An interview with Baofan, chairman of Huaxing Capital: The rules of the game in entrepreneurship

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"Rules of the game" very familiar words, from small to large we have been experiencing, has been involved in, has been in maintenance. What the hell is it? He is a way of thinking or acting that we all acquiesce in. What are the rules of the game that must be followed in starting a business? How many people work together?

Do you want to choose your own old business? Where is your core competency? How to take a difficult first step? Many question marks lie ahead. Please listen to Hua Xing Capital Chairman and CEO Baofan to take you into the business of the rules of the game.

Moderator: Hello, everyone, welcome to watch our program today. The guest who came to our studio today is Mr. Baofan, chairman and CEO of Huaxing Capital.

Guest: Hello.

Moderator: Hello package, welcome!

Guest: I'm glad to be back in the net.

Moderator: I'm very glad you came to our studio today to talk to young people face-to-face, we chat today or from the beginning of entrepreneurship, we young people in self-management and all aspects have some problems, especially want to hear your suggestions. We started off with a little link called the Proust Questionnaire, to get people to know you faster and more directly.

Audience: Hello, how do you like the quality of women?

Moderator: Or what qualities do you admire about women?

Guest: Good.

Moderator: Except goodness?

Guest: Understanding.

Audience: Hello, as a rich man, what do you think is the most extravagant thing?

Guest: Time. I'm not rich, I understand the rich are like this.

Audience: Hello! What do you think is success? How do you understand success?

Guest: Success is freedom.

Moderator: Why is Freedom?

Guests: Do what you want to do, have the life you want.

Moderator: Good.

Audience: Hello, I would like to ask you what is the favorite person or thing in your life?

Guest: I love nothing.

Moderator: Who is that?

Guests: The first is my family, the second is actually I have so many years of business partners, colleagues, I think we can get together, a vigorous doing a business itself is a fate, so these people for me is brotherhood.

Audience: Hello bag total! I would like to ask you what is your attitude towards life and work? Thank you.

Guest: Life is life, work is work. No one can be substituted. Life cannot be a substitute for work, nor can work be a substitute for life. The most important one is to do the things you want to do, can have their own thinking of life, this is the most significant.

Moderator: You said to do what you want to do in life, there are also work.

Guest: The truth is the same.

Audience: Hello, what is the meaning of the work you understand? Thank you.

Guest: The meaning of work. The meaning of work is to make money, to tell jokes. I think people at different stages of the meaning of the work may not be the same, the beginning of the work is to survive, the second stage is to be recognized by others, social recognition or peer recognition. I believe that after a certain stage, work is a pleasure. For many people, working to the last stage is actually a pleasure, or a means of achieving the ideal, for many successful people.

Moderator: What stage are you in now?

Guest: I'm still in the survival stage.

Audience: Hello, Mr. Bao, what is the most painful thing for you in the road of success?

Guest: Let me the most painful thing, the pain should be said that I am in this entrepreneurial process, in fact, my team has a lot of good colleagues, the process of our company also has a lot of brain drain. Every time I have a very good colleague, everyone who is working together to leave our team is actually a very painful thing for me. But I venture to create today I also know that this is unavoidable, the world does not spread the feast, just hope that everyone together is a friend of the brothers, we have gone after the memory of the previous feeling, I think can only do this is good.

Audience: Package Teacher What do you think is the most important thing as your friend?

Guest: As my friend, I am a very loyal person, I want to be with the handout gas friends together. Of course, the word of loyalty may be often can not be explained, I believe that the friends here can understand my meaning. It really says that people who can think about doing things for their friends don't like to be with selfish people.

Moderator: OK, thank you.

Audience: Hello, in the spare time I think you also have leisure vacation, I would like to ask is your most memorable or favorite trip?

Guest: Go on a honeymoon with my wife.

Audience: Hello, I would like to ask if the conditions permit, you like to wear what kind of clothes go out?

Gentlemen: That's what I wear now.

Moderator: This is very comfortable, isn't it?

Guest: No. I think people in different occasions can wear different clothes, in fact, what clothes are not important, but the most important thing is that people wear clothes, not clothes in people. I don't know what I'm saying. Find the right style for yourself.

Audience: Thank you.

Moderator: OK, thank you. Here's our last one.

Audience: Hello, package teacher, I would like to ask the question is to assume the reality of all the existing conditions, the impossible conditions, the most you want to engage in the occupation is what? Thank you.

Guest: I want to be the boss of a F1 team.

Moderator: Why?

Guest: I love this motor sport and one of the biggest hobbies in my life. But I think I also know that I do not have the talent to be a F1 driver. But being the boss of a F1 team is also good for me. Because it is also a business, but also a very big business, but also to take into account the fun of my life, so for me is the most ideal. There is also a very good job, is a friend of mine's work, my friend has a magazine "famous car" editor-in-chief, he is the editor-in-chief of the magazine, so he has the opportunity to try the new car every year, travel around the world every year, this is my dream of things.

