Making It Big In China
Wei Ing-chou opted not to continue studying after graduating from high school. He decided instead to help his father run their small factory processing castor oil. At 25 years of age this young Taiwanese lost his father.
At that age he had already acquired a lot of business experience. One of the key lessons he learned was for the business to grow it would need a strong group of talented people. While he didn’t finish his education he always respected academically gifted people with particular strong talents.
A workaholic he also demanded the same level of hard work from his managers. Yet he is also generous with his compensation. When the noodles brand Master Kong first entered China he paid people in Shandong province 600 renmimbi a month when the prevailing rate was 200 renmimbi.
Today the company he heads Ting Hsin International Group along with three of his brothers is one of the most influential companies in China. Its Master Kong brand instant noodles, ready-to-drink teas, and bottled water are now market share leaders in China. Companies like PepsiCo, the world’s second largest food and beverage business have entered into partnerships with their companies to take advantage of their wide food and beverage distribution network.
Aside from hard work, success has come to Chou because he understood he would need the talents of others (including his brothers) to help him achieve his and the company’s goals.