Wang Qiang, founder of the Joint Venture Fund: Towards a successful entrepreneurial spirit

"We drank coffee with the dragon Girl for three or four hours without hearing any idea of making money." But I said to Xiaoping that I had seen the shadow of Mr Yu from her. "New Oriental co-founder, the Joint Venture Foundation founder: Wang Qiang, May 29, 2014 afternoon, the new Oriental co-founder, the foundation of the United founder Wang Qiang in the voice of Tencent College, on the" Towards the success of the entrepreneurial spirit of the keynote speech. The following is a transcript of Wang Qiang's speech, abridged, without my review. To truly be a successful big enterprise, what spiritual quality does the founder need most? First, you have to think very clearly about the ultimate purpose of your life. The person who finally wins the business has a very clear answer to this question. Not for money, he wants to get another most important thing in life-an inexhaustible credit card for life. Share two stories. As an angel investor, Miss Xiaoping has recently exploded his name. Poly-Beauty Products He cast 180,000 dollars, Mr. Xiaoping this investment from 2009 to 2014 May 16, the United States on the New York stock market, has turned over 800 times, nearly 300 million U.S. dollars. In fact, this money is not cast to Chen Au do poly beauty. In 2009, Chen Au came back from Stanford to start a business. He's going to advertise something that's implanted, to find Xiaoping. Chen Au See Xiaoping on the implant, talk about two hours, Xiaoping repeatedly nodded, finally said not too understand. Xiaoping to Chen Au cast 180,000, Chen Au took 180,000 in Zhongguancun rented a small house to do, but not successful. Later Chen Au transformation to do cosmetics flash purchase. Xiaoping listened to their transformation very excited, thanks to the transformation. But more worried, said you three young boys, are more than 20 years old, not even a girlfriend, how to do cosmetics. Chen Au told the feeling of cosmetics and flash-shopping, and once again the eyes lit up. But Chen Au told him, Xu Teacher, I come this time, one is to tell you the transformation, the second, I inform you, do not need you to invest money. Because the last company failed, but you voted 180,000 dollars, this 180,000 dollars will become the new company's equity. Miss Xiaoping said very good, know the meaning, will become a big event. This story reminds me that Chen-ou built a credit system, although I temporarily failed, but please believe me this person. He's actually got one of the most important things in life, the credit card. One of the more touching things is that in 2007, when I first made an angel investment with Xiao Ping, I cast a good margin of the century. Century Jia Yuan is a little Dragon woman to do a marriage website. From an investment point of view, we should not vote, because the Dragon Girl has not been able to get money, a capital, she had nothing to say, not clear how she made money, also did not show a leader should show the irresistible charm. At that time, a few domestic marriage websites have run to their front, because they are at least six months before the Dragon woman into the 10 million to 20 million U.S. dollars of funds. Little Dragon Girl ran out of the probability is not big. We had a three or four-hour coffee with little Dragon Girl,Did not hear any idea of making money. But I said to Xiaoping at that time, I said from her to see the shadow of Yu, the female version of the old, hardship, endurance, tenacity, like a camel. One of the details, let me and Xiaoping think that she must not vote. Little Longnu told us that in 2003, she was a tutor, saving hundreds of dollars a month. She wants to buy a server, tens of thousands of dollars. She borrowed money from a netizen called a fisherman, a fisherman who opened a software company in Hangzhou, earning hundreds of thousands of dollars a year, and the fisherman said how much money you need, said little Longnu, if you may want to borrow a little more, even with the cost of living with the server, a total of 80,000 yuan. 2003, 80,000 is not a small number, but it does not matter to the fisherman. The fisherman said you told me the bank card. The next day, really 80,000 yuan to the Little Dragon Woman's account. Then the fisherman forgot about it. To start financing in 2007, the Dragon Girl has been telling us a principle, if not the 80,000 dollars, I did not today. So if you want to vote for me, you must agree to convert 80,000 dollars into shares. Later, of course, we were moved by the story, and of course we agreed. The fisherman's 80,000 dollars became the century Jiayuan original stock. May 11, 2011 Singles Day, Century Jia Yuan listed bell, small LONGNU online search fisherman this person, the results found that this person is still online, still earn hundreds of thousands of yuan a year, very comfortable to maintain a uniform development. Little Longnu said, do you remember the 2003, you lent a network of small dragon woman on the internet 80,000 yuan? The fisherman said, "no matter, at that time, 80,000 dollars would like to give you." Small Longnu said, I inform you today, May 11 I run the company will be in Nasdaq to become the first shares of Chinese marriage Network, I invite you as a bell-ringing guests, by the way also give you lent me 80,000 yuan. If the IPO price, you 80,000 yuan has grown 1000 times times. In other words, 80,000 dollars, by May 11, 2011, Century good margin IPO price, become 80 million. Indeed, like Forrest Gump's myth. When we talked to the Han, they were going to make a movie and think there was such a stupid thing happening in China. This folly is really a great wisdom. The real people, entrepreneurial spirit, what is the biggest gene? Is it the money, is the coax capital, is coax the market, play the brain residue powder? NO, first of all, its own conscience. These two people get not a pile of money, they take the life of the credit card. Even if Chen Au and little Dragon women fail to invest, they want to start a business, all the investors will be in the first time, even in the dream will promise to give them money. Because this life card once obtained, as the leader of the first gene has. Second, share your dreams, and let everyone come to realize this dream with you. The essence of a partner is to share. As entrepreneurs are basically self-made, this dream has no ability to ignite the people around you, this is the first step to try you can succeed. If even the closest person you have is not able to be provoked by you, your dream of gold-bearingQuantity is too low. You as a leader, the ability to master the overall situation is still relatively short. Old Yu from Canada lobbied Xiaoping, of course, Xiaoping came back, because he was unemployed, as long as there