Five Business Advices From China’s Richest Man

Wang Jianling, the richest guy in China, is a very successful individual.

The 61-year-old Wang reportedly made close to $30 billion in wealth, all from his real estate firm Dalian Wanda, according to the Forbes list.

The Wanda Group, as its business is sometimes called, is the largest Chinese corporation in this nation that also operates the most movie theaters through its subsidiary Wanda Cinemas.

Tips from Wang Jianling for running a successful business:

The richest man in China has also made investments through his conglomerate in sectors like retail, luxury hotels, commercial real estate, and culture and tourism.

Thanks to his recent investments in the Spanish soccer team Atlético de Madrid and the Hollywood production company Legendary Entertainment, he is now dabbling in the sports and entertainment industries.

Recently published under the title “The Wanda Way,”

He goes into great length about his management style and the principles that helped his business grow into a massive international conglomerate.

The following are the most crucial pointers from Wang Jianling’s book, as reported by CNN Money:

1. Army background

Wang enrolled as a teenager in the Chinese army in 1970. The training was very challenging. This includes taking extended strolls in snow that was only gently covering their knees.

“We had no legal standing at all. We had to dig our own burrow in the snow to spend the night,” Wang explains. Anyone who was uncertain or hesitant risked missing out on promotions or awards that year.

Wang argues that this event strengthened his will to fight to the last end.

Wang asserts that there is a clear connection between military experience and success and notes that the majority of prosperous Chinese businesspeople have a military background.

2. Be distinctive and innovative like Starbucks

According to Wang, “understanding how you can differentiate yourself from the rest and be inventive” is the most crucial factor.

For instance, everyone is familiar with how to sell coffee, yet Starbucks reinvented the brewing process, developed a profitable business strategy, and so on.

The richest man in China does not believe that only IT businesses have the potential to shape the future. He phrased it like way:

No matter if you are in an established or developing industry, if you can reinvent your company strategy, you can make a lot of money.

Where his words go, his money follows, as seen by the $15,3 million wager he placed in 2013 with Jack Ma, the founder of Alibaba, on whether domestic e-commerce will account for more than half of all trade in ten years.

3. Maintain contact with the top.

In order to define their building operations, Wang works with Chinese government-run firms. Additionally, his business has made an effort to match its goals with those of the Chinese Communist Party.

For instance, since China’s State Council released guidelines in 2014 for Chinese private businesses to begin expanding globallife, their appetite in investing abroad has surged.

In fact, he is not ashamed to admit that he makes investments in soccer teams in order to appease government officials, such as President Xi Jinping.

Government officials are very interested in football, and the China Sports Administration has made multiple calls. As a result, Wang adds, he answered to them and pledged his support for regional football.

However, it is a difficult route to take in China because of how intricate the country’s connections with the government are. The wealthiest man in China jokingly remarks, “It is far more complicated than completing a doctorate at Harvard University.”

4. Minimum goal: be number 1

Being the best in the world is not a bad thing, claims Wang.

But if you want to create a unique corporate culture, he continues, part of creating success is fostering employee ambitions and goals within your organization.

Wang sees the creation of an internal website and a monthly corporate magazine as the key to achieving this goal and as the focal point for enhancing Wanda’s corporate culture.

With the intention of boosting business morale, motivational staff stories are published inside the magazine. Wang also suggests a book for his employees to read once a year.

5. Avoid reading literature regarding companies’ corporate philosophies.

My success has been characterized in part by the fact that I have never truly trusted books, says Wang. That includes works by authors similar to him.

Please do not use the information presented here as a source of knowledge because you simply cannot imitate business strategies that have been effective for other successful companies.

What might work for my business Wang admits that Wanda might not work for another organization because situations and industry change.

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