Aging Talk About entrepreneurship: VC Equity Fine Division rules very well once for selling shirts to the director of the drink down

Every customer to do today, honor, achievement has been attributed to the founder or said myself, the specific interests, value, definitely to the team, you must for their sake.

Oral | aging Text Finishing | Liu Chen

In Van Lei, he had two startups: 2000 was pulled to participate in the creation of a network of excellence, and is a partner; 2006 founded I have a network, a year after the withdrawal. Seems to be two paragraphs and where the goods do not lap side of the experience, in fact, there are clear ideas and track to follow ...

The achievement is the founder, the benefit belongs to the team

During the period of excellence, I was pulled into the occupation, while still doing book trade. Although the network of Excellence began with the book, but the real foothold is to do audio-visual, which is related to my hobby. Leave the excellence and then do it I have a net. At that time I thought that the net game can trade all over the net-all coins, props and so on in the whole network can be universal. I imagined a concept that, if it was a whole network, we could get to know people all over the world and trade with people all over the world by playing games. But in fact, after a period of time, I found that online games are local economy: A separate server area, not the whole network of business. Knowing this, I soon became less interested and did not want to do it. Before because do not understand, think it too unreal.

Next to the van where the goods, then the whole business trajectory is complex. First, where the customer is the network sales, is the business, and second, where customers want to do brand. This is going back to the time of excellence. I am in the Network of excellence, the hands can spend a very small amount of money, can be made, is relying on our network of excellence at that time the brand to shape, we always let users see surprises. So when it comes to being a guest, the two levels of both the customer and the brand are at least from our original genes, which is what everyone has been emphasizing today.

Of course, to be a guest must also have some luck ingredient. For example, at the end of 2006, I have a network if done well, assuming a monthly income of millions of or even tens of millions of words, we can live very well. But at that point in time, we only had millions of dollars in one months, and that income didn't really support our imagination. And just at that point in time, we learned that a company called PPG is making brand shirts, which is a coincidence. But what is the connection between this coincidence and the last thing you can do about it? In fact, it is not clear, because at that point in time, imitate PPG this model can not only a guest, before the start of too many. So this is not necessarily the connection, only today you look back, you will see its trajectory.

Again, for example, from the name of the goods to all customers start, including a series of marketing promotion, brand promotion, I and my team brought. You think, I do I have nets, team formation is very difficult, are a bunch of children, every day in the Internet café to eat instant noodles, do not bathe, do not go home, night and day to play the game, that team is particularly random. But when I was a guest, it was clear. Although we came up to do the same, but I found that my team has been very neat, basically I was in the network training team. Where to rent a house, build a warehouse, and even how to buy, contract, these things do not worry me. Now look back, the first time in the Network of excellence to bring me a team. In fact, the team was overlooked when I was doing my web.

This is the most important thing, entrepreneurship can be successful, in the final analysis is the team. I later found that the more than 10 years to do relatively good, stand the feet of the company, whether internet companies or other companies, in fact, by a group of small team slowly to do. Including Zhou, although he seems to have suddenly done a new project, in fact, the team is still his original group of people. So the team is the most important.

So every guest's success is first attributed to a clear trajectory, followed by the team immediately can be used for me. From 2007 to 2008, the customer's team is basically the original network of excellence, plus some of us from the traditional clothing industry to absorb people. By the year 2009, because to start a sudden increase in staff, to have a greater operating system support, so we basically put Amazon China's operating system and technology system all moved over.

After the initial success, the next series of questions went back to the team. You have to be worthy of the team, or the team can not always be with you. At this point in fact, the founder of any team has no good days. If you're still thinking about something selfish, it's not going to happen. Let's be simple, there are so many colleagues working here today, and I would hurt the team if I had a little selfish idea. Entrepreneurial success of the honor, achievement has been attributed to the founder or to say myself, then the specific interests, value, and finally certainly to the team.

What kind of feeling is this? Sacrifice righteousness. Actually do every guest before, I also did not manage so big enterprise, outstanding net income is more than 100 million, I have net one year is 10 million or 20 million. Manage every guest so big enterprise experience is not the same, do this billions of magnitude, if you have to go forward, we are in the spotlight, it is really abyss, treading on thin ice.

So this time, you only have one idea: This enterprise must do, must maintain, must do well. Find a new opportunity, be sure to jump up the fastest.

As long as we can do something, whatever the structure.

I think the rules of VC is very good, starting a start to ask the founding team how much equity is owned by the management team, this is a basic rule. For example, every guest may have a 15% stake in the team. Not only that, the 15% after the hair, but also diluted out of 5%, this 5% will always have, so that you can certainly continue to give your team. As for the specific structure, it depends on what you and investors talk about. For example, many investors tend to be a central team, with an absolute holdings of more than 55%. But there are other cases, like Google's two first-stock founders.

Now the financing environment is so difficult, the equity structure is certainly the better for everyone, so that we can guarantee the interests of space. However, in the development of enterprises to different points of time, there must be a different structure.

Here comes a central question: what is entrepreneurship for? You have to understand that this industry is not created to make money. So the small account in front must be nonsense. Your business value is 10,000 yuan, you have 100% equity? What's the value of 1 million yuan and 100% equity? Useless。 So what's the account now? I think in the starting point of entrepreneurship, whether someone give you the rate or proportion, the most important thing is that you have to consider the matter to you, the completion of the present task is not used. As long as it works, what kind of structure is OK.

For example, where the customer, at that time less than 10 million U.S. dollars, if placed in today's mentality, we have 6 years to make a network of excellence, where customers less than 10 million U.S. dollars, how can you accept? But I accepted it because it was the most important thing. At that time, I remember the time when our team made a commitment to the investors for three months. We entered 100,000 shirts, the task in three months must be sold out, if the sale can still get investment, we can have a greater value. Because the first investment is only 2 million dollars, and the second investment will have 20 million dollars, your space is very big. And we really sold all 100,000 shirts in two months, which is a commitment to the first investment. Although the customer melts into the money, but how long can the money be melted? This is a problem that startups all have to face.

