Chat More with entrepreneurs

We are also concerned about the impact of the financial crisis, because we vote for the company every month we look at their reports, because it is related to your decision, including the entire 09 budget, is to go ahead, or to say that we run the small step or the big step to run, this with your budget, It has to do with your decision to invest in the direction. From what we've observed, I feel, the financial crisis on some industries is quite large, first, we feel that China is no exception, China is already a part of the global economy, especially export-oriented enterprises, manufacturing have been greatly affected, exports affirmed, such as large manufacturing, including coal, The price of steel is very bad. We are very fortunate that we have been holding on to the middle class and consumer goods, so we have not invested in those industries, so it has not been affected. But we also have a logistics enterprise, the most affected is the logistics enterprise, because he is business-to-business, in addition to his fourth quarter from 60% to 10%, the other is very good. We also noticed that two foreign phenomena, the customer unit price down, the original diamond bird a transaction is 10,000 to 8,000, Jingdong Mall also lowered, probably from 900 to more than 800, indicating that the financial crisis people on the price is very obvious. Diamond Bird This is very interesting, because his crowd is married people, the financial crisis to people want to get married? Marriage or to answer, the second to buy diamonds, diamonds or to buy, can not buy small diamonds, this is the general behavior. Jingdong Mall things to buy ah, why not buy, but before MP3 buy Apple, now do not buy this brand to buy other brand is good. Why do they continue to innovate high? Because we are cheaper than offline, Jingdong mall than Gome, suning to buy 10%-15%, diamond birds than Chow Tai Fook cheaper 40%, I think this is very related to the price.

There is another feeling, Chinese consumers are very sensitive to the price, I often attend some meetings, including such as de Qingyuan eggs, affordable herbal medicine they in-depth interviews with consumers, policymakers must contact with consumers, after listening to think we are like the Yuan de Qingyuan eggs ah, nutritional value is good, But to twice times the price is very heartache, eggs to eat every day, this thing breakfast is good, children eat good, I do not have to, the egg people 3 cents, we 7, 8 cents is not a lot of money, a year down on the difference of hundreds of dollars, consumers are very sensitive, things again good, may be a premium of 30%-50%, At best, it is very difficult to get up to 100%, and the price is likely to come down. So I think the key to a business is that the user's positioning and price positioning is very important. So we feel that after the financial crisis, price why high-end things are down, but the low-end also sell very hot, Wal-Mart business is also good Ah, McDonald's also well, but Starbucks is not, McDonald's advertising, why 5 dollars to Starbucks to buy coffee, I have 1 dollars on the line.

Why like some companies in China, because has been selling their own brand, even if you what ecology, what nature, but to change. Eye Cream To use this, skin to use this, to be replaced. The Chinese consumer's characteristic is very obvious, to the price is sensitive, the loyalty degree is inferior, likes to change, likes to try, therefore your advertisement must keep on playing, stimulates his eyeball every day, the effect is very good. We also do testing, when a consumer walks to a big store, a look at the past, more than 10 20 brands of eggs you buy who, that moment what determines his choice? First, I've heard this thing. Second, which card big on the strength of the strong, third, Shire. You put these several time research thoroughly, the research is good, your sale must be better than others.

Another one, we feel the impact of the financial crisis is that the speed of your development, which is a balance, there is no fixed answer, is how you grasp your rhythm, your growth rate, I think in the crisis when many people say we should practice the internal strength, the internal strength of good, We may not only pay attention to the growth of sales revenue, but also pay attention to gross profit, but also costs, so as to evergreen. Some people say that when the financial crisis is not good, expand quickly, is not bolder, the pace of a little faster, in fact, there may also be involved in the entrepreneur's own wishes, we still quite respect the feelings of entrepreneurs themselves, if he felt that I now pace can be faster, more daring, we are quite willing to support. In particular, I think for a pioneer in the market, if you catch 30%-50% in a category, and you're twice to three times times more than the second, this is long, if you can do this quickly, do not pay attention to short-term profits, but the cash flow is sufficient, in the case of sufficient cash flow can go this way.

