Yu Minhong: Entrepreneurs Like Liu Qiangdong and Dong Mingzhu Are Not Crooks, Pursue Wealth but Aren’t Misers

In a speech delivered yesterday at the Guangdong University of Foreign Studies, New Oriental Education & Technology Group’s founder, Yu Minhong, offered a spirited defense of entrepreneurs, a segment he believes is frequently misunderstood.

Addressing a room of students, Yu asserted, “Don’t confuse entrepreneurs with unscrupulous merchants. Entrepreneurs are among the most resilient individuals in society.”

He elaborated, citing himself alongside prominent figures like Liu Qiangdong (JD.com), Dong Mingzhu (Gree Electric), Zong Qinghou (Wahaha Group), Cao Dewang (Fuyao Group), and Yu Donglai (Yuantong Supermarket). Yu explained, “While they pursue wealth, they are not hoarders. They are driven to use their wealth to build a better world.”

Yu emphasized that most entrepreneurs build their empires from the ground up, fueled by immense dedication and perseverance. Their smarts and vision may pave the way to wealth, but they also shoulder the constant pressure of potential failure.

The recent saga involving Dong Yuhui and the platform, “Oriental Selection”, brought into sharp focus the complexities of the entrepreneurial landscape. Questions arose regarding mutual dependence, with debates swirling over whose success had propelled the other.

However, reports indicate that over 200 entrepreneurs once connected to Yu Minhong’s New Oriental have since gone on to establish their own ventures, a testament to his influence and mentorship.

Zhang Hongtao, Secretary-General of the Yabuli Entrepreneurs Forum, has previously offered insight, defending Yu against accusations of stinginess: “Some label Yu as a miserly capitalist. I’m not sure where this comes from. If Yu is stingy, how did Dong Yuhui emerge and flourish?”