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, by Peter Cappelli
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Product details
File Size: 11250 KB
Print Length: 253 pages
Publisher: PublicAffairs; 1 edition (March 14, 2017)
Publication Date: March 14, 2017
Sold by: Hachette Book Group
Language: English
ASIN: B01MSY8CDE
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Michael Useem, Harbir Singh, Neng Liang, and Peter Cappelli have made an immense contribution to a long-overdue understanding and appreciation they refer to of what they characterize as “the most remarkable development of the modern era.†More specifically, those who created China’s great companies “have used capitalism to pull 600 million people out of poverty and [China] is on track to soon be the largest economy in the world. It is an astonishing turn of events.â€They go on to point out, “The growth and ascendance of Chinese companies are products of the strategies and leadership of those who created, built, and now manage those enterprises. The invisible hand of the market conditioned their goals and decisions, but their actions have constituted a strong visible hand. We want to understand that visible hand, how they direct it, what they want from it, and where it is taking their enterprises.â€What is “The China Wayâ€?Useem, Singh, Neng Liang, and Cappelli focus on companies that include Alibaba Group, Geely, Haier, Huawei, Lenovo Group, Vanke Group, and Xiaomi. They examine seven distinguishing features among the leaders who have created China’s great global companies:1. Their Own Way Forward: Without precedents. “by finding and fashioning their own way. the founders put their own unique imprints on their enterprises.â€2. The Learning Company: “Chinese executives have carried their own learning experience into the firm. They have insisted that their company be a learning organization with greater zeal than is common in the West.â€3. Strategic Agility for the Long Game: They focus on “finding new opportunities and going after them – driven by scrappy personalities and lean architectures.4. Talent Management: “Business leaders in China have learned to grow big fast by drawing on a paternalistic leadership style and building a clan-like corporate culture.â€5. The Big Boss: “Privately owned firms are exceptionally focused on the individual at the top. While the Big Boss model has faded in the West, not so in China.†Seth Grodin uses “tribe†as a metaphor; Chinese leaders embrace it as a workplace structure and culture.6. Growth as Gospel: ‘They place a greater premium on growth, believing that profitability is an end product of growing a business rather than the primary goal.â€7. Governance as Partnership: “When we put the above components together -- lean, low-cost operating structures, highly centralized decision making with continuous learning, and a workforce that follows the boss – we get the essence of the competitiveness of Chinese business.â€As the co-authors suggest, Western business leaders need to look hard at hundreds of large private companies in China “that are increasingly coming to define not only their own way of doing business but also better ways of leading business worldwide.â€I am deeply grateful to Michael Useem, Harbir Singh, Neng Liang, and Peter Cappelli for providing an abundance of information and insights, that increased substantially my understanding and appreciation of how leaders in hundreds of private companies have “have used capitalism to pull 600 million people out of poverty and [China] is on track to soon be the largest economy in the world. It is an astonishing turn of events.â€It is indeed astonishing, especially given the fact that the Communist Party remains firmly in control – even more so now, under President Xi Jinping, than before.Fortune Makers is a brilliant achievement. Bravo!
China has, in 25 years, gone from competing with countries like Chad for the world's lowest per capita GDP to using capitalism to pull 600 million out of poverty and will soon be the largest economy in the world. China's GDP in 2015 had grown 26X compared to 1978 - vs. less than a 3X growth in the U.S. Chinese steel production went from 37 million metric tons in 1980 to 822 in 2014, while U.S. steel production fell from 102 to 87 million metric tons, and European production fell from 208 to 166 million metric tons. In addition, China did this without adopting many other practices often associated with capitalism such as a free press, democratic institutions, and significant personal rights.Zhang Ruimin, for example, is CEO of the Haier Group (world's largest appliance company) and an official of the Communist Party. Earlier in life he was in the Red Guards, charged with bringing down anybody and anything associated with capitalism. After the Cultural Revolution ended, he joined a government-run construction company, reading management books and taking classes in his spare time. Ruimin then moved to the Qingdao city government and its appliance division in 1982, then took over a government factory making refrigerators in 1984. After touring German factories and comparing their approach to quality with his own factory, he pulled all defective refrigerators out of inventory and had employees smash them with sledgehammers. The message - 'We will no longer tolerate bad products.'Zhang then changed the pay system, rewarding employees in part based on company performance, and 'shaming' bad performers by having them stand before fellow employees and explain their mistakes. 