Today's capital Xu: favorite local entrepreneur

According to our experience, we basically deal with three kinds of entrepreneurs. One is to venture out from multinational companies, their advantage is more understand the establishment of the system and culture, professionalism is also better, know how to finance; their disadvantage is that wages are very expensive, basically the annual salary of two hundred thousand or three hundred thousand dollars.　　They leave big companies to start a business, if there is a share of wages should be lower, but some people even give him a lot of shares, low wages do not do. But the problem is not that he is a person's salary, we can afford to pay, but if the CEO's salary is set at 2,000,001 years, then others will be close to him, the following directly to his report of the person may be 1.5 million, or worse is 1 million, so how a small company to survive? China has a core problem is that Chinese consumers are particularly fond of petty, cheap things, things are good and cheap, price war is unavoidable, price war in the process of who can win?　　Cost-efficient companies may not survive.　　 There is another reason is that many times to start a business is to make money, the company just started operation is not very smooth, 35 years not to the city will not endure, and from the multinational companies come out of the opportunity cost is very high, endurance is almost. One of the core drawbacks of a multinational entrepreneur is that it's a bad instinct for business, which we call "killer intuition".　　 Because they used to work, is to go lattice, did not draw the grid, the product is not what you want to come out, pricing is not what you think out, all the strategies are not you think out, you just do the implementation. If this entrepreneur succeeds in his first venture, we will choose him. If the first venture fails and you want to do it for the second time, we will take it seriously and seriously.　　 I turned down two or three of them, and they failed to start a business. The second type of entrepreneur is a returnee. China has 700,000 people since the opening and reform of the country, and is now back at three hundred thousand or four hundred thousand. Most of the returnees are actually working, a small number of startups, especially in the internet, it industry, they are very smart, and very good at learning, especially good at the United States to learn a business model to do in the country, that is, C to C (Copy to China), they will generally speak Chinese and English, You can make money by understanding the culture on both sides. Get the money or the strategic sale is all the returnees do, the returnees financing is still strong.　　What they lack is the experience of managing people, generally speaking, they are twenty or thirty years old when they start a business.　　They also have a very central feature is that they like to see expensive money to sell the company, but the turtle is not willing to sell, will continue to do. We have also been thinking about why the returnees will be greed, and the turtles won't open? Later we thought, maybe the returnees have lived abroad for many years, they know what is a good day, their desire to enjoy life is very strong, and the turtle will not enjoy life, they feel that the best life is to work hard every day, the competitorsDefeated, so take the money do not know what to do.　　 For us, if the returnees can survive, in the arduous process of about three or four years, they are very good CEO. The third type of entrepreneur is the turtle pie that we see most. China has 29 million small and medium-sized enterprises, of which 80% are profitable, and the past three years the growth rate is very fast, sales have 26% growth, profits 30% growth.　　But in our opinion, this kind of growth is a lack of money, a shortage of people, it is our responsibility to find them.　　I think the biggest advantage of the turtle is the confidence in the market is very strong, the judgment of the market is very sharp, first of all it is not easy to survive, China competition, a little close to the collapse, and secondly they are generally low-cost operations. The biggest limitation for the turtles is that they become bosses themselves, without a board, and the board of directors doesn't know how to deal with it. I remember when Ding Lei opened the board for the first time, we've all come from Hong Kong. Sitting there, he was 45 minutes late, because he had been on the Internet the night before to solve a virus software, has not slept well. He did not know how to open the board, while the board to answer the phone, three or four times in the middle of the call, we are puzzled.　　 In fact, he is not to say impolite, but do not know how to open the board, has never opened, slowly learn, now is not the same, progress quickly. Our entrepreneurial entrepreneurs still have a feature that does not speak English, which is a disadvantage in the capital market, but this is not important, you can learn. In addition, I think the largest private entrepreneurs taboo is to like diversity, I think this with his ambition is also related, he felt to do this career growth 50% not enjoyable, want to do the growth of big, always do the real estate business. Real estate is certainly a big competition, make money fast, but the Chinese competition is so fierce, a lifetime to do one thing to do it well, has been very difficult, you also do three or four things at the same time, energy a dispersed certainly do not good. No matter how capable you are, do three things in the industry the first probability is basically zero, focus on doing the first thing and then do the second thing, so we want them to focus and focus.