In the face of development bottlenecks, private enterprises need entrepreneurial spirit to overcome obstacles, said Zhou Hongyi at a press conference of the Second Session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) on Wednesday.

There are three key words in entrepreneurial spirit, and the first one is faith. What sets entrepreneurs apart from businessmen is that entrepreneurs aim to change the world with products and services while businessmen jump at any business opportunity without too much thinking, said Zhou.

The second word entrepreneurs should bear in mind is resilience. Industry giants like Huawei, Tencent have gone so far through decades of ups and downs, only with long-term development and strategy and mindset preparedness can an enterprise achieve success.

The third key word is innovation. Zhou mentioned the recently launched foldable smartphone. If an enterprise only focuses on the market saturation in smartphone market rather than how to make breakthroughs, it will never make progress. 

Another example he mentioned is the diminishing population dividend in China. There are 250 million people over 60 years old in China, which signals huge market opportunity for elderly care industry as Chinese people prefer home-based and community-based elderly care. An enterprise launched a smart doorbell for working people to better care for their parents. These innovations are reminders for private enterprises to focus on market needs and consumers.

Zhou also noted that there are people going broke at the best age and people making money at the worst age.