The 2018 Forbes list of the richest women in the world has a record-breaking 42 women, led by Alice Walton, the daughter of Walmart founder Sam Walton. Ms. Walton’s wealth grew from $33.8 billion to $46 billion in twelve months. But the real catch is Hong Kong’s Zhou Qunfei who retained her spot as the world’s richest self-made woman. Today, we look at the lessons you can learn from Ms. Qunfei.
Don’t be held back: Although you may be coming from a past full of hardships, do not use it as a scapegoat for your lackluster financial performance. Ms. Qunfei had it rough too. She lost her mother as a child, grew up on a farm and dropped out of school when she was aged 16. But instead of wallowing in self-pity, she started working on the factory floor for a watch lens company for Sh. 100 per day. In the evenings, she would attend classes in subjects such as accounting in a bid to improve herself. She acquired as much hands-on knowledge about the lens technology as she could. After years of garnering this experience, she started making her own watch lenses and launched her own company in 2003.
It’s not all about money: If you are in employment, do not make the mistake of assuming that your job is a couch potato for you to sink in and wait for your usual monthly pay. Work diligently and acquire as much hands-on knowledge as you can. It could be your saving grace when you jump into entrepreneurship or get fired. Says Ms. Qunfei: “When I worked at the factories, I developed the mentality that I only wanted to learn whether I was paid or not. I had a pursuit different from others because I didn’t have any money or a plan to fall back on, yet I wanted to change my destiny with my own efforts.”
Save, save, save: Develop a saving habit and have targeted goals in mind. This is what Ms. Qunfei did. When she realized that she wanted to start her own business, she started saving her earnings from her job at the watch lens factory. Eventually, she saved Sh. 309,000, which she used to create her own company, Lens Technology, and start manufacturing glass screens. From this start-up capital, her company has now grown to an extent of signing multi-billion deals with global firms such as Samsung and Apple.
Know your limits at work: Not all employers will be as supportive of your personal progress as you would want to imagine. There are instances when you will feel as though you’re the proverbial beast of burden. Regardless, be courteous but know your limits. Take Ms. Qunfei. The conditions she started working under at the watches factory were not conducive at all. She worked from 8am to 12 am, and sometimes to 2 am. There were no shifts. After three months of hard labour, she wrote a resignation letter to the management and stated that the working conditions were harsh. She was exhausted and needed a break. She nonetheless, thanked her employer for the opportunity granted to her. This courage to know her limits and talk them out clearly and respectfully impressed the management that she not only got a promotion, but had the working conditions for everyone at the factory improved.
Don’t be too bossy: Don’t lord over your employees or turn into a leader who instils fear instead of inspiration. For example, at her factories, Ms. Qunfei is known as a hands-on founder who often joins her workers on the factory floors, helping with manual and technical work, testing lenses and asking questions. In turn, this has ensured that her employers feel that they own a part of her business and are more willing to fight for its success.