Behind the entrepreneurial aphrodisiac: the love and hate between entrepreneur and capital
KeywordsEntrepreneur Love and hate
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Entrepreneurs and capital, should be "a willing to play a willing to fight" the interests of the consortium, but how to enable both sides to gain mutual benefit, promote each other, ultimately realize the value maximization of both sides, but it is very delicate things. In many business cases of graft capital, capital and entrepreneurs do not show mutual support, more staged is the control and control of the mall "spy War." As the American film "Wall Street: Money Never Sleeps," the revelation that capital will never simply play the role of Entrepreneur Angel, when the great temptation of business once deviated from the track, capital will show a terrible control. Recently, the Pacific Investment Management company chairman Tangyi accused Hing Long Xinda company "King", reported losses in the early years, and change the company license transfer business, escape capital. Tangyi is deeply dissatisfied with this, he said: "As VC investors, we hope that the project won the prize and return to investors." But should not King Bridge draw board. "There are even a lot of investors calling for a joint" blacklist "to protect investors ' interests. This is the investor's "rage" for being deceived. And as the enterprise side, Hing Long letter Tatsu CEO Lei has his own point of view, "the Pacific investment because million things that we cheat also a little too underestimate us, do not exclude them from the old company terms to peep out the interests of the new company, the purpose is not pure." I have paid the money, the rest is difficult to clarify the interests of the dispute. The diverging of both sides of the enterprise is conclusive. It seems to be the first negative case of a typical conflict of capital and enterprise that broke out in early 2012. and 2011 Qiao Jiangnan Ding Hui's public "scold war" quite a bit similar. Looking back at the South beauty Zhanglan the focus of the war, the interests of entanglement is inextricably linked, difficult to clarify. Qiao Jiangnan female Master Zhanglan regrets in the impulse, the introduction of Ding Hui found meaningless, but in vain dilute a large number of shares, while the investors to the "contract spirit" of the business ethics sharp weapon, peremptory control of the basic direction of public opinion. It may not be a matter of principle, but a matter of consciousness that the capital is in between. If in the eyes of investors, financing enterprises are born to be a inferior of money begging posture, and in the eyes of entrepreneurs, capital is to borrow the enterprise Shell play money of interest game side, this deep-rooted hostility will become a large number of contradictions between the two sides of the cause of the outbreak. Perhaps, for enterprises, capital is always a double-edged sword. Zhanglan's fault is also that, from the beginning did not recognize the capital of the double-edged sword of the reverse magic. With the capital force, may temporarily thickening the enterprise cash flow, but the nature of capital by nature but with obvious offensive. In the VC/PE market in China, the aggressive performance of capital is 2 extremes: a capital-dependent withdrawal and return as the sole lifeline, heavenly investment coverage that makes it less cautious in due diligence and cost control, and too long investment fronts make it too soon to take into account value-added services to enterprises, In a strong exit pressure, once the investment enterprises have problems, they will also lose the firmKeep patient; another kind of capital is to take the investment enterprise equity as the right to speak, they exceed the limits of the capital itself, the excessive interference in the operation and management of the enterprise, and even force the management to follow the will of capital, the strength of the capital side, leading to loss of decision-making power of the management team, become the dependency of capital, the ultimate enterprise by capital kidnapping. The decline of the prince's milk is the first extreme tragic footnote of the capital sword. The "King" of the ever-beautiful, when the enterprise development downwind, Prince Milk and the three big investment banks like the bride and groom, and when the international financial crisis, melamine incident will drag the company into danger, the three big investment bank suddenly face, pressing the company in the most critical time repayment, and ultimately bring down the prince's milk. The warning of the tragedy of the prince's milk is that perhaps capital can be shared with the rich, but most of them struggle with adversity. Capital can be surrounded by enterprises from the good to the brilliant, may also become the last straw crushing camels. The other extreme of capital double-edged sword is: kidnapping entrepreneurs. In the modern business era, where capital is being looked up by nature, the cases of enterprise being kidnapped by capital abound. NIU CEO Jiangnan Spring and Mengniu founder of this feeling the deepest. From the first choice to introduce capital, the Jason and the audience were forced to put the will of capital. Continuous financing to achieve a nationwide extension of the expansion of the acquisition, to swallow the mass media, and then hit the successful realization of the listing, with the help of capital, the audience achieved a level three jump, but when the successful IPO, suddenly lose the capital external forces of the audience, began to feel the future development of enterprises lost and The company was too aggressive, causing the front to pull too long, profits fell, the public market share price fell, and the doubters were shorting. And Mengniu's sentimental is, founder Niu initially put forward to establish own milk source of importance, but this pair of enterprises in the future key decision is the capital side to deny. The loss of free milk source of this root control Mengniu, handy like the loss of the center of gravity duckweed, from melamine to Omp to the end of 2011 aflatoxin, once the milk Empire and cash cow in uncontrollable milk source in the collapse. The tragedy of the audience and Mengniu told us that, with the help of the rapid expansion of the external force, perhaps only the capital of a temporary passion for the emotional drama, once the drug dispersed, enterprises must face the various defects of their own ability to solve and overcome. And if the drug is too deep, the side effects of the capital aphrodisiac can even overwhelm the entire enterprise. Looking around now is the use of capital crazy Gongchenglvede Enterprises, where the customer financing has to the F round, in the high-speed expansion 4 years later, 2011 suffered the biggest dilemma since the establishment of enterprises. And Jingdong seems to have fallen into endless appetite for capital, struggling in the spell cycle of "loss-financing-continued loss-continued financing", which is dangerous for the future. Capital may be like a cup of extremely strong mellow wine, although good wine, do not drink. For the current Chinese entrepreneurs, before the introduction of financing, should be rational and comprehensive understanding of the two sides of capital, carefully choose the same development strategy with their own investors, to avoidThis is too mythical and inconsistent with the concept of capital, which leads to unpredictable fluctuations and risks to the future development of the enterprise. As Ma Yun once said, "Capital is only Uncie, and customers are parents", "never let capital speak, let capital make money", Alibaba Jack Ma in handling and capital relations clever and wise, perhaps the current Chinese entrepreneurs need to devote themselves to thinking and research.
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