What is the reason for not being long?

Dangdang is now moving away from many people's shopping habits. Some ordinary users may still vaguely remember a few years ago Guoqing to scold "Morgan Stanley woman", but who can remember when the founder of the luxury team, which has come from Microsoft, Intel, Bertelsmann executives? Who can think of the United States on the market when the high-spirited, these years of stock prices are like a roller coaster is generally a people's mind? In the industry are talking about when the listing of Ali, Jingdong Liu Love milk tea Sister These times, the author of this article but when the "up early in the late set" reason, that this is the timing of the listing, but also the business layout problem, is the business competition problem. But in the final analysis, the founder's personality problem, pattern problem. In the flamboyant electric business circle, this may wake up a lot of dream people. 】

In Guoqing heart, there is a permanent pain-the company has been established 14 years, far earlier than Taobao and Jingdong, but now distance between the two, the gap can not be counted. It heads the first listed company in China, which has been on the market for 4 years, and has not surpassed its IPO price.

On February 27, when it announced the first profit since its IPO in the four quarter of last year, although net profit was only 21.7 million yuan, it still allowed the stock price to rise by 35% in an instant. That day, many when the shareholders in the snowball Laolei, sigh finally turned over.

When the reason for the profit is very simple, one is to the big brand, vertical electric operators open the entrance, the third party opened shop Service income growth, margin doubled. Second, Jing Dong in the past year to recuperate, the entire electric business stopped the price war, gave when breathing space-this is somewhat sad, it profitable time point, more in the hands of competitors.

Even if the profit, when the future is more like a small and beautiful electric business platform. The company's total market capitalisation is now $1.436 billion trillion, a fraction of the market capitalisation that will be listed, and less than one-seventh of the market value of the product.

When did you get up early in the morning to catch the evening set? When why didn't you do it? This is not a sin, this article is not about right and wrong, just talking about when you might miss a big opportunity. Let's look at a few things.

The first thing was in 2009, when the first profit, at this time the company's management and investors in front of the two choices: one is to market as soon as possible, to obtain a leading position, investors can also fall into the bag for Ann; the other is like Jingdong, temporarily not listed, continue to burn money, burning more large-scale again line listing. At this time, the company chose to go public. At the end of 2010, the company became China's first listed company, but after becoming a public company, it also lost the autonomy of large-scale business transformation and investment. Since then, when all strategic options are to spend less, not take the risk of the main, this is from the listing of the foreshadowing.

This choice is certainly true, but if when the choice of homeopathy expansion and then burn round to the day market leading edge, may be enough to stop Beijing east.

The second thing, the price war. It loses the initiative in the price war with Jingdong, passively follows, austerity, will put more energy in the category adjustment and the price adjustment, did not raise the fodder in the open market, has not carried on the bigger strategic layout.

You will see, from Liu and guoqing countless times on the micro-blog on the scold, the two styles are "simple rough direct", and Liu this personal style directly to the entire jingdong. And guoqing, from the bone is a steady businessman, he and Yu, the steady husband and wife of the habit of the prudent operation of the business, when rivals to launch so regardless of the cost of the fierce offensive, their tactic is, no war. Li Zeng said, when you want to scrimp and save, kill the opponents.

and Jingdong in 2007-2011, won more than 1.5 billion U.S. dollars financing-this money is actually smashed in the warehousing, logistics, staff, technology, burning a large platform infrastructure.

Most people even include guoqing's understanding of the electric business war more-price war, and ignore the price war behind the electric industry chain construction. And this has to say is Liu's success--guoqing yes, but compared to Liu, ambition small, the pattern is small.

The third thing, after the loss of Dangdang books, after years of losses, when from the self-employed to the integrated platform to sell, the loss intensified. And that's when you don't want to take it. The company will then focus on "going out, please come in", including to the cat open shop, but also with a shop, Jiuxian nets, Gome, Tencent and other cooperation.

These practices effectively reduced the flow costs, but also eventually failed to form when their own large ecological system, the company's strategic position from the first line to a group of second-line electric companies.

Finally, this may not be about the pattern, but it has to do with the founder's management style and corporate culture. In these two years, when the senior executives almost all quit, including COO Huang Jo, CTO Dai Revision, CFO Yang Jiahong, etc.

In the minds of investors, Guoqing is the responsible entrepreneur who lets himself fall into the bag for Ann, Liu is the entrepreneur who kidnaps the knife in the neck of the investor. But while the former are in a steady, they can only make a small profit, the latter is very risky, but may make a lot of money. Two are true, but who do you think investors prefer?

When why do not do big? It is the timing of the IPO and the problem of business layout, and it is also a business competition. But in the final analysis, the founder's personality problem, pattern problem.

Guoqing said, before Ma Yun often talk about how to hit when, now (Jing East up), when as a little after the little, very happy.

This sentence is very bitter.

"Guoqing is a Beijing man, Shire has evaluated Li," he is the LU of the electric business, speak boldly, heroic rectum. This is polite to say, according to Beijing, he is a little "mixed", to these, guoqing himself also directly and indirectly admitted, "alive for a happy, straightforward, which so many can't put ah." Like a knife. " "I don't like to pretend to be a grandson!" Such a character, in the Song view, the time limit to live. Guoqing's "steady" is in fact "small rich namely Ann", the mouth is not outspoken so that "countless enemies", but also isolated himself, now as a "minor", consumers gradually away from, for Guoqing and Dangdang added a touch of sadness of the background. 】

Extended reading: When lowering the threshold of the packet mail to rob the three or four-line city users of the end of the cold goods sinks difficult to save when Dangdang CEO Guoqing: 2014 overall strategy for the attack