Kai-fu Lee talk about entrepreneurship failure 10 reasons: not to connect the direct mountain

November 5, Innovation Workshop chairman and CEO Lee Kai-Fu Li published an article on his belief that often lead to the failure of the top ten reasons: 1 experience is not enough; 2 lack of ownership mentality; 3 The team lacks the trust, 4 the executive force is insufficient, 5) the mentality is impetuous, cannot resist the temptation, lacks the patience; 6) Too many ideas, not focus; 7 technology to find the user needs, but not the user needs to put in the first place, 8 of beautiful resume, but not the atmosphere, technology has become obsolete, 9 of the product is not rigid enough, 10 direct cottage, not in-depth understanding. The following is the full text of the article: This is my share of the opening day activities of the Shanghai base of innovation Workshop. In the 3 years since the establishment of innovation factory, we have seen many cases of entrepreneurial failure, even the team with good investment, the probability of failure is still very high, in summary, about the following 10 reasons: 1th: The experience of the entrepreneur is not enough. The average age of the 10 Chinese Internet companies listed in the United States is 33 years old, and the average age of the founders who get a round in the innovation Workshop is about 33 years old. China's special education system and entrepreneurial environment may lead to more entrepreneurial challenges for young entrepreneurs, who need more time to develop their EQ, management and social skills than American entrepreneurs, as well as more time to build connections, strengthen executive power and build and nurture their own entrepreneurial teams. At the same time, Chinese Internet entrepreneurs need to have enough mentality and experience to deal with big companies dabbling in their entrepreneurial field. All these are the qualities and experiences that very young entrepreneurs find difficult to possess. 2nd: Entrepreneurs lack ownership mentality. Real entrepreneurs to the heart of the strong, there is a strong self-control, the company as their baby, no matter whether the company has any} questions can let employees have the passion to continue to work, but not to try to be a company, and then ask an external professional manager to be CEO. 3rd: The team lacks trust and ability to complement each other. If the entrepreneurial team is composed of 2-3 founders who trust each other, have tacit understanding, same values and complementary abilities, they can support each other on the way of entrepreneurship and improve the success rate of the venture. It should be reminded that in order to avoid future contradictions, the founders need to be as familiar with each other's values and abilities, and at the beginning of the venture to talk about good distribution of interests. 4th: The executive power of the entrepreneur is insufficient. The key to entrepreneurial success is not the idea, but the ability to perform well. The ability of an entrepreneur to execute strongly means to be able to think deeply about their products, to hold each detail together, and to have a team that runs the product so that the product can be iterated quickly. Startups should be harder than big companies in the industry, and large companies out of the entrepreneurs sometimes have the mentality of workers, there are always passive to complete the task of inertia, lack of initiative to think, find and solve problems. 5th: The mentality is impetuous, the temptation, lack of patience, even just for money and entrepreneurship. Such startups will lack faith, patience, temptation and loneliness, and even sell their companies to cash in. The only goal of making moneyIt's hard for entrepreneurs to win a business. 6th: Entrepreneurs have too many ideas, not focus. Most of the entrepreneurs who get the investment are smart people, naturally have a lot of good ideas, and will do it, but it is easy to diversify entrepreneurial energy. In the era of Internet entrepreneurship, rapid iteration, lean entrepreneurship is an effective way to start a business. And the core of lean entrepreneurship is to focus on doing a product, do a good job after the rapid promotion, access to users, from the middle school to the user new requirements, and then carry out new product iterations, thus forming a rolling development. The prerequisite for lean entrepreneurship is that when the entrepreneur makes the first product, it must be focused, focused, and not distracted. 7th: More attention to technology, but not the user needs in the first place. Today, more and more great innovations are derived from user needs and pain points to address user needs. Do not innovate for the sake of innovation, the better way is from the solution tactic user demand embarks. Investors do not invest because the entrepreneur has a leading technology or patent, but are more concerned about what the user needs, how big the market is, what is unique about the entrepreneur, and then ask the entrepreneur what technology meets the demand. 8th: The resume is beautiful, but does not receive the atmosphere, the technology is outdated. Entrepreneurs who come out of big companies tend to be more bureaucratic and have a relatively fragmented business, lack comprehensive business capabilities, and sometimes specialize in technical directions that may be outdated, but sometimes grassroots entrepreneurs are more willing to try and do good work. Remind the best of background entrepreneurs not to expand their ability because of their great history, and not to learn new technology because of their great academic qualifications. 9th: The product is not enough love and investment, entrepreneurial lack of faith and perseverance. Entrepreneurs failed to devote their full efforts to nurturing products and running companies, when the business encounters difficulties, wants to sell the company, or always have the mentality of the workers, hoping to meet the requirements of the Board, the Board recognized, rather than take the initiative to rush to the forefront of entrepreneurship, to do what they should do to prove themselves, get the reward. Dix: Direct cottage, do not think deeply. We oppose the pure imitation of foreign mature products, pure copy, but do not exclude entrepreneurs to borrow foreign product concepts, using lean entrepreneurial model, in product iterations to explore the localization of user needs and their own innovative ideas.