Millet Chairman Lei: A little money to start a business

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Starting a business is actually doing something that no one else has done, doing what others have done or done. The real entrepreneur is often a group of people who are deviant, unusual and have their own unique ideas. In fact, like jobs, these people are very personality, this personality, I often come back to see the entrepreneur most need the character, is he barrier-free, he has the courage to challenge all.

Experience is a success in the past summed up, you said that did not appear in Facebook, who knows what Facebook can do? So I'm trying to encourage entrepreneurs to challenge all authority and subvert existing rules, which is the rule of success.

Why do I invest in Van Gogh's goods? I don't really care what he does. What kind of people do I invest in? In fact, there is a kind of entrepreneur you encounter a few words, is as an angel investors lifetime of luck, is able to aspire to lofty, down-to-earth people. He is ambitious and can take the company to a place where other people's dreams never arrive. But also can not be ambitious, what do not do, Hucan also not, so still have to have down-to-earth execution.

The thing you have to do is give him 2 million at the beginning of his first start. The rest is to do a bosom sister to listen to the phone, the success of a toast together, failure to accompany him, listen to his bittersweet, this is what I think angel investors need to do two things.

A little bit of money to start a business

To be honest, I used to be a very angular person, but after more than 20 years of business training, it looked slick. But I still have a stubborn heart.

I am a perfectionist, the perfectionist is in fact never compromise, compromise is only the surface. Otherwise I am more than 40 years old, I will never toss again, and then start a business. So I think the biggest advantage of my angel investment is to understand the entrepreneur, understand the entrepreneur, I know what kind of person is suitable for starting a business, I know what they need. I think what they really need is two points:

First, just start with that little bit of money. It may not be a success for a successful entrepreneur, but for the entrepreneur that is saving money. Of course, a lot of people will succeed and say, "Then you just give me 1 million or 2 million yuan." "I can't say that, it's a seed." A lot of people are talking about "that money doesn't matter." "Money is really important," he said. Money is not everything, but no money is absolutely impossible.

The second to first is to share success and failure in the entrepreneurial process. In fact, sometimes the entrepreneur is very lonely, he succeeded in the excitement is not good, with whom to share? To share with a journalist? That was miserable, and after the report, it attracted countless competitors. Happiness needs to be shared.

The average entrepreneur in front of this group of Super Angels is actually very stressful. You say half a family is scared to death, then the others company how to do AH. I also ran into the company, is really angry you to death, he has everything to ask you, fast crazy. I said, "brother, the company is yours, not mine, you love how to operate on how to operate." ”

Angel Investment Essence is to cast acquaintances

Shun as capital early is a venture capital, we managed 225 million U.S. dollars, mainly cast A and b round. I think the angel investment after the institutional pressure is quite big, there are some organizations around the world, but the main investment angel is personal investment.

What is the nature of angels? The essence of Angels is to take twenty thousand or thirty thousand pieces, a room of people gather 800,000, who line who to start a business. In case of success, everyone will follow. So the most important thing is that we have a whip way to start a business.

I am sometimes particularly afraid to participate in the conference, the most afraid of the enthusiasm of the founders, they continue to give you the solution, handing business cards, I hope you can invest. But we calmly think about it, dozens of of people come in, dozens of of information, we have time to see it? If your friend can't give you an angel, "I must look for Kai-fu Lee." "It's really hard, and they're not going to throw a few every day, even if they cast 100 cases a year." So the main force of angel investment is around people, friends around.

So many people scold me "how lei so drag ah" is not so, not to say not to vote, in fact, this is the nature of angel investment. How can angel investment reduce the cost of investment? We must not take angel investors as VC, you do not give him the solution, the best way is to find your friend, find your friend's friend.

There must be another giant.

Today the Internet in China is just beginning. They have compared China's three most prominent internet companies to three mountains, and indeed they are very strong, proud of their achievements on the one hand and a lot of pressure on the other. But Yangtze, before the waves died on the beach. Abound。

When we think of AOL's heyday, does anyone think AOL is going to die? Yahoo is not at its peak when the eight sides do everything. I think that the whole internet industry has just begun, like the first generation of the three portals of the times, we feel that the three portals are already a paradise, how can think of the back three than the front is 10 times times larger. Companies that include mobile internet will be bigger than them.

We say Angel investment, 10 years ago you have 1 million yuan, you have to vote 1% Tencent, 1% Baidu, 1% Ali, you are Pete (Facebook angel investors) well. So you're looking for the next.

For today's society, I think there are too many opportunities. In the past ten years I have never heard of any VC lost, there is a single project to lose money is very normal, add up without a losing money. The reason is very simple, because China over the past ten years is a high-speed development of the decade, may lose nine, the result of the tenth encounter Baidu, you want to not make money. So I think the future of China's ten years is also a golden decade, the investment is ten years, losing money is very difficult.

Don't care about the profit model care can be bigger

I don't really care about the profit model. My personal characteristics concern whether your size is large enough. The question I often ask is, "If the sun comes out of the West, can you do 1 billion dollars in size?"

China's already listed companies are still worth more than $1 billion trillion today, with only 20 companies in the Internet sector. All the conditions are available, you tell me how to maintain the market value of 1 billion dollars? You must have a good idea to run the company.

Why is there a relatively large number of companies I have to throw out? Maybe it's about two: it's going to be bigger, not a company that's sold for 35 million, and one of them is the average 35-year-old entrepreneur I've chosen.

Then there was a misunderstanding that I only voted 35 years old. In fact, my exact words are about the average age of my past investment 35 years old, the basic vote experienced people. There are few people who have just graduated from Chinese universities.

Angel Investment and VC The biggest difference is that I can vote for your whole life, but also can be passed to the next lifetime. So I can not quit all my life.

There will be no Facebook in China

There will be any Facebook in China, impossible. Because no big company in China is founded by a company that has just graduated from college. This is the biggest difference between our Chinese society and American Society. American society after a high degree of competition requires the entrepreneur without any experience, there is no constraint, he can think of anything, capable of anything.

Most of the big American companies have just graduated from college, but China is not, China is not yet fully competitive, and now China is the Executive force. Is who can put this thing into place, plainly at this stage. So China is not yet in an era of idea lack. China is in an era of scarce experience.

For example, Google startup, capital Business introduced the William Brothers, 50 years old, management is very experienced, quickly put the company in the tube. It is difficult for us to find such a professional manager in China.

We have to admit that there is still a gap between the level of China's technological development and the world, which is estimated to be 5-10 years away. Not only do we have no Facebook and no iPhone in China, does Japan have any? Silicon Valley is the first in the world to start a business.

is mobile internet an independent industry?

In fact, this is difficult to define. Like the E-commerce industry is also a transitional term. Including Internet companies, E-commerce, mobile Internet, I think it is a transitional term. Why? You use the Internet to do business is called E-commerce, that one day all companies use E-commerce. We know the Internet company, Sina is the portal, you say 10 years ago we are not positioning it as the Internet. So these are the big concepts, not the exact definitions.

There are a lot of people in this industry who get money. 100 companies are going to die 90, this is the ecology. This is right, early death and early life. You can get another one. An app 1 billion dollars is bought, which gives you a lot of imagination, so a simple app worth 1 billion dollars, so you have to do one. This has greatly stimulated more young people to start a business. In the United States, it is a good thing that a company has been acquired, and you have made value. In just 18 months he created 1 billion dollars worth.

Three big mountains are so big, although you have not taken down, but already very strong. Directly face, not behind the sneak attack, do some nasty things rogue. The ability is the positive.