Kai-Fu Lee: 6 main reasons for the failure of entrepreneurship

What are the main reasons for the failure of entrepreneurial http://www.aliyun.com/zixun/aggregation/33196.html ">?" Innovation Workshop chairman and chief executive Lee Kai-fu said:

1. No focus: Smart people will want to try a lot of new ideas, but in a start-up with limited resources, it is obviously extravagant to try all the cool ideas.

2. Too ambitious: Entrepreneurship to be targeted, to locate the user needs-a market service, a user group, there is a compelling function, can solve a real user needs. After a small group of users, you can expand to more users. Then you will find more user needs and constantly upgrade their products. This is the method of "lean entrepreneurship".

3. Entrepreneurs grow at a slower pace than the company expands: creating a three-person company and managing a hundred-person enterprise is completely different. Rapid expansion of the enterprise, either need to have an experienced entrepreneur, or the founder of the company can quickly grow up.

4. Team Trust problem: VCs generally like teams that have known each other for a long time. A team that lacks trust is challenged in terms of failure (how to streamline, what to cut) or success (how to divide responsibility and money).

5. Poor execution: In the "lean Entrepreneurship" environment, a good start is often easily replicated by others. So you have to be able to do it fast, for example, if you can't make a new product every day, you need to update it at least once a week. Your leadership is maintained not by branding or intellectual property, but by your sustainable execution and ability to lead your business forward.

6. Provide technology rather than provide solutions: users are more willing to accept solutions than to provide a mature technology. A good entrepreneur should realize that what really matters is not the cool technology, but the solutions that bring value to customers. Venture capitalists prefer companies that innovate in solutions rather than invest in technology that has not yet been tested (or new).

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