Speech sharing: A penetrating analysis of the internet's entrepreneurial model

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"The second Tsinghua Chinese entrepreneur training camp" was held in Shenzhen December 8, 2010-12th by Tsinghua University China Financial Research Center, Tsinghua University China Entrepreneurship Research Center and EMBA Education Center of Tsinghua University Management Institute. The following is Professor Zhu of Tsinghua University's School of Economics and management speaking at the training camp, small left feeling very incisive, so share.

Everyone training camp students, hello, today I give you a speech on the topic called "Behavioral Revolution and Internet entrepreneurship." The internet is not unfamiliar to everyone, the initial contact with the Internet will have a dream, I remember the first time I was in the Internet is also in 1998, the idea is very simple, if everyone in my site to spend 1 dollars that is more than 1 billion, this idea is very naïve, 10 years have passed, What the Internet brings to us is not something that brings us to the market, but to change a behavior that brings about a radical change in behavior, so my speech today is mainly from this behavioral perspective, to see what the changes in behavior can bring us what kind of enlightenment, this is what we want to think.

We come to Shenzhen to open such training camp is to pay attention to the Internet project, because Shenzhen is the internet dream the most perfect company as a representative, this is Tencent. Tencent's rise has many accidental, there are a lot of inevitable, do not know if there is no Tencent entrepreneurs, Tencent in the growth, inadvertently changed the life of a generation of Chinese people's habits, this is its biggest advantage, which listed a string of numbers or a new landmark in Nanshan, or, The description is a group of netizens behavior changes after it can bring the value of what looks like, but is not the building, but to 400 million people, 700 million people, or even 1.3 billion people change, I think this is the real value of the place. The Internet maximizes our business acumen and extends our products and services to every point. This is the business that we are familiar with based on QQ.

Let's compare it, from the industrial age to the age of the Internet, we will see that this change has its inevitability, just like in the early days of industrialization, how many people found the opportunity to make a fortune, we again in the period of rapid change, we see the industrial era to the internet era, what kind of similarities and different. Of course, commonality is such a period. The difference is that our industrial period is mainly in the transmission capacity, we are using electricity and raw materials to make products, where the cost is high, how to profit? We will make large-scale production. In the internet age, we see that the fundamentals of the economy are different, material based logistics, energy and so on, but also important, we have added a new thing, this is information, transmission of information itself is the network era is a very basic task, this basic task and transmission of energy is different, it is not so high cost, Not so high cost to bring a benefit, called network economies of scale, we can think about, as long as the network in front of US decade years of development, there are a lot of good things, there are a lot of dross in the inside, especially familiar with the Internet shady, we more clearly. There are some problems like this, but there is no denying the fact that it is indeed a fundamental thing that shakes our economic operations, which, because of the scale benefits of information sharing and the low cost of information delivery, can be a common economic benefit for all goods, something unthinkable in the industrial age. Network effects as anyone who has ever studied economics knows, is that we sell products to bring us the benefits of not only the product itself, but also the value of connectivity, we previously connected products have such value.

Now we see a lot of other products, along with the extension of online services, it also has the effect of the original is to sell you a mobile phone number, you know this number in addition to pay the bill and other people talk, but if you sell a bottle of water, how do you know there is effect? is that the water you're selling is more than 1 dollars, My water enterprises bring other benefits? How do we have connected values? This is OK, the product itself does not connect the effect, but the service has such an effect, I sell you water can also sell your website password, you can use this password to enter the drinking water Health website, you can understand how to drink health, The service itself is connected, this can affect others, so that we can form what we call the network effect, once the network effect is formed, its market value is reflected, we know it will bring the demand scale effect, we I it called demand side economies of scale, If the economy of scale is formed, it is different from the traditional production mode, this is the simple comparison we made, the basic idea of starting a business on the web is to do something different from the traditional industrial economy, and we use its information transmission demand side to create scale value. Specifically, we can see that in the industrial era when we are a shortage of economy, we produce a very limited range of products, we do not dare to do too many varieties of products, if done too much, because the demand is too small, you do not know what needs to do, we grasp the cost is not high, and the possibility of finding small demand in the web is greatly increased, we do a simple web site, we see hundreds of people participate in our activities, no Internet before we can not imagine so many people will be here to do entrepreneurial training camp, this is the network brings the rich economic effects, Or the product diversity has become better, we dare to provide multiple product services, as well as products can be used online low-cost sales. We do all the business models we expect to do this, low-cost sell to get high profits, this makes money, any business model wants to be able to quickly and easily achieve profitability, no matter what side of the volatile market, we hope to do this.