At that time, I, Lei, and so several people get their own money out, about 6 million or 7 million. 3 million of them to Wuxi Red Bean Seventh branch to make 100,000 shirts. With strategy, you have to do the product well. I remember that afternoon, I was with a girl on the team--she's a senior vice president now--to Wuxi, and we were sitting there all afternoon looking at the sewing heads and looking at the buttons. It's funny to think today, but it's all experience. I remember pointing to a button said I want this, the master looked at me one eye said, this can be expensive AH. People at that time think we are very drag, do not know what we want to do, but I have been very clear, we do the best products. I remember when I was in Wuxi and I drank the factory directors of the shirts. At the beginning they also compete with me, let us increase the price by 10%, and then we can talk about the evening to drink, they want to put me down. And finally? One of them drank to hold the tree to call, said to find me a car to come over, I want to go to Shanghai with old to play one night. Therefore, you should always maintain a high degree of alertness and vigilance.

This money is spent we are nervous: the rest of the money can not be spent. So where are the flowers? At that time we felt that we must rob the advertisement, we found "reader". "Readers" said you want to rob, you must sign a year's contract, when I was more daring, a year also recognized. As a result, they are so eager to see us. In this way, every customer in the "reader" October 18, 2007 issue of an advertisement, our first money is so spent.

So there is no structural problem at that time, it is true to get my shirt back quickly. At that time we were burned, every day on the phone, suddenly one day a phone call to say, I'm sorry Chen always, button wrong. How many things have I said wrong? He said it was all wrong. How hard it is, but this is the start-up business.

Every guest's "feel"

"Reader" of that advertisement, I personally to draw, but also made a small story. At that time, every guest's logo is very clean. The designer I was looking for is still serving us today. But think about how small the guests were. Nothing。 But then I asked, marketing team must have aesthetic. A few days ago I was in Shanghai, someone said "feel", I think it makes sense. A team has the feel of these things you have personally touched, also know what is going on.

I remember at that time in doing excellent nets, Lei said we write a slogan, I said to write what, Lei thought for a night, the next day told me: "Online video store." "It was 2001, and the net was still small, but we knew at least that there was such a thing, and of course Lei's" online video store "existed for one months and I got rid of it. As a guest is the same reason, initially we have such a "feel." Our earliest proposed slogan is called "the new formula of cotton life", this is a base starting point, let the user sound feels very good, very comfortable. Later we put forward "68-yuan production shop", which has the meaning of saving money, is in the "new formula for cotton life" this big tune next a specific tactic. When we sell T-shirts when we also shouted "full 288 to send Razors", although now seems more stupid, but slowly your team feel more and more good. When it comes to "I am a guest", Brand confidence has been set up. Therefore, every customer's brand marketing also has a trajectory, from the beginning of every customer is just a brand attitude, we are all guests, to later said "I am a guest", in fact, this is a step-by-step story came. Today, "I am a guest" can hardly be overturned. The development of this process is closely related to the "feel" of the founder and the core management team.

In our business has a certain scale, we found the cause of the end, and the cause is still moving forward, at this time to obtain the sense of accomplishment is not my own. For example, when Fank said to optimize the structure, said that the harsh point is to lay off, we are particularly reluctant to go, which means that every guest's brand, spirit and the formation of the atmosphere are everyone cherish. Every guest leaves a supervisor, a director is very big news, that our best corporate culture is valuable, good growth. We have no outstanding advantages, but I think only for one thing is the value of the enterprise. Every decision I make, when you look back, is right or wrong, and you have to judge it on this standard.

Financing itself is a trend, the key is whether you are growing up, whether in this situation. From an investment point of view, I hope you are a fast-growing, direction-oriented team. Every guest has done for more than 5 years, it and the traditional clothing brand track is different, that certainly is very fast growth, this is its investment value, and every guest attracts more than 20 million users, this is also its value. This is the traditional brand can not imagine, the traditional industry has to open tens of thousands of stores to have so many users, so I think this is the most important. It's hard to get investors ' money if you don't get it right at first, and that's not the momentum.

It doesn't matter what your background is. I have a net starting in 2006 to do so by the end of 2007. I felt guilty with my partner at the time, but we knew it didn't make sense. I just said that every customer start is 6 million or 7 million yuan, if the 3 million made the shirt button is wrong, the same end, if not take the reader that advertisement, also can not open. So it doesn't matter what our background is, convincing investors, persuading your partner, and making the right choices is the most important thing. Everyone's trust is accumulated, you make a right choice, everyone said good; As a result, you made the right choice and the result was good. You make 10 choices are good, of course, behind even if there are 100 choices are wrong, it doesn't matter, because you are trying the wrong. But the most important thing is to finally show the value of the team.

What is value? Value is the creation of value for others. Value is not that you can earn 10,000 yuan, 20,000 dollars, 100,000 dollars, but can give partners, investors, to both sides, the other side to create value, this is our first to think. When I am doing excellence, Lenovo puts me in a very tight grip and washes my brain when it's okay. But he was very good at the time, Lenovo said that entrepreneurs, management to create value for the three parties responsible.

First, customers.

Second, colleagues.

Third, investors.

In short, there is no client where you have colleagues, no colleagues where there are shareholders, so this is a virtuous circle, how can not jump out of these three aspects. People say that creating social value, this cycle is the society. So we must not think of any of these techniques, the trick is to get things done first.

(This article according to the old in the Innovation Chinese alumni will visit every customer sincere product activity question and answer link reorganization, without my confirmation)