Summary of How CEOs Should Handle Power, Interests and Relationships

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8 Innovation

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Estimates show that 70% of Chinese students studying abroad in the United States and Canada have taken courses at New Oriental Education and Technology Group, one of the largest nongovernmental educational companies in China. Yu Minhong (Michael Yu), “the richest teacher in China,” began his career as an English tutor who helped students get good scores on the  Graduate Record Exam (GRE) and the Test of English as a Foreign Language (TOEFL). With help from his family and later his classmates who returned to work in China after studying abroad, Yu transformed a humble English-language training school into a public company traded on the New York Stock Exchange. His story inspired the 2013 Chinese movie American Dreams in China. Yu shares his management philosophy and what he has learned over his career in this article published by Legend Capital CEO Club, a WeChat wemedia account focused on business and career advice. Small business owners will appreciate his insights on managing the company, sculpting the company culture, dealing with staffers and staying innovative. getAbstract recommends this article to small business owners.

In this summary, you will learn

  • What Yu Minhong has learned from leading education company New Oriental,
  • How Yu manages the company’s management team and employees, and
  • How Yu keeps New Oriental innovative and competitive. 
 

About the Author

Yu Minhong is the founder and president of New Oriental Education and Technology Group.

 

Summary

An inspiring CEO has a bigger chance of leading his company to success. CEOs must be able to find like-minded people who share the same goals and spirit and get them to follow him or her on the journey toward that end goal. Chinese education company New Oriental now has more than 30,000 employees – and pretty much all of them have the same understanding of the company’s mission and values. Everyone at the company should hear the CEO’s voice at least once a week – which will strengthen company culture, bring the whole team together and clarify expectations for the employees. In terms of managing people, CEOs need to do four things: 


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