Of course it is the basic principle of a hot economy that corresponds to a shortage of economy this is familiar to everyone, is the 28 principle, we all want to do 20% of the quality of the market, to earn 80% of the profit, do mobile phones want to do the iphone, but the real is not such a hot market, and the real life is at the grassroots, Like Weibo last year just appeared, we all question the value of microblogging, we see what it is now, it lets us see the process, it naturally produced a huge set of economic benefits, this set of economic benefits is called the 98 principle, is to set the economy, as long as the products produced, Can be sold on the internet with the same sales price as a hot product, so we dare to do strange products, because we dare to do such a space, dare to do such a bizarre product, the Internet has provided us with a lot of opportunities, so we see such a collection of economy is also a very important tail market economic model.

Interest-driven, find ways to use high pay to dig talent, with good products to earn huge profits, that is the basic idea at that time, but in the current set of thinking, and changed, not only the interests of the drive, we play net, happy net did not pay you how much money, you still in that work very hard, these people are doing? ? These are an interest and hobby that plays a huge thing inside, so said that the network makes the interest also becomes the productivity, lets us extra besides work the time to become the precious production time, many of our creativity can do around this, namely how can let everybody go to interest, Let everyone free contribution, free participation in the enterprise, so that we can in the free participation of everyone to gain value. I think this is the kind of benefit that drives the larger shift in the physical drive. Back to the enterprise itself, just came back when many students gave me some of their website business card, a wide variety, write the name is also very good, there is a building, we do it is to do the network management mode of change, and then follow the idea, pull is the star-style method, we want to create network stars, product stars, Employee star, but when we really put ourselves in the ordinary netizens, there are no stars, are grassroots, we have to do is a search-style method, the most important thing is to find the right products for the right buyers, for the right participants to find the right task, let them complete, after the completion of the creation of value for us, I think this is the specific to the management of the ability to have such a change. But we think about the idea of organizational behavior, all the flat, in search management This is a myth, a person may be the management of the entire enterprise, this is the role of individuals in life is a very important opportunity for Internet entrepreneurship, We create new values when we can play the role of each individual in it. I also call it the changeable market efficiency of the individual economic opportunities. Two days before the 360 and QQ war, we know that 360 is not rely on products to make money, they rely on other to profit to make money, we play to the interests of hobbies, let them join us may be on the edge of making money, this is an individual.

The information age has greatly strengthened our individual ability to participate in the economy. 2007 times the 2006 era of the people dedicated to everyone, it is an individual unit of the arrival of such an era, we all in the online see a lot of similar nouns. I have listed some of the various "guests", these "guests" is nothing more than that we are experiencing an individual unit of the economic era, each word has a market value behind, there are business models, of course, there are entrepreneurial opportunities. Like the blog itself, Weibo has a tendency to knock out blogs, but the business model is far from enough many people do not put the blog as a media, blog as a constant media, it gives us a new form of media, this new media has been 7, 8 years, we have seen its innovation and performance, So they appear not interested in writing long blog, and rewrite micro Bo, if the blog well, let the individual publishing newspaper, there is more opportunities here, is the individual units. Before I saw an article that was last March 2009, it was talking about how blogging changed our business, not yesterday, but how to tap into newer business opportunities and business spots. This is based on blog marketing opportunities are also very many, in this example, we can see the marketing of polo sedan, it does the same is to play everyone, so that everyone can participate in marketing, we can spend a lot of money to do many things.

