PARTNER: Entrepreneurial failure in common--only the boss but no dick in the founder old

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Xiaoping speech sharing "on start-up partner", we look back to the failure of the enterprise, most of them have common characteristics, or do very difficult enterprises have a common factor, is that their founders only one boss, no dick, old, no two-digit partner. The founder must know to share, the side must have the related resources.

Today's theme is "talking about start-up partners." It refers to the founding phase of the two or three-person co-founder. For this speech, I prepared for a long time, changed several topics, finally decided to talk about this topic. It's not the movie "China Partner", it's a stale topic. I think the importance of a start-up partner is very, very important, more important than you want to do in the market direction.

When I got up this morning and was about to come, something happened, and I was so sad that I didn't want to come or say anything. My favorite actor, Williams, died. I went to the United States in 88 to see his first movie called "Good Morning in Vietnam," and then watched his movie all the way over. I think he gave me a very far-reaching impact, that kind of optimism, humor, vitality, I think this is what entrepreneurs need.

I met him at the Four Seasons Hotel in Boston in 09, but he ignored me because I had lunch at the four seasons and he walked by. I could not wait to scream and go over and hug him warmly. This is my great idol.

In my speech today, I quoted his two quotations to share with you about entrepreneurship, about partners, about struggle.

This man doesn't know who it is, this man is obviously a struggle. It's very important for you to find Jack Ma as a partner. The first thing to do is to find a partner, and the co-founder is more important than your business direction. This, the general people can not understand. I have been in many years of work, entrepreneurship, investment in the process of encountering endless experience wisdom. We voted for a company, it is an electric dealer, the founder is doing the internet. Its co-founder does supply chain, doing downstream. This combination should be 50, 50 shares, 60, 40 shares, 70, 30 of the shares, the worst should be 75, 25 or 80, 20. By the time the company went bankrupt, I knew that the co-founder had taken a stake, not a partner, just a man, a part-time job. The so-called partner, is you share with him in the equity, share with him in honor, on his own, he naturally share with you. In the Long march of entrepreneurship, he will be with you do not abandon, all the way to the past.

The project is very many projects, we look back to the failure of enterprises, most of which have common characteristics, or do very difficult enterprises have a common factor, is that their founders only a boss, no dick, old, not accounted for two-digit partners. This is a very painful lesson. Almost without argument. Once came a lady, I like this product very much, this direction is also very good. But she is a shareholder. I mean, why don't you have a partner? She said no, I have some important staff. I said I would never vote for you. She didn't understand that at the time. I don't think you will succeed. This has been repeatedly strongly demonstrated by something.

Despite this, we often encounter many founders came to us, after a very long time thinking, he alone, or two or three people, said I promised the option, the next four years to give him a point, 0.25 a year, this is not a partner, this is just a part-time job. We cast a project, this guy at the scene, very good, we voted, struggled for three years, very difficult, why? Finally found out that he was no partner. He said I was going to give my employee options. From the day you start, there is no Confederate, no partner, no one with you, climb the Snow Mountain, over the grass partner. This is a very serious problem, and this friend is a prestigious MBA. We are not aware of this problem.

Why many good entrepreneurs have no partners. I have summed up four reasons. The first reason is no consciousness, he does not know. As an investor, as an entrepreneur, I think we should popularize this knowledge. Be sure to let people know the founding team, two to three of the joint team, you know millet, human history has reached tens of billions of dollars in sales, tens of billions of dollars in the development of the fastest-growing companies. It has 7 co-founders, and later acquired a company, proudly saying that I invested in the company and gave him the co-founder's success. This is the fastest growing, most dynamic company with the most partners. I also believe that Lei's shares must be smaller than the bosses of all the companies I invest in, but it is the fastest growing. From the first day, must have this consciousness.

Why don't I vote for the lady? She's arguing with me. There is no need for a co-founder. You know, 1+1=2 can not be debated, if it is 1+1=3, you have to look for Sequoia. It was first, without consciousness. At this time, you have to learn. People often ask a lot of questions about what qualities an entrepreneur needs. I say the ability to learn, which is very important.

