number below it in the end listed

IntrapreneurshipThis is a very interesting phenomenon. Following the spin-off tour Sohu announced after separate listing, grand and several Chinese companies are preparing their own spin-off of its part of the business. By contrast, the United States has so much company, but we never see that Microsoft spin-off of the Internet business, Amazon listed the digital Nike Air Jordan 12 reading business division, Wal-Mart to logistics and warehousing business spin-off, the Disney theme park business by demolition of the market, and even the most diversified conglomerate General Electric is also not trying to develop any one of its spin-off business long enough to spin off. Compared with those who like to put a greater share of the cake (so there will be a pizza) European and American counterparts, Asian companies seem to prefer a platter filled with one delectable pie. Cheap Nike Free Outlet In Hong Kong, the parent company's spin-off part of the business of a public listed holding company again independent or actual control over listed companies is nothing new. Resources such as Cheung Kong, you've probably lost count of the number below it in the end listed companies. All for the people to retain? 'In the venture company' is not a new term. Why it has become booming at this point in time, what reason? For this reason, we do business and make a lot of friends to talk to invest over this thing? Topic. Point one: corporate spin-off of its high-growth business in favor of a higher valuation. On the surface this argument makes sense, but think carefully, do not. Because you put a high price-earnings ratio to spin off the business, you will inevitably mean lower earnings of the business stayed in the capital market and therefore give you a spin-off business higher earnings, while the remaining business will be moderately lower earnings. In fact, rational investors do not spin when you should have been the different nature of the company's business are adding a summary of valuations go (that is, 'the parts' Nike Air Yeezy II approach, we often say). Therefore, assuming that the capital market is information symmetry, rational and efficient as a whole on the valuation of the company should not have too much space spread after the spin-off is complete. Second point: the corporate spin-off is to put eggs in different baskets, help spread the risk, to form an effective barrier. According to this logic, GE should have split into at least four or five companies; the same according to this logic, Bear Stearns and Lehman Brothers Had the securities trading business and asset management business spin-off, could not have come Today. In fact, the real problem is not the business split into multiple fine can be effective against the risk, but the company's overall adequacy of internal controls in place and powerful. Point three: Air Jordan Outlet a plurality of listed companies to broaden the financing channels. This is more flimsy grounds. Ten little water flowing out of the water may not have a large water flow out of many. For the purposes of the capital market channels, the number of financing platform entirely unimportant, its flow and throughput level is the most important (for those who install the right pocket to the left pocket, related to correlate to the Group intends to do as an organization chart. ' Transformers 'alien symbol unrecognizable general Nike Air Jordan Flight 45 business is simply not within the scope of my discussion). The listed company is split into a plurality of listed company (or upside down, allowing multiple listed companies exist without them synthesize a listed company), if not more deep motivation, the surface afterwards must be uneconomical, because you Under the business remain unchanged, need no reason to pay more of the cost of maintaining the status of listed companies as well as corporate governance and auditing. Nike Kids Sneakers This account is only one case can be considered to come - that is had. The 'forced' because there is only one - that person?. Ran Wang view: for many Asian companies to establish multiple platforms this phenomenon in the capital markets, the only explanation is better able to stand up - this is to attract, retain and motivate the executive team needs and special talents. Live on their own impulse Well, suppose our previous analysis is correct, we have to answer the question now is why today's China boss so need intrapreneurship? The US and European companies and our China business may be able to make a clear contrast . Listed companies in Europe and America is no reason why the power and the desire of the company split into multiple listing platform, because these companies are basically from the board of directors and professional managers (not the founder) is controlled. For trustee responsibility and risk aversion, the Board always want as much as possible to maintain a relatively stable company. As a professional manager, who is Nike Lebron X Elite to take the natural orientation of the company bigger, because their income, social status, industry status and influence and size of their serving platform directly? Off. Today, China's situation is different. First of all, most of our successful companies (especially private enterprises) have also mastered in the hands of the first generation of entrepreneurs. These entrepreneurs succeeded in laying a piece of land after the invincible momentum, there is the desire to replicate the successful experience of its own, but also how the platform layout, industrialist turned from an ideal platform for investors and founders. Secondly, and perhaps more important, our professional managers have not yet formed a listed company is not generally controlled by professional managers, entrepreneurs tend to be large sets of small entrepreneurs, blood many domestic managers and key technical staff We are surging in self-hill