Front. Bus. Res.

China 2012, 6(1): 96119

DOI 10.3868/s070-001-012-0005-4

RESEARCH ARTICLE

Fu-Lai Tony Yu, Pinky Wan Ping Tse

Right Time, Right Place, and Right People

and Chinese Entrepreneurship: A Case Study of
Taiwans Din Tai Fung Dumpling House
Abstract In examining corporate success, many scholars overlook an important
contributing factor, namely entrepreneurship. However, Chinese wisdom believes
that the right time, right place, and right people (Three Rs) are crucial for
business success. This study utilizes theories of entrepreneurship from the
Austrian School of Economics to reinterpret the three factors for business
success. This new interpretation is then applied to explain the success of a
famous dumpling house in Taiwan, Din Tai Fung. This study argues that although
favorable timing is critical to business success, it requires an entrepreneur to
grasp the opportunity when it comes. The seizure of a golden chance requires
alertness and preparation. More importantly, this study argues that even during an
adverse period, a crisis can be turned into a profit opportunity. Whereas a
favorable location is also regarded as a key factor, this study goes beyond sheer
spatial dimensions. Location also encompasses culture, social customs, norms
and traditional folklores. This paper argues that an entrepreneur transplants
culture and social customs from one location to another, thus, gaining pure
entrepreneurial profit. Finally, the right people in an entrepreneurial sense
involves a harmonious social network and good personal relationship (Guanxi).
By maintaining a harmonious relationship with staff members, partners, customers,
and suppliers, entrepreneurs can get things done. This case study provides a
new insight into Chinese entrepreneurship in East Asia.

Received September 9, 2011

Fu-Lai Tony Yu ( )
Department of Economics and Finance, Hong Kong Shue Yan University, Hong Kong, China
E-mail: flyu@hksyu.edu
Pinky Wan Ping Tse
Department of Economics, Hong Kong Baptist University, Hong Kong, China
E-mail: Pinkytse0816@yahoo.com.hk

Right Time, Right Place, and Right People and Chinese Entrepreneurship

97

Keywords Chinese entrepreneurship, Confucianism, catering industry, Austrian

School of Economics
No matter what the economic condition in Taiwan is, this restaurant [Din Tai
Fung] always records high revenue. There is a long queue outside the premise
every day.
Ma Ying-Jeou, Taiwan Leader
NOWnews, 13th February 2001

Introduction

International catering franchises, such as Starbucks, Burger King, McDonalds

and KFC, have entered the global market early and captured huge market shares.
Many studies have investigated their marketing strategies and reasons for success.
On the contrary, few Asian catering franchises are able to expand their businesses
beyond their starting places. Unlike other international brands, although Taiwans
Din Tai Fung focuses on traditional Shanghai cuisine, it makes an outstanding
achievement in Asia and international markets without much advertising and
promotion. As a result, it becomes a famous brand in Taiwans catering industry.
Theories of entrepreneurship in economics and management have been used to
explain global success of multinational corporations from developed nations
(Langlois and Robertson, 1995; Foss and Pedersen, 2004). As will be argued, Din
Tai Fung restaurant achieves success by adopting traditional Chinese wisdoms in
business operation. Hence, we would like to find out if theories of
entrepreneurship developed in the western world can also explain the success of
Chinese enterprises with cultures and practices utterly different from the west. In
doing so, this paper synthesizes the Austrian theory of entrepreneurship with the
ideologies of Chinese business practices. More specifically, the paper will
establish an Austrian theory of Chinese entrepreneurship. This model will be
used to reinterpret the international success of a business enterprise in Taiwan,
and in particular, the Chinese recipe of success in achieving a project, namely the
right time, right place and right people. Din Tai Fung, which is a famous
restaurant in dumpling cuisine, will be used as a case study to illustrate how
these three factors are compatible with Austrian entrepreneurial strategies.
Din Tai Fung was founded by Bingyi Yang in 1958. It was initially a store
selling cooking oil on Xinji Road in Taipei city. From 1972, it sold home-made

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Fu-Lai Tony Yu, Pinky Wan Ping Tse

small Xiaolongbao (steamed pork bun)1, a typical Shanghai snack. Apart from
local people, tourists from Southeast Asia, Europe and the United States visit the
restaurant for a taste of the renowned Xiaolongbao. According to the Readers
Digest (October 2006), Din Tai Fung is listed among the Best of Taiwan
restaurants. It is also ranked as one of the top ten gourmet restaurants in the
world (The New York Times, 17 January, 1993).
This paper starts by developing a theoretical framework on Austrian theory of
Chinese business practices. More specifically, it utilizes theories of
entrepreneurship from the Austrian School of Economics and the ideology of
Confucianism2 to explore the relationship between the Three Rs (namely the
right time, right place, and right people) and entrepreneurship (Section 2). The
case study of Din Tai Fung will be presented in Section 3, and conclusions will
be given at Section 4.

