Famous Quote
“Standing on the edge of a hurricane, even pigs can fly.”
Why #61
Lei Jun built Xiaomi into the world's #3 smartphone maker using a revolutionary low-margin, internet-first model. His expansion into electric vehicles and smart home devices positions Xiaomi as a Chinese consumer electronics conglomerate rivaling Apple.
The Story
Lei Jun founded Xiaomi in 2010 and built it into the world's third-largest smartphone manufacturer in just a few years, using an online-only, razor-thin-margin business model that undercut Apple and Samsung by selling flagship-quality phones at half the price. Xiaomi's early fans called him 'China's Steve Jobs,' and his product launches — complete with turtlenecks and 'one more thing' moments — made the comparison unavoidable.
Xiaomi's strategy was radical: sell hardware at near-cost, build a massive user base, and monetize through software and services. The company expanded beyond phones into smart home devices (Mi Home ecosystem), wearables, laptops, electric scooters, and — most ambitiously — electric vehicles. Xiaomi's SU7 electric car, launched in 2024, immediately became one of the best-selling EVs in China.
Before Xiaomi, Lei Jun was already a tech legend in China. He was CEO of Kingsoft (China's equivalent of Microsoft Office), an angel investor in dozens of companies, and one of the most respected entrepreneurs in the Chinese tech ecosystem. Xiaomi was his 'second act' — started at age 40 when most founders are winding down.
Key Achievements
Founded Xiaomi (2010) — world's #3 smartphone manufacturer
Built Mi Home ecosystem — largest IoT platform (500M+ devices)
Launched Xiaomi SU7 electric vehicle — immediate bestseller
Xiaomi reached $50B+ market cap
Previously CEO of Kingsoft — China's leading office software
Pioneered online-only, near-cost hardware business model
By the Numbers
150M+
Smartphones Shipped/Year
500M+
IoT Devices Connected
$40B+/yr
Xiaomi Revenue
100+
Countries
Fun Facts
He is often called 'China's Steve Jobs' and has worn a black turtleneck at product launches.
He started Xiaomi at age 40, long after most founders have started their companies.
Xiaomi's first product launch sold out in minutes — the phone was priced at half the cost of competing models.
The name 'Xiaomi' means 'little rice' — representing the idea that great things come from small beginnings.
He once said he was so inspired by Steve Jobs' biography that he re-read it three times before founding Xiaomi.
Frequently Asked Questions
Who are the greatest entrepreneurs of all time?
The greatest entrepreneurs include Steve Jobs (Apple), Elon Musk (Tesla/SpaceX), Jeff Bezos (Amazon), Bill Gates (Microsoft), and Mark Zuckerberg (Meta). Each built companies that fundamentally changed how the world works — from personal computing and smartphones to e-commerce, cloud computing, and social media.
What makes someone a successful entrepreneur?
Successful entrepreneurs share several traits: the ability to identify unmet needs, willingness to take calculated risks, relentless execution, and resilience in the face of failure. They combine vision with practical problem-solving and are willing to persist long after most people would quit. Capital and credentials matter far less than most people think — resourcefulness beats resources.
Can you become an entrepreneur without a business degree?
Absolutely. Many of the greatest entrepreneurs had no business education. Steve Jobs dropped out of college. Richard Branson left school at 16. Sara Blakely was selling fax machines. Henry Ford had no formal engineering training. Jack Ma was an English teacher. What matters is not the degree — it is the ability to see an opportunity, build something people want, and persist through failure.
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