Standing in the Front of A CEIBS Class
By Yu Feng, CEIBS EMBA1999, CEO of Target Media Holdings Ltd.
Established in 2002, Target Media Holdings Ltd. was rated by Fortune in 2004 as one of China's "Cool Companies" (companies with the greatest growth potential). As the founder, I am greatly pleased to see the company thriving just like seeing my own child growing up healthy and strong.
Perhaps it is Target Media's rapid growth experience that has caught the eyes of Professor Zhang Weijiong; he came to me last year and said he would like to write a case about the establishment of my company. I happily agreed. As a CEIBS graduate, in the school's EMBA 1999 class, I completed two years of studies which enlarged my perspectives, widened my thinking and inspired my determination to start a business.
After graduation from CEIBS, I gave up the "iron rice bowl" mentality by leaving a state-owned enterprise and embarking on the road to entrepreneurship. I would have broken out of the "iron rice bowl" mentality sooner or later, but it was my study at CEIBS that made me do it sooner than later. Opportunity seldom knocks twice and perhaps if I didn't transform my thinking when I did, Target Media may not have become what it is today.
When Professor Zhang first met me, he joked that I was not like a businessman, that I was too civil and more like a scholar. I responded that it was the result of being edified at Fudan University's Philosophy Department. The stereotype is that philosophers are day-dreamers and not individuals that can actually do something practical with it.
However, it was during this period of time that I developed the habit of pondering, the merits of prompt judgment and strong insight, as well as the spirit of exploring fundamental causes. Philosophy exercises one's ability to think and analyze, which has benefited me greatly since my philosophical studies and has given me a zen-like state of mind when striving ahead rapidly. If you look around, there are a number of philosophy majors who have become successful entrepreneurs. Day-dreaming has turned into something where you dare-to-think and dare-to-do.
Thus without a word, I actively cooperated with Professor Zhang. I talked to him about my career, how the idea of establishing my company came about, why I chose the field of video media, difficulties that have met so far, major issues I encountered and how I gradually resolved them later on. While listening, Professor Zhang became more and more interested. There were two reasons for this, one was that video media was a rather new concept in China and it has been a neglected niche. Its growth potential is so great and its advertising effect is so excellent that compared with other media types, it efficiently communicates the advertiser's message to a targeted group, therefore preventing the loss of financial resources. It was really a good business opportunity. Second, I initially met huge difficulties when I started. I needed to address a lot of problems that many entrepreneurs face, ranging from equipment to installation maintenance, business models, channel issues, brand building and capital issues. In 2001, the largest barrier I had was the extraordinarily high price of the liquid crystal displays (LCD). LCD prices declined greatly the next year. Seeing the opportunity brought a smile to my face, solving many problems.
Initially, video media was just an advertising project of an advertising agency that I established, i.e. Dian Yang Digital Media Science and Technology Ltd. In 2002, I established and registered Target Media Holdings Ltd. (Shanghai). Within two years, the company was rated by Fortune Magazine in 2004 as one of China's "Cool Companies."
This January, Sinomonitor International (Beijing) conducted a brand awareness survey of 13 non-state owned media. It found that Target Media and Sina, Phoenix Satellite Television Company Limited, Shanda Internet Development Co.,Ltd. and Net Ease all received the same ranking. These evaluations show that we have achieved growth and that building video media is really an excellent opportunity that has strong and accurate advertising potential.
Target Media can be defined as follows:
. Target. Target attention, target the audio and visual audience, target growth synergy;
. Media. There are three target groups that the media is directed: good customers, good investors and good talents. At Target Media, we combine these three elements together with a good business model and strong corporate culture. This not only illustrates the building of the video media industry, but also expresses Target Media's business philosophy and its corporate culture.
Many things in the world go like this: first, one should dare to think; second you should be good at discovering; and third you should be brave to act. By establishing Target Media, I discovered an important opportunity; while studying in CEIBS gave me another rare opportunity.
Prof. Zhang finished writing the case and used it in one of his courses. I am very glad to hear that the case resulted in good teaching material. I also appreciate the increased exposure Prof. Zhang gave to my company through the case and the lessons that can be learnt from it. To my surprise, Prof. Zhang invited me as a guest speaker to his Entrepreneurship Course in January, to talk in front of class about my personal experience.
The day I returned to my Alma Mater, I met a large number of diligent MBA students and I felt especially pleased. I talked and discussed with students, analyzing areas like target market, business model and product composition, and then explained to them Target Media's business situation at the time. The atmosphere in the classroom was especially active and enthusiastic. Prof. Zhang and all the students seemed to be quite satisfied. During breaks between the discussions, I stayed in this familiar classroom and for a few moments, I felt as if I was back in during my study times. Being with these students that were thirsting for knowledge reminded me of myself several years ago.
