Find a Benchmark Company: Your North Star at Sea

Find a Company You Can Benchmark Against Wang Xing: ‘Whether or not you are number one, there is enormous pressure, but it also creates motivation. We do not really define an enemy. We have set several targets: reaching 100 billion yuan in 2015 and 1 trillion yuan in 2020. These are also things Taobao accomplished over a certain number of years.’ A startup needs business benchmarks and examples to reference at different stages of growth. When Wang Xing set targets for Meituan and mentioned Taobao, he wanted employees to see that the targets were attainable and that there was real hope of achieving them. There is a well-known saying inside Meituan: the more confidence you have in the future, the more patience you have with the present. That confidence means that even when facing giants, Meituan’s people do not feel inferior. Instead, they see those companies’ growth trajectories, gain confidence in their own targets, and thus gain confidence in Meituan’s growth. Confidence means believing that this small startup is now at an early stage in the development of a future large company. #Wang Xing’s Management Journal --- Robin: ‘Finding a benchmark company helps you position yourself better. It is like sailing at sea at night: you usually need to find the North Star first to know which way to go. A benchmark makes it easier for investors and employees to imagine what the future could look like. Then comes the practical pursuit of the dream: placing each step carefully, moving steadily, and continuing forward with conviction.’