Dai: I don't invest in entrepreneurs by looking at constellations.

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I black Horse Note: The former entrepreneur Dai Transformation Investor, Burson Interactive let him get the thousand-fold return. His way of investing is to force entrepreneurs to make decisions to see their limits and help them achieve breakthroughs.

3721.html ">2014 Summer, a revelation of the current situation of the creation of the circle of the article was particularly fire, which refers to a former" famous webmaster "angel investors can only rely on the entrepreneur to calculate the constellation of the project. I'm laughing in my heart, isn't that Dai?

On the surface only, Dai conforms to the rumored image of the underdog. He is one of the most famous stationmaster in China, the representative figure of the Entrepreneur of that year. He founded the Sing century 2010 by Tencent to 60 million U.S. dollars (about 468 million yuan) acquisition, Dai therefore joined Tencent. However, in 2014 he left the position of Tencent executives and lost more than 70 million yuan of Tencent shares.

If you want to prove that he was kicked out by Tencent, I can also add some evidence for you: His last post in Tencent is Tencent Electric business holding Company (ECC) general manager of the life, responsible for micro-letter O2O expansion. Tencent later invested in the east, ECC was split, he was responsible for the micro-life project stools to stay in ECC, after his departure, this part of the business is divided into the public comment on operations.

Ten years ago, the group of stars of the founders, and later most of the boost off. Fortunately there are Dai, "The entrepreneur" has not become a mockery. Leaving Tencent's Dai is now an angel investor, but angel investors are now a false career.

I was sitting in his office with this kind of attitude. He is still in discuz! original place office, this is now Tencent's site. The room is very big, the decoration is not fashionable, the table piled a mess of information, coffee table on the leftover McDonald's and dinner box, a few mineral water bottles crooked beside.

When he pushed the door in, the pity vanished immediately. He had no regrets, and had been financially free, and angel investors had been rewarded 1000 times times. The point is that he didn't grow old, as if he was younger than he was before he joined Tencent. If he had been kicked out by Tencent, or had lived and been so radiant, the EQ must have been high. Or is it, leaving Tencent to give him immediate birth?

Please see Dai's dictation below.

I like 0 to 1.

People have visions. My first vision is to be a first-class programmer, the programmer to make products must be marketed, so I have to do an entrepreneur. I actually regard discuz as my own child, this is a real vision, from 2001 until 2013, spent more than 10 years.

Whether you admit it or not, the change in the psychology of the entrepreneur is wonderful once the company is sold. At that time, I still think of it as a vision, the heart has undergone a very subtle changes. When you lose the full decision, the company will be influenced by some non market factors, and you will re-examine your vision. Whether it's said or not, the vision will be diminished from the start of the merger, but you won't be able to stop it. It feels different to live in a house you buy and a house you rent.

It was about looking for a new vision, so I put the second goal on the O2O. In a big company, if someone is concerned about something, it will be less space. Because the attention of many people, reach more people. At that time to do O2O no one attention, I think this thing is very interesting, and did two years. At that time I still have a vision, there is room for the beginning, but the more the company after all still exist a large number of uncontrollable factors, not enough freedom. is not freedom a good thing or a bad thing? It's also good, it can lead you to absorb other people's things, whether forced or voluntary.

But looking back, I eventually have to form my own things. What am I supposed to do? What can I create? I have to ask what I mean. But I finally found that it was not my interest to make improvements that absorbed other people's things. Big companies are, in some ways, an improved operating system, a bit like an old-room renovation. I can do the old house renovation, but it's not what I want to do.

I like the process from 0 to 1, not from 1000 to 10000. The former solves the problem of how to cover the house, the latter is how to balance the pros and cons of the problem, the old want to balance things, creativity will be subject to repression.

And then I think, what about my ability to innovate? This is not a dispensable thing for me, innovation can make me feel the state of being alive. When I go to create, the state will be better, but also can inspire me a lot of things, but if in a balanced environment, this side creates add a weight, there is imbalance, still have to make up one, it will take a lot of time. In a way, time is alive, I am in this relaxed and free State, very put to create, eliminate the outside interference, will feel the time slowed down. This amounts to extra time, which prolongs life.

To a person, time is actually the most valuable, but it is not able to calculate. For money, I think it doesn't matter, because time is much more valuable than money. Then I talked to Pony (Tencent CEO Ma), and he was very understanding. Follow-up I may also retain the identity of the consultant in Tencent, so the stock does not know how the final arrangement, may return to me.

But pony and I proposed to resign from Tencent, really want to give up 70 million of shares. The money should be whose, according to my character, also not to get the money on how. This, in turn, means that people are understandably able to communicate with each other.

Money's not a thing.