Second question, no mind. You have this consciousness, you have no mind, you do not feel to share with others is very important, you do not think 51 of the shares to others 49,70 shares to others 30, you do not feel the need, you think I am absolutely. Comrades, everyone is absolutely, but when your life, wisdom, energy, talent, dreams and others to share, your 80%, 70%, 50% will be infinitely magnified. So this is a matter of mind. This mind is also the most basic quality of entrepreneurs. There is nothing to discuss, if a person does not know how to share and share your responsibilities, no one will share your responsibility.

Third, we have cast some people, let him go to find someone, he can not be found, he said where to find? Such people should not vote. He has no resources. As you know, there are innovative workshops, Jinshan department, there are a variety of resources, when you start a business, if you do not have students around, friends, colleagues, the fellow is your partner, you can find a person, make a phone call, people knew, willing to follow you, such a company do not do.

New Oriental once hired the director of human resources, I asked him the new Oriental human resources have what characteristics. He said he needed to have a common dream. I said it was nonsense. New Oriental human resources is characterized by two, Chou, is the old classmate, the fellow, plus an old, is mother. At the beginning of its creation, Mr Yu's mother was his partner. Another is a wife, as a returnee can not say so, I said missus. I and Wang Qiang, is his classmate, this is the resources. If you are studying science and engineering, your resources will be less.

Four, you have the consciousness, the bosom, is willing to share. Many people say, Mr. Xu, I go to find people everywhere, I also know a lot of others, he just doesn't come, what is this reason? No charm. You do not have the charm to cheat others into the past, to attract others to the past. Words, let others past life meaningless, can not abandon with you again. When I am investing, I often say what is the most important thing about entrepreneurs? The people you hire are big companies, important people, partners, people who tend to abandon high wages, options, and even a lot of stocks. When you start your business, ask yourself, you have a team of four things. In any case, learn to walk together at the start. The road to entrepreneurship is hard, there are tigers on the mountain, you must go together to walk the way, through, can reach your dream half, One-third, or 75%, or 100%.

Meaning of the question, I told two stories. In April 2001, the US ETS launched an all-out attack on new Oriental, who said in the Washington Post that our aim was to close the new east. "Global Times" front-page headlines also posted on our unfavorable articles. At this time, we have a few people come together to discuss countermeasures. Several companies to talk to us about cooperation, at this time, said, sorry, until your disaster, we do. At this time, several of our partners went over, together with old Yu to repel the imperialism of our attacks. Of course, we are patriotic and love the world. At that time, ETS did wrong, they did not take into account the situation in China. You know, the enterprise will have countless times of extinction. What businesses need to do is solve problems and deal with crises. If you don't have the kind of enemies that really share your enemies, communication, communication, challenges, and questions, you must be wrong.

Last year, "301" to promote, Poly-Mei excellent products, can be said to be the largest electrical business in the history of the disaster. At this time, many of our partners stayed up all night looking for a way to deal with the crisis. If it is not a partnership system, if it is not a bundle of shareholders ' interests, it is only a revolutionary ideal, we will not all cross this path together. The meaning of a partner is self-evident. The first sentence of the Declaration of Independence of the United States, we believe that the following reasons are self-evident and do not need to be debated.

This is a word in "good widlhunting", what is your soul mate? Those who can compete with you, who can communicate with you without reservation. The one who touches your heart. Only a partner can have such a willingness to qualify for this ability. Only this kind of person can in the end, you fail, he came with you to the victory. Otherwise, you are the absolute shares, why should I take risks with you.

The method is very simple, I have to do one thing, already have two to three people, not too much. Shareholding system, the new Oriental shares, I can also talk about, Old Yu 50, I and Wang Qiang are 10 and 10, we are in the Long March of new Oriental entrepreneurship, I often say a word, I fight for my 10%. Of course, I love Mr Yu. If we are not partners, if the interests of the new Oriental are not tied together with us, if only for the sake of cultivating talents in the new Oriental, I would have gone to league, or to the redwood. It is because of our interests that we are bound to be able to survive in every difficult time.

What is feelings? People can not say how much I am worth, next year and how much money, this is not enough. New Oriental is for the training of talent, the Fund is for each of the friends to start a dream more than one can find. Do anything to have feelings, when the conflict of interests, we will use higher feelings, higher interests, values, sense of responsibility, can resolve many contradictions. The partner system is just not enough to bind the interests, but also have the bundle of dreams and values.