Shen: Entrepreneurs still have to take root in the local environment

Shen is the founding and executive partner of Sequoia China fund, representing Sequoia China, Shennan Peng has invested in horse sports, Qihoo Net, Li Nong Group, new source Biology, Acer dream cartoon, I want the net, Sui Cai Technology, the public insurance and the good software and serve as directors of these companies. Shen is the founder and director of Ctrip, who has long served as president and Chief financial officer of the company. He is also the founder and co-chairman of a chain hotel, such as the home hotel chain successfully landed on Nasdaq in 2006.　　He is also China's largest outdoor media enterprise media and China's largest real estate services companies easy to live in China investors and directors.　　Shen is the top ten economic figures in China in CCTV2006 years. Shen's investment banking in New York and Hong Kong has worked for more than eight years before creating Ctrip's Travel network. From 1996 to 1999, Shen was director of Deutsche Bank and head of China capital markets.　　More than 1996 years ago, Shen was working in the investment banking division of the American Bank of China, Lehman Brothers and Citigroup.　　Shen received a master's degree from Yale University in 1992 and a bachelor's degree from Shanghai Jiao Tong in 1989. 7 years old from Zhejiang Haining came to Shanghai, 21 years old to study in the United States, 1994 home in Hong Kong, 1999 returned to Shanghai to start a business.　　Shen, known as the typical Shanghai businessman, has a enviable life history.　　From the recognized "mathematical prodigy" resolutely career change to the Wall Street; overseas investment banks in the high position and retreat, starting from scratch continuously, investment Midas, let Ctrip, such as home, easy to live in China, Evans software has been the door of the Nasdaq; Shen, 40 years old, has had too much of a world-war fame. "The more I try to grow into the sky, the deeper my feet are in the ground." Shen, the founder and executive partner of Sequoia China Fund, is not intoxicated with success.　　He said he still has a dream that he wants to participate in China's most successful private sector in the next twenty or thirty years. Dream often fly over the city, to visit the global Shen, yesterday landed in Shanghai Nanjingxilu Marriott Hotel tomorrow, will be their own journey to the Morning news reporter told. "Yesterday, Sequoia investment in the second company listed on the Nasdaq," the face of the camera slightly restrained Shen can not restrain the inner joy, "You know, this is China's first software outsourcing listed companies, now China's software outsourcing industry is only 1% of India, imagine what will be 10 years later? "Man is great because of his dreams." For Shen, the dream is not a vague rhetoric, but the experience of the firsthand.　　It was the obsession with the dream that gave Shen the million-dollar salary of investment banks, starting from scratch. "When we co-founded Ctrip, we often contrasted with the expdia in the United States, when we felt the distance between the two was remote," he said. After nearly nine years of effort, although we still have a gap, but we can compete. "Shen said that when Ex-pida was 100, we were 1, and now weAlmost half the size of it. It is ctrip that makes Shen a famous. 1998, the concept of venture capital with the internet into China, under the impetus of venture capital, Sina, Sohu and a series of network companies listed in the United States. Yet the roaring Nasdaq crash has left many venture capitalists overnight.　　But at the end of 2003, Ctrip listed in the United States, it is this ice-breaking trip, led the Baidu, the audience and many other enterprises in the Nasdaq successful landing. When it comes to giving up the million-dollar salary of investment banks, Shen is still fresh in his head. "You know, there's a lot of opportunity cost," However, "China's economy is developing at a high speed, and we don't want to be a bystander, but a leader."　　"Through this success, as well as the accompanying home fast chain in China's listing, Shen Dare to dream bigger." "If, in the next 50 years, some of China's most successful private enterprises are involved in and helped to grow, it is our greatest dream," he said. "Introspection is not action, dreams will only be castles in the castle." Shen says it is important to have experience in business success.　　This well-known truth, for Shen, means that the experience of the near-harsh reflection and action. "I feel that every day we have to learn from the lessons, to make experience into future indicators."　　"Shen said, still keep Ctrip, such as home year project plan, often take out, compared with their present and previous ideas, to see what they did, which did not."　　The harvest of introspection brings untold wealth to Shen, and explains why his investment scope is all-encompassing, from hotels, internet, software to catering and media. "Whether you are investing or starting a business, there is a lot to learn about everything." "By reaping more experience from the same experience, the chances of natural success are greater."　　Shen said indifferently. Sequoia China: To make a century old store mentality to do investment 7 years old from Zhejiang Haining came to Shanghai, 21 years old to study in the United States, 1994 home in Hong Kong, 1999 returned to Shanghai to start a business.　　