Li Mingshun's five pioneering surfing: The remnant is king in time to turn the rudder

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Entrepreneurship is a difficult journey, if you can predict the way ahead of the possible traps and fork, the probability of success is higher. As a result, entrepreneurs are equally eager to get a mirror from their own entrepreneurial woes, compared with the almost perfect example of successful packaging.

"Revelation of Entrepreneurship" is the in-depth report of Tencent technology in the second half of 2013. The content includes the most famous startups, stories and characters in the Internet in recent years, telling about the real experience of Internet entrepreneur, sharing the experience and reflection.

What we are doing is to think about the case of Chinese Internet entrepreneurship from multiple perspectives, and to summarize the most naked and shocking entrepreneurial truth based on business knowledge.

Tencent Technology King could report November 4

See Good Credit net CEO Li Mingshun, it is evening 9 o'clock. He was dressed in a credit net T-shirt and just finished the team meeting. After the interview is over, the next event is about to be rushed.

Good credit net is already Li Mingshun (Weibo) the fifth pioneering project. In his words, he is a restless person.

Indeed, for Li Mingshun, entrepreneurship is like surfing.

In the era of Internet advertising, he founded a company called "Advertising Interconnection", in the community wave, and Dai (Micro-Bo) Partnership founder Discuz!; In the hot time, set up a group buy vertical search Amoy nets, after the establishment of the first electric business shopping in the field of money-saving browser wealth Cat browser; When the internet financial wave hit, to join in, the establishment of a financial product vertical search good credit network.

In the above project, discuz! is a successful representative, sold to Tencent for 2010 years. But since then founded two projects-Amoy network has given up, wealth Cat browser is still in transition, did not do.

Entrepreneurship 10 years, from the opportunity to early preparation, from the entrepreneurial partner selection to industry choice, he has his own experience. Nor does he shy from the mistakes he made when starting a business. In the Nets failed, he profoundly summed up the lesson: "Fast is slow, slow is fast", in the QQ signature hang for a year.

The summary of the past is for a better start.

"Step to the point."

As early as 2004, Li Mingshun founded the first project: advertising interconnection.

Ad interconnection has been done for nearly a year, encountering a lot of difficulties. "A lot of site advertising, although hanging up, but no one is willing to buy, advertisers do not think so valuable." Li Mingshun recalls.

Li Mingshun that the right model, in the wrong time to do, is problematic. The third party Advertising alliance is just beginning to sprout. The traditional advertisers to the Internet advertising recognition is not high, his first pioneering project was born early time.

One day in 2005, a Sequoia Capital investor, an appointment Li Mingshun chat. Li Mingshun called friends Sing founder Dai.

Next is a lucky story. Sequoia Capital considered the mode of advertising interconnection "interesting", but did not express the obvious investment intention, for Sing discuz! showed greater interest in, and intends to invest.

Prior to this, Li Mingshun and Dai have agreed: each of the two companies, no matter which mode is better, more prospects for development, once the decision both sides to do their best. Thus, from 2005 onwards, in the acquisition of Sequoia Capital Investment, Li Mingshun become Dai Partner, two people together for discuz! efforts.

Looking back on the experience of sing, Li Mingshun thought it was a point. That is the rapid development of the era of BBS, discuz! under the influence of a large number of webmasters are already the vanguard of local internet entrepreneurs.

However, with the emergence of SNS, micro-blogging trend, BBS's dream was submerged. The entire BBS industry user activity declines, new user growth difficulty. In order to cope with the change in the trend, sing also made some product innovation, such as the introduction of X-space in the blog era, SNS era launched U-center and so on.

However, sing want to do is a distributed SNS platform, each SNS site has some users, but each other is an island. "SNS platform big constant big, we are too distributed, each SNS website's popularity does not come up." ”

Li Mingshun that, discuz! did the pass line, but unfortunately in the "Jianghai Junction", only set foot on the river (BBS), and did not set foot on the sea (SNS and Weibo).

"Fast is slow, slow is fast."

Sing to be Tencent acquisition, Li Mingshun into Tencent, responsible for the operation of QQ group. He experienced the rapid growth of turnover per month. "We do the community for so many years, although there are users, but no money, group purchase from the first day can have income, this opportunity can not be missed, and later on." ”

In the years of the Thousand-Regiment war, every day there are group buying site and die. Li Mingshun also realized that to do an independent group buying site has no chance, he considered to do a group buying platform, from group buying search to do shopping guide. March 15, 2011, gather Amoy online line.

However, the reality is not as optimistic as he imagines.

First of all, the website rush. Choose March 15 on the line, because the value of 315 this day. In fact, the site did not have the promotion conditions.

"In fact, at the beginning of the time, I was not the bottom of the psychological, I think it is more difficult to do this, this is not very good state." But buy too hot, can't stop temptation, brain some fever. Come on, try it, it's too late. Li Mingshun recalls the mentality of the time.

