New Oriental Yu Minhong: I Am Dragged On.

In November 6th, CEIBS held a series of 16th anniversary celebration activities. New Oriental Chairman of Education Group Yu Min Hong Attendance and publication speech 。 Yu Minhong claims that his personality is "coming from behind" and can turn passivity into initiative. In his speech, Yu Minhong combed the development process of New Oriental, described the hesitation of the New Oriental listing, the transformation of the group and the management of talents, and tried to show it to the audience. Successful experience To share with the audience the difficulties and solutions of New Oriental development.

Yu Minhong said that when New Oriental was listed, I was dragged along, too. First of all, I was not interested in going public. Because I am a small peasant economy, I want to be so happy that I hire so many students every year, and then the quality of the class is very good. Finally, I pay dividends every year by the end of the year. This dividend is cash, and I can enjoy it in a few nights. I think listing is because at least with my limited knowledge, I know that once he is listed, he will have to guarantee at least 20% of the annual growth to be a healthy business. If you are regarded as a growth company, you usually have more than 30%.

　 The following is an excerpt from Yu Minhong's speech.

It is true that I am not really able to make a conclusion until now. The conclusion that others give you is often wrong. Your own views are often wrong. Of course, according to the general principles, negatives are positive. When you look at yourself at last, if you are a positive person, when others see you, it is also positive. I think that even if you live well, this is going to be another thing. As mayor Huang Qifan has talked a lot about China's major policies and principles, I will not talk about this topic and leave me little time, so I will start with myself.

　 The personality that comes from behind

When it comes to doing things, let's not talk about the definition of success. First, how do you define success? First, how do you make things done by individuals? Because each person's personality is different. First, I analyze myself. My typical personality belongs to those who come from behind. This means that I am not very forward looking and understand this meaning. After a lot of things are done by others, I can see that this thing is very good. After that, you will follow it. I started to go to school as a new oriental school until now.

So when I analyze the so-called leaders' success, which is a leader's ten leading qualities, I have the lowest score for my foresight. But I have one advantage, that is, I usually come from behind. I think this thing is right. I usually do it very patiently. I can see from my childhood that I didn't give up myself too much. When I was young, my grades were all in the middle class, but I never gave up studying. I know that there are so many advantages to enter the University, for example, we can leave the countryside, leave the land, eat the public grain and so on, because we all know that when the rural people did not have migrant workers, the peasants could get caught as long as they got out of the land. At that time, the peasants were not able to walk on the land locked, so I was particularly grateful to the closed policy at that time, because if it was the policy of peasant workers at that time, I would be a foreman. Because there is only one road in Huashan, so I have been in the University for three years, and I went unnoticed in Peking University. It was really unintentional, because I didn't pass the college admission scores in the first year, and the same is true in second years. But as long as you stick to the right road and give yourself enough time, you must have an unexpected result.

Later, the New Oriental is also true. For instance, when I was doing new Oriental, I just started a TOEFL class, and the smallest training institution outside was the training institutions around me. At least 500 or 600 people were there. That is to say, you want to have a cup of soup in the middle, which is completely regulated by the market, so I only recruited 13 students in the first class. But once I have determined that this thing can be done, I will think about how to make it, so later I started with 13 students, one by one, 13 or 30, and finally created the New Oriental typical large class, low price, and famous teachers. At that time, only one of my famous teachers could make up their own efforts. Basically, there was no cost.

But, of course, there are some ways to do it. I am not smart, but I can think of a little way. For example, there is no money to do the market advertising. Then I want to give you a free class. Anyway, you are not free. No one is here. Is it right? Everyone is here. You don't have to pay. Why? Because it is my own saying, then you don't say this time is over, and the time is over, so you calculate the zero cost market.

Tradition, until this year, I completely broke free lectures, because I feel that the new east to this state, I will do a free lecture, then the New Oriental will not do it, because I am particularly excited about the outside, tens of thousands of college students are listening to me to talk about where the new Oriental went, no, now the New Oriental has encountered such a dilemma, this with a person from childhood to make things bigger, he can not give up the original customs, hobbies are related, even if sometimes it can kill you, you can not realize that in the middle of business management, some bosses tube management of the enterprise is not controlled, this is due to habitual thinking. But everyone wanted to come free. So when the students from Peking University Tsinghua University came to listen to it, some students were willing to stay. And I am a habit conscious person who is very strong.

