SHENZHEN, CHINA - Media OutReach Newswire - 14 September 2024 - The fifth (2024) Private Entrepreneur Grand Conference (PEGC) convened on Sept 5 and 6 in Shenzhen, Guangdong province. Hosted by leading Chinese educational institution Bosum Institute of Management Science and the Bosum Association, this year’s conference brought together more than 8,000 private entrepreneurs from across China, with its livestream garnering over a million views.
Under the theme “Innovation Drives Development, New Quality Wins the Future”, the conference featured 13 keynote speeches and a roundtable discussion, shedding light on the innovative development paths for private enterprises in the era of new quality productive forces. Cutting-edge topics addressed at the event included enterprise growth strategies, AI application scenarios, enterprises going global, and brand development.
The roundtable discussion on “Innovation and Opportunities for Private Enterprises Under New Quality Productive Forces” saw industry experts and business leaders engaging in in-depth dialogues covering various aspects of new quality productive forces, including the interpretation, practical application, brand upgrading and enterprise growth, unveiling emerging trends and helping private enterprises navigate the contemporary business landscape.
In the opening speech, Zeng Renwei, Co-founder and Dean of Bosum Institute of Management Science, pointed out five key trends worth noting for private enterprises. These include the growing demand for affordable products due to demographic shifts and economic outlook, intensifying competition resulted by insufficient demand, increasing geopolitical influences on exports, industrial revolution driven by AI and emerging technologies, and the adoption of innovative management practices to boost efficiency and lower costs.
“PEGC 2024 aims to help entrepreneurs understand major trends, develop new quality productive forces, and leverage AI to enhance efficiency. These insights will enable them to gain competitive edges through innovations in management, products and marketing, while choosing favorable strategies to go global in the current landscape and finding new forces for bucking the trend,“ Zeng said.
The fifth consecutive year cohosting the event, the Bosum Association serves as a comprehensive service platform of exchange, collaboration and mutual support for private entrepreneurs, and remains committed to fostering growth in China’s private sector.
Liu Zhongping, Director of the Bosum Association, noted in his speech that a new round of technological revolution is stimulating the internal driving force and innovative vitality across various business entities. New quality productive forces represent the new frontier of industrial layout for private entrepreneurs, and leveraging these forces to promote high-quality development is crucial for breakthrough growth.
New Paths for Private Enterprise Growth
As the ongoing technological revolution and industrial transformation continue to reshape the global economic landscape, Chinese private enterprises face a profoundly changing external environment. In response, industry experts shared their insights on navigating the new growth cycle at the conference.
In a keynote speech titled “New Quality Productive Forces and Corporate Strategy”, Ning Gaoning, former chairman of Sinochem Holdings, addressed the crucial role of enterprises in developing new quality productive forces and the need to reform traditional management practices.
“Enterprises must readjust their thinking and organizational processes, prioritizing technological innovation and product R&D upgrades, so as to perceive how elements of new quality productive forces affect their own enterprises and create new opportunities,“ Ning stated.
According to Chinese macroeconomist Xiang Songzuo, China’s economy faces three fundamental transformations: from high-speed to high-quality, from growth-driven to asset-based, and from industrial to intelligent.
Addressing the new growth cycle, Xiang offered five key suggestions for private entrepreneurs: choosing the right business sector, adhering to long-term strategies, being rooted in “business for good” core values, developing proprietary technology and brand identity, and fostering innovative organizational cultures that promote shared success among employees.
Founder of Skyworth Group, Huang Hongsheng, expressed a similar view: “In the era of globalization, private enterprises should continuously strengthen their organization structure and focus on talent selection and cultivation, attracting those with innovative thinking, professional skills and a strong sense of responsibility. Meanwhile, they should provide ample training opportunities and growth prospects, to enhance the team members’ potential and comprehensive abilities.”
As for how enterprises should reconstruct omni-channel growth in the new business era, business architect Zhang Qi analyzed that the digital economy is reshaping consumption scenarios, creating new accesses for consumer traffic, connection methods, communication models and purchasing channels. While noting these changes, companies should remain focused on the value of their products, which lies in their uniqueness, scarcity, differentiation and economic moat.
