Lessons From The World's Richest Business
February 26th 2007 10:23
Her name is Zhang Yin. A 49-year old entrepreneur from China with a net worth of US 1.5 billion. She has been described by the International Herald Tribune as " richer than virtually any other woman anywhere in the world, including Oprah Winfrey, Martha Stewart, Harrey Potter authorJ.K Rowling and the chief executive of eBay, Meg Whitman."
Her business? Let us read what the New York Times reported in it's January 16 issue : "Zhang Yin has become one of the world's richest women from her Nine Dragons Paper recycling business, which collects waste paper from the United States and ships it to China; Zhang hopes to challenge global paper giants International Paper, Weyerhauser and Smurfit Stone."
Zhang Yin has led a remarkable entrepreneural career. From a humble recycling 'trash to cash' business, she is now acclaimed as the richest self-made woman in the world. Here's some lessons entrepreneurs could learn from her :
1. Know and seize when opportunities knock.
Zhang was the eldest of eight kids, was born in the northern province of Heilongjiang near the Russian border. Her father was a former army officer and one of the victims of the ultra-Leftist Cultural Revolution from 1966-1976 who was released from prison after ten years of imprisonment. When Deng Xiaping embraced bold market-oriented reforms, Zhang moved closer to the center of "economic zone" of Shenzhen and worked as an accountant in a paper-trading firm. Later in 1985, she again moved to Hongkong and started her own business with only $4,000 and her experience and idea of importing waste paper into China.
2. Transparency and hard work.
Zhang's wealth was built in honest, hard work. She said in one of her interviews : "I earned every single cent. As a listed company, Nine Dragon's figures can be accessed by anyone who look at it's report card. All figures are transparent."
3. Think globally.
Barriers didn't stop Zhang Yin from searching more business. She outsourced her supplies from abroad, in Los Angeles, and established in LA her paper recycling firm American Chung Nam. She set up Nine Dragons Paper Co., in Guangdong province as a corrugated paper and packaging factory with a bank loan.
4. Hired talented professionals.
Zhang Yin and her husband take charge of overall planning and decisions in Nine Dragon's but hired non-relatives general managers to help them take charge of key operations.
5. Family-controlled.
She tapped outside talents but preferred maintaining overall control within the family.
6. Dared to dream big.
Zhang Yin is not afraid to dream big. She plans to make her Nine Dragons Co. to be number-one in paper manufacturing and to become the world's largest paper corporation by 2009.
Her business? Let us read what the New York Times reported in it's January 16 issue : "Zhang Yin has become one of the world's richest women from her Nine Dragons Paper recycling business, which collects waste paper from the United States and ships it to China; Zhang hopes to challenge global paper giants International Paper, Weyerhauser and Smurfit Stone."
Zhang Yin has led a remarkable entrepreneural career. From a humble recycling 'trash to cash' business, she is now acclaimed as the richest self-made woman in the world. Here's some lessons entrepreneurs could learn from her :
1. Know and seize when opportunities knock.
Zhang was the eldest of eight kids, was born in the northern province of Heilongjiang near the Russian border. Her father was a former army officer and one of the victims of the ultra-Leftist Cultural Revolution from 1966-1976 who was released from prison after ten years of imprisonment. When Deng Xiaping embraced bold market-oriented reforms, Zhang moved closer to the center of "economic zone" of Shenzhen and worked as an accountant in a paper-trading firm. Later in 1985, she again moved to Hongkong and started her own business with only $4,000 and her experience and idea of importing waste paper into China.
2. Transparency and hard work.
Zhang's wealth was built in honest, hard work. She said in one of her interviews : "I earned every single cent. As a listed company, Nine Dragon's figures can be accessed by anyone who look at it's report card. All figures are transparent."
3. Think globally.
Barriers didn't stop Zhang Yin from searching more business. She outsourced her supplies from abroad, in Los Angeles, and established in LA her paper recycling firm American Chung Nam. She set up Nine Dragons Paper Co., in Guangdong province as a corrugated paper and packaging factory with a bank loan.
4. Hired talented professionals.
Zhang Yin and her husband take charge of overall planning and decisions in Nine Dragon's but hired non-relatives general managers to help them take charge of key operations.
5. Family-controlled.
She tapped outside talents but preferred maintaining overall control within the family.
6. Dared to dream big.
Zhang Yin is not afraid to dream big. She plans to make her Nine Dragons Co. to be number-one in paper manufacturing and to become the world's largest paper corporation by 2009.
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