Today's headlines first article, please do not move, offenders will be investigated.
Yu Minhong once raised a question about the charisma of leadership, he himself felt that his charisma was not enough, and he felt that he was like an inconspicuous person in front of Liu Chuanzhi and Ma Yun, and he couldn't compare with people like Ren Zhengfei.
This is actually related to his personality and experience, Yu Minhong grew up in the countryside, and has always had an inferiority complex for a long time in the past.
And it's also about financial resources, do you know that feeling that you have to have money to dare to speak out loud?
To make matters worse, he was also unpopular with New Oriental and the other two partners, Wang Qiang and Xu Xiaoping, whom he had invited back from the United States, who may have felt superior to others because of their foreign education, and disdained Yu Minhong, who had been staying in China.
usually calls him Tu-turtle, and even after the breakup, the movie between Wang Qiang and Xu Xiaoping was a little insinuating to Yu Minhong.
Yu Minhong and Wang Qiang were college classmates, and Xu Xiaoping was the teacher at the time, but he taught art, not academics.
In college, Yu Minhong kept a low profile, Wang Qiang was the class leader, and Xu Xiaoping was probably also a very popular figure. So no one thought that Yu Minhong would have such a big achievement at that time.
Others went abroad one after another, and Yu Minhong happened to find an opportunity to train and succeeded. In fact, Wang Qiang also went abroad relatively late, and until 1990, he was also doing training.
By about 1994, Yu Minhong had been very successful, so he began to think about expanding the scale and bringing in more people. At the beginning, Du Zihua, followed by Xu Xiaoping, Wang Qiang, as well as Bao Fanyi, He Qingquan, Hu Min and so on.
In fact, in the eyes of Wang Qiang and Xu Xiaoping, they felt that Yu Minhong's success was purely lucky, and if they had the same opportunity at the beginning, they would definitely be able to do better than Yu Minhong.
One example they gave was that after Wang Qiang returned to China, Yu Minhong asked him to join, and then Wang Qiang asked what if he far surpassed Yu Minhong in the future? At that time, Yu Minhong may have regretted it a little!
Even in the recent video of Wang Qiang mentioning Yu Minhong, he still shows disdain for him.
Back then, in order to meet the development needs of New Oriental, Yu Minhong went to the United States to find Wang Qiang and asked him to join as a partner of New Oriental. According to Yu Minhong's book, Wang Qiang's salary in the United States at that time was about 80,000 US dollars per year, equivalent to more than 500,000 yuan, plus bonuses, the annual income was close to 1 million yuan.
Because of his good spoken English, Wang Qiang was in charge of the English section at first, including the popular new concept English, as well as other English teaching work.
With the expansion of New Oriental's business, Wang Qiang couldn't get used to the company's internal management chaos, family relationships were too involved, and the follow-up benefit distribution problem, so he left New Oriental.
He entered the investment field after coming out and became the co-founder of Zhen Fund.
As one of the three key figures of New Oriental, Xu Xiaoping was also the first to be invited by Yu Minhong to join.
But compared with Wang Qiang, Xu Xiaoping didn't seem to be in a good situation at that time. In the book "I Was on the Verge of Collapse", Xu Xiaoping did not even have a job at that time.
At that time, he still wanted to pursue a career in music, but decided to join New Oriental after an all-night discussion.
After returning to China, Xu Xiaoping was in charge of the study abroad consulting and immigration consulting sections.
This is also his specialty, and he has successfully carried out this business.
The reason for leaving New Oriental is actually similar to Wang Qiang's, because of the distribution of interests, the decision-making of the three partners for the future development of New Oriental, and a series of contradictions in the company's internal management.
Eventually, they were kicked out of New Oriental's board of directors and subsequently founded Zhen Fund.
After Wang Qiang left New Oriental, he had this to say about his former partner Yu Minhong:
1. Yu Minhong has an extremely strong desire to control and wants to control everything personally.
2. Often show a very frugal side. For example, after the successful listing of New Oriental that year, we celebrated in Hong Kong, but Yu Minhong was reluctant to let everyone have breakfast in the hotel, thinking that a few hundred yuan per person was too expensive, and suggested that everyone solve it themselves. He felt that we had come to Hong Kong at our own expense, even though we had come to Hong Kong to celebrate the listing, which Lao Yu forced us. His savings are famous. When giving a lecture in Qinhuangdao, Lao Yu said that he wanted to invite executives to eat seafood, and went to a seafood restaurant, and the waiter served a plate of good crabs, but Lao Yu asked if there was anything cheaper, and the waiter brought another plate, and Lao Yu asked if there was anything worse, and he would not do it in person when he was present, at least I was there, and I was a witness. Finally the waiter said, "Boss, what kind of crab do you want?" He replied, "Don't you understand? The more disabled the better, and the fewer legs, the cheaper." As long as saving money is good for the company. ”
3. Xu Xiaoping plays an important role in New Oriental, known as the brain and thinker, while Yu Minhong is like a helmsman. But every time New Oriental develops, the first person to promote it is Xu Xiaoping.