is a job on the way. Old Yu certainly knows my salary very well, he as a capitalist, he knows how to effectively control costs, because the year we read in Peking University is the work of Marx, I and Xiaoping read the "Communist Manifesto", he read "capital", we are scattered blood, old Yu very know how to control revenue. He said to me, Wang Qiang, you now promise to come back, do not talk to me about what conditions, we started in New Oriental, we put our talents on this platform to see what can be done. You come back, don't expect me to give you what treatment, the first, I can't afford. You're just the same as me for a year in New Oriental, and I can't give you all my money. I don't have a problem with that. In the history of New Oriental, we have never had a minute with old Yu Hua to talk about personal treatment. Did three years, 1999, the new Oriental big, has hundreds of thousands of students, has carried on the shareholding system transformation. The essence of Oriental partners, finally how to become productive? 18 page Financial Statements and 3 page audit reports are the stories of new Oriental. When new Oriental was listed on the NYSE, we were the 14th company in China. The front is full of national character head, PetroChina, CNOOC, Eastern Airlines, China Mobile, are all such companies. Jobs said two things to do a good business, one is stay hungry, one is stay foolish. What is the folly of new Oriental? 1999 began to share reform, into a joint-stock, we feel that since we are shareholders, we want to be like Mr Yu, with the company all the right to know, control, of course, this control is in accordance with the shares have a difference, but the right to know to have the same rights, for this fight for three Start with the account. 2002, the new Oriental all the profit is about 8 million yuan, we invite the world's five major Deloitte to do account, Deloitte open 4.5 million to do a new Oriental account. Old Yu said, this year to do this account, we do not have the money to pay dividends. People say, rather hungry, also want to know who the company belongs to. Old Yu was very depressed, but in this case, he accepted the collective will, agreed to spend 4.5 million. A few months later, Deloitte took out 18 pages of financial statements, and the new Oriental accounts were very simple. Deloitte said you have not seen a company like you, not to mention the state-owned, the private sector is even more unlikely, you have so little income to do 18 pages of the account to do. Old Yu very depressed, we have finished after also depressed, this year no money points. But fortunately at that time everyone on the matter nothing to expect, I came back to ride three years bike, at most more than a year riding, afraid of what. Then the board said, Deloitte this account is not credible, to audit, we finally heart this stone can be put down, we just know that we are not as a chariot running forward. The next year we found PwC, and he said you should not spend 4 million or 5 million doing this audit, Deloitte, you shouldLetter. We don't believe it, we say it must cost 4 million or 5 million. Finally, PwC reported a three-page audit report in about one months, saying that none of Deloitte's accounts was wrong. He signed PwC, covered the chapter, and we handed in nearly 4.5 million. The new oriental profit of nearly a year spent, and finally exchanged 21 pieces of paper. These 21 pieces of paper are very precious, bought a very good safe, let the accountant quickly locked, people in the safe, which has a lot of money, which saved 8 million yuan. By the year 2004, a consulting firm suddenly consulted us and said that the new Oriental would be valuable. We say how much money, they throw a number, how also worth 5 billion, when the new Oriental total market value of 100 million. At the end of 2004, Tiger fund began to look for China's education market, and suddenly discovered the new Oriental, a very distinctive company. Their investors, Sage, are interested in considering new Oriental as the first pilot to invest in China's education sector. Sage see Deloitte and the report to us, surprised, said I survey China so many enterprises, no one enterprise come up with such a thing. Little Red said at the time, "OK, I vote 20 million dollars in, you give a price bar, a week after the money to your account." Because of these 21-page audit reports, we know that we have done it for a principle, not for the capital market, not for attracting investment. Exactly, it saves six months of time. When your dreams ignite the people around you, you have to let them believe their dreams as much as you do, and your real team will be born. Only in this way, people feel that although you are a major shareholder, although I have only one share, but I am still the owner. Therefore, all my talents, painstaking efforts and dedication to contribute to this platform. To do this, one plus one is greater than two. Third, tolerance. As the boss of entrepreneurship, one of the hardest things to quit is your self-righteous self. Because this dream comes from you, you feel that only you can accomplish this dream, it is an illusion, even an illusion. Because the level of realization of this dream is very complex, it involves too much of the level, any simple product into the market, through all aspects of human nature, you can finally complete its sales, which ring can not be less. So in this case, the collision of our thoughts becomes the daily form. Whether you can be tolerant and able to become a listener becomes a very important culture for your core team. To be a big thing, one must have a bosom. This mind is not to say out, is made out. Just talked about the Chen Au incident, the Dragon Girl incident, this is the bosom show out, we can not worry about their enterprises can be bigger. As long as they do not fade, they will always find a willing to fight with their excellent talent. You as a leader, to experience your heart. I would like to use a verse, very vividly to illustrate this point. This is my very favorite Portuguese poet Pesola poem, My heart is only a little larger than the universe. That's very critical if you want to levyTo take a person, in fact, one of the simplest methodology is that your mind is only a little bigger than his, you can tolerate him, the mind only needs a little bit bigger. For example, he saw 10 dollars, you only see 11 dollars on it, I give you a dollar, you take him down. Of course money is too simple to describe anything, as long as your mind is a little bit wider than his. You want to get this market, your vision and mind only a little bit bigger than this market, you must take this market, you want to win China, your heart is a little bit bigger than China. You want to win the world, your heart is a little bit bigger than the world.