When Richard Liu, the founder and chief executive of 360buy, China’s second-largest online retailer by transaction volume, first tried his luck as an entrepreneur, he failed miserably.
As a student, he bought a restaurant but it went bankrupt within months. Money had been embezzled by staff and Mr Liu not only lost his own funds, he needed to borrow more than Rmb200,000 ($31,000) from his father. “I was very disappointed and looked at it from the angle of human nature,” he recalls. “Is man good or evil? How come I treat my employees so well but they do this to me?”
He also felt deeply embarrassed in front of his father, whose respect he had hoped to earn with the venture.
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