My first investment project was Burson interaction. (The Internet Chess Game company, which was listed in Hong Kong in November 2013, received a DAI in return for its hot win.) I invested two companies around 2008, and then I had no money. In 2011 years, I began to invest again, occasionally look at the project, also did not spend much time, just as a hobby.

An entrepreneur in the future how much ability, I will roughly have a judge, chat for 10 minutes, 20 minutes to know whether to vote. This is a very short process, I also said that not clear criteria, and you go to dinner, like eating, eat the first stutter down to know.

First I had to be interested in the entrepreneur, and I would listen to what he was going to do, or I'd hear him say what he was going to do to get to know him. I am a more typical entrepreneurial model, from nothing, to have their own expectations, and then to achieve. In essence I am using the other entrepreneur and I do the sample matching, if the match is high, I know that is almost him.

I have no expectations about the investment project, and I have a bad expectation. Early Angel Investment is a long work, when you expect to pick the fruit, when to grow, it is only one's own expectations, right? It is a tree, flowers bloom is the season, it has its natural law of growth. What do you expect? I don't anticipate it, I don't anticipate it, but I just don't want to.

As to how much to cast, different projects in different stages of the standard is not the same. I've invested in a small company that has been learning English for a year or two. A few children do, very early, invested in a "fire money net", do Bitcoin, but also invested in a small and medium-sized companies to serve the company "Mikecrm" and some, are very early, some only ideas or demo, sesame size.

I'm an angel investor and someone who chooses projects and raises people differently. I really do not look at the project itself, what is indifferent, mainly to see people, people are reliable on the line. Gold shines wherever it goes. Besides, many of my companies have changed direction, which means that your success rate is not high by project. Of course, many other investors also pay attention to people, but the project is first, things first.

is to look at people, I and they look at people's way is not the same. Many investors see more from the outside, such as qualifications, resumes, and successful experiences. These things are of course also reference, but I think the superficial, I will analyze the origin of human character. At this point I often feel lonely because there is less common language with other investors.

I do not like any character of the people, is more utilitarian, more calculated businessman I do not. I like the people who have vision, the ideal can not achieve what? The big deal is thanks to the money, right? But it's better for you to support this kind of ideal person than to support people who don't have ideals. Some projects into the people with, immediately become hot, this I do not love to go in. Because I think this is similar to speculation, there is a lot of money in the world to earn, but what about the profit? I have nothing to gain except money, I don't think it means much.

Because there is no distracting thoughts, so I have to be able to hear what his vision is, and why the venture. I was a start-up and I had a vision. But that vision, like a person's dress, you can feel that he is wearing his own clothes.

With this in mind, I have to decide if he can get his ideas to the ground. For example, why do users use your products? Where exactly does your product impress users? What is the demand point for the product? There is a situation more terrible, he above all the answers are his own subjective imagination, he assumed a world, this I do not like.

I don't like the things that we all see in the future, the bracelet, the smart watch. You may be able to make another smart watch, there is no shortage of another smart watch in the world, there is no shortage of a bag, a restaurant. Of course you have to make the restaurant very temperament, which I also like, but if it is to do a full belly of the restaurant, do that what is the meaning? That kind of project may be very lucrative, but I've never learned anything, and I'm not investing for money.

I take all the money I throw out as tuition. Every entrepreneur is my school, and I'm investing in a process that I spend on buying a creative experience with an entrepreneur. So I give the tuition to who, I want to choose. If there is nothing to learn, why should I give him the tuition?

I haven't paid my tuition properly these years. What MBA program I think that thing is stupid. Many things should belong to the category of humanities, people need to feel. What does it mean to turn this into something mechanized and turn it into something that can be seen, touched, and cold? MBA I think is not for entrepreneurs, this is for workers to get things. Tencent has some company training, some of which are mandatory. We can also explore each other, but are relatively shallow, for me, like knowledge, more knowledge is actually useless. I didn't go to school very early, why? Because I don't think people need too much knowledge. What you need, nature to learn, learn to throw away the good. For example, chemistry, before the examination I see two eyes, learn can test 120 points, but after a moment I go to the exam, may only get 80 points. Why? Because I've thrown it away.

Reading time, my identity is a student, the role of identity is to be sure to test. But at that time, does my identity have to be a student? I've been trying to figure this out a long time ago. I am me, why do I have to be a student? I am myself, not equal to that identity, just as I do not favor those who put their identities and their adhesion to the same entrepreneurs.

Of course, it will be stressful to drop out, pressure is my active choice, I am sure to bear the consequences. But is there no pressure to be a student? When I meet the pressure, I know this is the result of my active choice, so I will take the initiative to face, not passively accept. Just like you use your head against the wall, you can take the initiative to knock yourself sober, and passively be pushed, the strength may be the same, but the former easy to bear much, the latter often suffer, complaining is who pushed me, to find him accounts! I think a really clear person is to transform everything into initiative, Even passive encounters are transformed into active ways to face them. Now that you have a choice, there is an assessment, and you can afford the worst results.

