Extraordinary Genius

Chapter 1009 – Setting up a business magazine agency

The young Caucasian man got nervous. “My name is Hu Run, and I gave myself this name when I was studying in China. Is there anything wrong?”

“No, no, no… there are no problems! This is a good name!”

This guy is Hu Run! In Feng Yu’s previous life, this guy had worked with <Forbes>, and he went on to start his Hurun Rich List, a ranking of the wealthiest individuals in China!

Feng Yu suddenly had an idea of setting up his Rich List. <Forbes> had still not entered China, and he felt the ranking of the Chinese tycoons are not accurate.

In China, there are many hidden tycoons, and they are not willing to announce their wealth. For example, Feng Yu’s brother-in-law, Li Shiqiang, had not made it on the <Forbes> list, but Feng Yu felt his brother-in-law is qualified. His business had expanded to the whole of China!

Li Shiqiang’s logistics company is now the top private-owned logistics company is evidence of his wealth! Once his company got listed, his wealth will increase by at least five times!

In China, there are not many listed companies, and many companies are not transparent with their finances. This is very different from the West, and <Forbes> will not get an accurate estimation of these companies’ value.

If Feng Yu starts his Rich List, he can change people’s perception of the wealthy got rich because of their connections, and there are many talented entrepreneurs in China!

This list can also help many entrepreneurs look for business partners and export their products overseas.

Zhong Qingxian looks at Feng Yu and Hu Run curiously. He knew that whenever Feng Yu has this look on his face, it means he is interested in this person and is going to recruit or invest in him.

This Caucasian young man is good at auditing. Is Feng Yu going to recruit him for Tai Hua Holding’s finance department? But this young man is too young. Will he have enough experience?

Zhong Qingxian did not say anything as Feng Yu is much younger than Hu Run.

“Xiao Ma, get a cup of coffee for Mr. Hu Run.” Zhong Qingxian shouted.

Hu Run was surprised and felt Zhong Qingxian is treating him like a friend.

“Mr. Feng, you had been interviewed by <Forbes>. What do you think of <Forbes>?” Hu Run asked excitedly.

Feng Yu thought to himself. This young man has passionate, excitement, his views… no wonder he becomes so successful in Feng Yu’s previous life.

“Ranking all the tycoons in the world can stimulate the economy of the region to some extent, and it is a successful business magazine. This made it different from <Fortune> magazine, where it focuses on individuals than business.”

“That’s right. I am also thinking the same thing! Have you notice that although <Forbes> has placed Chinese businessmen on the list, their estimation of their wealth is all wrong. They did not even send their men over to China to evaluate these people’s assets, and many of their figures were taken from other magazines!” Hu Run was agitated when he spoke about this.

“Yes. What ideas do you have?” Feng Yu smiled.

“I think China should have their own <Forbes>!” Hu Run replied and looked at Feng Yu excitedly.

“No. I don’t think so.” Feng Yu shook his head.

Hu Run becomes anxious and is about to persuade Feng Yu when he saw Feng Yu waved his hand. “China should have its professional business magazine, and not only <Forbes>!”

Hu Run was stunned. ‘Not only <Forbes>?’ What does Feng Yu mean?

Feng Yu continued when he saw Hu Run didn’t get what he meant. “How many business magazines do you know?”

“<Bloomberg>, <Fortune>, <Forbes>, <The Economist>, <Times>, <Money>, etc.” Hu Run replied.

“Good. Seems like you know a lot about business magazines. Which magazine do you like the most?”

“<Forbes>. This magazine talks about the economy through individuals, and many of their readers are not businessmen!”

“Then why is <Bloomberg> selling better?” Feng Yu asked.

“This… because <Bloomberg> is more professional, and it’s biweekly.”

“Do you agree that every magazine has its pros and cons?”

“Of course. All these magazines have their supporters, and many of the readers read more than one magazine.”

Snap!

Feng Yu snapped his fingers. “That’s right. Many readers are reading more than one magazine, and they will subscribe to multiple magazines. These readers are the ones who are interested in business and economy! You are only thinking about starting a Chinese version of <Forbes>. But have you thought of starting a business magazine that comprises of all those magazines’ strengths?”

“That will need lots of reporters and data. It is too difficult.” Hu Run’s eyes opened wide. Feng Yu is too ambitious.

“Difficult does not mean impossible! If we need a lot of reporters, we can hire or groom. Data can be collected ourselves, or we can buy from other magazines and newspapers. Also, this will not only be a magazine. We will also set up a website publishing all business-related news.”

“Website? You want to publish the articles on a website? How will the magazine going to make profits?”

“Subscriptions! Registration fees, browsing fees, downloading fees, and even if you don’t read it, you must also pay for the monthly subscription! We will focus on high-end businessmen. Those businessmen will not mind paying for these fees, and we can also make money through advertising. For example, advertisements by companies or individuals looking for partners, etc.”

In Feng Yu’s previous life, many business magazines had gone electronic, and traditional paperback magazines lost popularity. Some of them were even forced to shut down.

Zhong Qingxian, who was listening to the conversation, was speechless. What is Feng Yu talking about? He had never heard of those magazines, and he sounds like he is going to start a business magazine that is better than those magazines. But why is there a need for a website?

Charges? How are they going to do that?

China’s banks have not started online banking at this time and will only start in 2000. It took the banks years of trying before the Chinese accepted online banking.

But Feng Yu can set up a bank account for this website and let the backend staff handle it. Furthermore, Feng Yu doesn’t think that many people will subscribe to the online magazine, and he can accept losses for the first few years.

“Mr. Feng, why are you telling me these?” Hu Run felt something is off. Why is Feng Yu telling him about his ideas?

“I am thinking of starting a business, economy-related magazine, and this website. Are you interested in being the Chief Researcher in this company?”

Feng Yu is trying to recruit me? Asia’s Richest man and the world’s second wealthiest man is trying to recruit me?

Translator’s notes:

Rupert Hoogewerf