The emergence of Weibo has exacerbated the media of blogging, making it more influential. As soon as I came in, I saw everyone on the Weibo wall, microblogging opportunities are also quite huge, which contains a new market opportunities, not the current celebrity microblogging and corporate micro-blog can do, the knowledge of the fragmented information will be the future of micro-blog very important market prospects, every word in fact has a future, This part of the information ability is to have the technical assurance, do not say to do the media on it, we can not do it according to each keyword every word to do the market, but in the future will certainly be able to do, this gives the saying that everyone is familiar with, when we can really have 100 million, 200 million micro bo people, you will see, It's not just about the media, it's about business, the impact of the face may be wider, specific how to use on the eight, I hope that every person who wants to do the network to think about, to think about the real value behind the microblogging, of course, I said that is seemingly worthless nonsense some words , but the real value behind it is the biggest, you can use it in a variety of ways, the opportunity is unlimited. From such blogs to microblogs, we can see how much the individual individual plays in it.

Same podcast (video sharing) is the same, as you can see potatoes and YouTube are on the market, the real value of these companies is that it reduces the possibility of the opening of the TV station can not be any lower, but we can not easily open the television station, that is bad, it affected the media tradition of regulation, Here to meet a number of provisions, in line with the provisions, we can find some of the opportunities, we said that I do land, do YouTube too burning money, but we do not have to do portal-style Web site, can be from the point of view of individual television, you can also find many opportunities. For example, for advertising mode, can not do the traditional advertising companies, there are many traditional advertising companies in transition, we can do podcast ads, using the use of the masses to do, like to form a huge market. Other words also have a business opportunity behind, due to time limited I will not say more, we can go back to find, any word behind all contain huge market information.

Let me give you another example, is the Wei guest, at the beginning of time, many people all feel OK, after a few years do not do, like the beginning of the pig such things, here is not much, but the last two years of time, not only these enterprises themselves business income greatly improved, CCTV has already noticed this business model, so this year June 15 news broadcast in the special coverage of the Granville merchants industry model, so why the news network will report it, it is the most important thing is to release the individual ability. This is K68 screen, there is a person named, the original is the family to help you think of the name, this is very limited, if you spend 100 yuan to name, we obviously will not for 100 dollars to participate, but now there are a large number of people in the participation, name not only give you up to call all kinds of names, and others are in accordance with various methods to start, for example, according to the Zhouyi, some by name, etc., so we look at the time, we think it why so cheap, for example, to a decoration design, I in this 500 dollars can be done, this intelligence is not worth money? So cheap, Because there is no discount to interest and hobbies, if the 999 of people's interests to discount, the last bidder to add together the price, it is not low, but here are 999 people willing to give you the idea of free, we can use these people's free wisdom to create value. At the beginning of this year, a company in Shenzhen let us attend the opening ceremony of the branch, is to do electric curtains, I asked him why I came, and he said the whole design of the electric curtain, I was done on the micro-flat platform, from the shop name, to the later decoration and so on, are done on this, made out of the curtains are very popular, So he asked me to attend the opening ceremony, but I had no time to go. I asked him how much he had spent, and he said 80,000 bucks. This is the value that we all contribute in this space, the value of what we call the Cyber man, the essence of the business models we saw earlier, the

