Lei Jun: Entrepreneurship in the bubble market, success depends on luck

The first True Fund International Students Innovation Forum held in Beijing, the famous angel angel Lei Jun said that the success of entrepreneurs 85% depends on luck, but to be persistent, homeopathic; like Van off Huang Xiaoming just do advertising "hold on, Means everything! "Today is a bubble market, a pig standing in front of the door can be blown up. Instead of blindly rushing to find a way to blow pigs.

The following is Lei Jun speech summary:

Jinshan software was founded in 1988, up to now 23-year history. When I founded my second company, it was when the last Internet bubble burst, called Joyo. It was sold to Amazon in 2004 and I founded two companies before. Just now the host said he remembered Kingsoft had a headache, Kingsoft I made in 1996, 1997, went on the market, done for many years, but one day Jinshan software market, and I am relieved. Jinshan software market is a hardcore, I went out after the listing. I quit all the daily roles of the company and wanted to take some rest for several years. During a few years of rest, I participated in an inexplicable industry for angel investments for a variety of reasons, and filled the streets with angel investments. I am involved in the angel investment purposes very simple, hoping to help the best people take less detours.

I am less than the state today, slightly smaller than the next. My greatest advantage is that I have more time to start a business than others, more losses than others, more suffering than others, and more failures than others. Therefore, my greatest wish is to help others take less detours. After I began to invest in angels three or four years ago, I voted in 17 companies and 11 of them started from scratch. Some Idea of ​​"zero" is what I think, some of them are what he wants, and in short we discuss it together. Then we look for financing, together to find the investment side, step by step, I may venture to do angel investment. Where the customer's Fund is my old colleagues Joyo EVP, Joyo sold to Amazon after two unsuccessful start-up, unsuccessful venture is my vote, I suggest that he still do more of our e-commerce, That's why we created Van Customer Service at the end of 2007. The 17 companies voted 35 such step-by-step investment out of this stage, at this stage in the private equity market.

I think they are doing pretty well, why the success rate than the average success rate? Some people say that my success rate of investment is relatively high, I said my success rate is 100%, so far did not lose a Single, the result of this sentence accidentally offend a lot of people.

I believe in "help, not chaos"

My investment is actually quite simple, I believe in philosophy is "help, not chaos," the company is everyone, not me, I am just an investor. I hope that after I am old, one day I have a wall in my house, hanging more than a dozen company's logo, and then with the grandson, then your grandfather had helped too.

What I tell you is that it is the most fat market so that you can achieve the market value of 1 billion U.S. dollars. We have heard many myths, including Baidu, Ali and Tencent. However, we would like to know how many 16 companies listed in China or listed in Hong Kong have a market value of more than one billion U.S. dollars. If you founded a company with a steady market value of billions of dollars, you are the 17th person in China. You are very cow. Can you expect the sun to come out from the west? So, you must make a big market. This is me. The biggest regret I have ever experienced in more than 20 years, I used to be very conceited. As long as I worked hard, as long as I worked hard, I would be successful if I worked diligently. The second truth I am going to tell you today is that 85% of all success is luck. Because I have read at least a few of China's richest man, is watching them succeed, I firmly believe that, because no one debut than me. I founded Jinshan Software in 1988, these companies are more than ten years later than us. So, I think the biggest secret is that 85% of all success is luck, so you must trust the sign. So I do not believe it, so for more than two decades or loser.

Some time ago I read a book "alien", for example, that the United States boss IT industry, Bill Gates born in 1954, Steve Jobs 1954, etc., that is, you are old in 1953 , 1956, you're young, and finally the United States these IT boss are born in 1954, indicating that you were born in the wrong year. So 85% is luck, my most important job now is to look at the stars every night, I was thinking, homeopathic, will not be filled with angel business cards, because I did not. I do not participate in any investment, because I believe my life, when you hit me in front of you, you are my one, I believe in fate. After I did so, I started to look at the weather. Today is a bubble market where a pig can be blown up at the door. In this market today, you do not need to work hard and the wind can blow you. So, three or four years ago I started watching the stars every night, watching the results of the three directions have a play, we only do these three:

First, e-commerce. I know this, it should be accurate.