4, Wang Qiang said frankly that if there is the most important thing in his life to entrust to a person, he will choose Xu Xiaoping. He was not frank enough with Yu Minhong, thinking that Yu Minhong was thinking too much, which made him feel incomprehensible.
In Wang Qiang's view, Yu Minhong is controlling, not honest enough, deep-minded and a little stingy. The development of New Oriental is inseparable from Xu Xiaoping's leadership, he has made great contributions and determined the direction in Xu Xiaoping's hands. And Wang Qiang's return to China to join New Oriental was not initiated by Yu Minhong.
After Wang Qiang returned to China, he intended to seize a place. His colloquial expression and humorous style have contributed greatly to the development of New Oriental. But you must know that New Oriental was founded by Yu Minhong after all.
If Yu Minhong hadn't called him back, he might have been just a professor in the United States, after all, the development of Chinese people in the United States is facing a certain bottleneck. He will not seize the opportunity of China's rapid development in the past two decades and become a part of financial capital.
But Wang Qiang doesn't seem to cherish Yu Minhong's efforts too much, and has an overly superior view of his management style, study abroad experience and urban background. Such an attitude laid the groundwork for the failure of the Zhen Fund, which was later founded.
As far as Xu Xiaoping is concerned, I really can't see anything particularly outstanding about him. Wang Qiang often praised Xu Xiaoping and suppressed Yu Minhong at the same time. Perhaps Xu Xiaoping was just a tool and shield for Wang Qiang to unite against Yu Minhong.
So when their plan to "force the palace" failed, Xu Xiaoping became the first person to be sacrificed. After Xu Xiaoping and Wang Qiang left New Oriental to found Zhen Fund, they mainly invested in international students, focusing only on individuals rather than market trends.
These investment criteria reflect their perception that international students are too important, and even believe that personal ability is more important than the environment and the overall situation, and that they do not have a deep understanding of the market.
This has led to a low success rate of the companies they invest in, and they have missed out on great companies like Meituan and Pinduoduo, forming a closed cycle with their perceptions.
After Xu Xiaoping and Wang Qiang returned from the United States, Yu Minhong attracted Bao Fanyi, Du Wei and others to join. Yu follows the usual "sub-sealing system": each person is responsible for a part of the business, first provides the start-up fee, the business is completely owned by the individual, after the start of the class to pay 15% of the management fee, the rest of the income belongs to the individual.
In this way, Xu Xiaoping is in charge of study abroad, visas, immigration and consulting, Wang Qiang is in charge of basic English training, and Bao Fanyi is in charge of publishing.
Moreover, they were all appointed as vice-principals, and they did not receive a salary at the school, and each ran his own business. Just like four tigers and a monkey, New Oriental has shown strong competitiveness in the field of English education, and has also formed a "sub-sealing system" situation.
New Oriental's partnership model is very similar to "package production to households": Yu Minhong divides New Oriental into different sections, for example, Wang Qiang is responsible for speaking, Xu Xiaoping is responsible for overseas consulting, and he is responsible for exams.
They each operate under the name of New Oriental, manage independently and enjoy corresponding benefits. This partnership is quite loose.
In the development of New Oriental, Yu Minhong found that the loose cooperation method was not efficient, and a rigorous shareholding structure must be established. At first, he and his two partners had a simple idea: three people split the shares equally, each taking 33 percent, which adds up to 100 percent. To put it simply, everyone shares the wealth together.
But Yu Minhong soon found that this was not feasible, because everyone's efforts and contributions were different. In addition to Xu Xiaoping and Wang Qiang, New Oriental has other important figures. Determining what stake each person should own becomes a big problem, and they allocate equity based on the extent of their past contributions to the company.
However, once the equity distribution was complete, new problems arose. Yu Minhong's dominance is unquestionable, but Xu Xiaoping and Wang Qiang begin to argue over who is the first vice president and who is the second vice president.
Previously, New Oriental did not have a clear ranking of positions, and eventually there were nine vice presidents, but they did not rank second. But with the institutionalization of the company, this will not work. Once the distribution of benefits is over, the matter is not completely resolved.
"It's easy to endure hardships, but it's hard to share them", this sentence is really apt. With the vigorous development of New Oriental, the three founders gradually drifted apart in their business philosophy, and their relationship with each other became very bad as a result.
The conflict intensified, which eventually led to the trio parting ways. Xu Xiaoping decided to leave New Oriental after careful consideration, sold all the shares in his hand, and gained 4 billion.
New Oriental then went through a difficult and painful stage of transformation, working towards the direction of "modern enterprise".
Yu Minhong proposed to resign as chairman and general manager of New Oriental.