Walton: Spy on Every Competitor Then Outwork Them All

"Around 1997, more than eight private enterprises in Zhejiang and Jiangsu provinces alone proposed car manufacturing strategies. Others left themselves a way out, making car manufacturing a “big bait” while not giving up their original industries, hoping to gain government support and bank favor. Only Li Shufu was the most “crazy” and “foolish.” Once he mentioned car manufacturing, he put all his life’s worth on the line without any distractions."

"When Li Shufu put all his eggs in the “car manufacturing” basket, he was no longer an ordinary businessman; he was learning to be an entrepreneur."

"To many, Li Shufu had three obvious deficiencies in car manufacturing: First, he had only about 100 million yuan in cash. How could he enter an industry requiring huge investment? Second, Geely was involved in motorcycles with no accumulated experience in the automobile industry. Third, and more importantly, car manufacturing was considered a state endeavor. How could a private entrepreneur succeed without government support?"