Audience: Thank you.

Moderator: Is it possible now to be the boss of F1 racing?

Guest: F1 certainly did not, this see I later can develop to what situation, but I said the friend's situation can do the automobile reporter, Bloom the world best newest car, this depends on whether the person wants me.

Moderator: Thank you, General. In our interactive small link, we have some problems on the Internet, especially want to discuss with you, there is a call "001" friend said, said: "Bag always hello" I would like to ask you the beginning of the start-up when what kind of ideas? So in the face of a stable job and a more challenging and unstable job, If it is you, how do you make a choice? "

In fact, my business should be in two stages, and what you probably know about me is that I actually went to the investment bank as soon as I graduated from school, and I worked in investment banking for almost seven years. My real entrepreneurial start is to create huaxing capital, the process of my business in the company in Asia four years, I venture in two steps, the first step from the investment bank out to the letter, the second step is from the Asian letter to do huaxing capital.

The first step is the hardest step, because I graduated from school to the investment bank, imagine life can be said to be in the ivory tower of life, college students take the salary may be 10 times times the parents, 20 times times a graduation, travel by plane is a first class, living in a five-star hotel, dealing with the world's top people. This is not like the reality of life, now back to think, college graduates get such a good job is very bad things, put a lot of habits of life, some of the views are not defined particularly clearly.

I have lived in such an environment for seven years, but I know I always want to start a business in my heart, I always want to be an entrepreneur. But I am afraid from such a business out of the business gap is too big, then I decided I came out from Morgan, I want to go to entrepreneurial enterprises to work for a period of time, I have to know what the entrepreneurial enterprise is. Ya letter is I met at that time, is also a chance I do in the listing of Asiainfo, I happen to be with the entrepreneurial team with the special happy, they invited me to the letter, so went to the letter.

But from such a big investment bank, such a superior environment to go to a start-up enterprise, at that time in fact, the heart is still uneasy, the future of this enterprise will be how to live? But now I look back, in fact, a person to start a business the hardest is to take the first step, when you take the first step, in fact, there is nothing, which you can think of many of the risks, the many difficulties encountered in fact far more than you originally imagined small, in fact, you do not step out of this stage, you tend to the problem magnified, The first step out of this I think is the core.

When I left Asiainfo to do Huaxing capital, the most basic one driving factor, I actually thought was very simple. First, I am optimistic about the future of China's financial industry development, I think there must be something in it; second, any one to start from their own old line, to have their own certain core competitiveness, that my core competitiveness I have been an investment bank I must be an investment bank, the third is to follow the demand, Because I in the four years of the letter, in fact, around a lot of friends. Often asked me to ask me about the financing of the problem, with the combination of capital issues.

Any enterprise, especially the entrepreneurial enterprise, at the beginning of the time when thinking about strategy in fact do not need to think too much, your strategy is based on the requirements, this demand is often guided you, and you sit in the room behind closed doors, come up with a macro strategy, in fact, the most major or with the market, market demand where? That's the way it is. No particular idea.

Moderator: There is no special desire to surge inside?

Guest: Entrepreneurship is a desire, I founded huaxing when I have 5 years of business plans. In fact, many entrepreneurial friends, they have been much better than I was, they have already thought well about the next three years and five years of planning before they start their own business, and have a pretty good business plan, and the financial budget for the next few years has already been made, including the listing plan, and I really didn't have the skills At that time it was simple and plain that an idea did something.

Moderator: You say you are the most difficult to take the first step, this step refers to the mentality?

To a large extent, you are a person who is willing to take risks as an entrepreneur. I have a fairly stable job in the investment bank and a fairly lucrative job. Let me give up now all, let me give up now all go to join an entrepreneurial enterprise, and this enterprise relatively is quite young, and has no special history of a business. is actually a risk to me.

The person who stays in the investment bank for a long time, because of the cost that he wants to give up, we call the opportunity cost is actually quite big, go to take this step, often do not have this step. It is very simple a truth, to the letter I can not travel to Asia first class, I am not going to stay in a five-star hotel, and then the end of the year also do not have so many dividends, rent to pay themselves, in investment banking when the rent is basically the bank to provide. All of this is something that you thought was important when you didn't take this step, but you come back and think about what matters. Aircraft is a means of transport, why must take first class, take economy class can still from Beijing to Shanghai from Beijing to Guangzhou, right? Hotel is a place to sleep, why must stay in five-star hotel? The main cause is your own, and when you do it in a business, These things do not affect anything in the business. So this first step is a step that is difficult to cross out.

Moderator: What is it that attracts you and gives up a condition that is so superior? To the average person, we are now very hesitant and entangled, it is difficult to take this step, and not from scratch is a good environment to start a business.