impulse. In this case, in order to successfully retain talent, you have to walk a kilometer to them to build a sense of ownership and belonging to their platform. This raises another interesting question: Why compared with US and European companies, Chinese companies have more professional managers live on their own entrepreneurial impulse which is probably related to the stage of our economic development?. Professional managers in Europe and America as a class and a market also experienced nearly a hundred years of development was to mature. They seat on professional managers already allows them to reap the benefits and shiny aura, Nike KD VI Elite so do not feel necessarily realize the value of life through entrepreneurship skills. In Europe, real venture out only a small proportion of people, and the reason they out of business, or something out of interest in itself, either out of frustration and unfortunate dismissal. In contrast, our entrepreneurs, although there are some motives were pure, but such a person but is a minority. More entrepreneurs start unintentionally given a lot of 'Unbearable' connotations. In their eyes, the entrepreneur is a shortcut to get rich, is a springboard to success, is a life-changing encounters cube. Many of them do for the entrepreneur does not have the share of obsession, he was more concerned about how to invest flicker came to realize how much the paper and when the valuation can be listed. Ran Wang view: the people business enthusiasm, speed is the driving force of our economic growth, but at the same time we may also appear next resistance world-class companies. When professional managers of listed companies generally get enough wealth and achievement, and when business is just a few preferences and choice, when we no longer listed companies to retain Womens Nike Zoom Hyperflight PRM talent and a lot of spin-off listed companies, and Chinese from the birth of the world-class companies will closer. Intrapreneurship: a win-win opportunity here, and we have sort of a 'business within the company,' the internal and external it?. For preventive measure bosses and ambitious entrepreneurs, whether in the business model is a win-win opportunity? First, we have to say, for now, these migrant workers, intrapreneurship would be a wise choice, because your current employer might It is your best angel investors. Compared with the general individual entrepreneurship, we will find no matter from which point of view, internal business better than individual entrepreneurs, the success rate will be higher. Because the business environment is fully familiar with the entrepreneurs, companies can provide manufacturing equipment, supplier networks, technical resources, all kinds of personnel, marketing network Nike Air Max 2013 and even corporate brand. Entrepreneurs do not have to spend a lot of time to explain the project to the outside world and on financing. However, the premise of this success is that you have to have enough wisdom to meet a vision, and in the company's decision to do the Lord's good boss. Obviously, such a boss and easy to find. But we want to tell these bosses is: if you look at the issue from another angle, encouraging intrapreneurship may get far more than you lose, and you may make up for missing the strategy in some ways. 1. snatch resources. 30 years of Kevin Durant reform and opening up, but for many people still in the stage of a resource grab, especially in the first 20 years is to rely more courage, by contacts, by relationship to polish their core competencies to be based on the market. In this case, the multi-platform in favor of him to grab resources, especially resources of capital markets, the so-called left hand down the right hand, then multiple platforms to finance the completion of the transfer of resources through related party transactions. 2. The risk-averse. In the initial stage of market development of Chinese economy, we are facing a variety of market risks as well as non-market risk is still more. Some of the wall set up in this case may play a protective role. 3. diversified demands. In other countries, companies often based on one area accounted for sufficient market share, but China? Because of intense competition, it has to keep thinking to expand or enter other upstream and downstream industries. So more willing to do this diversity cloth? Bureau. 4. reasonable settlement of older employees. After a certain scale enterprise development, how to deal with veteran entrepreneurs is a difficult problem. First of all, with age, older employees who lack motivation for innovation; secondly, their salaries and positions are accumulated to a high level, if not promoted, it will dampen their enthusiasm for work, but this time the enterprise it is impossible to have a lot of promotion machine? Will. Boss, tempted to act well, if, as the boss, you have begun to try to accept in the company business plan. Well, now the most important job is to sort out their own business forms, give full consideration to the characteristics of its business and staff incentives and controls to do the following classification check mark into? Seat. Here, according to the drivers of new business growth are different, we can put your hands in the business are classified as innovation-driven business and resource-driven business. Innovation-driven: is the key to business success is a new technological innovation or business model innovation. Internal entrepreneurs in new product development and operational management plays a key role, even irreplaceable, Sohu's tour game business is typical. Resource-driven: is the key to business success is a new position in the industry of the parent company, as well as investment funds, personnel, technology and brand resources, new business management team is responsible for the operation and management focus. For example, China Mobile's 3G services, China's overseas oil