Moderator: To know Gong Hai, you may first need to know Jiaxing Weigao High Precision Co., Ltd.. Can you tell us, if there is something special about Weigao which is founded by a returnee?

Gonghai: Weigao is a specialized manufacturer of high precision mechanical parts. The biggest difference we have from the common manufactures is the precision. 100% of our products are custom-made, and more than 90% are exported, even exported to the world's top 500 companies. Thus when we started the business, it was based on the precision of the product. Product quality and customer level are relatively high. From the model made for the customer and precise manufacture, it can be said we are somewhat similar to the fashion world’s haute couture.

Moderator: In your client list, there are so many well-known brands like Ericsson, but your company has been established already for five years yet its size is not big. Why do not the technical and product advantages bring rapid growth opportunities for the enterprise?

Gonghai: Development of an enterprise is determined by a number of factors. In general, the returnees including me, may be more professional in some area and have passion to start business. But a company from the beginning, whether it can survive and develop well or not, involves many factors, including market and information. To operate it well, in addition to internal management, marketing, customer services, local conditions and other supporting industries are also needed. In my first years, I was paying so called tuition fees. Until this year, we met the opportunity of development, internally and externally.

Moderator: Regarding Weigao Precision manufacturing, your company has survived and has developed well. Do you have some experience to share from a entrepreneur's and a returnee’s view?

Gonghai: For entrepreneurship, to survive is the basic principle. The chicken that just comes to the world is ready to seek food itself. The entrepreneur should have this ability to survive and develop. There are many stages in the development of the business, like the subsistence in the beginning, a rapid growth in the mid-term and large-scale operation period. The different stages need different internal and external resources and conditions. For a returnee, the most concern should be given to the market space. The second issue is, for the government, under the great financial crisis, how to support the companies facing difficulties.

Moderator: You divide the development of enterprises into three different stages, so which stage is Weigao Precision Co.,Ltd now in?

Gonghai: Initially, Weigao has experienced some ups and downs. Until today, although the size is not large, and subsistence is not a problem. The next step is to enter a rapid growth phase. The main problem in this stage is an economic plughole. For a returnee, if he or she just wants to have enough food and clothing, they can just find a decent white-collar job abroad. But we want to see a business growing bigger and bigger. In this process, we enjoy and appreciate it. Moderator: To solve these financial problem, as far as Weigao is concerned, have you come up with some solutions?

Gonghai: We have come up with some solutions a few years ago. SMEs loans and financing have many bottlenecks. Most of the money needed in the start-up period does not come from their savings, but borrowed from relatives and friends. However, this approach does not solve the problem of enterprises entering the rapid growth stage. The second is seeking partners. If he is doing this kind of business or interested in it and he has capital, then we can cooperate. Another is that we cooperate with the foreign customers, if they think my company is a good supplier, with the intention to support me. However, in general, this approach has certain preconditions, big foreign companies will seek some suppliers that have reached a certain level. We are still small scale.

Moderator: There are a lot of foreign channels. Venture capital, angel investment, private equity etc. will seek those industries that are worth their investment and some SEMs that need their support. I do not know whether Weigao is making use of this kind of channel to finance it?

Gonghai: These channels you just mentioned may provide support for the returnees. We are now negotiating with a number of foreign financial institutions and some foreign companies that are relatively well-known in some field. We should highlight our advantages, and make them interested in us. At last we can cooperate on this basis. Even if I take a small share in the joint venture, it doesn’t matter.

Moderator: You have repeatedly mentioned the first three years of ups and downs in your entrepreneurship. So, what kind of impact does this kind of ups and downs bring?

Gonghai: In the beginning, in order to survive, as long as the customers had needs, no matter what kind of product we just produced. Feeling that someone was interested in us, is already a great encouragement. Over time, we have summed up the lessons that any business should be professional, especially for small businesses.

Moderator: Having done five years’ of business, you have suffered so many tribulations and learned painful lessons. Until now, you can see the light at the end of the tunnel. How do you convince yourself to stick to it and maintain the initial passion?

Gonghai: At the beginning, my passion for starting business was not deeply rooted. And I was often prone to doubt myself. But after going through this difficult period, the company's food and clothing is not a problem. The next stage is how to realize fast growth. At this moment, confidence is critically important.

Moderator: As and entrepreneur for five years, the real turning point is if you can balance the budget yourself. How did you feel when you welcomed this day?

Gonghai: Like the Earth's rotation, there will be a bright side and a dark side. That day was my life’s dividing line that I threw boundless dark.

Moderator: Before you became an entrepreneur, you had a decent job. You once served as the Director of China Merchants in the Suzhou Europe Department, and later went to the UK's leading business school, got an MBA degree and went to U.S. companies as a manager. Why did you choose to come back in 2003 to Jiaxing for entrepreneurship?

Gonghai: I went back to Jiaxing for business, maybe because I was a little homesick. In Jiaxing, I have so many friends and classmates. When I stepped onto Jiaxing soil, I felt that I’m home. In the United States even if I have been working for four years, I didn’t have a feeling of home . Although I could adapt to the strange working environment quickly, I couldn’t integrate into the foreign living circumstance well. As for the reason why I gave up a stable job to start a business, I had the passion for starting business and I was young. I can restart even if I fail and that is the biggest promise. If you have a dream then pursue it. The most horrible thing is not failure, instead is you have never tried or you even don’t have a chance to realize it.

Moderator: Before your entrepreneurship, your career experience is excellent, from a clerk to the general manager of multinational companies. Many graduates are also beginning to start from the grassroots level. How does one achieve the ideal career position according to your experience?

Gonghai: When stepping into society, there are so many opportunities. But if you can not handle it well, you may be kicked out. After graduating from college, you may feel disappointed that your ability’s and your expectations don’t match. How to narrow this gap, this is the topic that the school and the society should handle together. For the students themselves, in order to adjust themselves in a short time, they must first adapt to this society. Find their own positions, play their strengths, accumulate the years of working experience. You must be professional in some field, and become irreplaceable. Everybody should know only you are professional enough then you can succeed.

Moderator: When first stepping into the workplace, is it similar to the first entrepreneurship? After meeting so many failures, should we develop or learn to compromise with the reality?

Gonghai: The word compromise is typical. First you have to adapt to the environment. This process contains a compromise, but more importantly, you can not lose yourself, you can not lose your major, you can not lose your aim. You must adhere to your dream when you compromise.