From Student Entrepreneurship to Overcoming Bankruptcy: The 2 Core Principles That Helped Lôi Quân Succeed
Tỷ phú Lôi Quân (born in 1969) is the founder of Xiaomi, the largest tech company in the world. Under his brilliant leadership, Xiaomi has expanded its product range beyond smartphones, laptops, and tablets to include hundreds of other electronic devices such as TVs, TV boxes, power banks, speakers, electric vehicles, power strips, and smart home systems. The conglomerate has even ventured into the automobile manufacturing industry.
According to Canalys, Xiaomi’s smartphone sales reached 146.4 million units in 2023, making it the world’s leading mobile phone manufacturer in China. On December 28, 2023, Xiaomi Motors launched its first car, the SU7, marking a new milestone for the company.
Lôi Quân is not only exceptional in the business world but also renowned for his meaningful social activities. As a former student, he donated 1.3 billion NDT (approximately 4,431 billion VNĐ) to Wuhan University to support scientific research, technological infrastructure, and university education.
Throughout his journey in both work and life, Lôi Quân has always strived to ignite the hidden fire within him. He started brainstorming business ideas during his college years, and the excitement about entrepreneurship kept him awake at night.
Despite facing various challenges in his career, he has become a billionaire with an estimated net worth of $11.2 billion USD in 2024. To achieve such remarkable success, Lôi Quân has always maintained a “burning” spirit and an explosive energy in both his work and daily activities.
1. Always Stay Rooted
In 1897, Lôi Quân successfully enrolled in the Computer Science department at Wuhan University. With his outstanding abilities, he received scholarships and wholehearted support from teachers on numerous projects. One of the driving forces behind his enthusiasm was when he was awarded a 2,000 NDT scholarship – a tremendous amount of money for him at that time. He always reminded himself to put in more effort to repay the university for its support in terms of knowledge and financial aid.
Reality has shown that, through his efforts, he has fulfilled his aspirations. When he became an outstanding entrepreneur, he revealed his secret: “Greatness is achieved through hard work.”
After graduating from Wuhan University in 1991, he co-founded Kingsoft with his friends to develop WPS office software, becoming a heavyweight competitor to Microsoft Office. However, Kingsoft also experienced a period of failure and was on the verge of bankruptcy. With his sharp business mind and strong determination, Lôi Quân transformed from a programmer to a business manager and successfully led Kingsoft to go public.
His story has inspired many students in their career development, bringing positive values to the community and society.
2. Far-Sighted Vision Leads to Success
After leaving Kingsoft and realizing the potential in the smartphone industry, Lôi Quân became interested in the Silicon Valley. He dedicated all his time and money to research and study. In 2010, Lôi Quân founded Xiaomi with his first-generation employees. Initially, Xiaomi was overshadowed by big brands like iPhone and Samsung.
Recognizing the lack of standout products, Lôi Quân used appealing marketing strategies, tapped into people’s financial capabilities, and focused on cost optimization. As a result, Xiaomi achieved a sales revenue of 10 billion NDT within three years. In 2013, Lôi Quân was named the “Economic Person of the Year” in China, proposing progressive ideas and emphasizing the need to eliminate traditional production methods.
In 2015, Xiaomi expanded its market presence to Asian and Latin American countries. Especially in India, Xiaomi achieved remarkable revenue results. The international market helped Xiaomi maintain high sales figures worldwide.
As the smartphone industry enters a mature phase, Lôi Quân sees the opportunity in the new energy vehicle industry. In March 2021, he officially announced Xiaomi’s entry into the new energy vehicle industry. Lôi Quân effectively utilizes the Xiaomi ecosystem. Last October, he released the Xiaomi Pascal OS operating system.
Furthermore, Lôi Quân has accelerated the development of the Internet of Things (IoT). In November last year, the number of devices connected to Xiaomi’s IoT platform reached 655 million NDT.
With his tenacity, vision, and passion for innovation, Lôi Quân has managed to overcome obstacles and achieve tremendous success. His journey from a student entrepreneur to a billionaire serves as an inspiration for aspiring entrepreneurs and those seeking to make a positive impact on society.
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