Top 5 tips for Chinese entrepreneurs from Lenovo's Liu Chuanzhi

In an interview with the South China Morning Post, Liu Chuanzhi, often dubbed by Chinese media as the "godfather of Lenovo", the computer technology company he founded three decades ago that still ranks as one of the biggest success stories to emerge from the nation, shared his top five tips for Chinese entrepreneurs.

Be honest

“Honesty is the foundation for doing business, whether it be in China or abroad. With China’s opening up and economic reforms over the last 30 years, we have seen some Chinese entrepreneurs who have not been very honest in their dealings with either their customers or business partners. If such people venture overseas and make similar kinds of mistakes, they damage the reputation of all Chinese entrepreneurs.”

Stay humble

“Some private companies in China may see their business grow really fast in just a few years. As a result, many entrepreneurs felt as though they became very rich almost overnight. Some of them began to show off their wealth, and such behaviour also damaged the image of Chinese entrepreneurs in general. I think we should always try to avoid becoming arrogant, no matter whether we are wealthy or not.”

Broaden your vision

“I always encourage people to travel. When you travel, you can broaden your horizons, especially when you try new things. This can also give you more new ideas, either for your business or for your life. It takes time to broaden one’s vision, which is very important for an entrepreneur if you are trying to grow your business, or expand globally.”

Shoulder more responsibility

“Being a good entrepreneur doesn’t just mean running your business well. A real leader should also care about society, and bear more social responsibility. I personally respect [Microsoft’s] Bill Gates very much. He’s a devoted philanthropist, as well as a very successful entrepreneur. I hope we can have more entrepreneurs in China like him.”

Grow your team

“I always say it’s more important to have a strong team than to just make one or two good deals. A team of colleagues you can trust and rely on can help your business go very far, and very well, in the long run.”