How does a seasoned start-up CEO work? On the experience of Yiu Jingbo

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December 5, "The Entrepreneur" & I before the invitation to the initial IPO of the 58 with the city CEO Yiu Jingbo, did a business sharing, Tiger sniff excerpts highlights are as follows:

You can't start a business.

How to determine the direction of entrepreneurship? From now on, your field, the next five years is not in line with Chinese habits, if you can be sure to insist. I am opposed to starting a business, VC can be so, but entrepreneurs can not think so. Starting a business cannot be a casing. Internet finance should be done three years ago, O2O should be done two years ago, do a good job of organizing resources, such as talent, capital and so on. 58 founded 8 years, the first 6 years have been questioned, there are writers five years as a day to write negative manuscript, looked at the manuscript is very annoying, but the negative can make the team more united, is to prove to others to see, our model, team can do. So tell the entrepreneur that when someone yells at you, thank you.

Entrepreneurship can not be a short time success, Hanting is no exception, he is using the same team to do the same thing, can not be used as a general reference. A company from the beginning to the listing, the general rule is 5-10 years, a long time, to enjoy the process, so that the opponents will be dragged to death, may not enjoy the process, can not survive on the first retreat.

Select a subdivision of the field, even Yao kee a poker is listed, what is the subdivision of the field can not be successful? Starting a business to choose a subdivision point, like the blade as sharp as the edge, to achieve the ultimate, better than anyone, 581 start is to do the rental, to deal with the rental of all people, Beijing's "board building, tower" and other names, The people in the field do not know, the moving slang is not the same everywhere, must find out. I rarely say that I am a platform, in the market may mention, but for ordinary users, you only care about a certain service is not good use, I will continue to use.

Entrepreneurs need to have ideals, which is also the motivation to continue to also unite the staff's sharp weapon, you dig people, perhaps the other side value is not high salary, but your ideal attractive, your ideal often to media, customers, employees speak, let your ideal into each other's ideal, many users even willing to pay for your ideal, Because he knows you represent the future. Ma Yun put the "ideal" to the extreme, solve so many jobs, so that the world has no difficult business.

On the experience of financing

1. Good name: With regard to financing, there are 58 rounds of financing, the first round is the soft silver race rich sheep east to find, at that time the receptionist received a phone call, said soft silver race rich to find me, so I trembled to see the sheep east, finally soft silver race rich cast 5 million. Sheep East is through the Sina Science and technology of an article found 58 with the city, at that time to do this industry has several, Sheep said because my name up well, so it came over, so entrepreneurship to take a good name is very important.

2, the necessary publicity, generally speaking, "entrepreneurial" media coverage of the project, there will be investors to find, if you are reported, no one to find you, indicating that your project has problems.

3, sincere, investors smarter than you, do not think you will cheat him, rather than your worries, doubts are told him, but better communication.

4, appropriate for investors to produce a little competition, 58 with the city's third round of financing, two VC on the bid, each upgrade of 10 million U.S. dollars.

How entrepreneurs deal with investor relations

Financing opportunities, there are two good opportunities, one is the hottest time in the market, and the second is your best time. Capital will only icing on the cake, now is the hottest time in the market, I recently invested in several enterprises, 35 months, the market capitalisation doubled, if you are in bad time financing, not to find death?

The relationship with investors should be like a brother, a proud. In fact, investors are very passive, he put money to you have no initiative, at this time your success is his success. And the investor's resources are open for you, for the sake of good, he can give you casually, in public, they will help you, when you doubt yourself, they will encourage you.

Dealing with investors, my approach is to maintain a high density of interaction, he gave you money, only from the media to understand you, if you do not interact with him three months, it is easy to misunderstand, and then the relationship deteriorated. So I will keep letters with investors, micro-letter interaction, nothing will turn over the phone book to their phone, every progress told them, 58 No board, communication is to send an e-mail, about to eat hotpot touch. He knows what you are doing so there is no misunderstanding so they will continue to support you, or even the next round of financing, they will vote. In general, entrepreneurs and investors are not the same, entrepreneurial failure rate is high, and investors to maintain a good relationship has a lot of benefits.

Options are the most expensive cost, but fail without cost

I will spend 20% of my energy on team optimization, some bull x, maybe you can't dig him, but you can keep in touch for a long time, he will give you advice, or recommend the right person around him. On my desk, I remember the name of the next level two employees, about forty or fifty people, to fight for these two (middle and high level) No short board, pay attention to their growth, constantly talk to them, there are problems on the change of mind, or the substitution.

When to give staff shares are also worth paying attention to, 58 after the listing, the company's 10% of the shares in the team, equivalent to 300 million U.S. dollars. When someone at the top of my company is going to resign, I basically won't stay, just be polite: "Think again!" Chinese people have a mentality, if you are not put his heart broken, he will not ask to leave, waiting for you this time to raise the increase in options is too late, as the homework to do in front.

What kind of employee options are also very fastidious, when you look for a person, think about five years later, he will not be very important, will not be in your company, think clearly immediately to, can not be dragged, do not consult the consulting company, simple, immediate implementation. My opponents shouldn't have done that, so many of his employees are here now. option is the most expensive reward, this is when you succeed, if you fail, this is no cost.

Bad employees, if the old employees are raised, do not pay a raise, placed in an unimportant position, which can reflect the company's culture. If it is VP, go to unimportant position, also need raise, let him psychological balance. Plainly, the company is your ideal, the structure must always optimize, otherwise there will be a lot of problems, deal with this one may encounter a lot of confrontation, and even need external force, a theory: if not appropriate, give him the equivalent return, let him out.