No entrepreneur will be willing to give up the business. Do you know that no one is willing to fail to do something, but you fail? Is failure external or internal? There may be external factors, such as the economic situation, financial crisis, national policies, etc., but more internal factors, more of you, that is, your own nature, habits of thinking and habits have done nothing. So my habit is to start a lecture from the New Oriental School. Now I am going to lecture in the field. This feeling is very good. Why? Because all the university presidents say that as long as you come to lecture, Miss Yu, I will suspend the class. Let me see if there are twenty thousand or thirty thousand people listening to you. How good is that feeling? Later, I found something wrong.

Then I go back to the source, that is my personal habit of doing things. This habit is that one thing is put there. If I feel it, then I will be very patient to make it bigger, and I will make it big in every way that I think is right. Of course, what is right? Only you know, some ways you think are appropriate, but they do not conform to social standards, some methods are in line with social standards, but they are not effective. This is not appropriate.

At that time, I rent a small Porter in Zhongguancun's second small school. When I went to work, I took a small table, a small desk and a small chair used by the pupil to move out of the doorway, and sat there, and the students basically didn't come. After that, I almost didn't leave the money. I remember that three students came, and I was taught for a long time. Finally, I left the money behind. After 15 minutes, two students came back, saying that we wanted to go there or not, who knows where you went after you moved to the desk in the evening, and even there was no office. Like I had had such a little trick, for example, New Oriental students came to class.

In order to prevent such a situation, I did a very interesting thing. I was signing up for each class, putting the front of each class, because at that time, New Oriental wanted to recruit students. Generally, TOEFL GRE was a big class, which was a class of about 100 people. The list of 20 people in front of me was all made up of names, that is, from the first to the twenty, all of them were fake, but students did not see it. As soon as the students look at this consumer psychology, when the students come to see that there are 20 people in front of them, he immediately feels that they are the 20 in the front, so that twenty-first people will pay extra quickly. Of course, when you recruit the last time, for example, if you want to recruit students, then the 20 lists should be removed.

Later, when someone was doing marketing analysis, he said, Yu, you are a typical deceit. I don't think so, because cheating is like saying that I have students' money. I do not promise to offer his services. Since I offer the service to him, and I can make the enrollment relatively convenient, this is a marketing behavior rather than a deceit. Of course, everyone will find themselves out and reason for it. Later, the New Oriental's overseas project slowly expanded. It has been done today. {page_break}

　 Listing of New Oriental

When I was listed in the New Oriental market, I was dragged along. I was not interested in going public at first. Because I am a small peasant economy, I want to be so happy that I hire so many students every year, and then the quality of the class is very good. Finally, I pay dividends every year till the end of the year. This bonus is cash, and I can't count it clearly until I can go back for a few nights. I really like this feeling. I think listing is because at least with my limited knowledge, I know that once he is listed, he will have to guarantee at least 20% of the annual growth to be a healthy business. If you are regarded as a growth company, you usually have more than 30%. So my first impression is that you need to grow more than 30% in an industry, which is almost impossible. What was the concept at that time? At that time, the total income of New Oriental listing was 800 million, which means that I would be 1 billion 100 million in second years. If the growth rate was 30%, third years would be almost 1 billion 800 million.

It has no end, no matter how much money you earn, you will be very miserable, because no matter how much money you earn, I don't want to do things on the premise of money. I think this thing has no end, and every year it has to go up. Finally, the money has been earned by people who are buying and selling stocks outside. After all, I am exhausted. How much do you need for your life? For example, when New Oriental went public, someone encouraged me to buy a yacht. I said no, why did they say they didn't buy it? I said that among the friends I knew, there were already more than a dozen people in yacht, and you bought a yacht there, and it was a great time to spend 10 days and 20 days a year. The second is that everyone has a psychological feeling, which means that you have an end to the matter, if you find one thing. If I don't buy it, can I borrow it from these friends and lend it to me? Right? Why not use other people's things, right?

What do I mean by this? In my case, I do things including the New Oriental listing is not a money factor. If money is the main factor, I will definitely sell the New Oriental stock to play with the fund. Now I know many friends who are playing with the fund, but I have never played with the fund, and the stock of New Oriental has not sold too much. I put it there because I feel that I want to sell the New Oriental stock, and my blood relationship with New Oriental is broken, that is, you are born, but it is not the kind of feeling you have, and it doesn't matter to you. So I put it there.