Women's clothing is not necessarily a very good industry

We think that women's clothing is not necessarily a very good industry, maybe our judgment is not necessarily right, but we do not feel that we particularly like the particularly easy to big, why? Seasonal is too strong, clothing who guide ah? To change the trend all the times, who decides? In fact, it is not necessarily, today, some of the Italian masters of a slightly open a meeting, today's color is back to the natural green, a few days into yellow, after a few days to become purple, the problem of clothing you have to buy cloth, buy cloth to make it to 3-4 months, which is risky, color, texture, Styles have changed a lot. Does the world's top 500 have women's clothing business? No, finally go to the end is the name of the designer, a designer can not do too big, can only do high-end. And we found that the general characteristics of China, basically do less than 800 million, 3, 500 million to the top, and then change a brand. Some girls are wearing the same, you wear the same as I wear is a hit shirt, it is very strange things, the more advanced the more can not sell a lot. I do not think I can open a lot of shops, so many things to wear the same is not appropriate. I think the problem with clothing is that there are too many changes, and there is a problem, sales will not be discounted, a discount on the money at all, and there is a feature, the goods can be sold after the sale could be returned to you, your hard-earned 10% of the profit margin, return 10% so you eat, no more, We feel like a tough business. Everybody says is very good, the others request very good IT system, very good inventory management can, and he also has a benefit specialized to go to Italy to copy others ' things, specially raises several people to sue the lawsuit, you accuse me does not matter, compensates some money on the line.

To sell on the internet is not the same, Taobao on the sale is very good, Taobao looks like women sell second bar, why? It is not a business to do, is the countless small self-employed to do it, to meet the personalized needs. And the price is very cheap, people say dozens of dollars lost on the loss, does not matter. Even buy men, sometimes very annoying, color, buttons, cloth also want to make a lot, accidentally hit into the loss, a loss of the capital chain may be broken off. In fact, we very much believe that if this industry can be bigger, the United States has become bigger, Japan has become bigger, not to say until China is big, study this law can find a lot of things. Are there any ladies in Fortune 500? It doesn't seem to be much. and to more brand strategy, not a brand, Belle why do well? Belle has a lot of brands, each brand applicable to different prices, different groups of people, the implementation is very strong, it is also possible.

Talk to the entrepreneur for a long time and dig up his story.

Integrity is very important, I think the integrity can not be changed, but management ability can learn progress.

Look at a glance is not know who is honest, to chat with him, chat for a long time, to dig out his experience, talk about once may not be, probably with many other people, his subordinates ah, with him so many years must know him, all his subordinates dug out, how your boss, what is the advantage, the shortcomings are what, Each decision is how to do, you put his competitors also ask, his partner also take out to ask, in fact, their answer is the same.

Can also through the behavior of the boss to see his character, to chat many times, such as the years he is not all the time to change, do this cheat point money for another, such a boss to leave far. A business to stick to the difficulties, if the brand is no problem. Some bosses we found that today to join a cheat a little money came, others to join the loss of a lot of money and another brand, this kind of people we away from afar, a look on the integrity of the flop is not. And make quick money, an entrepreneur into the atmosphere to have something to support him, what do I think is the thing that sustains him? Should not be money, because there are many ways to make money, you can not endure, because the probability of success is very low, six out of 10,000, the probability of getting venture capital is 20%, if there is no love for this cause, without this ideal will be difficult to do that step, you may do something else, because the speculation stock money quickly ah, Cheat make money very quickly, so he can persist for such a long time, and persevere to do the same thing, have some kind of ideal, some kind of ambition, have been doing so, I think itself is very good proof. Many entrepreneurs I know him, he has been doing for seven or eight years, for more than 10 years, all the assets to do this thing can be seen to the cause is very love, we ask how long? Any other business? It's a good business. There is no franchise shop, opened, lost, closed, did not open a few franchise stores.

We like to say that he can insist because he loves the cause, not because of money, maybe he made money today to do this, tomorrow to make money to do that, persist. He loves it, he has ideals and ambition to keep doing it. With a simple saying, evergreen entrepreneurs, long-distance runners.

We have invested in a logistics enterprise, do a good job, although the market last year very hard, but the team is very good, also can have a good growth. I think the logistics industry has three characteristics, first, capital-intensive, a lot of money, to buy cars, buy land to build warehouses, capital-intensive. Second, labor-intensive, China to heavy assets, so a lot of drivers drive those cars hard to pull, it is very hard work, because there are many drivers, but I tell you that the driver is the most difficult people, because the education is not high, driving around, so a college student can manage the driver, in fact, I am not sure. Third, I think it is management-intensive, make a hard money, because it is business-to-business, not income-generating, is cost-saving, so price negotiation is difficult. The management of the logistics company is very powerful, so I feel it is labor-intensive, is capital-intensive, but also management-intensive, so the threshold is very high, the threshold of entry is very low, but do strong and big threshold is very high, so I feel logistics is not very easy to do the industry, is a very hard industry, to be that kind of evergreen, Can manage the driver's talent can do the logistics, does not have that ability does not do the logistics.

