Shire: College students should not start a business

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Today in the 2011 Global Entrepreneurship Week China Station event, the famous angel investor Shire made a keynote speech. He noted that recent Internet investments had cooled from venture capital and PE, and that the next few months would be a cooling period for investment.

The following is a transcript of the speech:

Thank you very much for starting a new invitation to Pong. Now talk about entrepreneurship, I have a micro-Boda, I personally think everyone should spend a little more time on Weibo, I think Weibo is a very good communication platform. First of all, we received at least 50 different business PPT every day, many young people have their own patents, have their own ideas, I think is very inspiring things. Second, I think not only can find in here the so-called entrepreneur, 0 distance to communicate with him, at the same time through micro-blog can find a small partner between entrepreneurship. Through the offline start-up garage, entrepreneurial Café, you can share all your experience, to share your distress and loneliness, especially entrepreneurship is very difficult to live, most people see the glory of entrepreneurship and finally make a point of wealth, a roll call, actually do not know entrepreneurship is a grind, successful people very few, So it's a process to get warm to get through the winter.

I personally think that the current Internet investment has been from the venture capital and PE gradually began to cool, the U.S. market is also more rational. Domestic GEM market value, there is no more than 100 times times PE, for entrepreneurs, not today to write three pages, find a famous person to do your chairman, can get the money immediately. The next few months will be a cooling period for internet investment.

I personally do not particularly encourage college students, because entrepreneurship is a serious matter. I personally insist that it should not be for entrepreneurship and entrepreneurship, but for something, to think clearly this matter, do not find work, do not see Ma Yun, Robin Li, have horse, Zhang, Zhang Lei, go out Lao Tze to do second, is not very easy. I personally hope that college students to practice a year or two in a start-up company to understand how startups meet, how to encourage people, how to do their PR work. Looking at a start-up company at close range, two or three years later, through the experience of individuals in the start-up company, to find a good market segments, in this market segment to organize a good team, sales people, technicians, managers. You get together into a gang, entrepreneurship no matter how to do, even if not take wages, but also to a server to rent a place, if the university just graduated from the family money to take over, not 18 months this matter yellow, to family and relatives and friends are not very responsible attitude. I suggest most college students, graduate students, just out of the ivory tower, the best way is to participate in a start-up company, accumulate 3-5 years of experience, if you are smart, do 1-2 years.

My name Shire, I was born February 18, 1953 in Beijing, 1966 to participate in the Cultural Revolution, 1968 to the countryside in Inner Mongolia. I went to the Inner Mongolia seven years later, back to Beijing, the national examination, the history of the Academy of Social Sciences of Chinese and Foreign relations history of graduate students. At that time did not graduate from junior high school, so very lucky to be admitted to the academy. My story let an American hear, now this person retires to live in Shanghai, Chinese name is Jane Shan (sound). He looked, the child to Inner Mongolia incredibly will translate the book in English, then gave me 20,000 dollars.

I went to the United States in 1980, 1991 back to do UT Tatsu Kang, we all know what is PHS, our company is the largest manufacturer and sales company in China. We are about 50 students a year, back dry for more than seven years, our final sales of about 25 billion, the profit of one year 50~60 billion, that year is a student entrepreneurship, and Sina, Sohu, NetEase also listed, it may be on the Nasdaq listing, the international students at that time created the highest market value, up to 10 billion U.S. dollars market value, I was fortunate enough to be the founder of this company. 2000 after the company went public, I came back to do a very unsuccessful business, is China's first E-commerce site, unfortunately as the Chairman of the company. The matter has been severely paid for by the tuition. And then Hongcheng education, with 13 different universities in China, People's University, language university, Forestry University, Agricultural University, East China, science and Technology, Northeast Financial Institute, in the online Training Ministry of Education National Institute of Continuing Education Network college students, a year to train 15~20 million college students, the company later listed on the Nasdaq.

Later, the main angel investment, we all know a young hero Li wanted to do bubble and auto, I did his angel investors, and now also to help him recommend the CEO, also recommended the CFO, afterwards recommended his first strategic joint venture partner, Australia Telecom, The company has a profit of more than 20 million dollars a year. Another company is 265, also everyone has heard of Cai wins, Fujian Quanzhou, he graduated from Junior High School, the ideal is high. Our culture level is similar, we have done 265, and then sold a part to Google and Alibaba.

Cai is also an angel investor, and China is an era full of opportunities, especially now. We all start to see a tide, the first is social, media activity. I personally think that with the emergence of micro-blog, with a large number of media since the emergence of the lack of national system, the lack of integrity, personal brand is far greater than the company's brand. So I think social marketing, social business will be daxing in the future.

The second is mobile internet. Chinese mobile phone now has 1 billion, if next year Android less than 800 yuan, China's 1 billion mobile phone 80% is the world of Android, can buy things online, telephone payment brings the opportunity we can not imagine, far more than we now have 400 million Internet desktop in front of you. I think that in the next five years with the tide, as long as the trend, China will certainly be more than Tencent, Alibaba greater company, so everyone has the opportunity.

So I think everyone is doing business, I used to say a word, success is accidental, failure is inevitable. There are a few reasons, not that you do not try to pure luck, but all entrepreneurs are particularly hard, but in the end the success of a very small number of lucky, so you no matter how hard, do not study will be successful.