2 Towards an Austrian Theory of Chinese Entrepreneurship:

An Entrepreneurial Interpretation of the Three Rs
In this section, we shall put forward a synthesis of traditional Chinese business
wisdom and the Austrian theory of entrepreneurship. In doing so, this paper will
provide an entrepreneurial interpretation of the three Rs in traditional Chinese
thinking. In this way, we shall arrive at an Austrian theory of Chinese
entrepreneurship.
Entrepreneurship has always been the central theme in Austrian School of
Economics. Within the Austrian camp, Israel Kirzners concept of
entrepreneurship, which includes the notions of alertness and opportunity
discovery, is regarded as one of the most significant advances in the theory of
market process (Douhan, Eliasson, & Henrekson, 2007).
2.1 Kirzners Theory of Entrepreneurship: Alertness to and Exploitation of
Profit Opportunities
Apart from Joseph Schumpeter and Frank Knight, Israel Kirzner is the most
influential scholar contributing to the theory of entrepreneurship in economics
1

Xiaolongbao is a Shanghai dumpling steamed in a small bamboo basket.

For a discussion of the impact of Confucian business practice on the performance of a
Taiwans real estate firm, see Tsai, Young, & Cheng (2011).

Right Time, Right Place, and Right People and Chinese Entrepreneurship

99

during the 20th century (Gunning, 1997).3 As a follower of Ludwig von Mises,
Kirzner (1973) built his concept of entrepreneurship upon the foundation of
Mises human action theory. On this, Kirzner (1973: 33) noted:
Human action, in the sense developed by Mises, involves the course of
action taken by the human being to remove uneasiness and to make himself
better off. Being broader than the notion of economising, the concept of
human action does not restrict analysis of the decision to the allocation
problem posed by the juxtaposition of scarce means and multiple ends ...
but also the very perception of the ends-means framework within which
allocation and economising are to take place ... Mises homo agens ... is
endowed not only with the propensity to pursue goals efficiently, once ends
and means are clearly identified, but also with the drive and alertness
needed to identify which ends to strive for and which means are available.
Hence, we can trace an important element of Kirzners concept of
entrepreneurship, namely, alertness, from Mises. In the market process, the
opportunities that human agents are alert to are monetary profits. The entire role
of entrepreneurs lies in their alertness to hitherto unnoticed opportunities
(Kirzner, 1973). Through their alertness, entrepreneurs can discover and exploit
situations in which they are able to sell for high prices that which they can buy
for low prices. Alertness implies that the actor possesses a superior perception of
economic opportunity. It is like an antennae that permits recognition of gaps in
the market that give little outward sign (Galid, Kaish, & Ronen, 1988: 483).
For Kirzner, alertness to profit opportunity implies arbitrage activities. Kirzner
(1973) argues that the existence of disequilibrium situations in the market implies
profit opportunities. Entrepreneurs endeavor to exploit these opportunities, thus
eliminating errors, so that the economy moves towards the state of equilibrium.
At equilibrium, individuals plans in the market are matched and coordination of
economic activities is achieved (Hayek, 1945).4
Kirzner (1979) further explained business failure in terms of the subjectivist
theory of knowledge and argued that the source of business errors is a failure to
3

Israel Kirzner was awarded The International Award for Entrepreneurship and Small
Business Research in 2006. For a recent review of Kirzners contributions, see Douhan,
Eliasson, & Henrekson (2007).
4
For a further discussion on Austrian theories of entrepreneurship, see Yu (2001) and Yu &
Shiu (2011).

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Fu-Lai Tony Yu, Pinky Wan Ping Tse

notice economic opportunities. In his view, ignorance consists in inexplicably

failing to see facts staring one in the face. It represents genuine error and hence
genuine inefficiency. In Kirzners example (1979: 130),
A person walks along a street and sees a store with signs offering to sell
apples for one dollar; but, perhaps thinking of other things, he enters a
second store where he pays two dollars for identical apples. He may have
seen the signs in the first store, but his perception of them was so weak as to
mean that, when he paid two dollars in the second store he did not, in fact,
know that he was rejecting a preferred opportunity for one less preferred.
Within the framework of his knowledge, the two-dollar apples were indeed
his best opportunity; he made no error. Yet, surely, in an important sense he
will, when he realizes his mistakes, reproach himself for having been so
absent-minded as to pass by the bargain, which he saw, for the more
expensive purchase. In this sense, he did commit an error, the error of not
acting on the information available to him, on not perceiving fully the
opportunity before his very nose
Kirzner (1979: 146) claimed that business people will regret later for their errors
of overlooking an opportunity in which they can notice. Once people have gained
the relevant knowledge and look back on their ignorance without having
anything to excuse it, sheer regret results.
2.2

The Chinese Recipe to a Successful Business Project: The Three Rs

The Chinese believe that a successful project depends on three crucial factors,
namely, the right time, right place and right people. Xunzi, a Confucian
philosopher, examined the factors that yield the greatest harvest to the farmers as
below (Knoblock, 1988: 170):
If farmers and husbandmen remain simple and hardworking and limit what
they are able to do, then above the natural sequence of the seasons is not
lost in Heaven, below the benefits of Earth are not lost, and in the middle of
the concord of humanity is obtained, so that the Hundred Tasks are not
frustrated.
According to Xunzi, the right time (Tian Shi) means favorable timing or a

Right Time, Right Place, and Right People and Chinese Entrepreneurship

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golden opportunity granted by the nature (Tao, or Dao)5; the right place (Di Li)
denotes favorable geographical location; and the right people (Ren He)
represents harmony between the division of labor and coordination within a farm.
The three Rs are equally important and none of them can be ignored. Apart from
Xunzi, Mencius and other Confucian philosophers also emphasized these three
components in a military warfare. The concept of the three Rs can be applied to
economic, political and business affairs.
2.3