'Marketing' became established by checking with customers to see what they thought of the company's products. The government then gave him other appliance companies to run, which he then consolidated into the Haier group. Haier then secured capital through private markets, expanded into export markets, acquiring businesses in other countries (eg. G.E.'s appliance division for $4.5 billion in 2016), and establishing factories abroad.China resolved in 1995 to end state ownership of most companies, retaining just several hundred while over the next ten years privatizing over 90% of its SOEs. It is estimated that 70% of items sold in Walmart's American stores by the early 2010s were manufactured in China. China now also owns Volvo, Lenovo (IBM's former PC unit), and its Commercial Aircraft Corporation of China has orders for more than 500 planes from 21 airlines. Author Useem contends Chinese business leaders have evolved a set of ideas and methods constituting a distinctive mindset.More than 10% of retail purchases in China are made online, higher than the 7% in the U.S. Jack Ma, former English teacher, is one of China's richest men, with a fortune of nearly $30 billion - thanks to Alibaba Group and its market value of $264 billion and 450 million customers. Ma started Alibaba 18 years ago. Alibaba raised $25 billion at its IPO 9/14 on the NYSE, and its value rose to almost $300 billion afterwards (more than Amazon and eBay combined). At a meeting with President Trump a few weeks prior to the Inauguration, Mas promised Alibaba would help create 1 million jobs in the U.S. over five years. specifically, Alibaba will sign up 1 million U.S. small businesses to its e-commerce platforms, primarily Taobao (plagued with counterfeits), its mass selling site for individuals, and Tmall, its higher-end site for established consumer companies. In China, Alibaba hosts 10 million merchants and estimates those businesses account for 30 million jobs. Alibaba estimates each U.S. business selling on Alibaba's platforms will typically hire one employee as a result. Alibaba holds no inventory, but has a 47% stake in a logistics network - rather than owning trucks and warehouses directly.Household spending in the U.S. accounts for two-thirds of the economy, barely one-third in China. November 11 in China is Singles' Day. In the first eight minutes of 11/11/15, shoppers spent over $1 billion on Alibaba's sites and by the end of day had spent over $14 billion - 4X U.S. Cyber Monday. Taobao charges its nine million small traders/individuals no fees, making its money selling advertising space. Thousands of client service managers mediate disputes between customers and merchants. They can shut down a merchant, or offer the ability to participate in marketing campaigns. Customers can use Alibaba's chat application to haggle over prices and free shipping. When customers post a negative comment about a merchant or product, they can expect a message and offers of refunds/replacements within minutes. Large retailers and luxury brands sell their goods on Tmall. Merchants pay commissions, ranging from 3 - 6%. Alibaba earns almost $10 billion/year from these sites - nearly 80% of total sales. Juhuasuan.com is a Groupon-style site.Tmall hosts three types of stores - flagship stores run by a brand itself, authorized stores set up by a merchant licensed to do so by the brand, and specialty stores carrying the goods of more than one brand. The specialty stores account for 905 of Tmall vendors.Studies have found that Western managers emphasize creating near-term value for shareholders, while Chinese managers emphasize longer-term value, that Western managers execute more through delegation and organization, while Chinese managers do so more through authority and persuasion, and that Western managers stress productivity and efficiency, while Chinese managers stress reflection and learning. Asian managers also place a greater premium on growth, believing profitability is the end product of growing the business rather than the primary goal.IBM's PC division had been losing money, but Lenovo's teach found that a major fraction of that loss came from overhead charges IBM placed on that division. Given Lenovo's far lower overhead and leaner manufacturing methods, Lenovo leadership estimated it could assemble the same PC in China for $4 that IBM had been assembling in America for $24. After the acquisition, IBM held a significant stake in Lenovo, along with three American private-equity companies; thus the Chinese Academy of Sciences was no longer the majority holder.In 1983, authority to engage in imports and exports was denied most Chinese firms; even payment by check and receipts were often unknown. Rent-seeking and bribes were a common path to profits, and blood-based interpersonal relationships and hierarchy were also common. Government entrance into a market (eg. truck financing) could unexpectedly occur. It was only in 1984 that the Chinese government dropped its policy of assigning production targets to factories, pre-designating prices, and allowed managers to retain after-tax profits. Price arbitrage remained a capital crime until 1997, and the government retained controls on a large range of products until 2015.When Forbes compiled its first list of 'international billionaires' in 1987, it found none in 1987; by 2015 it counted 213.Trial and error played an important role in the growth of Chinese firms. There were no veterans, successful prototypes to study, no MBA programs (until 1991). Ren Zhengfei founded Huawei in 1987 to make phone switches, after a stint as an engineer in the PLA. In the early years, they designed much of their equipment by reverse-engineering foreign technologies. Then, in 1997 he turned to IBM for managerial advice. By 2015 Huawei had 170,000 employees (70,000 in R&D) and the internal chaos was gone
Adam Smith foretold in Wealth of Nations the economic wonders that would be released if individuals are free to engage in voluntary exchanges both as producers and consumers. He criticized the strictures of feudal law and mercantilist policies in Great Britain at the advent of the Industrial Revolution. Michael Useem, Harbir Singh, Neng Liang, and Peter Cappelli describe an equally remarkable period during which many of the strictures of communism were eliminated in China, resulting in the greatest burst of wealth creation in world history.Fortune Makers tells the fascinating stories of 72 entrepreneurs (60 of them company founders) who led the peaceful revolution towards free market capitalism. The book is also very thought provoking, leading the reader to consider the evolution of The China Way and The American Way that will occur as the former surpasses the latter as the world’s leading economy. Adam Smith also believed that commerce makes individuals more civil and nations engaged in international trade more pacific. Let us hope his vision is realized in the instance of these two powerful nations.
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