Focus
Heir wants to beat successful father
(China Daily)
Updated: 2010-05-06 08:03
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METRO reporter Wang Wei talks with Lawrence Xu, a student in Peking University's training program for the second generation of China's entrepreneurs, about what it means to be a scion.
Q: How did you hear about the Peking University program and why did you apply?
A: I learned about it from my parents. I came to make new friends and learn practical managerial skills.
Q: What skills did you pick up from the military training?
A: We spent six hours drilling wood to start a fire, then another two hours to desalinate seawater.
I learned about the importance of teamwork and that without cooperation, much less is achieved.
Q: What's the most useful part of the course?
A: I met many similar people to me. I can now observe how they work and live their lives.
Q: What is the difference between the training course and normal university study?
A: This curriculum is tailor-made for the rich young generation, so case studies and examples given in the class are more relevant. The class atmosphere is also more active, as opposed to many university courses that are out-of-date and not applicable to real life.
Q: Do you ever have different opinions with your parents when it comes to managing the family business?
A: Yes, but I have to hold back. I don't have another choice.
Q: What are your feelings about taking it over?
A: The family company is very successful, so if I take it over, I only need to continue the status quo and not take too many risks. However, my parents and I have different business interests. I want to move toward the service industry and away from heavy manufacturing.
Q: What are the good and bad points of being a rich second-generation kid?
A: Obviously, I am surrounded by money. Additionally, I was taught how to run a business from a young age and I believe I have more experience in managing a company than most.
On the downside, I am afraid I don't have enough managerial skills and can't maintain, let alone surpass, the level set by my parents.
Q: Can you describe your plan for the future?
A: First, I will accumulate some managerial experience in the family business. I will then move to southern China and find a job for a while. After that, I will return to our company and start from the absolute bottom.
My plan is to take over the family business by the time I turn 30. I will begin by holding the fort and making few changes, but after about 10 years, I will switch the business focus to industries I am interested in.
When the company becomes famous enough, I will expand it aggressively. Essentially, though I admire my father greatly, my end goal is to beat him.