So from small to large, a lot of people say I no Zuo no die, say what? What do they say to me? Even if you are really poor and ruined, you can dig yourself and it's not really acceptable. In the end, you will find that everything you have dug up is acceptable. I often ask entrepreneurs a question: "How about Nothing?"

Whenever I feel that I am not acceptable, I will always dig myself, and then find that nothing is acceptable. You say others scold you again, that originally no one scold me? I have been scolded since childhood, do discuz also every day scolded, scold how? He scold you, you also can choose you comfortable or uncomfortable, have mood or no emotion, you can choose. Give me a few years time, the outside of the things all cut off, deep thinking about some problems, maybe I will figure out some very god things.

is to force them

Many of my encounters are created, and entrepreneurs are the ones who force themselves.

Sometimes I will be very fierce to an entrepreneur, because I think he is very strong inside, I deliberately to him particularly fierce, is to see his bottom line in the end where. In fact, at that moment I have no mood, not angry, is curious.

When I was investing in Burson, I clearly agreed to invest 1 million yuan, and then I invested 500,000 yuan. He might say, how do you go about it? I just want to try, he agreed we have fate, he did not agree with no fate. In essence I want to see his ability to deal with problems, because I have agreed with him in the front. Investment in this matter, money is not used to measure sincerity, cast 500,000 or 1 million, the impact on that company is not very small. But for me, I just vote 1 yuan, and I will do it as a very important thing, and I will be with you how.

Since my investment level is the same, that 500,000 or 1 million is only the difference in Money. Money is not a thing to me, but I can use it to test his reaction. He will be angry at first, will calm down in a moment, after a while he will be angry, and then talk to him again he will calm down. Finally, when he hesitated, I said, "You make a choice within three days, don't dawdle", I see how he reacts. In the process I learned a lot about how he makes decisions, how they look at value, and even how he is.

I think I can give it a try. For example, a certain entrepreneur in the face of the problem, I would like to find a way to force him to put aside face, see how he reacts. My practice may cause the other party tangle, OK, you are not entangled well, originally this matter, I allow you to do 7 days decision, but because I see you tangled, I will give you the decision period to 3 days. If you are too tangled, I do not want to vote, I will not waste too much time on you.

The worst result is that this person does not speak to me or not to vote! Maybe today you will say that I would lose a lot of money without investing, but that's all hypothetical. It is because he finally made the decision, he is today's Burson Interactive Zhang Wei. If I didn't vote because of his entanglement, his life would be different.

When I was with the founders of these investment companies, there were at least two of me. The first is the real me and him, such as how to solve product problems, operational issues. The other one I have been observing, observing his various manifestations, in fact I am learning from him. This seems to be my deep company to the entrepreneur, in fact, it is also my own learning process.

In fact, the most I would like to share is my company with very small companies process, now it is not famous, also not successful, but I think the most interesting is the process itself. I often think that the company that I am with after five years is dead, and the process we are going through is quite interesting.

I create encounters for entrepreneurs, not to prove how awesome I am, but to experience the way that entrepreneurs can grow themselves. No matter when and where, entrepreneurs must have a lot of cannon fodder, but cannon fodder will also create more actors. So my fundamental value is to act better than not to act.

When I invest in a company, everything I do is to promote and initiate it. Even at first it is unwilling to take the initiative, kicking it to make it active. Because I am here, I exist to protect. After the action, let's summarize what you've learned.

I've just invested in a few kids from Silicon Valley who were very early and far from the road to success. There's an intern in the company that doesn't fit, and the founder comes to me and asks me what to do. I've only done one thing, let him drive the man out by 8 o'clock in the evening, and I'll find him out. He said I didn't have any preparation. I said, "I don't care." You drive him off before 8 o'clock, and we'll see you at 9 o'clock.

He was unable to act because he did not know what to do, and it became a drag on the team. I do not know what kind of situation he will produce, there may be conflicts, contradictions, but I did very simple, I let him act well, bad and what. Do not be afraid of anything because of the action, even if there is a problem, I have countless ways to help you recover.

Because of persecution, he had the guts to talk directly to interns, interns instead think he is quite open, but also frankly. Through this process, the dismissed interns learn more about the company's vision, but the entrepreneur gets more. He knew what the grassroots staff thought and where his pain was. So in the process, he has learned far more than how to open an intern.

If you are studying every day, you should be a successful entrepreneur sooner or later. I am not afraid to make entrepreneurs bad, because an entrepreneur first to solve is the willpower limit problem. A lot of people in this society are stuck at a certain limit, but once the entrepreneur card at which limit, his business must be stuck in which limit, this is the real problem. I want to help entrepreneurs improve their limits, if his limit is so low, then he should not be an entrepreneur!