The Richest Teacher: Yu Minhong'S Entrepreneurial Story

At 9:25 pm on September 7, 2006, the New Oriental Education Technology Group hit the stock market clock in the New York Stock Exchange.

Yu Minhong, who has been singing "hope for life from despair and brilliant life", has finally led the New Oriental to be listed. It has just been stuck before the "time window" of "red chips" listed overseas in September 8th.

It is estimated that

However,

New Oriental listing has set a zero record for China's education industry in the US.

This is a commendable and controversial topic.

From a small school registered in 1993 to a multi billion dollar listed company, it is not easy for New Oriental to find "Hope".

"One of the things he most deserves to say is to help thousands of young people realize their dream of going abroad."

A "returnees" fund manager mentioned Yu Minhong very much.

In 1998-1999, he was a trainee in New Oriental University. He rode to the New Oriental training class in Tokai, North Fourth Ring Road, Beijing every summer vacation.

How will the New Oriental with 10 million students be short of money? But many experts think that "lack of money" is the main idea for Yu Minhong to make a listing decision.

Ji Shupeng, a M & a expert, believes that although Yu Minhong has a lot of money in training costs every year, he has to pay higher cost of teachers and operating costs.

For example, the salaries of teachers, in the New Oriental School, the most ordinary teachers one hour of class fees also need 1000 yuan, excellent teachers' class fees are almost not capped, New Oriental has appeared to the teacher can not pay wages.

Besides, in the field of foreign language training, the competition faced by New Oriental is very grim.

According to Ji Shupeng, in the New Oriental's financial statements, its long-term capital net value is often less than the long term net asset value.

That is to say, Yu Minhong's New Oriental is making long-term investments with short term financing (short and long investment), so the data reflected in the annual report will not be favorable.

Under such circumstances, listing overseas is Yu Minhong's best financing option.

He has a unique formula for calculating value.

Xie Bo (a pseudonym) is an English teacher who entered Beijing New Oriental school this year.

Yesterday, he told reporters about Yu Minhong's personal value formula.

One of Yu Minhong's favorite words with employees and students is that you want to know how valuable you are, look at friends around you, and choose 5 friends. The average value of them is your value.

Xie Bo believes that the New Oriental can achieve such a great success, and is closely related to Yu Minhong's leadership style.

He likes making friends most. In recent years, the development track of New Oriental has also outlined his track of making friends.

{page_break}

"When he was studying at Peking University, he made some very good friends, and these friends helped him in his future career."

Xie Bo said.

Two major failures in my life

A person's growing process is a process of constantly finding and grasping opportunities in failure. Without failure, there is no success. Life without setbacks and failures is not a rich life, just like plain water, pure but tasteless.

Whether a person is rich or not can not see his age, but depends on whether his life is colorful or not. It depends on whether he can grasp the opportunity in the process of experiencing life.

Now I want to talk about two failures that have a turning point in my life.

The first time was my college entrance examination.

I talked about the story of my college entrance examination in an article. At that time, I didn't have lofty aspirations. As a farmer's child, it was my dream to leave the countryside to live in the city, and the college entrance examination was the only way out of the countryside at that time.

However, due to the weak knowledge base and so on, I failed in my first college entrance examination. I got 33 points in English. In second years, I got a test again, and scored 55 points in English. I still failed in the exam. I persisted in the examination for third years and finally got into Beijing University.

Here I want to point out two points: the first point is the importance of persistence, because ignoring failure is the foundation of success; the second point is that ability and goal are directly proportional to ability, and ability is increased, and the goal of life is naturally enhanced.

At the beginning, I didn't want to go to Peking University, and the normal college was my highest goal. But the score of the college entrance examination went up, and naturally I went to Peking University.

This is the first time I have realized the taste of failure and success.

My other unforgettable failure is the collapse of my dream of studying abroad.

In the late 80s of last century, there was a craze for studying abroad in China. Many of my classmates and friends went abroad one after another.

I began to move under the pressure of family and society.

In 1988, I got a high score in TOEFL, but when I was struggling to go abroad, the turbulent 1989 led to the US policy of constrictive education in China.

Over the next two years, the number of Chinese students studying in the United States has been greatly reduced. In addition, my academic achievements in Peking University are not excellent. The dream of studying in the United States has been wasted for 3 and a half years.

In order to earn a living, I went to Beijing University to teach lessons, and I was punished for violating the interests of Peking University.

In order to save face, I had to leave Peking University, and my life and future seemed to be completely dark.

But it was these torments that made me find new opportunities.

Despite the failure of studying abroad, I am familiar with the process of going abroad for examination and going abroad. Although I have no face to stay in Beijing University, I am more and more familiar with the training industry.

That is what helped me to seize the biggest opportunity in my life: to start the New Oriental School in Beijing.

A person can grow from the tribulation and failure of life, just like the fresh plants can grow in the rotten soil.

Soil may decay, but it can provide nutrition for plants. Failure is a pity, but it can temper our wisdom and courage and create more opportunities.

Only when we can face failure and trial with a calm mind, can we mature and harvest.

And those failures and setbacks will become the priceless treasure of life, and it is worth keeping in the deep memory.

{page_break}

Lao Yu's quotations

Yu Minhong said management: if our "New Oriental" employees work face to face, everyone will feel suffocated. Maybe we can give him more money than he does in "New Oriental" unless he is a masochism who likes to be angry.

Yu Minhong said interpersonal relationships: especially in China's more complex society, we should learn to find ways to understand others, let people think you are very mature, very good, you can make things happen.

Yu Minhong said it is a pity: when a person lacks anything, his living space is stripped.

If we wake up every morning, feel today's shortcomings, and feel that we need to be more perfect and feel that we are still pursuing, what a happy thing to be!