Terry Gou—the Founder of Hon Hai Precision Industry Co

Last Updated: 15 Apr 2020
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In recently years, Apple’s products sweep the world. I think everyone only knows Steve Jobs, but not much people know Terry Gou who is the founder of Foxconn which is the supplier of Apple is a Taiwanese. Most of Apple’s products were assembled by his factories. He not only cooperates with Apple but also cooperates with many international companies such as DELL, Intel, COMPAQ, etc. In 1974, Terry Gou used around $7500 to create his first company which is “Hon Hai Plastic Products Co. ”. Their master product was the buttons of televisions.

Until 1981, he successfully created new product which is computers’ “connector”. The following year, he changed his company’s name to “Hon Hai Precision Industry Co. ” and he had around $530 thousand assets in that time. In 1985, he created a branch which is Foxconn in U. S. (MBAlib) In March 2012, Terry Gou was ranked as 184 of the world’s billionaires with $5. 5 billion by Forbes. (Forbes) Terry Gou has three main business philosophies. 1. Daring to give For Terry Gou, he always remembers these words: “Thousand soldiers get easily, a will difficult beg. He trusts that hiring and cultivating employees is one of the most important things for a company. He has never niggard to cultivate their employees. On the other hand, he puts high value on hiring talents. (WIKIPEDIA) 2. Daring to invest He has never niggard to spend money on buying more advanced equipment or give more reward for his employees. He thought that long-term investment and development of talents is the only key for company to grow fast. Therefore, he had said, “Everyone thinks that spend money is a kind of enjoyment.

I think spend money is a kind of pursuit. This is my philosophy. ”(WIKIPEDIA) 3. Daring to face problems During Terry Gou created his Hon Hai Empire, he got a lot of huge problems. But every time when he faced those problems, he always thought if he is breakthrough, it can let him get the biggest rewards, have more and more strength. (WIKIPEDIA) He had said a sentence: “I like to work with those people who have no retreat. ”(MBAlib) Because he thinks the people who don’t have retreat, they will do whatever they can do. He doesn’t have any high ducation degrees or wealthier background. All he has is his specific leadership. From $7500 to billions, Terry Gou successfully creates his “Hon Hai Empire”. Describe how your or a firm encourages innovation? It is important for company to keep innovating. For me, if I have a company, I will encourage my employees to keep innovating by following rules: 1. There is no useless idea. I trust there is no useless idea only have useless attitude. Some good ideas are always killed by those bad attitudes. People usually hate to have change because it wastes time and money.

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They think it is good enough to keep the same situation. Therefore, I will create a communication channel in my company for all employees having a way to give me their ideas. 2. Never stop learning I will supply many opportunities for my employees to learn something is out of his professional area. Let their knowledge structure are more complete and much more creative. 3. Sweeping the “innovation killers” Some people don’t say anything in front of everyone, but they would criticize secretly. This kind of people is poisonous. They will impede company’s growth and innovation.

I will try to find out this kind of people and sweep those people from company as soon as possible. ? How do you cope with accelerating change? Nowadays, economic and technology develop very fast. Many companies cannot follow the steps and easy to be eliminated in the fierce competition. For me, I will follow the following principles to cope with accelerating change. 1. Focus on the core competence Even everything changes very fast, all we need to do just focus on developing our core competence. Don’t blindly pursuing new technology.

If we put more efforts on our core competence, we would not be eliminated easily. 2. Diversification When we focus on developing our core competence, we should also try to create new market. Basing on what we have and develop in different area. 3. There is always a better way Don’t settle for the status quo, keep innovation. If a company keeps developing in one way, it could not handle the accelerating change, and it would be eliminated. Therefore, try to keep finding a better way on development or solving problems. It would let whole company stay in a great condition and cope with accelerating change.

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Terry Gou—the Founder of Hon Hai Precision Industry Co. (2017, Jan 09). Retrieved from https://phdessay.com/terry-gou-the-founder-of-hon-hai-precision-industry-co-foxconn/

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