The Right Time

According to Xunzi and Mencius, the right time refers to favorable timing or
chance granted by the nature. Luck is bestowed by destiny that is out of control
of human beings. Luck or blessing means a fortune to individuals. Paradoxically,
people may not be able to manipulate luck if they are unaware that the chance
has come.
2.3.1

Making Use of Timing to Win

An entrepreneur or a leader will notice an opportunity if it is there. The Battle

of Red Cliffs is a good illustration. At the end of the Han Dynasty (220 A.D.),
Zhuge Liang (Kongming), a military strategist and astronomer, helped his allied
troops beat Cao Cao and win the battle by using strong easterlies.6 It is argued
that Kongming won the battle by the help of favorable weather, which was luck
granted by God. However, Kongmings contribution should not be
underestimated. Being an expert on astronomy, Kongming showed his skills in
weather observation. He took the benefit of the change in weather at the right
time and won the battle. He became a legend in the Chinese history.
5

According to Lao Tzu (Laozi), Tao refers to the force behind the natural order (Magno,
2004). This force keeps universe balance and order. It is equivalent to the supreme God in
western civilization.
6
The Battle of Red Cliffs was a battle between the allied forces of the southern warlords Liu
Bei and Sun Quan and the northern warlord Cao Cao. The latter was unfamiliar with wind
directions over the terrain of the Yangtze River. He ordered to moor his fleet to avoid sea
sickness. By contrast, Kongming, a military strategist for Liu Bei, was familiar with landscape
and weather in the Yangtze River. He instructed the allied forces to crash burning ships
towards Cao Caos fleet when southeasterlies blew. Shortly afterwards, smoke and flames
stretched across the river and many sailors and troops of Cao Cao were burned to death. The
allied forces utilized the wisdom of Kongming and won the battle (Luo, 1360).

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2.3.2

Fu-Lai Tony Yu, Pinky Wan Ping Tse

The Right Time Implying Entrepreneurial Alertness to Opportunities

Whilst God is generous to sprinkle lucky dust on a person, it requires the person
to identify and capture the opportunity when it is the time. Kirzner (1979: 170)
argued entrepreneurial behavior may not be arrived at deliberately, rationally,
but neither is it arrived at purely by chance (emphasis added). A successful
enterprise is attributed to entrepreneurial capability on grasping opportunities
rather than relying on sheer luck (Kirzner, 1979: 180). Entrepreneurial agents
always switch on alertness system to discover profitable opportunities (Yu, 2001:
15). If a person simply sits and waits for luck, he/she will be like a foolish farmer
who stands by a tree stump waiting for a hare.7
2.3.3

Proactive Entrepreneurial Strategy: Turning a Crisis into an Opportunity

Entrepreneurs ability to turn a crisis into an opportunity is an important element

for business success. Since consumer behaviors and preferences change rapidly,
success today can suddenly turn into sour tomorrow. In the rapidly changing
world, nobody knows exactly what will happen in future (Farson & Keynes,
2002: 29). New challenges or crises can arise at any time.
Unfortunately, in face of difficulties arising from a crisis, most individuals get
locked-in by their old thinking and perceive the crisis as bad luck. They resist
new things and fail to turn the crisis into a profitable opportunity. On the contrary,
when entrepreneurs actively respond to external shock, devise new method to
tackle the crises and revise their business plans, the crisis will become a
profitable opportunity (Yu, 2001: 19, 2223; Lane et al., 1996: 107124; deBono,
1992: 15, 17). In a rapidly changing economy, dealing with crisis is a continuous
mental process for entrepreneurs.
The capability to deal with change depends on the flexibility of the firm. Yu
(2000: 388) argued that small firms in Taiwan maintain high degree of flexibility
by adopting guerrilla strategies. They respond to external shocks rapidly and
effectively. With a small plant size, when restructuring fails, Taiwan
entrepreneurs close their business quickly and redeploy resources to another
7

Stand by a tree stump waiting for a hare is a Chinese fable written by Han Feizi, a famous
Chinese philosopher of the Legalist school of thought (280233 B.C.). One day, a scared hare
smacked into a tree, broke its neck and died. The farmer happily got the hare. Since then, he
sat by the tree and waited for another hare. As days went by, neighbors laughed at his naivet.
Weeds grew in his field and the farmer lost the harvest. No crazed hares came to crash into the
stumps. The moral is that people should work hard instead of waiting for windfall.

Right Time, Right Place, and Right People and Chinese Entrepreneurship

103

profitable business without rendering high costs (Yu, Yan, & Chen, 2006: 63).
Entrepreneurs face new challenges and devise new plans. New methods need
to be put into test. Since new ways of doing things induce changes in habits and
customs in the society, frustration is inevitable during experimental process.
Winston Churchill once noted, success is the ability to go from failure to failure
without losing your enthusiasm (Minniti & Bygrave, 2001: 1). Minniti &
Bygrave (2001) also argued that entrepreneurs learn from successes and failures.
Failure is regarded as a prerequisite for future success instead of stigma
(Zacharakis, Bygrave, & Shepherd, 2000; Yu, 2007: 64). Entrepreneurs recognize
crisis, overcome constraints and turn a crisis into potential opportunity.
2.4

