Kai-Fu Li talked about why entrepreneurs failed

Lack of ownership. Many entrepreneurs have a professional manager mentality, rather than taking the company as their own baby.
A few days ago, Kai-fu Lee said that in China, many entrepreneurs put their efforts into their startups, and startups always end up failing for some reason. Kai-Fu Li summarized
The misunderstandings of entrepreneurs are as follows.
1. Lack of experience. Although many American entrepreneurs in their twenties, like Zuckerberg, are determined by the startup and innovation environment in the United States. Start a business in China in their twenties
Unreliable. It is best for an entrepreneur to start a business first, such as working in a startup company. When resources and contacts accumulate to a certain extent, he or she will start a business in person.
2. Lack of ownership. Many entrepreneurs have a professional manager mentality, rather than taking the company as their own baby.
3. Team trust issues. Kai-fu Lee mentioned that the innovation workshop prefers entrepreneurial teams of 2-3 persons, with the best personality and skill complementarity. Too many people have two problems. First, they are not familiar with each other.
A crisis of trust. Second, equity distribution imbalance may occur.
4. Insufficient execution. Copy others' ideas.
5. impetuous mentality. Entrepreneurs cannot think about making money. They must endure loneliness and resist temptation.
6. Too many ideas are not focused enough. Smart entrepreneurs have many innovative ideas, but sometimes they cannot be specific or focused on one.
7. focus too much on technology. Ignoring user experience and products is a major misunderstanding. We need to collect user data and improve products at any time.
8. No in-depth development. Technological updates are accelerating, and entrepreneurs must update their systems at any time. It is best not to stay on outdated technologies.
9. If you are not passionate about products, you cannot start a business with the goal of financing but doing what you love.
10. The degree of localization is insufficient. Chinese enterprises are recommended to refer to the U.S. entrepreneurial model. However, they may face problems such as localization, product incomprehension, and unclear market and business models.

Kai-Fu Li talked about why entrepreneurs failed