But when I was on the market, I knew that if it was to be done to me, it would kill me, and everyone else in New Oriental would be able to solve it. So at that time, I still had two problems. The first problem was that after listing, I was worried that the managers of my staff would really not want to do it in case of more money. Generally, a senior management cadre could reach more than 10 million yuan at the time when the New Oriental listed company was listed at that time. At that time, the listing price of 15 yuan, the opening price was 20 yuan, and today's New Oriental is more than 100 yuan. The price now is 1 and 200 million. Although I know that the cultural cohesion of New Oriental is not bad, I have no idea whether they will continue to stay in New Oriental, and they want to go. In fact, it is very simple, that is, a resignation. Won't you let him go? It's impossible. So I knew I might leave me alone after this thing was finished.

But there is another reason why I do not want to go public, because I do not fully understand the listing itself. What will happen after the listing? What kind of relationship do you have with investors? I have no idea at all. My personality is that I have to know a thing well and know where it is, before I dare to move forward, but at that time I had to try.

The two reason: first, from the inside, New Oriental has more than 400 teachers and managers in the New Oriental stock market. At that time, the New Oriental stock market was 1 yuan RMB. Let's think about it. If you think about it, you will find that if I say you have a dollar, I will give you a point every year. For example, you get 500 thousand shares. If you pay dividends by one yuan RMB, you can only get 500 thousand in the last year, but you think 500 thousand to the listed company, it has changed to 5 million by 10 times earnings ratio, 20 times is 10 million, and the price earnings ratio of New Oriental is 50 times. You think, he does not think this person will be stupid enough to do that. I will divide me 500 thousand every year. What he wants is that I get this 1000 times in hand. When I get it, the interest of the bank is more than that of you. So you can't stop.

I opened a meeting in New Oriental. I said, my friends, are we simply not listed? This is a good bonus. Every year, they do well. They say Mr. Yu, I don't know how much money you have in your family. Anyway, we have no money, so you can do it. You can't stop others' money. There are three things that can not be done in the world. The first thing is that they can not block other people's money. The second thing is that they can not block the love of others, that is, love can not be blocked. For example, it's hard for you to find a girlfriend. You were robbed by another man in the last second days. You see how you feel, a little bit more brave, and stabbing a knife. Third is the food in the mouth. When a person is hungry, you can't grab it. So what we need to do in China now is that we can't grab the food of the grassroots people in China. In fact, the fact that our system and policies have all the intentional and unintentional forces, the final result is in the mouth of the people, and the poorer they are, the more severe they are. This is China's social status quo, and what will be the final result? It will form the extreme polarization of the whole society. One is the powerful and the rich. These people will benefit from the benefits. Finally, it will become more and more easy to get more benefits. In addition, the common people will finally become extremely poor. Everyone knows that the people are the foundation. If the foundation is not stable, it will be useless for you to be strong again. That's how China's history came in 2500.

So the first problem I encountered in New Oriental is that I can't resist when others are rich. For example, if an employee could get 100 thousand, I found him. I said I could only give you 80 thousand for various reasons. He can accept it, but if you don't give him a penny, he will start to fight with you. What is the concept of New Oriental? The concept of New Oriental is that if listed, it can become a multimillionaire. If it is not listed, it can only get tens of thousands of yuan a year. Under such a huge wealth gap, you will be unable to block people's financial resources. Of course, I do not mean that new oriental people are vulgar, but everyone will do so at that point. So in the end, I was completely pushed up, and again, I didn't have any forward-looking vision.

So, since I was pushed to a road that I had to take, I had an advantage that I could often change passivity into initiative. This is my personal advantage, and my college entrance examination also turned passive into initiative. Later, I did training courses, and it was not that I volunteered to start business at all. It was because the GRE class in Peking University did not allow me to go to class, because the department heads and professors were in class, so that I could not get any extra money in class, so I went outside to attend classes, and Peking University had a rule after the 64 movement. The result was that Peking University gave me an administrative demerit and broadcast for half a month in the big horn of Peking University, so I was forced to leave Peking University and was forced.

Then forced to come out to do the New Oriental, and finally I turned the passive into an initiative. Since I don't choose the wrong way, why not go on this road, so I have a sentence that can be used in my description below. In fact, a person you want to go far, do not care how long you go, and care how long you can persist, that is, do not care how fast you walk, but care how long you can persist. If you insist on it for a long time, you will be able to get out of the distance that others have not come out. You insist on it for a long time, you can see the scenery that others do not see is the concept. So I typically do things in New Oriental with this mindset.