As the web continues to evolve, we see the more challenges it poses to us, the more opportunities we have to start a business, and the more recent times we have noticed that this challenge to the government's ability to govern, especially as the Internet media challenges it, is a huge business opportunity. The times we call the W microphone, everyone has a lot of right to say. We are listed in Hebei University students of the incident, triggering the most popular popular language, is my father called Li Gang, if there is no mass media, this is unthinkable things. So government departments are also trying to figure out how to deal with the changes in Internet media. This is an example, the March 11 this year, Jiangsu Changzhou Environmental Protection Bureau set up a Network supervision award, the Government has been aware of the network supervision, the government involved in the inside to guide our standardization. By May 18, we saw Guangzhou public security opened Weibo, this is also the first to open a micro-blog, one of the public security, the purpose is to solicit clues, the early time did not set a reply function, now have a reply function, with the reply function, the equivalent of everyone is the line people, everyone can provide countless clues out, This is a way for the government to improve efficiency in handling cases. Last year, the Internet to study the impact of Internet media on us exactly what it looks like, Secretary Hu said, the web has become an amplifier of ideological and cultural, we should pay attention to this new problem in the study. This list of people in the third quarter of last year, the local government's ability to respond to the network of public opinion, we pass this list is not to evaluate this event, mainly to see what kind of response network public opinion Way is like, to this year's June, it has refined the list, refinement for 6 indicators, the government corresponding, transparent information, government credibility, Dynamic response, official accountability, network skills, these 6 aspects, how can we make the public and society more guiping, in fact we can start the creative point, when I visited a traditional enterprise this year, the traditional enterprise and I said I agree that the internet is a double-edged sword, I let them cherish life away from the internet, After a while, he is a car, by the network influence is very big, a new car, and then send a message on the network, said behind the car look like jelly, this post came out, netizens feel fun, Han's first micro Bo on the first word on the fire, his car will have no market, Then he hired three of them to do the job of dealing with the Internet public opinion, is responsible for in addition to delete the post, but also to post the son, unfavorable posts to delete, this career has gradually more up, these 3 young guys and I said, this six months has been living inhuman life, every day on the internet forum bubble, I deleted the post no one to ignore me, now as long as I have a dew head to know the manufacturers of the rat, I now like the same, especially some big events difficult to deal with.

There is a netizen in Guangdong, is a rich second-generation, he just bought a car, anything is afraid of pondering, he thought of the new car, he felt that the car has systemic problems, systemic problems will be recalled, a person to find manufacturers there is no problem, but he has the appeal, he called on 150 to buy the car owners to find manufacturers, This factory will lose a lot of money, the sales department and the owner of the altar said, to you is to solve the matter, how can you let such a big thing happen, the lad asked me how to deal with, I am very responsible to tell him, I do not know, I really can't think of a good way to solve, I asked him how to solve it? He said it was settled. Really solved, I said to solve the method is what, the lad did not say, his eyes with tears, this is how to solve, he said the teacher dare not tell you, this netizen unmarried, I also unmarried, I was so she solved out. We also saw this lad's helplessness, this solution is not replicable, we can replicate, since the Internet has triad, why we can not do white society, so that enterprises have fair treatment in it, the completion can, the key is how to set, how to understand such a network, How to understand the role of the transparent double-edged sword, carry forward its good aspects, abandon its poor aspect, anything can not expect it is always a good aspect, like just said the micro-passenger, looking at is a good thing, but high school students on the top of the reward, out of 20 who have done today's homework, this is to go to its dross, take its essence.

We read the direction of Science magazine, it published an article, is an overly scientific article, we look at economics and management perspective, it can tell us where the future business opportunities, I think it is useful, a Game of Warcraft, a Second Life, This virtual environment is not unfamiliar to us, but how to find in the virtual environment and the same as the real environment of business opportunities, which is placed in front of each of us a very good topic, in fact, this virtual world and the reality of the connection, at least there is such a 3-point approach. First of all, we do an implantable ad, first look at such ads is not enough, in some games are there, but most of the market is far from selling game coins attractive, we have not seen such a value, this is the scene of life simulation, this hostess public mascara, can be directly used silk brand, That in reality can also use this brand mascara, this inside there is a game advertising industry, this very few people do. This is the first way to connect. The second is that we have hundreds of people playing games here, Warcraft registered users have been close to tens of millions, such as the number of the population has reached 17.6 million, tens of millions of people in Warcraft, this is not a world, Shenzhen also on the appearance of 10 million people, Beijing on 20 million people, this is business opportunities, As long as there is a place where there is business opportunities, there is the possibility of opening up new markets, so the second link, we can directly to do outdoor advertising.