Guest: People are different from others, we are today with our classmates, friends to explore the business, and in China such a large market environment, entrepreneurship is actually brought to the halo of a thing, think entrepreneurship is a, if the status of the company, such as this enterprise is my, I am an entrepreneur, the actual social status is quite high. But I do not want to affect everyone from this angle, starting a business is actually very hard and hard. Including I do this today, I basically work seven days a week, every day I have to work more than 12 hours, to this day I still like this. At 10 in the middle of the night, the customer's phone is still there. One thing that really does work. Why are so many people willing to take the risk to do this? I had a boss who told me a word, he said entrepreneurship is a one-way road. Say that once you start your own business, you will never go back to the nine-to-five job.

I'm starting my own business now, almost the sixth year, and I'm asking myself why I'm so gung-hard. I feel that for me it is not for everyone, I feel that the first is freedom, is a kind of freedom, this kind of freedom manifests as I can decide my every day, exactly what I want to do, what thing to do? I have this choice, What kind of life do you choose?

The second is what you do, and your results are a direct relationship with your effort. This experience even though I was in an investment bank, I used to be in the investment bank in fact, the investment bank is quite a result-oriented place, your annual performance and the amount of money you take every year is actually a large percentage of the amount of the linked, but it is so I do not feel the direct relationship. It's interesting to me that I can see the result immediately and see the reflection of it immediately.

There is a business for me, from the time I first started a business, there are actually only two people, today, we have almost 60 enterprises, just started when I was with friends to rent A, I did not own the office is to borrow Friends office, divided into two rooms to me, today we have today's market scale, Getting the results today is a very exciting thing for me. Because this is a result of my hard work for so many years.

Third, I think the process of entrepreneurship, in fact, some people's entrepreneurial process is very lonely. I don't think that's the right thing to say. Because the entrepreneurial process of a person really want to make a career, is to need a hero three help, any one of the entrepreneurial success behind there is a team, is actually to create a new organization, and this process you will be strong many new friends, will know many brothers and sisters. This process for me is a very happy thing, I have a lot of life in the relevant people, that is, everyone together day and night for a common goal to work hard.

Frankly, now every day is still busy with their work, did not come back to think of other than I far more successful entrepreneurs, can come back to think of their own success process summed up the process of entrepreneurship, did not think of this thing. But you ask me this question today, I open my eyes to go to work every day to try, to the old time to think about where the motivation behind? I think it might have something to do with it.

Host: Have you regretted it?

Guest: No regrets.

Moderator: In the early days there is no regret?

Guest: No regrets. Regret is not in my nature.

Moderator: We have a call "3121" friend said in particular to ask you, in the start-up time, regardless of the initial or any time, encountered the biggest hurdle is what? How did you spend it?

Guest: Different stages may vary. I think in general, a business start-up, the first hurdle is survival. Not all businesses, of course, like in today's environment, rely on a business plan to get millions of VC investment, like huaxing investment banking services, many startups are not to do so, a start-up enterprise is often the first step to survive, frankly said when the survival problem has not been resolved, The value of your doing this thing is not confirmed, I think it is difficult to get investors to give you money, survival problems. Survival problem is actually the core of the solution, in fact, for us to start living, I have to find customers, customers must give me the project, this is the first phase.

In the second stage, I think it's about building this team. When you do several projects, can be a small workshop of a practice, when your business volume to a certain extent, you have to think back to the enterprise internal organization structure of the establishment, process, management, all aspects of the team, for me this is the second hurdle. I obviously feel that when Huaxing has only 10 employees, Hua Xing to the 40 employees, the pressure of management is completely different.

But then the next stage, the enterprise actually met, you survive, you have the existing market, you also know how to organize the team, organize resources to do the market. When the enterprise developed to a certain extent, he encountered the inevitable next threshold? What is the new development? Then go back to what we said might have been used a bad word is "strategy", what is strategy? Strategy is to tell you the direction you're going in the future. This is actually a more difficult thing to deal with. Because when you consider to develop new business, you also take care of the old business, where the edge tends to be the other side, and there is a lot of resources on the distribution of contradictions, a lot of people on this issue, in fact, are to be solved. This is my own entrepreneurial ability to experience the three, I believe that further down, I may encounter more ridge, and now I can only share with you to this stage.

Moderator: OK, thank you. We have a friend called "green Mood" said, say hello bag always, I want to ask me is a college student, I have a good time to start a business, but for me is not ready, not ready to refer to my experience and my ability, not enough to deal with the problems of entrepreneurship, Do I have to seize the opportunity or find the company to enrich themselves and wait for a better time?