The Right Place

Xunzi believed that farmers heap bumper harvests on fertilized land. Mencius
contended that soldiers defeat the enemy by constructing solid walls on a
strategic site. A Chinese idiom, a pavilion located waterfront gets the moonlight
first8 means that a person enjoys advantages in a favorable location. As an
example, when the Opening-Up Policy was implemented in the mainland of
China in 1978, Hong Kong entrepreneurs were the first group to relocate their
businesses in the Pearl River Delta to take advantages of cheap labor and land,
because Hong Kong is adjacent to Guangdong Province (Yu, 2007: 41).
2.4.1

Entrepreneurs as Regional Arbitrageurs

As discussed in the previous paragraph, location advantages denote close

proximity and convenient transport. However, the right place does not only
refer to location in spatial dimension. It also includes cultural, custom, religion,
institutional and historical characteristics which are crucial for foreign direct
investment. Although location is fixed, culture is linked with people. Yu (2001:
65) argued that one form of Kirznerian entrepreneurial strategies involves
regional arbitrage activity, i.e., entrepreneurial alertness to cost reduction
opportunities over space. By transplanting the ways of living from one place to
another, entrepreneurs can capture profit opportunities from the right place.
8

A waterfront pavilion gets the moonlight first is a Chinese metaphor written by Su Lin in
ancient Sung Dynasty. It is followed by flowers and trees on the sunny side meet spring
earlier.

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2.4.2

Fu-Lai Tony Yu, Pinky Wan Ping Tse

Transplanting Culture and Business Knowledge to a Familiar Place

If entrepreneurs are familiar with a place, then transaction costs of setting up a

business in that location will be reduced, and hence they get twice the result
with a half of the effort. For example, many Taiwanese entrepreneurs were born
in the mainland of China, and grew up in their hometowns. After leaving their
birthplace, many are able to bring along their culture and ways of living with
them to new places. Furthermore, Taiwan was ruled by Japan for 50 years.
During that period, Taiwan people were cultivated in Japanese culture and
language via Kominka movement. As a result, entrepreneurs in Taiwan have been
incubated with Sino-Japanese culture. They are then able to establish businesses
in Japan by transplanting business knowledge and cultures they gained in the
mainland and Taiwan.
2.4.3

Investing in Foreign Countries of Different Cultures

It is easy to transplant business concepts to a place with the same culture as the
entrepreneur. Yet it is very difficult to introduce a new product or way of life to
an unfamiliar economy, because of cultural and social barriers. For example,
Taiwans computer giant Acer performed well as an OEM supplier to ITT, AT&T
and other market leaders. After gaining substantial innovative capabilities, Acer
intended to launch its own brand of computer in the U.S. market. However, due
to cultural barriers and unfamiliarity with marketing strategies in the foreign
market, Acer failed. As a result, Acer reverted back to OEM contracts. This case
illustrates the difficulties of launching a new brand overseas and, cultural and
social barriers count (Ernst, 1998: 45).
One method to overcome cultural barriers is to hire a local firm in the foreign
markets as a guide. For example, in the past, European merchants in Hong Kong
did not understand Chinese culture. They employed local people known as mai
pan or comprador to act as a middleman. With their expertise on Chinese culture
and personal networking in Hong Kong, mai pan helped foreign entrepreneurs
reduce transaction costs and deal smoothly with local customers (Li, 1948: 130;
Chan, 1991: 56; Yu, 2007: 34)
2.5

The Right People

According to Mencius, the right people means social harmony and good

Right Time, Right Place, and Right People and Chinese Entrepreneurship

105

coordination. Amongst the three Rs, Mencius regarded social harmony as the
most important. In a battle, a band of soldiers with one mind is invincible.
Mencius noted, opportunities of time vouchsafed by heaven are not equal to
advantages of situation afforded by the Earth, and advantages of situation
afforded by the Earth are not equal to the union arising from the accord of Men
(Legge, 1930: 556). Hillary Clinton, the Secretary of State of the United States,
quoted a Chinese idiom that when people are of one mind and heart, they can
move Mount Tai to show the importance of harmonious relationship between
China and the United States (Austin 2009). Harmony is crucial for business
success, especially in Chinese family firms. Yu (2007: 118) remarked,
The Chinese culture regards harmonious (relationship) among family
members as the foundation for a prosperous business. Harmonious group
relationsgive rise to flexibility and are capable of reducing internal
communication costs (internal capabilities). Extending harmonious
relations
to
external
business
networks,
Chinese
family
enterprisesmaintain production flexibility and reduce inter-firm
coordination costs (external capabilities).
Employees in an organization may not comply with the philosophy and goals of
the firm. Entrepreneurs thus need to organize the efforts of staff members and
partners to achieve the companys goals. In Chinese economies, a good Guanxi
(or social relationship) means business success (Hamilton, 1996: 72, 82).
According to Hong Kong History, a TV programme produced by Radio
Television Hong Kong, Chinese Guanxi capitalism has been widely practised in
China and Chinese Commonwealth (Kao, 1993). Immigrant families organize
family benevolent associations for members who come from the same village or
region and speak the same Chinese dialect. These associations provide members
support and welfare. They also maintain intra-ethnic business networks and
service for merchants or business associations to protect ethnic Chinese interests
in such businesses as restaurants and laundries (Li, 2009).
Yu (2001: 56) remarked that Chinese family businesses rely on networks and
nepotism rather than working in isolation. To ensure the reliability of business
networks, Chinese firms pay special attention to personal obligation, reputation
and face. Business connection, reputation, trust and Guanxi are important for
Chinese entrepreneurs to achieve their business goals. Yu (2007: 256) concluded,