Since more than 20 million of people wander around here every day, we can do the advertisement on the building, this kind of advertisement is very good, the traffic is very concentrated, everybody will come to this street to look at this thing, now do is the real enterprise such advertisement, for example, car, can be replaced with Dior immediately, Operating such a company is very simple, some advertising companies in transition, to do this. The third way, since it's the world where tens of millions of people live, we can directly engage in the production of these 10 million people, it is to wear clothes, to drive a car, to consume a lot of things, we directly do these things can, this is also the opportunity to do this inside the clothes and the reality of the clothes is not the same, In economic terms, the biggest difference is that the marginal cost is zero, we think in the entrepreneurial time, we have been looking for, looking for the lowest marginal cost, to really find the marginal cost of things, this is definitely good, so some of our businesses are trying to reduce their own marginal costs, The most famous is the Chinese turtle essence, is a pool of water to raise eaves, and then to sell things. There are ready-made things here, we do in this virtual people virtual goods production, this business opportunity is also responsible for the huge. We know that there is a domestic enterprise in this area has done a good job, this is the journey, about the journey we are aware of, this game inside it's this real profit is not from the game we see the currency, or to sell the long and point card, but rely on the virtual brand, Everyone interested in the students can look at the journey of the whole process, from 2006 to the 2007 listing of the process is what it looks like, it is kind of growth, you know they mister do every industry has a process, he made the journey when only 70 million, the last listing when he relied on such virtual goods, A year after a year's net income is 1.7 billion, he was listed on the Nasdaq 35 billion yuan, which seemingly worthless things, the business value of how much. This is a virtual and reality linked to the visible way, we can think of some ways to connect, as long as we think of the possibility of creating a new business model.

In any business, we can draw an industry curve, this is the industry to think afresh, sell good products, do the big business is always a minority, do the general is always the majority, that is, the tail is very large, the head is very small, we start the foothold is based on the head to do such a big market? Or is it based on the tail? In fact, in today's speech, I've talked about my point of view, and after the empowerment of individuals, we should gradually focus on the tail from the head, the emphasis is the copyright economy, is the elite culture, this is the need for strength, need resources, resources control to a certain degree to do such things, in the tail is not necessarily so , in the tail is the grassroots culture, but also embodies the value of creativity, is the value of passion, as entrepreneurs can put their own strength to make out the value, so we said that the tail space is more suitable for entrepreneurial talent space. In the head space, we see that the most important thing is to be a factory like Steve Jobs, Nokia has been affected by a number of manufacturers like the iphone, and Nokia's top manager and I talked about the current loss of Nokia's share in the low-end market, most importantly because of the cottage , the regulars can't beat the guerrillas, so he figured out, an industry if want to enter the tail, or want to be a cottage, must meet two necessary conditions, a necessary condition is the entry threshold of technology to be enough low, the mobile phone industry is no exception, if the High-tech threshold, such as Nokia, there is no cottage, The emergence of MTK, so that we can in the market a large number of procurement chips, next is to consider how to make suitable for the needs of everyone's mobile phone, this opportunity is too much, can be loaded with cigarettes, mobile phones we can sell to smokers, we do the Sichuan disaster area investigation, you can see, one hand grasping cigarettes, one hand grasping mobile phones, We will make two hands to grasp the product, save time is to save lives, this is not the market, this is not the opportunity. So we can go into such a tail space to do business. This is the mobile phone industry, other industries, we have to go to its dross, take its essence, can not do four creditors like this, we are more to find ways how to dig the market, of course, in the excavation of personalized market in the mobile phone production field to do better is the day language, in other areas we can find an endless personalized market. Do not regard consumers as God, we must regard it as a friend of your side, as a common entrepreneur, as a partner with us, this is the basic idea of the tail space entrepreneurship.