business. Of Nike Lebron 10(X) course, these two models are not absolutely separated, Case 3G, 3G technology development process is driven by innovation, operational process is resource driven. Innovation-driven new business and resource-driven new business due to the characteristics of different businesses, so the focus is not the same management. Innovation-driven new business management focuses on product development, business team building, creating a relaxed atmosphere of innovation, because the essence of innovation is to try, risk, is the success rate, the technical feasibility and commercial value of the new product are required in the exploration process go perfect, OK. Motorola's 'Iridium program' is a classic case, which lasted seven years and cost more than 50 billion investment project in August 1999 filed for bankruptcy protection. In addition, innovative services, the technical genius often leading the progress of product development, the formation of a team with initiative, risk-taking, perseverance and flexibility characteristics of entrepreneurial management team determines the success or failure of innovation. 'Encourage innovation, tolerance of failure,' the Silicon Valley culture is its source of innovation as the cornerstone of the world, the internal innovative enterprises also need to create such an atmosphere, need senior leaders personally, given enough trust and authority, create a relatively independent, liberal range, not instant success, various departments within the company have sufficient understanding, cooperation and support. Resource-driven new business management focused on opportunity assessment, project management and risk control. This type of related diversification and extension of type business more large enterprises have occupied a leading position in the industry, Kobe Bryant technological innovation, new services are mainly product improvements and technology upgrades. Because of the relatively large investment of resources, feasibility of the project is critical, need to focus on pre-project industry experts repeatedly demonstrated, the project uses project management, strict control, progress and efficiency, ensuring that the project is not out of control. Assessment and motivation is the key to execute. Innovation-driven business in product development and market launch of the initial assessment should focus on the progress of work at this stage belong to the investment period, no sales or very little income, the entrepreneur a lot of pressure, risky, therefore, to solve them worries, stable wages, bonuses based, promised long-term sales commission or equity depending on the circumstances; growth stage is characterized by a substantial increase in sales revenue, profit margin, growth rate is very good, the assessment focuses on the sales revenue, profit and growth rates, incentives should be linked to performance, revenue should be increased greatly, depending on the circumstances implementation options, equity incentives. Resource assessment and incentive-driven new business is different. Pre-project should focus on the progress of work, for example, meet twice a month experts will examine the situation at home and abroad and other related businesses. Similar other business routine work such work and large enterprises, incentives to wages, bonuses based, access to project growth, significant investment of resources, substantial growth in sales and profits, a reference to the idea is to draw on EVA (Economic Value Added ) evaluation model. EVA (Economic Value Added: Economic Value Added) is the difference between the capital gains and the cost of capital between, or more specifically, Nike Air Max 2013 refers to the after-tax operating profit and the balance between all the capital invested. Compared with other enterprise performance evaluation, EVA biggest difference is the inclusion of capital cost of this factor. The so-called cost of capital refers to enterprises to obtain and use the funds to pay various fees, it can simply be called a rent of enterprises charged with capital. From this point of speaking, EVA can also help companies evaluate the operating results of the internal start-ups, it is an effective performance assessment indicators. The basic principle is that the reward system EVA: EVA according to a fixed percentage of value added calculated entrepreneurial project team incentives and bonuses linked to the performance of the currency, the reward does not cap, without guarantee. If the management team have made great contributions, consider options, equity shock? Reed. We would also like to remind the reader's attention to the fact that, within the company's business is not a new term came out today, after half of the 1990s, Chinese companies have begun to try intrapreneurship, Dr. Xu Zhong will clearly remember him as a Legend Capital has been involved consultants designed a program called benefits associated company, which is jointly funded Lenovo and Hewlett-Packard, the printer's main business of the company, and his work is for the company Legend Holdings, Lenovo faction in the past The four employees design 10% of the equity incentive program. This is perhaps now we can come into contact with the first prototype in the company business. Of course, after the attempt has been no interruption. Among these, Nike Air Max we believe Huawei and Sohu, two cases of the most representative, although the same as in the company's business, but regardless of the operation mode or the end result, both qualitative difference. Despite the large environmental impact, from the two founders of inner struggle, we can see a company wants to promote intrapreneurship is not easy. It is unable to jump two calendar? History. Reading the story of the two companies, to try to do today within enterprises, very interested in entrepreneurship? Righteousness! (The author is ECapital CEO Ran Wang, Xu company