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Fu-Lai Tony Yu, Pinky Wan Ping Tse

the greater our trust in the people with whom we trade, the greater the
accumulation of wealth. Some business people overemphasize what they are
interested in but ignore what are in their interest. As a result, they live in a
world of self-delusion being conceited, envious, malicious, quarrelsome, and
resentful (Wood, 2004: 551) and incapable of building up good business
connection, trust, and Guanxi.
2.5.1
The Right People Implying Entrepreneurial Capabilities in an
Organization
Yu (2001: 5761) differentiated two kinds of entrepreneurial capabilities for a
successful business organization, namely internal and external capabilities. The
former refers to the ability of an entrepreneur to manage his/her firm internally.
This has something to do with interpersonal skills of the boss and charisma
leadership. The latter refers to entrepreneurial capabilities in handling external
relationships including social network, Guanxi in the market. Chinese believe
that living in harmony brings wealth to the family. To establish harmonious
relationship, Confucianism emphasizes benevolence and humaneness. Whether it
is internal or external capabilities, entrepreneurs can reduce conflict and increase
competitive advantage of the enterprise by 1) being a role model in the enterprise,
2) collaborating with people in the same philosophy, and 3) putting oneself into
anothers position.
2.5.2

A Role Model in an Organization

Confucianism believes that if employers do well, managers and subordinates will

follow suit. Entrepreneurs are the role models in their businesses and good
teachers of propriety, righteousness, and faith. Confucius said, if a superior
loves propriety, the people will not dare not to be reverent. If he loves
righteousness, the people will not dare not to submit to his example. If he loves
good faith, the people will not dare not to be sincere. (Lui, Zhou, & Cheng,
2006, Chapter 13: 4). Furthermore, if a man is morally upright, then tasks will
be done even though he has not given out any order. Otherwise, his order will not
be carried out even if he has given one. (Lui, Zhou, & Cheng, 2006, Chapter 13:
6). Entrepreneurs with charismatic leadership can convince staff members to
achieve the goals of the firm. When employees are convinced to be a part of the
company, they will be less likely to undertake opportunistic actions. As Witt

Right Time, Right Place, and Right People and Chinese Entrepreneurship

107

(1998: 161177) argued,

A persuasive business conception adopted by an employee may detract
her/his attention in a self-reinforcing manner from non-compliance
alternatives that actually exist. Hence if the entrepreneur can dominate the
informal communication process within the firm so that elements of her/his
conception become tacit cognitive commonalities among the firm members,
this may enable the entrepreneur to get the employees cognitively involved
into her/his endeavour.
2.5.3

Collaborating with People of the Same Vision

Yeung & Tung (1996: 53) pointed out who you know is more important than
what you know. Entrepreneurs do business with people of the same business
philosophy and reduce the risk of failure. A firms expansion relies on
entrepreneurs endeavor and their partners. Entrepreneurs enhance their
companys performance by collaborating with partners of the same philosophy.
Confucius once said, if people follow different paths, then it is not possible for
them to work together (Lui, Zhou, & Cheng, 2006, Chapter 15: 39).
2.5.4

Putting Oneself into Anothers Position

Putting oneself into anothers position or reciprocity is an essence of

Confucianism. As Confucius (Lui, Zhou, & Cheng 2006, Chapter 12: 2) noted,
When you go out to meet someone, treat that person as if he were an
honored guest. In the same way, ruling a country is like presiding over a
ritual. What you do not want must not be imposed upon others. You should
be free from complaint whether in your country or your family.
Entrepreneurs avoid making offensive acts to other people. The Chinese believe
that people will meet their rivals eventually, just like mountains and rivers will
meet again one day.9 If people are odious to you, you have to be lenient and not
to intimidate them. Even in extreme adverse situations, entrepreneurs always
9

Mountains and rivers will meet again comes from The Scholars, a novel written by Wu
Jingzi (17011754). It says that there must be one day for the mountains and rivers to meet
again; how couldnt people treat others well and help each other?

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Fu-Lai Tony Yu, Pinky Wan Ping Tse

treat their rivals with respect. Otherwise, harmonious personal relationships will
be destroyed.
Benevolence and humaneness also manifest in the western culture. Adam
Smith expounded in his Theory of Moral Sentiments that there is a beneficent
order in nature which, if left to take its own course, will bring to mankind
maximum happiness and prosperity (Wood, 2004: 149). However,
benevolence and humanity are not enough. In the Wealth of Nation (1776), Smith
stated,
(Individual) will be more likely to prevail if he can interest their self-love in
his favor, and show them that it is for their own advantage to do for him
what he requires of them. Whoever offers to another a bargain of any kind,
proposes to do this. Give me that which I want, and you shall have this,
which you want, is the meaning of every such offer; and it is in this manner
that we obtain from one another the far greater part of those good offices,
which we stand in need of. It is not from the benevolence of the butcher, the
brewer, or the baker that we expect our dinner, but from their regard to
their own interest. We address ourselves, not to their humanity but to their
self-love, and never talk to them of our own necessities but of their
advantages.
In sum, a benevolent and humane entrepreneur creates profit opportunity that is
shared by and mutually beneficial to others in the society. We can summarize the
foregoing synthesis into Table 1:
Table 1 The Synthesis
Wisdom of Chinese
Business Strategies

