even in the medium term. Wang also realized that a decision to go into China necessitated selecting a particular investment location in the face of great uncertainty. It was equally clear that while opportunities and risks varied widely from city to city, the criteria for evaluating suitable locations remained unspecified. With limited information to go on, Wang realized that a positive decision on China would be inherently risky — both for the company and for his own reputation. And while Wang was intrigued by the enormous potential of the Chinese market, he also knew that many others had failed in similar ventures.