Cao Yundong's Reflection: learning and thinking should be faster

Cao Yundong, who left the education industry, is now the owner of a small company in the electric business sector, the treasure net. The industry has many questions and guesses about Cao Yundong's departure and two-time startups: Why did the founder suddenly leave? Why should the "Sunshine industry"-Education be devoted to the competition of the electric business? Two years of entrepreneurship, luxury website business has been tepid, what new entrepreneurial thinking? The following excerpts from the China Business newspaper. Speed wins? Cao Yundong's development logic talks about learning and thinking, let Cao Yundong proud of is "development speed" and "market speed." By contrast, Cao Yundong's college students, and the current CEO Zhang Bangxin in an interview, they almost shut off the "stock price, P/E, return on investment," such as the term, the latter prefers to talk about "educational philosophy", "educational innovation" and other topics. "Without the Internet, learning and thinking cannot develop so quickly." New Oriental used 13 years to market, we spent 7 years. And we do off-site expansion, are in their own site group to do first promotion, network feedback Well, we open the Learning Center, so 0 risk. Cao Yundong said he would not spend any money if he thought it was worth something, no matter how much it would cost. 2008, Cao Yundong spent 3.8 million yuan to buy the "College Entrance Examination Network" domain name, around a lot of people think a domain name is just a few letters, and now learn to think of the scale of the network platform, the popularity has made the peers can not imitate. During that time, a lot of well-known investment institutions have come to the door, hoping to invest in learning and thinking. "A big investment organization, when we played a game, everything is discussed, to the final signing of the contract, they want to add a little more shares, to reduce our valuation, finally I did not agree, did not talk about." I know how much it costs to learn, and it's no use threatening me. Cao Yundong Frankly, the education enterprise's cash flow is very good, learn and think is not lack of money, even if not listed, survival and development is no problem. However, at that time, the founder of the team, only he insisted on learning and thinking to finance, listing. 2008, the Tiger Fund has decided to inject money into the study and think. However, as a result of the global financial crisis, the financing was stranded until 2009. 2010, the U.S. capital market suddenly began to rise. "Now it looks like last gasps. Investment bankers say the timing is good, the listing window is open, and once this period is over, it may not go. That's the timing. May 2010, from the beginning of preparation to the listing, we only spent 4 months, the Chinese listed companies in the United States the fastest. "Training circle," "soft" than "just" who? In the education enterprise, it seems to be inclined to "just give way to the soft." Strength, the pursuit of scale and speed ... What the capital market recognizes is not necessarily the right thing to do in the education industry. 2010, study and think after the listing, cooperation for many years Cao Yundong and Zhang Bangxin development ideas are not unified. In fact, learning to think is what industry experts call the most conservative company in the education industry. "Learning and thinking is the slowest expansion, they have only entered 15 cities so far, slower than other institutions, to enter a cityFirst in the network to promote, open a learning center only a strong subject, a grade, students feedback will be renewed. "I said Li Ying wanted, a U.S. stock analyst. Cao Yundong more agree with cautious thinking, but, learn and think after listing, he decided that the industry's market environment has changed, the whole industry in the horse race, learning and thinking should be a little faster. "You do not occupy a better position in the competition will be passive, in the open shop, marketing, enrollment, teachers are the same." Originally, you are a submarine, others only see the tip of the iceberg. Now that you have surfaced, everyone knows how old you are, you only go up. "Cao Yundong said. In fact, listed companies and unlisted companies in the governance and operation of ideas are different. Listed on the long-term short-term financial objectives of enterprises have certain requirements, enterprises need in the long term development of the premise, to ensure that short-term performance is still stable upgrade. "Without the pressure of stock prices, we may not consider a problem of off-site expansion," he said. Who wants to go on a business trip? If you are not on business, then you should be less in some cities. These ideas are hindering the development of learning and thinking. In the end, Cao Yundong chose to leave school and think. "In the education business, it seems that there is a tendency for the" new person to give way to the soft. Strength, the pursuit of scale and speed ... What the capital market recognizes is not necessarily the right thing to do in the education industry. Li Ying wanted to interpret Cao's departure. When learning to expand from Beijing to the two or three-line city, Cao Yundong discovered the regional difference in the education industry. Study and think of the research system closely, the products strive to achieve a high standard. However, due to different levels of consumption, the same course, the price of Xian, may be only 2/3 of Beijing. But the cost of headquarters is almost the same. So the profits were diluted. As an Olympiad teacher, Cao Yundong is accustomed to thinking with data. Before and after 2010, Cao Yundong calculated the education industry per capita contribution value, the study thought the per capita value is 200,000 yuan. In the Internet industry, the value of Beijing-East per capita contribution is 2.5 million yuan. Millet science and technology in 2012 per capita contribution of more than 15 million yuan. "The education industry has no scale effect, is a labor-intensive industry, and the Internet is the place where the scale effect can be maximized." "At the start of two startups, Cao Yundong also once anxious:" The success rate of the first venture is 2%, two times is four out of 10,000, leaving the listed company, if you want to two successful business, preferably in the same or similar field to do a small project, but want to make a public company in different areas, it so hard. " According to Cao Yundong revealed that 2012, treasures net revenue 70 million yuan, per capita output value reached 700,000 yuan, has been breakeven. "The biggest pressure to be a dealer is to race against time. If you do not have a stable user, do not have a foothold in a subdivision industry, such as the big platform come in, you will die. "For the profit, Cao Yundong also think very clearly:" We can not rely on the first-line big-name money, luxury culture is limited. We are now relying on big-name image, import flow, later rely on the designer brand to make money, such as Michael Kors。 ”