Harnessing AI Power
Another key subject discussed at the conference is AI development, reflecting the unprecedented surge in large language models over the past year. This rapid technological advancement has swept through industries, profoundly altering production relations and structures.
In a speech titled “New Quality Productive Forces: AI & Technological Innovation”, Steven S. Hoffman, Chairman and CEO of global startup accelerator Founders Space, envisioned the extensive applications of AI technology in a digital future. “AI is made to serve us, to help us become more productive, more efficient and to help us generate new businesses and new value for our customers,“ Hoffman emphasized AI’s accelerated learning capabilities and its role in supporting human society.
Addressing the challenges posed by the advent of AI models, Xiong Hui, Associate Vice-President of the Hong Kong University of Science and Technology (Guangzhou) and Head of the university’s Artificial Intelligence Thrust, focused on the imperative for individuals and enterprises to effectively leverage the tools to enhance competence and efficiency.
“If Chinese companies can put effort into digitization and datafication, they have the potential to establish exceptional vertical AI models. This marks a new era truly driven by innovation,“ Xiong said.
Opportunities to Go Global
Qu Tian, founder of venture capital firm ATM Capital, shared insights on opportunities for Chinese companies to go global. He addressed that consumer spending in Latin American countries accounts for over 80% of the total GDP, with per capita annual spending nearing $7,000. With these statistics indicating a robust consumer market, Qu commented that Latin America could be a large and profitable market for companies seeking cross-border expansion.
He also advised that when Chinese companies expand abroad, they must tailor their business models to local markets, led by entrepreneurs who are best equipped to design strategies based on specific market conditions.
“It’s crucial for us to embrace changes, adapt the models to fit the markets, and harness China’s strengths in supply chain, technology and talent resources. Only by doing so, can companies gain a competitive edge to compete with local teams,“ Qu says.
Mastering Brand Strategy
In today’s rapidly changing consumer market, brand strategy is crucial for seizing new opportunities. In the past decade, Chinese brands have grappled with three key dilemmas—diluted brand impact despite overwhelming traffic, superficial perception resulted by fragmented content, and expanded reach yet dwindled attention, as was addressed by Jiang Nanchun, Chairman of Focus Media.
“While varied advertisements are able to reach consumers, they often fail to truly touch them or influence consumer behavior. Brand advertising should not only reach but more importantly resonate with consumers,“ Jiang stressed.
Gu Junhui, a brand positioning expert, emphasized the importance of lucid brand positioning in capturing consumer mindshare, in order to stand out in fierce market competition.
In the development of cubilose brand Xiaoxiandun, its Chairman and CEO Miao Shu noted the growing consumer preference for quality, well-being, scientific validation and individuality. “Enterprises need to continuously explore the evolving demands of consumers, and innovate their business models, products and services accordingly, to thrive across economic cycles,“ Miao said.
Founder and Chairman of LKK Innovation Design Group, Jia Wei, advocated for a user-centric approach to product development, focusing on cognitive, experiential, and technological innovations to meet user demands, win user mindshare and foster sustainable growth.
Mindset Matters
Addressing how entrepreneurs can maintain a positive mindset amid economic volatility, Peng Kaiping, Director of Tsinghua University’s Institute for Global Industry and a pioneer in positive psychology in China, introduced the concept of “negative bias”, namely the tendency for people to pay more attention to negativity.
Peng stressed the importance of tapping into one’s inner positive thinking to enhance personal well-being and contentment: “Positive psychology scientifically explores the positive forces in human nature, such as building positive emotions, cultivating supportive environments, creating meaningful interpersonal relationships, stimulating a sense of purpose in work and enhancing the sense of achievement. With such theoretical guidance, entrepreneurs can spread positive energy and achieve sustainable development.”
As the fifth PEGC successfully drew to a close, its boost on discussions around new quality productive forces and enterprise strategic growth continues to exert influence across industries. This landmark event not only embodies a pivotal milestone in the development of China’s private enterprises but also provides a powerful driving force for the high-quality development of China’s private economy.
Looking ahead, Bosum remains committed to empowering and supporting the development of private enterprises in an era of new quality productive forces, highlighting pathways for them to enhance their competitiveness and seize emerging opportunities.
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