Four young guns share secrets to successful startups

Yu Qun, 40

In 2013, Yu founded Jiangsu Jushang Private Fund Management Co. The company specializes in investment consulting, asset management, fixed-income investments, and wealth management for high-networth individuals and families.

Yu graduated from Suzhou University of Science and Technology with a major in mathematics, and is currently pursuing an Executive MBA at the School of Management, Fudan University.

His strategy is to gradually establish a foothold in the industry through detailed market research and continuous adjustments.

In the early stages, the company rented a small office of just over 90 square meters, with several people crowded together working in a basic environment. But everyone was extremely dedicated.

His company seized the opportunities brought by new regulations on local government bond issuance.

When traditional financial institutions were still deliberating the pros and cons of these new procedures, Yu's team, with their decade of experience, quickly entered the market and benefited from the first wave.

By 2023, the company had achieved significant growth, with newly added fund management exceeding 2 billion yuan ($285 million), demonstrating the firm's success in the competitive private fund sector.

"We really didn't think we could grow to this size at the beginning. We just felt that the market opportunities were right in front of us, and it would be a shame not to seize them," said Yu.

However, the difficulties faced during the entrepreneurial process were also apparent, especially in the financial industry, a field full of uncertainties.

"In the past decade, we've witnessed the fall of many peers. Some companies imploded due to product issues, while others failed due to blind speculation," said Yu.

To avoid these risks, Yu's team established its strict "Ten Rules" early on, which included adherence to compliance policies and cautious risk control. These rules not only helped them weather several market turbulences but also enabled the company to achieve long-term stable development in the industry.

"China's capital market has experienced long-term fluctuations and several years of downturn recently. In such an environment, how to deliver stable returns to investors is a question every fund company must face," he said.

Yu emphasized that the company's future development plan is still focused on stability, and concentrating on standardized bond investments, particularly in cooperation with local government bonds.

"Competition in the fund industry is fierce, but we believe that 'long-termism' is the key to survival. We don't chase short-term high returns but adhere to compliance and stability, ensuring long-term, stable returns for our investors," said Yu.

Regarding the difference between first-generation entrepreneurs and family business inheritors, Yu believes that the biggest advantage of the first generation lies in practical experience as well as a fighting spirit.

"We have no fallback. We must work harder and stay more focused than others. This spirit and determination give us greater ease when facing competition and challenges," said Yu.