I personally think that entrepreneurship is the first thing you have to do for your industry, do the market, do this thing really love. I think that Bill Gates is by no means greedy for this money to do, he must love to do. First business is to love their own industry, the first interest, the Internet through which there are opportunities, I yinianbanzai reported that the purpose of wealth, the chances of success is very small. The first thing to do and the final success of the business, 99% of the company's initial dry and successful is often not a thing. Your company in accordance with their own situation to adjust the offensive strategy, if there is no good mentality, purely holding a short time to get rich, I think it is difficult. So I invest in the important factors, I see this entrepreneur is not the industry has deep bone marrow, obsession, and even crazy obsession and love. I think this is a very necessary means of success for you to think clearly, you have no such a big obsession, so big crazy.

Success is accidental, failure is inevitable, every thing can not be controlled too much, do not complain about fate, a person to do three, the last success is not a failure. Failure is the mother of success, do not fear failure, I think to be divided into what is called persistence, what is called maintenance, insist that there is a great goal, to maintain the knowledge of this thing is not reliable, because borrowed money from friends, so this industry is wrong, but also Chang, maintenance is meaningless, I think you know yourself this matter is not reliable, It's good for everyone to have an early closing.

Question: Excuse me, for example, I venture, how to subdivide this market?

Shire: Do not know this thing is best not to start a business, think clearly again.

Question: Everyone is focused on the Internet and electronics, and there are no other opportunities?

Shire: I think every line has a chance. I said the internet, the Internet may have several reasons, I think the internet is a good thing. First, the internet is the last thing you need to deal with the government, and second, the start-up funds are relatively small, open a restaurant for millions of dollars, open 10 restaurants will be bankrupt, your family can not borrow so much money. Do an internet is relatively small, and easy to scale relatively fast. Not everyone has to do the Internet, there is no need, it is impossible for everyone to succeed. I personally think that there is gold in line, a very good field, simply said that the service industry, the Chinese people to save time, faster is willing to pay. The future of China's service industry, including washing clothes, is a great prospect for any service industry that comes to mind. I have been the largest network college in China, education is not only a great event to help future generations, while the cash flow is very good, September 1 first to give you the tuition.

Question: Our economy is facing structural adjustment, what areas do you think will be more favorable in the next two or three years?

Shire: We don't think about world events, as long as we think about it, the job is a bit of a gamble, so I'm not a very good answer.

Question: Teacher Xue Hello, I come to attend this meeting in Wuhan. I made my own financial software products, I learn software development.

Shire: You want something personal, send me letters, Sina Weibo who can send.

Question: How do we find the right angel investment?

Shire: The easiest way to persuade an angel to invest is to have 3 minutes of your time, clear, what do you do, why do things, your risk is what, unlike others, this matter can convince yourself, you can convince others, they are not persuaded, they do not think clearly, certainly who will not give you this money. Next。

Question: Hello, I come from Beijing, I do mobile internet. What do you think of the niche microblogging market in mobile internet? Because there are so many giants in this area, how do we get into the market segments? The second question is how do you divide the points of maintenance, persistence and maintenance? These two are my more interesting questions, thank you teacher Xue.

Shire: I think the microblogging market is very big, this is a very good thing Sina do, Sina has 250 million people, Tencent also has the same number, Micro bo everyone is accustomed to not pay.

Question: I want you to make a decision for me. I'm a college student now, but I'm starting a business now. You were talking about a group of people who were not fit to start a business but I am also suitable for the entrepreneurial crowd, I like to participate in activities, I like to organize activities, and I put this thing into the college students of the group, let them join me in the activities, I told them what activities, and do the internet above, and do offline organization activities. Am I supposed to do this?

Shire: What grade are you?

Question: Junior.

Shire: Get mixed up slowly and do it while you go to school.

Question: teacher Xue I want to ask a question, for our young entrepreneurs, do you think business model innovation is more important, or technical innovation is more important. Because to us three no, no money, no one, no strength, but technical innovation is difficult to have funds to invest in, if the business model is recognized, it is easy to be large companies to imitate and surpass, because they have everything.

Shire: is a matter of opinion, I have no technology, play business model, is your own strengths, this matter is not qualitative. It looks like you're in the technology, and your threshold should be a pattern.

Question: Our company is a returnee and local management team, teacher Xue is interested in new energy?

Shire: I voted for a solar-powered air-conditioning company. New energy is a great industry, but also a very capital-intensive industry, this industry without Xue teacher will be good. We are now very unfortunate topic, go out every day to see our weather headache, new energy must be China's future. The misleading of our country for many years is that our country is large and vast, I think it is not so, the biggest bottleneck of our country's economic development is our lack of resources, it is very short-sighted to develop the predatory development of universal economic resources, which is to maintain our GDP of 8% today. I think the future energy and oil must be a huge bottleneck in China's development, you play this thing, whether I will succeed, I wish you success. The last one.

Question: Just teacher Xue said, for some early entrepreneurs, especially college students, they take their parents ' money, may fail, so it is not suitable. Whether we can think of a problem, if college students have an idea, we have a chance to let him practice. Now I have a business model, only he has a creative, we can through the network platform to collect funds, can help him into the implementation phase. We do not care whether it is win or lose, the network platform can make money.

Shire: This is not a reliable thing. First, entrepreneurs will not be able to tell their own skill to the network, and second, who gives money, after giving money, how to know your money will not go to karaoke or other work? All of them should find the venture capital, find the national common support, they have the system for college students to do such a platform. Simple to do such a site, I personally think that not a reputation before very difficult