Second, the team is not mature and stable. At that time, Poly Amoy Net team more than 10 people, Li Mingshun reflection, in order to faster on-line business, selected some capable but not suitable for entrepreneurial partners and staff.

"At that time I did not seriously consider, he is not suitable for long-term cooperation, is not patient to do, is not a good match." These are not considered clearly on the go, this is a big lesson. "Li Mingshun said.

In any company, people are the core, people change, bones. Staff changes will also affect the psychological impact of your remaining employees, as well as investors. Li Mingshun said he had learned a lot in this area and had spent months to deal with the problem.

Third, the business model is not smooth. Gathers Amoy net to enter, the development of group buying has been close to the peak, and soon began to decline.

Li Mingshun envisaged that the Amoy net as a flow of supply, to earn the flow of the difference is appropriate. But the reality is gathers amoy through each kind of promotion and buys the flow but did not make the money. "Three months after the launch of the site, resolutely decided not to do." If you continue to do so, you will burn down the company's cash flow. We have seen beyond our means, and we continue to find death. ”

That year, Li Mingshun summed up eight words: "Fast is slow, slow is fast." It looks quick, fast online, quick to get the investment, but because the problem is not fully considered, after a long time, the wrong decision to pay. In the constant adjustment, but become slow.

"When the heart is not bottom, still want to do it clearly." We have paid some tuition fees in this respect. "Li Mingshun said.

"Beware of strong upstream."

After stopping the Amoy net project, Li Mingshun began to look for new entrepreneurial projects.

He believes that the web model of the shopping portal is outdated, and the promotion of high costs, it is difficult to retain users, is supplies. "As long as the day does not buy, the flow is gone, simply can not stay, only the continued retention of the user has value." Li Mingshun at that time thought, can make a product form, through promotion can retain the user.

August 8, 2011, the company launched the main for the user to save money Cat browser, mainly for the network to buy people, can be returned by shopping, inviting back to the present, sharing return, activities, such as the return of four ways to save money for users.

Li Mingshun has disclosed that browser users reach 500,000 after one months of online. At the time he told the media that the three target turnover was 5 billion. However, the browser in the market soon did not sound.

At that time, the product was developed very quickly, the turnover reached tens of millions of dollars per month level. "But the problem is, Taobao quit." Such product forms are popular and are equivalent to robbing their users. Later, the plugin, client, browser can not be returned. "We still have a lot of money to buckle up there," Li Mingshun said. We paid some money in advance. ”

Taobao Cat does not support, as attached to this model is doomed to unsustainable.

"Before we do this business, I personally and Taobao Alliance head face-to-face communication, ask such business, product model There is no problem, he said no problem, you can try to do first." But after a few months they changed the policy. "Li Mingshun said, and then with Taobao Alliance many negotiations, and sent an employee in Hangzhou for half a month, hoping to communicate every day, but Taobao only gave two meeting opportunities.

"I completely lost interest in the market. Then I have a big question mark on the cooperation with the platform company. Be sure to do the things you can control, when the upstream particularly strong, for example, one occupies an absolute share, relying on its entrepreneurial insecurity. The lesson is profound. "Li Mingshun said.

At present, the wealth Cat browser is still operating, but Li Mingshun it with the company stripped off to operate independently, by a small team of more than 10 people responsible. Wealth Cat Browser has been transformed, no longer with Taobao alliance cooperation, but directly with some sellers and electric companies to discuss cooperation.

"Don't sink the boat."

Through the Amoy nets and wealth cat, Li Mingshun in the direction of more prudent entrepreneurship. Beginning in the first half of 2012, began to look for new entrepreneurial direction.

One day, he was in his hometown of Yangzhou did not want to hear a lot of friends in the micro-loan company, back to Beijing, and found that there are difficulties in finding loans, "a lot of strange phone asked me to do not loan." He felt it was a chance that his company knew the internet better than the financial sector, and that not all companies were willing to dabble in the dirty dirty of the internet, compared with the average web company.

The following time, Li Mingshun began intensive research. He spent two weeks running over 100 banks in the area of Jiangsu and Zhejiang. After running out of a set of rules, the next job is to build a team and start a dense line of expansion.

Before the Spring Festival, the positioning of financial loans products vertical search for good credit online line test, but did not do any promotion.

March 23 This year, good credit network officially online.

After 5 June, the Internet financial industry gradually warmed up. This industry is no longer the entrepreneurial blue sea but the real Red Sea-this is from the industry assembly scene of the hot also can be seen.

From advertising to good credit network, which have insisted, but also to turn. Li Mingshun This summary: The captain's duty first is to ensure that the ship does not sink, adhere to, the remainder of the king. When the direction is not right, you clearly know ahead of the flood, but also forward, it is not a death? You need to survive first and then choose a more appropriate path. "So many roads, why do we have to die here?"

This judgment depends on the captain's sensitive ability to grasp information and the ability to judge and decide wisely. Now, the wave of internet finance has just got up, it is not clear whether in the river, in the river, or in the sea. "At present, at least in the river. "Li Mingshun said.