Guest: I can't give a definite answer, but I can say that the business is never ready to say. is to marry a person like, a person married said I must wait until that day everything is perfect, I get married again, I'm sorry old brother maybe this life you can not knot, many times is a momentary impulse also knot, really is this, right? But after marriage does not mean that you have a happy result of marriage, some marriage is happy , some marriages are not happy, so there is the matter of divorce.

So it's a lot of times, too, entrepreneurship when you go to do something, especially when a person to start a business is bound to be an impulse, if this thing even give you this impulse is not, then I'm sorry this thing may not be worth doing, I guess you do this thing is not good. Of course, what can you do to prepare for the job? This is always a division, how much you can prepare today, tomorrow can be prepared for a little more, I think in fact, many entrepreneurial people, including some very successful entrepreneurial people, back to their original to ask them to start a business, I believe that if they are very honest with you to communicate, Will tell you no, are not ready to jump down two eyes and a jump, not ready to do it.

On the contrary, we have explored a lot of students entrepreneurial things, students do business success rate is relatively low. So much depends on what kind of things you do, but I actually have a different view on the matter. Because I started my own business for a couple of years, I felt like I was starting in 05, at that time I am 35 years old, I really feel that I think a person to start a lot of things, in fact, you can not learn, this thing only when you really start a business, you will truly experience, to learn, to sum up some things, No matter how many things you've done before.

Like I have been in the investment bank, and I graduated from college in the investment bank to do, I in the four-year letter in Asia, in fact, is also the business inside the investment bank. This is the case I think in this process, I still have a lot of things I do not understand, many things are in the entrepreneurial process slowly groping slowly to learn. So my previous work experience, how much help me to start a business? There must be some help, but I think 80% of my experience, my experiences, are all I have learned after starting a business. From this point of view, since the definition of your future, you do not say to the Coca-Cola Company to become a Chinese director, but that I want to be an entrepreneur, then why not go early? The sooner you start, the more things you learn, as an entrepreneur. If the entrepreneur as a career, the sooner you do this thing, maybe you learn more than others, I see this problem.

Moderator: Entrepreneurship need not need some of the threshold of things, if the workplace to find a job, there will be a company to say that you need a degree or you are a university graduate? Then the start-up, the team need not be prepared, the funds need not to do some preparation?

Guest: This is a relative problem, I think you have a plan for what you want to do, just like playing chess. Of course stones is OK, but this corresponds to your chances of success is relatively low, in advance to do your best to the future of things to think a little more clearly, that your financial preparation, team preparation these things are relative. What is Money preparation? 1 million yuan is enough for you to start a business, or whether you need 1 million dollars or you need more money, which is relative.

Entrepreneurial process There are a few of my own feelings, the first or said to the target market, users, your products, these three things to think more clearly. Where is your target market? Who is your client? What kind of service do you want to give him, and what products do you offer? This is something you have to think about, this thing is not clear to do, I think the risk is actually very large.

Second, the entrepreneurial process must take risks, but especially in the early days of the enterprise, to consider the risk of managing their own. You can take the risk, but you don't take a risk, just like gambling don't come up and put your Gbagbo on a bet, which means you have no chance of a comeback. In entrepreneurship you can say that I have several risks, such as market risk, implementation risk, operating risk, I have every risk I try, but I try to know that I have at least two times the chance to make mistakes, or three times the chance to make mistakes. Can't say I came up to put all the Gbagbo on one thing, you put Gbagbo all bets on one thing, in case of unsuccessful, then I'm sorry you this venture to the end, then you can only find a way to do the next opportunity, that this is actually a lot of time is very regrettable, sometimes in fact you see this direction, The future of the market is actually there, but at that time I'm sorry, you have died as a martyr, has fallen.

Moderator: So have the ability to manage risks and bear the consequences.

Guest: To manage the risk, but said not to do it in a gambler's way, to manage risk.

Moderator: OK, thank you. Thanks, chief. I think we have a problem with the audience, you can raise your hand to ask me. Do you have it?

Audience: Hello! Would you like to know what entrepreneurial spirit you understand? Can you share it with us?

Guest: entrepreneurial spirit. I think the first is the spirit of adventure, entrepreneurship itself is a risky thing, if a person is not a willing to take risks, he will not choose to start this thing, because the entrepreneurial thing inside, there are too many uncertainties, this is the first.

The second I believe entrepreneurial spirit, an entrepreneur should also be a pursuit of freedom of people, in fact, you think of the difference between starting a business and working is to say that this career is your own, but the job you are mainly to listen to others, can not say look at other people's eyes, at least your work is determined by others, entrepreneurs are my own things, I think entrepreneurs are in pursuit of freedom.

Thirdly, I believe that a successful entrepreneur is one who knows how to share. Because the success of this business is not a person's success, is a team's success. When you need a team, if you are not a person who knows how to share, it is difficult to win a team, it is difficult to have a team behind you to do things, this is my simple understanding.