The Austrian
Theory of
Entrepreneurship

Implications to Business Success

Right time

Alertness to
opportunities
Regional
arbitrageurship
Entrepreneurial
capabilities in an
organization and in
the market

Equipped with knowledge and well prepared to

seize a profit opportunity when it arrives.
Transplanting culture and ways of living
spatially
1. Internal capabilities: Interpersonal skills
within an organization, role model &
charismatic leadership.
2. External capabilities: social network &
Guanxi

Right place
Right people

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109

Interpretative Method by Storytelling and Case Study

The purpose of this study is to re-interpret traditional Chinese wisdom in

business practices by the Austrian theory of entrepreneurship. Our interpretative
approach10 means that it is preferable to use a storytelling approach in the
empirical analysis.11 Storytelling via case studies allows a deeper understanding
of issues over time. Yin (1994: 9) argued that case studies are the preferred
empirical strategy when a how and why question is being asked about a
contemporary set of events over which the investigator has little control or no
control.12 Data and materials in this study rely largely on secondary sources,
such as Din Tai Fung Annual Report. Since Din Tai Fung is well known in the
catering industry, there is no dearth of reports on Din Tai Fung in newspapers and
magazines. These include The New York Times, Business Weekly, Capital,
Asiaweek, Far Eastern Economic Review, International Business Week, and
Fortune. Taiwans business journals such as CommonWealth, Taiwan Panorama
Magazine, Business Today, Money: Taiwan and Taiwan Entrepreneurs also
conduct interviews with the boss of Din Tai Fung from time to time. Therefore,
reliability of the information from these magazines can be checked against from
each other.
In the next section, an entrepreneurial perspective of the right time, right
place and right people will be applied to understand the success of Din Tai
Fung.

Case Study: Din Tai Fung

As mentioned above, Din Tai Fung was established as a cooking oil store in Xinji
Road, Taipei by Bingyi Yang in 1958. His son, Jihwa Yang, managed and
transformed the family business into a renowned restaurant with 50 branches
around the globe. Din Tai Fung created Xiaolongbao Miracle and became a
food giant in Taiwan. According to Business Today (Liu, 2008), at least 100
million Xiaolongbao were sold all over the world each year. In 2007, branches in
10

For a discussion on economics as an interpretative science, see Yu & Shiu (2011: 150).
For storytelling as an economic methodology, see McCloskey (1990).
12
Unlike Yin who used case studies to test a priori theory, Eisenhardt (1989; 1991) used them
for theory building, and argues that that propositions can be developed (and tested) during data
collection, rather than prior to it. Since the aim of case studies is to obtain a rich understanding
of the cases in all their complexity, insights gained during data collection can be used to
inform the theory (Crosthwaite et al., 1997). For a further discussion of this issue, see Dyer &
Wilkins (1991).
11

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Fu-Lai Tony Yu, Pinky Wan Ping Tse

Taiwan including Xinyi, Zhongxiao and Fuxing had a business turnover of over
NT$800 million, with overseas annual revenue of NT$6 billion (Liu, 2008).
4.1

Grasping the Opportunity at the Right Time

Entrepreneurs act today in order to achieve goals tomorrow. Things change in the
passage of time and entrepreneurs need to make decision under uncertainty.
Hence, economic problems arise always and only in consequence of change
(Hayek, 1945). It would be a blessing if an entrepreneur encounters a good
chance at a favorable timing. Otherwise, entrepreneurs will have to tackle
unfavorable timing.
4.1.1

Turning Crisis into Opportunity

At the beginning, Bingyi Yang sold cooking oil in Din Tai Fung. After traditional
peanut oil was found to be contaminated by a chemical toxic called Aflatoxin in
1968, people were concerned of food safety. They chose a substitute of cooking
oil. Din Tai Fung suffered a major setback on selling cooking oil. As
entrepreneurs quick to respond, Yang and his wife revised their business plan for
survival. They transformed half of the shop floor into a Shanghai steamed
dumpling business. With their good business connections and reputation,
dumpling sales took off. Yang decided to replace oil business with dumplings.
The legend of Din Tai Fung began.
4.1.2

Creating Wants by Trial and Error

Bingyi Yang was fully aware that a nearby Shanghai eatery called Kao-chi also
sold traditional dumplings as Din Tai Fung did. However, Kao-chi was notorious
for big and greasy dumplings. Yang spent a lot of time and effort on reducing oil
content in dumplings by experimenting new combination of meat, fat and soup
(Chang, 2006). He modified and improved traditional recipes. When consumer
taste changed, Yang was able to meet consumer needs at the right time. Din Tai
Fung outperformed its competitors. Yang improved his dumpling business before
the opportunity was noticed by rivals.
4.1.3

Entering the Mainland at the Right Time

Jihwa Yang, the son of Bingyi Yang, believed that the year 2001 was a right time

Right Time, Right Place, and Right People and Chinese Entrepreneurship

111

to expand Din Tai Fung business in mainland of China where people had a strong
purchasing power. He improved the eatery with an airy modern and elegant
decoration and service quality (Wong, 2007: 283284). However, the move did
not result in immediate success. At the early days of business expansion in the
mainland, Yang and his partners were inexperienced in managing inventories and
human resources. They encountered difficulties and frustration. Financial loss
was recorded. However, they did not give up. By continuous reviews and
revisions in operational strategy, the quality of food and service, human
resources management and operational efficiency significantly improved. In four
years, Din Tai Fung opened a second branch in the mainland in May 2005 (Wong,
2007: 286287). It was rated as one of the best dumpling houses in Shanghai
(The New York Times, 9 October, 2005):
(In Shanghai, Din Tai Fung) is just a branch of a Taiwan dumpling house,
but who cares? The dumplings and other dishes are first-rate, and the open
kitchen puts on quite a show. Din Tai Fung had become one of the best
dumpling houses in Shanghai.
4.2

