Now, the biggest problem for Chinese companies is that there is not enough innovative thinking, and there is not enough investment in research and development. Many companies, as long as they live well now, will not think that they will still live well after five years.
The biggest problem for Chinese companies is that they are not innovative enough.
Q: As far as your observations are concerned, what do you think are the differences between Chinese companies and Western companies? What are the advantages and disadvantages of Chinese companies compared with Western companies?
Wang Jianlin: The biggest difference between Chinese companies and Western companies is that internationalization is not enough. The goal of many Chinese companies doing business is never to consider overseas, regardless of the global. To give a simple example, Chinese film companies never consider filming in English. He thinks it is enough for the Chinese to watch, and does not consider extending the product. It is OK to take back the box office in the Chinese market. But when you look at a Hollywood company to make a movie, the first thing he wants is that I want to shoot it for people all over the world, so he can have so much voice in the movie market and get such a high box office.
Compared with these big companies in the West, there is another point that Chinese strategic goals are not clear enough. Many companies follow the feelings and do not have a clear strategic goal. What do I have to do in five years? What should I do in ten years? This is the biggest difference between the two.
The advantage of Chinese enterprises lies in the fact that we have a profound traditional culture. These philosophical ideas of Chinese tradition have a profound impact on Chinese enterprises. Everyone knows that at least good business, no lie, or a traditional idea of ​​seeking a win-win situation. . However, in Western companies, many people can do business to kill you. He thinks this is a heroic act.
They also rarely have a business to do business, and many of our mainland companies are doing it together. One thing, a dozen buddies, all come together for a partnership. This kind of thing abounds. It is difficult to see this phenomenon in the West. They are all dikes. This is the cultural difference.
Once Chinese companies have solved the problem of lack of clear strategic goals and global vision, we are likely to lead by the foundation of our own deep traditional ideology and culture.
What is the disadvantage? Now, the biggest problem for Chinese companies is that there is not enough innovative thinking, and there is not enough investment in research and development. Many companies, as long as they live well now, will not think that they will still live well after five years. In addition, in the development of innovative products, we have more imitators and fewer innovators, which is a big problem.
Young people who want to start a business must consider this issue when doing business.
Q: Hello, I am Zhou Yixin from Taiwan University of Science and Technology. I would like to ask Chairman Wang, every new startup company, there may be a big problem is the part of the cash flow, there is often a time difference between the delivery and delivery, many companies are dumped at this time, you are When I started my business, is there any way to reduce this risk?
Wang Jianlin: The problem is very professional. Are you doing business now?
Zhou Yixin: Right.
Wang Jianlin: No wonder you ask this question. You ask a core question, that is, to do the most important indicator of the enterprise or to assess the cash flow. You look at a very beautiful financial report, saying that the debt ratio is 20% and 30%. This is useless. Is it safe to check whether a company is safe enough to see whether its cash flow is enough, and whether the cash flow is short-term or long-term stable? This is the most important criterion for measuring the health of this business.
To give an example, a decade ago, there was a seventh-ranked US company doing energy trading called Enron. It had an annual income of 200 billion US dollars, but its leverage was too high, energy trading, the plate was very Big, the financial statements are doing very well, but the cash flow is not considered enough. Later, an accountant revealed that its financial statements were fraudulent. Everyone slammed its stock, the bank did not lend it money, and the company actually declared bankruptcy after three months. The seventh-ranked company in the world has not survived for three months. Lehman Brothers, which caused the global financial crisis, went bankrupt because of a one-week cash flow.
Your question is very good. I suggest that young people who want to start a business in the future must consider when doing business. Your income must be greater than your expenditure. Cash flow is the first priority of business survival.
Q: Hello, what difference do they have between Taiwanese young people who want to start a business and young mainlanders who want to start a business? What are the advantages and disadvantages?
Wang Jianlin: Ah, you have asked me this question. I don’t know what the young people in Taiwan have in mind, because I have fewer young people in Taiwan.
Nowadays, mainland youth wants to start a relatively small business. Among them, a small number of people want to do traditional industries, such as film and television, clothing, etc. Most people want to do high-tech, such as the Internet, cultural entertainment, etc. Several are several markets that have been on the mainland in the past two years.
There are three people on the mainland to demonstrate, BAT three, Baidu, Tencent, Ali, are hundreds of billions of dollars, is a good example of incentives. In addition, there are more than 100 vertical e-commerce, such as Ctrip, where to go, Vipshop, etc., also inspired many people. Therefore, there are more people who do the Internet and do technology entrepreneurship. This is one aspect.
Second, there are many cultural and entertainment activities now. In the past two years, the mainland's cultural and entertainment market has shown rapid development. For many years, it has grown by tens of percent, so there are a lot of funds and people in this area. There are also many people who seek dreams in this area.
How does Wanda find someone?
Q: Please ask Chairman Wang to share your partner who you were looking for?
Wang Jianlin: The person who started the partnership with me is my buddy. In the late 1980s and early 1990s, we discussed that we would make some money to get a company, so now several major shareholders of Wanda are basically friends and brothers who have been with me for decades. Now my friends are not on the board of directors, nor are they in management. I am basically not in management. I have not been a legal person for many years.
There are two ways to find management: First, rely on headhunting. Most of Wanda's high-level jobs are recruited through headhunting. We have a cultural tourism institute, hundreds of people, more than half are foreigners, many of whom are elites in this industry. How do people who have won global awards find them? It is through headhunting.
Ordinary management positions are mainly internal, step by step, and rarely airborne. One or two of our high-level airborne flights are also extremely special positions, such as movie entertainment technology, large stage shows, etc. We do not have internals. Why is it basically internal promotion? Because a person works for five or ten years, accepts our culture, has a certain executive power, and he agrees with our strategic goals and is willing to work hard together.
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