5 Tips From The Richest Man In China For Doing Business

5 Tips From The Richest Man In China For Doing Business

According to the Forbes list, the 61-year-old Wang has amassed a fortune of close to $30 billion, all through his real estate company called Dalian Wanda.

Wanda Group, as its company is also known, is the largest Chinese conglomerate that develops private property in this country, as well as being the largest cinema operator with its company Wanda Cinemas.

Wang Jianling’s tips for a successful business:

Additionally, China’s richest man has invested money through his conglomerate in industries such as commercial property, luxury hotels, culture and tourism, and department stores.

Today he is dabbling in the sports and entertainment business, thanks to his recent investments in the Spanish soccer club Atlético de Madrid and the Hollywood studio Legendary Entertainment.

In his most recent book entitled “ The Wanda Way,”  he talks in detail about his managerial philosophy and the values ​​that turned his company into a global conglomerate of gigantic proportions.

Here are the most important tips that Wang Jianling states in his book shared by CNN Money :

1. Army experience

In 1970 Wang enlisted in the Chinese army as a teenager. The training was extremely difficult. This included long walks where the snow was calmly up to their knees.

“We had no right to anything. In the snow we had to dig our own hole to spend the night,” recalls Wang. “Anyone who hesitated or wavered could forget about being promoted or receiving recognition that year.”

This experience built his fighting spirit and desire to fight to the end, concludes Wang.

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According to Wang, there is a direct relationship between the military past and success, stating that the majority of successful Chinese entrepreneurs served in their country’s army.

2. Differentiate yourself and innovate like Starbucks

Wang says that “the most important thing is to understand how you can differentiate yourself from the rest and be innovative”.

For example, everyone knows how to sell coffee, but Starbucks redesigned the brewing process, innovated its business model, and became a successful business.

China’s richest man doesn’t think tech companies are the only ones that can lead the future. As he put it himself:

“It doesn’t matter if you are in a traditional or emerging industry, if you are able to innovate in the business model, you can generate great profits.”

Where his words go, his money goes, and proof of this is the bet he made for 15.3 million dollars in 2013 with Jack Ma (founder of Alibaba) if e-commerce will occupy more than half of domestic commerce in 10 years.

3. Stay close to leadership

Wang cooperates with companies run by the Chinese government in defining their construction operations. Moreover, his company has sought to align its corporate objectives with the decrees of the Chinese Communist Party.

For example, their interest in investing abroad has increased after China’s State Council issued specifications in 2014 for Chinese private companies to start growing globally.

is not shy about saying he seeks to please government leaders, including President Xi Jinping such as by investing his money in soccer teams.

“Government leaders care a lot about football, and the China Sports Administration has made several calls, so I responded to them and offered my support for local football,” says Wang.

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However, relations with the government are very complicated in China, it is a difficult road to travel… “It is much more complicated than completing a doctorate at Harvard University”, says the richest man in China sarcastically.

4. Minimum goal: be number 1

“There is nothing wrong with being No. 1 globally,” says Wang.

However, he adds that part of building success involves instilling in your company the ambitions and goals of employees if you want to build a distinctive corporate culture.

To achieve this, Wang has created an internal website and a monthly corporate magazine, which he sees as the focus for expanding Wanda’s corporate culture.

Inside the magazine, inspiring stories of employees are shared, to increase the morale of the company. Additionally, Wang recommends a book each year for his workers to read.

 

5.   Do not read books about the corporate philosophy of companies

One of the characteristics that best describe my success is that I have never fully trusted books, says Wang.  That includes books by people like him.

“You simply cannot copy models that have worked for other successful entrepreneurs, so please do not take what is written here as learning material.”

What may work for my company Wanda may not work for another company, circumstances and industries change, Wang confesses.

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