Michael Yu, founder, chairman and CEO of New Oriental Education & Technology Group
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【11】 【12】 Michael Yu founded the largest and most successful private educational services provider in China. New Oriental is the best-known brand for private tuition in China. More than five million students have enrolled in its programs to learn better English or pass college entrance requirement tests.
New Oriental opened in 1993, specializing in teaching exam techniques for the Test of English as a Foreign Language (TOEFL) and the Graduate Record Examination (GRE).
New Oriental established itself as the market leader in just a few years. It now has an 80 percent share of the overseas test preparation market in China.
The company runs 207 schools and training centers across 35 cities in the nation, and is the authorized local publisher and distributor of educational materials for TOEFL, Graduate Management Admission Test (GMAT), GRE and Cambridge University Press, among others.
Listed on the New York Stock Exchange, New Oriental posted compound annual growth of 35 percent in revenue and 60 percent in net profit between 2004 and 2008.
Yu's dream is to use personal funds to build China's first private university for the poor and turn it into the "Harvard of the East".
He is a member of the Chinese People''''s Political Consultative Conference and is also a judge for a famous TV show about budding entrepreneurs.
Q: Would you mind sharing with us your understanding of entrepreneurship?
A: Entrepreneurship mainly involves the following essential aspects: First, an entrepreneur should sustain love and enthusiasm for his cause. He should have an innovative mind and he should be persevering. Finally, he should have a strong sense of social responsibility.
Q: After you started your business what made you feel the proudest?
A: New Oriental has never done anything bad in these years. The school has developed into a large scale one and became listed on the New York Stock Exchange, setting a record for China, and I have received unique inspirations from these years of experience that will guide my future.
Q: What advice do you have for the young entrepreneurs?
A: They should consider whether or not they really enjoy what they do and are willing to engage in it for a long time instead of for quick money. Besides, a founder of a new business needs to stand high and judge the business from a global perspective. In the era of globalization, for any large enterprise integrating with the world, lack of a global perspective would be fatal. Finally, he needs the spirit of perseverance, without which no success would be possible.
Q: What would you like to say to your family at the awards ceremony?
A: Very simple: I thank them for their support. It is not easy for us to get united as a couple, and we should value the family. We should love our children. As each entrepreneur does, I want to succeed in business and have a happy family at the same time.
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