Kai-Fu Li talked about the ten reasons for failed entrepreneurship: the temptation to make a fake copy directly

In November 5, Li Kaifu, chairman and CEO of the innovation workshop, published an article explaining the top ten reasons that he believes will often lead to entrepreneurial failures: 1. Lack of experience; 2. Lack of ownership; 3. Lack of trust in the team; 4. Insufficient execution ability; 5. impetuous mentality, temptation, and patience; 6. Too many ideas and insufficient focus; 7. Technology seeking for user needs without putting user needs first; 8. Beautiful resume, but not grounded, technology is outdated; 9. Not persistent enough in products; 10. Direct shanzhai, not deeply understood.

The full text is as follows:

This is also my sharing at the innovation workshop Shanghai Open House day. In the three years since the innovation workshop was founded, we have seen many cases of entrepreneurial failure. Even if we have a good investment team, the chances of failure are still very high. To sum up, there are about 10 reasons:

First, entrepreneurs are not experienced enough.

The average age of CEOs of the last 10 Chinese Internet companies listed in the United States was 33 years, at the same time, the average age of the founder of the company that received round a in the innovation workshop was about 33 years old. China's special education system and entrepreneurial environment may lead to more entrepreneurial challenges for young entrepreneurs. Compared with American entrepreneurs, they need more time to cultivate their emotional intelligence, management and social skills, it also requires more time to build connections, strengthen execution, and build your own entrepreneurial teams. At the same time, Chinese Internet entrepreneurs also need to have enough mentality and experience to deal with big companies involved in their own entrepreneurial fields. All of these are difficult accomplishments and experiences for very young entrepreneurs.

Second: entrepreneurs lack a master mentality.

Real entrepreneurs must have strong inner power and strong self-control capabilities, and treat the company as their own baby. No matter what the company prompts, employees can continue their work with passion; instead of trying to be a company first, ask an external professional manager as CEO.

Third: lack of trust and complementary capabilities of the team.

If the entrepreneurial team is composed of two or three founders who trust each other, have a tacit understanding, share the same values and complement each other, they can support each other on the way to start a business and improve the success rate of entrepreneurship. It should be noted that in order to avoid conflicts in the future, the founders should be as familiar with each other's values and capabilities as possible, and talk about the distribution of interests at the beginning of their business.

Fourth: lack of entrepreneurial execution.

The key to success is not the idea, but the ability to perform well. The strong execution ability of entrepreneurs means that they can think deeply about their own products and investigate every detail. At the same time, a team runs this product together, so that the product can be quickly iterated. Start-ups should work harder than big companies in the industry, while entrepreneurs from large companies sometimes have the mentality of migrant workers, always have the inertia of passively completing tasks, and lack the ability to actively think, find and solve problems.

Fifth: An impetuous mind, temptation, patience, or even entrepreneurship for money.

Such a startup company will lack faith, patience, and will not be able to withstand the temptation and loneliness, or even rush to sell its own company to cash in. It is difficult for entrepreneurs with the sole goal of making money to win in their own business.

Sixth: entrepreneurs have too many ideas and are not focused enough.

Most entrepreneurs who get investment are smart people. Naturally, they have many good ideas and will implement them. However, this is easy to distract their entrepreneurial efforts. In the Internet entrepreneurship era, fast iteration and lean entrepreneurship are effective entrepreneurial paths. The core of lean entrepreneurship is to focus on making a product and quickly promote it. After obtaining users, we will learn new user needs and then carry out new product iterations to form rolling development. The premise of being able to start a lean business is that when entrepreneurs make their first product, they must be focused, focused, and focused.

Point 7: pay more attention to technologies without putting user needs first

. Today, more and more great innovations are derived from user needs and pain points, starting from solving user needs. Do not innovate for the purpose of innovation. A better way is to solve user needs. Investors will not invest in advanced technologies or patents for entrepreneurs, but will be more concerned with the product's solutions to users' needs, the market size, and the uniqueness of entrepreneurs, then I asked the entrepreneurs what technologies they used to meet their needs.

Eighth point: the technology is outdated with a beautiful resume but not grounded.

Entrepreneurs from large companies are often bureaucratic and segmented by their previous jobs. They lack comprehensive business capabilities, and sometimes their technical directions may be outdated, on the contrary, grassroots entrepreneurs sometimes dare to do what they want and learn. Remind entrepreneurs with excellent background that they should not expand their abilities because of their excellent resumes. They should not learn new technologies because of their excellent academic qualifications.

Ninth point: lack of love and investment in products, lack of belief and persistent persistence in entrepreneurship.

If an entrepreneur fails to put all his efforts into nurturing products and operating companies, he wants to sell the company when encountering difficulties, or he always has the mentality of a migrant worker, hoping to meet the requirements of the Board of Directors and be recognized by the board of directors, instead of taking the initiative to the forefront of entrepreneurship, do what you should do to prove yourself and get the rewards you deserve.

The tenth point: Direct shanzhai without in-depth consideration.

We are opposed to purely foreign mature products and pure copies. However, we do not reject the use of foreign product concepts by entrepreneurs and adopt the lean entrepreneurship model, explore localized user needs and innovative ideas in product iterations.

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