The Right Place: Cultural Transplantation from Place to Place

Favorable location refers not only geographical advantages, but also cultural and
ways of living in the region. The founder and current owner of Din Tai Fung
have made enormous achievements by capturing and transplanting good ways
of living from one place to another.
4.2.1

Regenerating Shanghai Cuisine in Taiwan

Bingyi Yang was born in Shanxi in 1927. In 1948, at the age of 21, he moved
from the mainland to Taiwan. Before starting the business, he worked in Heng
Tai Fung in Taiwan for ten years. As the owner and shareholders of Heng Tai
Fung were from Shanghai, Yang learned Shanghainese and built up a good
relationship with them. Furthermore, he got familiar with Shanghai food and
culture (Wong, 2007: 36). Many Shanghainese migrated to Taiwan during
19271949. They yearned for old ways of life and food in the mainland, such as
traditional Chinese dumplings. The demand for dumplings in Taiwan increased.
Using his talents and knowledge, Yang regenerated Shanghai culture and
dumplings in Taiwan and established Din Tai Fung dumpling house in Taipei

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Fu-Lai Tony Yu, Pinky Wan Ping Tse

city.
4.2.2

Integrating Japanese Culture: Kaizen

Since Taiwan was occupied by the Japanese between 1895 and 1945, Japanese
culture, including Kaizen and perfectionist spirit, was blended into Taiwan
culture. Bingyi Yang and Jihwa Yang were too influenced by the Japanese culture.
They were successful in integrating Japanese perfectionist spirit in their business.
They pursued high quality goods and services. Japanese tourists were attracted
by Yangs perfectionism. They believed that they should try dumplings in Din Tai
Fung whenever they visited Taiwan (Wong, 2007: 52).
4.2.3

Expanding Dumpling Business in Japan

As Xialongbao and Shanghai foods were well received by Japanese tourists in

Taiwan, Jihwa Yang then opened branches in Japan. He introduced Xialongbao to
the Japanese and created a new impulse to Japanese dining culture. As he was
familiar with Japanese taste and business customs, it was easy for Yang to
operate a restaurant in Japan. Since the first branch opened in Tokyo in 1996, Din
Tai Fung has created its brand as a top dumpling house in Tokyo. Yang
subsequently established twelve branches with Japanese partners all over Japan
in twelve years.
4.2.4

Further Assimilation with Japanese Culture

Learning and cooperating with the Japanese, Jihwa Yang improved accounting
and computer systems in the business. He learnt that continuous enhancement
and pursuit of perfection are Japanese traditions. When working with the
Japanese, Yang understood the importance of consistent high standard of food
quality. He standardized food ingredients and processes in all branches around
the globe. Din Tai Fung exhibits standardized high-quality products.
Yang also learnt from Japanese partners that hygiene and efficiency are
significant in catering industry. Rents are expensive in Japan and floor areas must
be effectively used. In 1998, a central kitchen was built to save production area.
The central kitchen was responsible to fill flavoring stuffing in dumplings and
prepare soups. Vacuum-packaged products were frozen and delivered to the
restaurants. Hygiene and food quality could then be supervised and under control.

Right Time, Right Place, and Right People and Chinese Entrepreneurship

113

The duration of production process was also shortened (Wong, 2007: 280).
After improving operation process and management in Japan, Yang attempted
to do the same in Taiwan. In 2000, Yang established a central kitchen in Din Tai
Fung in Taiwan. It minimized production time, maximized customers turnover
and shortened queuing time for a seat. In 1997, Yang spent NT$1.2 million on
developing computerized systems on customer service. The system enhanced
efficiency and accuracy in ordering, serving and payment (CommonWealth,
2005). Customer place orders to the kitchen by pressing buttons. According to
Money (2001), the computer system shortened food preparation time, eliminated
the chance of wrong orders and shortened queuing time. Din Tai Fung also
introduced special meals, e.g., dumplings without green onion, without pepper
and without spicy. In summary, Yang transplanted Shanghai food to Japan by
utilizing knowledge of Japanese culture and ways of doing things. Furthermore,
he used same knowledge to improve businesses in Taiwan and branches all over
the world.
4.2.5

Becoming an International Entrepreneur

Chinese immigrants around the world provided opportunities for Ding Tai Fung.
Yang expanded the business in the mainland of China, East Asia and North
America where there were large concentrations of Chinese residents and
immigrants. Yang understood Chinese customs, etiquette, working attitudes and
business modes. He established businesses in the areas where the Chinese settled
and shared similar culture and Confucianism. Din Tai Fung has become a
Taiwan-based global franchise with fifty branches in nine countries. A strong
profit growth from Din Tai Fung in Singapore was recorded to have SGD$78
million revenue in 2005 (Bread Talk, 2006). Din Tai Fung in Los Angeles was
awarded as the best dumpling house by the Los Angeles Times newspaper in
2006 (Din Tai Fung Los Angeles, 2008).
4.3 The Right People: Promoting Harmonious Work Environment and Social
Networks
To enhance coordination and relationship, entrepreneurs promote mutual benefits
to workers, business partners, customers and suppliers in a harmonious working
environment.

