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Core Insights - The article narrates the rise and fall of a prominent air conditioning entrepreneur, highlighting his initial success and subsequent decline due to mismanagement and lack of innovation [1][3]. Group 1: Entrepreneur's Journey - The entrepreneur, Li Xinghao, started with a small air conditioning repair shop and built a reputation based on trust and reliability, which became his initial capital [5]. - In 1994, he co-founded "Zhigao" air conditioning, facing fierce competition and a price war that severely impacted sales and led to financial troubles [7][9]. - Li's ability to secure an 8 million "IOU" from suppliers during a crisis showcased his strong personal credit and reputation [9]. Group 2: Business Expansion and Challenges - The company initially thrived by targeting lower-tier markets and offering attractive promises like "lifetime free repairs," which helped build consumer trust [10]. - However, as the company grew, it failed to invest in technology and quality, leading to a decline in product standards and an increase in customer complaints [12][14]. - By 2013, R&D expenses were only 0.85% of sales, significantly lower than competitors like Gree and Midea, which invested heavily in innovation [12]. Group 3: Ambition and Diversification - Li's ambition peaked in 2009 with successful market strategies and a public listing, but he later shifted focus to building a larger business empire, leading to distractions and losses in unfamiliar sectors [18][19]. - The decline in focus on core air conditioning technology resulted in a lack of competitive edge when market dynamics shifted towards technological advancements [23]. Group 4: Management Issues and Decline - Attempts to delegate management to a technically skilled partner failed, leading to further decline in brand reputation and product quality [25][27]. - Li's return to leadership resulted in cost-cutting measures that compromised product quality, exacerbating the company's issues [29]. - By 2019, the company reported a loss of 1.4 billion, leading to its delisting, and Li faced personal financial troubles, being labeled a "dishonest debtor" due to 40 million in debts [32].