so many years, send a large company to the market, I see a young entrepreneur at the grassroots level, this is an era of demand. In fact, it is not that we are making an angel fund, but that this era is calling for people like us to continue to work hard.
Concerned about surprises
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