Shen Shuttle all over the footsteps, let him in Shanghai this city changes have a different general feeling.　　Shanghai has the best soil oriental Morning Post: How do you think of Shanghai city? Shen: When I returned to Shanghai in 1994, the first lecture was directed at domestic funds and securities companies on the futures and options markets. Now I think it's completely unnecessary. In the city alone, the distance between Shanghai and New York is getting closer, and in many ways it is at the forefront. According to my understanding, the Chinese people's business sense is very strong, learning ability in the Chinese body manifests incisively and vividly.　　There are many business models, the United States may be less than China, such as China's ability to open up the media. Oriental Morning Post: The creation of Ctrip, such as home in Shanghai, this is a coincidence?　　You had settled in Hong Kong at that time. Shen: As an entrepreneur, or to take root in the local environment. It is certainly not appropriate for a company in Hong Kong to serve a market like mainland China. Shanghai is a modern service industry center, in the talent, the environment has the advantage, Shanghai commercial earliest, the service consciousness is strong, this has the unique superiority.　　such as home for some time headquartered in Beijing, and later moved to Shanghai. Nearly 25% of Sequoia's investment is in Shanghai. We invest in the macro Dream cartoon, originated in Changsha, Hunan, because there are animation talent has been a certain accumulation. But when it comes to industrialization, the industrial headquarters will be moved to Shanghai.　　Do chain, join, brand authorization, Shanghai has the best soil.　　The corporate governance structure is very important Oriental Morning Post: From individual investors to the American Sequoia, you say is to achieve the rules of successful investment, two years, what is your harvest? Shen: I feel like I've learned a lot from cooperation with the United States. Whether it is Sequoia, the United States or Sequoia China, should pay attention to the investment method specific three: the first is the entrepreneurial team's implementation and maturity, the second is the market size, the third is the business model. The same industry at different levels of enterprises, business model, the return model is different. These three points are universal. However, how to judge executive power, which in the United States and China may have different meanings and interpretations.　　Oriental Morning Post: Do you agree that you are a shrewd and cautious typical Shanghai businessman? Shen: I don't know what a typical Shanghainese businessman looks like. (laughter) in the United States to learn a lot of things, can get rid of personal preferences, rational view of the problem, pay attention to law, contract, finance, these traditional business is not valued things, I think the corporate governance structure is very important.　　The establishment of rules is very important. My experience in investment banking was invaluable, and it taught me a lot of ways.　　For example, to see whether an enterprise can develop for a long time, the entrepreneur and the investor's view is different, the entrepreneur can obtain more enlightenment from the investor.　　Entrepreneurs need more imagination Oriental Morning Post: What kind of entrepreneur do you think Shanghai needs? Shen: More business imagination. Shanghai's entrepreneurs are already very good, especially in the new service industry. Chinese companies should have more imagination, more challenges and climb higher heights.　　China's economy has grown to a considerable scale, and entrepreneurs should think more about the future, not only to meet the needs of their own markets, but also to consider how to survive in the international market.　　Oriental Morning Post: What is your personal long-term goal? Shen: If, in the 10 20, there are some or a percentage of companies in China that are invested by Sequoia and helped to grow, I think that is the hallmark of our success.　　We also believe that we will achieve this goal. Sequoia Capital of the United States is able to win the respect of everyone, because he invested and discovered a number of high-growth, long-term development of outstanding enterprises, including Google, Yahoo, Oracle, Cisco and Apple and so on. American Sequoia Investment companies are now worth more than 40 billion of the U.S.Yuan. Although not the founder of the enterprise, but can enter the enterprise early, to help enterprises grow together, in the international arena for the world, it is very exciting things. Investment in China should take the mentality of building a century old shop.　　The original venture has such a dream, now do investment or there will be such a dream.　　Oriental Morning Post: Do you think Chinese enterprises have the gene of great enterprise? Shen: Of course you should hold such confidence. Take our just listing of the Evans Software as an example, China's software outsourcing has just begun, can not be compared with India's enterprises, but 20 years later, after 30? Now that Wipro in India is worth 20 billion of dollars, can't China make such a business?