In other words, in the Internet age, we use the new economic thinking to make the choice of business model, followed by some of the old thinking faster growth. In any market, there is always more niche than hot products, especially now the internet era is more so, we can aim at them to do business ideas, network access to niche products in the gradual decline in the space, especially like automatic referral, will make our products to long tail development, so long tail space will be big, The graph will appear flat phenomenon, you will find in the head more and more difficult, in the tail road will be more and more wide, this is the trend of demand assimilation. When we reach a certain tipping point, the niche can compete with the big market, we need to get to this niche before the tipping point arrives, find more people in the market segment, and when the curve is completely flattened, it's the ideal, the trend of development, and the Americans, to describe this trend, The creation of new English words, is the producer and the consumer put together the word, called production consumers, the future of the economy is to use production consumers to create value. We can think about whether we are ready, whether we can do our own production consumers, but also the use of more production consumers to help us create value, of course, such practices need to have a certain mentality.

Looking back on the history of Internet development, in this way, this innovation is more embodied in the creation of new values, our initial value of the Internet is not innovation, this new value creation recommended to everyone's basic four steps, the first step is to build a platform for everyone to be equal, we must focus on everyone, Let everyone contribute, everyone for me, I for everyone, so that everyone can create value, with this platform, what do we do? The network does not deliver the goods, the network is most suitable to do is transmits the knowledge and the culture, therefore must do this inside the enterprise, must create, the search discovers the knowledge, and creates and transmits the culture, You really can make a culture, which is the network needs of things, can form the demand side scale benefits. We cite an example, is the Fluff toy production enterprise, is called the horizontal passenger, it is not the fluffy toy to do much good, is buys the toy the time, gets a password, goes to the community to form an interactive space, in Disney's fluffy toy has 30% drops, this is transmits the culture. The third step is to do the shopping mall transactions, the fourth is to fully consider the customization of customers, we look back at what the business elite has done, these four steps are becoming reality, the early Internet business is dealing with the asymmetry of business information, and then we find that the real big market is not here, and the asymmetry of business information is limited.

The second generation we began to focus on solving the problem of personal information, how to facilitate people to find information, we see the greater pool of water to raise the dragon will be bigger, last week we saw about Facebook has more than 50 billion U.S. dollars, after listing more than Google is not impossible. And in the asymmetric depth information, opportunity is too much, not only Zuckerberg has such a smart head, I believe that no one has such intelligence, you in-depth analysis of such a crowd characteristics, you can form the information asymmetry elimination model, which is called Information Application Mode of innovation. We need to think more about how to innovate in information applications, as well as Twitter. China is a big cultural country, we really transfer culture words, more opportunities than the United States, the previous years of Internet development, is copying the United States model, I hope that the back 10 is the American copy of our business model, we have better and richer soil, we also have such ingenuity to do such things, I give an example, Wallet nets, the Chinese people like to grasp the idea of accounting, forming a business model. We want to see the current trend, which is to develop in a way that is massively collaborative, more and more people participate in, everyone together, the popular this year is group buying, group buying market integration role has been realized, group purchase need to innovate the point is too much, this thousand regiment war must have impact, many group buying site is profitable , this is undeniable, like K68 like the public comments. So what we're doing together is a direction. The second direction is personalized, I have listed a series of personalized Web site, which has a lot of business opportunities, we can start from the network, clothing, traditional industries to do personalized opportunities to find.

The third article that we recommend to you in today's speech is the cover article of February 9, 2009, which is called Google mode to save enemy spy mode. They have nothing to do with each other, but what it says is that their thinking is not irreconcilable, but it can be fused together, this integration can be done in 6 ways, one is to create a rich rather than a shortage; the second is a planned mistake, which is to get everyone involved, and then let them point out where your mistake is, and third, The other is its control of consumers, make way for the consumer as much as possible, let them be one of us; the first is to be as low as possible, preferably free, to get everyone advanced, and then to profit from the rest of the multilateral market; Finally, don't stop the opinions, let everyone give full play to their ideas and express their talents.

I hope that when we go back, we can think about how we can use the new rules in the Internet era to create more business models for Chinese people, create Chinese Google, and create Chinese Facebook.

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