We are not strange anymore to the sign “Made in China” on the products we see all around us. China has been well known around the globe for mass producing goods and shipping them around the world for a ridiculously cheap prices. However, people usually associate the products that are made in China to be cheap and low quality. What they do not know is that these days, China’s creative industries are rapidly growing. It is growing to the point that the phrase “Made in China” might transform itself into meaning that the product is created with high quality but also with cheap competitive prices.
These days, cheap and affordable smartphones are now dominating the market. However, a famous brand that is currently prominent in the affordable mobile phone sector is Xiaomi. Their products have shown that high end components that are usually used in phones over $400 can also be inserted to phones that are geared to be priced at $200. With Xiaomi creating cheap and affordable smartphones offering high quality internal components that are usually found in more expensive phones, Xiaomi has shown that China can create products that are high quality but also with prices that are a bargain. On the other hand, the company itself has grown exponentially in just 4 years. Born in 2010 with only 14 original employees, Xiaomi is now one of the biggest technology company in the world with over 6000 employees and billions of dollars in turnover and now competing with Apple and Samsung.
Chinese corporations have one key to success and one formula in common for achieving success that I think other companies around the world should learn from. Their key to success is simply by using “speed”. Chinese companies will have to work in lightning speed because for them time is money (and they take it really seriously). The formula Chinese companies use is by applying “Chuang Yi”, “Chuang Xin”, and “Chuang Zao Li” to their business. In English, it basically means creativity, idea, originality, and innovation. As you can definitely see from Xiaomi, by applying the formula and the key to success they have achieved amazing feats that tens of thousands of other companies have always dreamt to achieve… IN ONLY FOUR YEARS!