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4.3.1

Fu-Lai Tony Yu, Pinky Wan Ping Tse

Well-Established Social Network

Bingyi Yang did not operate his business in isolation. He cooperated with many
people in the business operation. He built up a good reputation and social
networks with partners and customers. Social networks proved to be useful in
transforming Din Tai Fung. For example, when Din Tai Fung was threatened by
safety of cooking oil in 1958, Tang, a former partner of Yang, suggested
transforming the store into a small Shanghai eatery. Meanwhile, Bingyi Yang
formed a bandi (core team)13 to facilitate his business operation. Mr Lo, a
member of bandi, came from the same village as Yangs wife and a senior noodle
chef in Din Tai Fung, made significant contributions to the success of the
restaurant (Wong, 2007: 4245).
4.3.2 Being a Role-Model and Maintaining a Harmonious Environment in the
Workplace
Although Jihwa Yang did not seriously study the Confucian Analects at school,
Confucian teachings influenced his life and work attitudes. Yang took a
benevolent approach to all people in his workplace. He gave a priority to
benevolence and righteousness over self-interest and personal wealth. He
believed that if profits were brought by unethical practice, without taking account
of customers feeling, complaints would follow. Being a leader, Yang encouraged
his staff members to provide quality and honest service to customers. He always
reminded the staff to be considerate of the customers. The staff was told not to
suggest expensive dishes to customers at the beginning. They should also remind
customers if they ordered excessive food. In case customers changed their mind,
the staff should do their best to meet their needs (Wong, 2007: 75, 83).
4.3.3

Applying Ethics of Reciprocity to All People

Job dissatisfaction and frustration often affect hardworking staff. Yang

considered himself as a parental leader and treated the staff as his relatives. He
was willing to share the profit with them. Salary and fringe benefits were
regularly reviewed. Staff-customer ratio remained at six to fifty. The staff was
13

Bandi refers to a working team of employees which is based on personal solidarity and
tacit consensus. It strengthens organizational capabilities and competitive advantages of a firm
(Chen, 2007: 90, 97, 117).

Right Time, Right Place, and Right People and Chinese Entrepreneurship

115

assigned equitable and reasonable workload. Yang paid higher wages to his staff
than other catering industries (Ng, 2008: 7779). He also provided quarters for
his staff to take a rest during lunch and shift. In this way, fatigue, bad customer
service, and confusion were then avoided.
The term the right people also means serving customers in the right way.
Din Tai Fung has strictly followed the Confucian teaching of more haste, less
speed and obtaining wealth in the correct way. It pays attention to the quality
of food and less on profit margins because Yang knows that a good reputation
does not come easy. Din Tai Fung always put customers on the priority.
According to Business Today (Liu, 2008), a Taiwan magazine, Din Tai Fung was
recommended to expand businesses in Switzerland, England, Spanish, Canada,
Italy, Germany, South Africa and Mongolia. Although the profit was expected to
reach US$500,000, Yang refused to expand franchise in these countries. He
believed that building up a trained competent team took a long time before the
business received profit (Liu, 2008). Expanding business in haste without proper
preparation will bring devastating effects. Yang would not open new outlet unless
high standards of food and service were ensured.
In summary, Jihwa Yang succeeded in creating a harmonious work
environment. Internal and external conflicts were avoided. He applied Confucian
teaching to Din Tai Fung. He emphasized benevolence, acted as a role model to
subordinates and applied the ethics of reciprocity to those who helped Din Tai
Fung build up core team and customer loyalty.

Conclusion

This paper has synthesized the Kirznerian theory of entrepreneurship with the
ideologies and wisdom of Chinese business practices and establishes an Austrian
theory of Chinese business enterprising. This theory has been used to reinterpret
the international success of a best-known catering firm in Taiwan, namely, Din
Tai Fung Dumpling House, and its Chinese recipe of achieving a successful
project, namely the right time, right place and right people. Regarding the
notion of the right time, the owners of Din Tai Fung has been able to identify
and exploit unnoticed opportunities. Encountering difficulties, they proactively
turned crises into a profit opportunity at the right timing. Hence, the right time
means entrepreneurial alertness to opportunity when the chance comes. In
terms of favorable location, using their experience in the mainland and Taiwan,
they successfully transplanted cultures from one place (the mainland of China) to

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Fu-Lai Tony Yu, Pinky Wan Ping Tse

another place (Taiwan). Hence, the right place in our entrepreneurial

perspective refers to regional arbitrageurship. Finally, they performed excellent
coordination in interpersonal relationship. They fully understood the Chinese
saying that a good personal relationship and harmonious social network generate
wealth. Therefore, the right people implies entrepreneurial capabilities in
handling internal and external affairs. As a result, Din Tai Fung and other
successful business enterprises in Taiwan have created one of the East Asian
miracles.
Acknowledgments

The paper was presented at a seminar organized by the Department of

Economics, Feng Chia University in Taiwan on March 8, 2010 and the 6th Annual Meeting of
the Chinese Hayek Society held at Hong Kong Shue Yan University, 67 August, 2010. My
sincere thanks go to conference participants and Antonio Yan for their useful comments. I am
grateful to the referee of this journal for his/her constructive comment. Dian Kwan is also
thanked for her proofreading in this essay.

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