Second, mobile Internet.

Third, the community.

Therefore, I basically only vote in these three areas, cast in these three fields, 17 companies, doing quite well like Fanke, Le Amoy, La Cala; I vote in the mobile Internet UCWeb, invested 300 million, China People regardless of the old man or a child three people have a UCWeb, everyone in his hometown has still used UCWeb; community, I got a YY two years ago, you do not know does not matter, did not make an advertisement, because it is in China Is already the second largest REM, grow 3% every week, you go to any university in China today, one of two people in the use of YY, it is full-language IM, its voice volume, the amount of communication equivalent to Skype Twice as much. It provides near carrier-grade service, and I will not introduce it to more companies.

What I can do is try my best to help entrepreneurs to avoid detours. M chat is a new generation of chat software. Starting from scratch, it has exceeded QQ in the App Store for two days and broke out in a night. The outbreak started at a middle school in Shantou This product is also quite a lot in the United States. If you want to start a business, be the largest market you can cover because there is a market where people and resources gather.

85% of entrepreneurs rely on luck,

If you do not succeed, just bad luck, you have to persevere, like Vanke Huang Xiaoming just do advertising "hold, means everything", the ad was forwarded Sina Weibo more than 140,000 times. I think this advertisement does not mean anything. Some time ago I exchanged with old age, old age also said do not understand, but transmitted 140,000 times a day, very crazy. Later, when I talked to my audience, people born in the 1985's were born gloomy. When they were born, they were not desperate for their lives regardless of how much money they made and their lives they could not afford to buy. But I also do not know how this society made it, because in Beijing to buy a decent house on 200,300 million, a little can live, a month they have earned 40,000 yuan, you can not afford to pay the tax deduction of. Therefore, after their life is gloomy, Huang Xiaoming's advertisement says "hold on, means everything." After I listen to them, it makes sense that the forwarding is voluntary. If you are not lucky, do not be discouraged, hold on, means everything.

Homeopathy, and sometimes people's success, you think he is not as good as you, and immediately began to envy jealousy and hate, jealousy is the biggest weakness in human nature, because jealousy lost myself, I think you should envy the winner lucky to stand Of course, maybe you guys think they are pigs, but they are very lucky to stand on the tuyere, so you need to find the next tuyere and take the time to find out how you find the next tuyere instead of rushing to do it blindly If so I think waiting for you may be a failure.

Now that the social elite has graduated from a prestigious American university, I actually have a small suggestion. Do not worry about starting a business. Your life has just begun or has not started yet. Do not hurry to start. In fact, no matter sooner or later, everyone has been studying abroad for many years Book, may not understand the Chinese market, I think it will eat a lot of suffering, will fall a lot of chameleon. If you want to make it clear, you need to be grounded and understand the situation in China so that your success can be grasped.

There are many opportunities in this world, you have to grasp the opportunity forever, rather than losing the chance to make you sigh. My philosophy is not understand or not.

The essence of e-commerce or trial and error

At the time I was doing Joyo, I liked watching "My Father Deng Xiaoping," which was very popular at that time. I forced the staff to sell with a gun but did not sell it anymore. Sales is good? Try just fine. In the Internet industry, I only believe that a "word of mouth", user experience and word of mouth is the most concerned about the issue, I often search Sina investment side of the word of mouth, you can try, that is more than the curtain or fur coat that more , Or more health products. You can go to microblogging to see what everyone is discussing, in fact, you can find a lot of Idea.

I think VC is really a very difficult thing to do, you really want to find those who are more marginalized with you, can help you fund, of course, each fund will say they have advice, you can talk to them, who knows best You, who can give you the greatest help.