We are still optimistic about the middle class and the way he lives. We are optimistic about the industry has a feature, brand is very critical, we do an analysis, if the United States 50 years ago, the first 100 brands and 50 years ago 100 brands or the same, the brand's sustainability is very strong. Like Procter and Gamble has been 130 years, the founder has been dead for many years, or very powerful ah, where all cattle ah, the global can expand, products can be copied, indicating brand strength is good, so you enter the industry is the best brand. For example, I do not care about socks brand, but I care about cosmetics brand, the brand's attention is very important, some people are willing to pay a premium on this brand industry is very good business, so I think the industry to seize the brand. In addition, we feel the Internet is still better, if you want to start a business, all high risk you do the Internet better than to do the traditional industry, and we are here to do a look is to engage in science and technology or the intellectual kind of shape, to engage in the traditional industry, just to fight the logistics I think you can not spell, first of all, the driver may not be the spirit, You control the Internet engineer a little better, so I think the internet is very good, or continue to grow, the same risk return is very high, we voted basically from the internet industry, so we like.

It's not worth the effort if you're going to start a business.

I feel, just graduated from college you have a few options, one is to go to a large company for a period of time, such as accounting firms or Fortune 500 exercise for a period of time, to do a screw, the best screw the special reinforcement of training, a few years later to exercise you out, or your marketing ability, or your financial analysis ability, there is good exercise, this is good, this time to jump to a business enterprise inside, to do a direct report to the CEO, so that your stage will be big. I do not know what you have just graduated from college to do, I do not know what he entrusted you with what kind of task, you have something. Like a bowl of water is to be stored, where you water from, but entrepreneurship is not the same, you can be a small shareholder. And this time can still be negotiated, because the characteristics of entrepreneurship, there is a college students can be regarded as a talent, at least to a small stake is possible, since to go to the venture to the stake, otherwise it is not worth your energy, because the probability of his failure is huge.

Wages are not rich, only equity can help you big

I think I am not very successful, our investment is to have rings, now speak can also, but finally to see the final situation, I feel still can, so also dare not say that their special success, but my feeling is that, if there are some progress, the main reason is still, I think I love this cause, Every morning I have a special longing to go to work.

I have never skipped the groove in my life, the first time job-hopping is out of business, you even play a job to play well, but to choose the enterprise, must do a long time, the Boss trust you can be entrusted to you trust, these can really play your ability, I feel a unit not to 35 is to learn things, And the more to the back of the jump more and more do not see, because we feel constantly jump, one is not know what to do, one is the ability to not be fired. Do a good person is not jump, he put this industry mastered thoroughly, one out on the venture, wages are not fat, only equity can help you make a big fortune, options can help you make a fortune.

At the time of the Bank of China I was a college graduate, on the counter to do only three things, registration, photocopying, stamping, and no other knowledge, I often teach them English, play a Grand Prix, and got Sanba, because these efforts, at that time I particularly hard, because in the state-owned enterprises also have no assessment standards, Not late early leave is the standard, so I never late early leave, never see a doctor, very concerned about their own to do well. In an ordinary job every day to do simple work, but also can do a little better than others, when a league secretary, when the opportunity to Sanba to you waved. What are the chances? Now to train CPA, British, examination to go, at that time is really God bless, at that time the sales department gave me a quota changed my life, at that time people test accounting, my business department to learn English is not what you do, but they say that the young girl graduated from university, so gung-ho, so hard, Another Sanba, give her a chance to test it, went. In addition, luck is very important, when the test when the other people are learned to count, but this test in English, I am English understand accounting completely do not understand, but I put the English accounting from beginning to end, a test also do not know how, as if the test is also the second, Confusedly admitted, admitted to Hong Kong, At PricewaterhouseCoopers, PwC, while working while examining, at that time Hong Kong to test 4 doors, we test 14, because the mainland to the professional not counterparts, early morning to work, evening 9, 10 o'clock, back home to review lessons to test, that time cultural differences, language differences, very many differences. In Pu Hua I learned that the work is not finished can not sleep, the boss waiting for you You can not go, to run. So I now very much like to use the people of Pu Hua, one is the people of Pu Hua, this culture is very good.

The more money you make, the more you'll be more discerning.

Then get the opportunity to go to the hundred, the first case is Wahaha, that time I was a bag, do not say that your position is not good, the position is not good to do your things well, the boss a look to give you the opportunity to climb up. At that time to give someone a bag, very happy every day, very positive, tea poured water is my business, they said the little girl is very good, opportunity came. I have learned a lot from entrepreneurs, and I think entrepreneurs are the source of great growth in our learning, because we this line characteristic is to say, the contact person is the splendid person, is the enterprise inside at least the top 10, they are survived, can survive, absolutely is good, from they learn a lot of things. Contact people are very good, and the industry has a bit of change, we think the industry is also very interesting. Third, if you invest a good look at the immediate results, the enterprise to help him grow faster, this sense of achievement is very strong. And we have a feature of this industry, the older the more valuable, read countless people do not have more vision.

Note: from Sohu it March 25, 2009 related reports.