Study Of New Merchants Business Philosophy

"Huizhou merchants" is a generic term for the merchants from Huizhou in Ming and Qing Dynasties, also known as "Xin'an merchants", or "Huizhou clan". Huizhou merchants are one of the most powerful business groups in Ming and Qing Dynasties in China, who ruled the Chinese business area for more than two hundred years. They created a glorious period in China's economic development history and their spirit is considered an essence of traditional Chinese culture. Encouraged by the "Huizhou merchants spirit" and "Huizhou merchants culture", a large number of "New Hui merchants" are emerging in China. They are mentally descendants of the traditional "Huizhou merchants" and are bringing huge impact. Their extraordinary growth rate proves that New Hui merchants are playing a crucial part in modern economy.In this paper concerning the "New Hui Merchants", a study is conducted on successful examples of Hui merchants and enterprises, which aims to extract their common business philosophy, and identify the key success factors. This paper starts with a summary of the internal and external causes of the rapid rise of New Hui merchants in this century, and analyses the advantages and disadvantages of New Hui merchants compared with other business groups. There is a systematical summary on their management philosophy. New Hui merchants'management philosophy is of the following 7 aspects:Honesty and Integrity, entrepreneurship, open mind, emphasis on education, brand concepts, unity and mutual progress and innovation. A focused discussion is on the differences between the New and traditional Hui Merchants' philosophy. Based on the above analysis, finally the paper summarizes pragmatic meaning of New Hui merchants'management philosophy and gives suggestion on their further development.It is believed that the management philosophy of New Hui merchants is of great significance and reference for Anhui province and the growing of Chinese entrepreneurs. The study on the emergence, development and decadency of Huizhou merchants provides a lot of valuable experience to restore the prestige of Huizhou merchants. The successful experience of the new merchants can also provide a lot of advices to more New Hui merchants, and help promote the re-flourish of New Hui merchants. Compared to Huizhou merchants, the successful experience of New Hui merchants are more feasible and replicable. Only with the rapid growth of more New Hui merchants can help this business group to become the most powerful one in China. The spirit of the new merchants also set a good example for Chinese enterprises.If New Hui merchants want to renew the glorious history of Huizhou merchants and lead the Chinese business area, they must open their mind, accelerate the development of their enterprises, and enhance both the internal strength and the external image. This will take decades or even longer. After 10～20 years, New Hui merchants will very likely lead the Chinese business again and write their own history in Chinese economy.