So at that time, when it was listed, it was also turned from passive to active, and began to study how to manage the listed companies. What problems will be encountered in the end, how to do road shows, and how to deal with investor relations after listing, so that it has also been learned. Now it has been listed for four years in New Oriental. It has been very safe. The stock is growing at 20% and 30% speed every year, so it is a way to do things. {page_break}

Transformation of New Oriental

Now, what I mentioned just now in New Oriental is that the transformation of New Oriental is also pushed. For example, we have a concept that New Oriental only does English teaching, English test and English language teaching, plus a number of other language classes, such as French, German and so on. For this reason, we once held a meeting of the New Oriental board of directors, which turned off a relatively popular department in the New Oriental society, namely, the computer training department, which was to purify the English brand teaching. So new Oriental put forward two slogans, one is called New Oriental Chinese learning English place, the other is language is power.

But in the process, I found that it was obvious that I could not do it. No, it was also pushed. For example, I had a good friend. His children learned English very well in New Oriental School, and one day they would not come. I called to ask him, he said that your organization only had English, and our children had other training in another institution. Although I knew that the institution's English was not well taught by you, I would rather take him to the school to learn. As a result, I found that I did not do anything else, and others did my English, so I realized that New Oriental was not able to do English, and it was also pushed. Since last year, it has carried out the overall strategic transformation of New Oriental, the two major characteristics of this transformation. The first feature is that the age of the New Oriental students is changing. As a result, more than 80% of the students in the New Oriental University are all college students. Then we have to go to the direction of high school, junior high school and primary school. In that case, the age will drop. After the age drops, then your teaching mode will change. For example, our adults are lecturing in such a large teacher. As long as the teacher speaks well, there will be no problem. Many teachers are willing to take such a big class because the price is relatively cheap.

After the high school, junior high school and primary school, the child can not get up to the big class is not decided by the child himself. The parents will say that my child's self-discipline is not enough, so you have to turn him into a small class quickly. Originally, 300 people and one class, you have to turn into 30 people and one class, so the parents will send the children over, so this is a transformation.

The second transformation is the transformation of disciplines, because now that parents have said, Mr. Yu, my child has finished learning English here, do you see if our children can learn other subjects here? Do you have? I have not, and I have gone to other training courses without me. After that, I didn't come to learn English, and I talked about this example, so I finally had to follow the transformation further, that is, multidisciplinary education.

　　新東方這個轉(zhuǎn)型目前來看還是算比較成功，原因是因為新東方的渠道鋪設(shè)比較好，在過去的十年中間我沒做別的事情，在全國建了40多家分校，同時下面每一家至少帶有十個以上的教學(xué)點(diǎn)，所以新東方現(xiàn)在在全國至少有400多個教學(xué)點(diǎn)，到明年這個時候是500多個教學(xué)點(diǎn)，每一個教學(xué)點(diǎn)就是我只要一個項目推出來把這個項目設(shè)計好了以后，我一個教學(xué)點(diǎn)只要招到一個學(xué)生，在全國就能招到500個，你招到10個學(xué)生就是5000個，你招到1000個學(xué)生就是5萬個，所以我們?nèi)ツ晖瞥鲋袑W(xué)全科教育，到今年新東方的學(xué)生已經(jīng)到了50萬人左右，新東方在中學(xué)全科，所謂的全科就是數(shù)理化一起上了，這個收益今年一個暑假，新東方的收益就達(dá)到了5億，在中學(xué)全科項目這個里面，它有規(guī)模效益。

　 Only do direct camp instead of chain.

So I am very proud that I am talking with Mr. Ma, and I say that a person like me who is rather sloppy can actually build a new oriental management system, and the management system has not been broken up until now. In fact, I only adhered to a principle, that is, the New Oriental only serves as a direct battalion, especially in the middle of big cities.

There are more than 70 people in the management department of New Oriental. I want to let them study for one year at CEIBS. At least I have a right. I want you to come down today. You must not be in this position tomorrow. You can't put this kind of ability in business management. After you release it, he won't listen to you at all. So the New Oriental is all direct battalion, the direct battalion is to have a good two systems, the first is a good salary system, that is, you can keep a good person in this system, since he is not working for himself, he is working for you, how do you keep it in his position, and try to make him feel that he is working for himself, which requires a lot of salary system and ability resource design. Of course, relying on corporate culture and personal charm can play a role. For example, if I call a certain cadre to chat, his strength will be enough, but he can not guarantee it for a long time. I take you to study in the sea view garden. This is also part of the corporate culture. They will feel very happy here and do a little bit more. But there are two ways to really make a person work here for a long time. One is his own salary. He can be enough to make him think that it will be economical to stay here. The second is his personal growth. He is not only able to learn things here, he is also able to learn passages when he goes up. The third thing is that he does things in line with his personal interests. This is something that must be done.