Yan Investment Management partner: Experience to start a business better

Yan, an investment management partner, looks a bit grim, but is actually very humorous. His humor is a bit dark, like the soot scum in the sun under the glare of the cold gloss, and like a hedgehog, listen to feel prickly, because his humor based on intelligence.

Why are you smart? In our line of work, you have to be smart enough to survive, not smart to die. "In the previous round of PE and VC World Shuffle, a lot of people died, in Yan it seems very reasonable," the 2005 venture capital, we all said that we are shell companies, 2008, 2009 investment Fire, many governments in the NDRC, discipline inspection, the finance Department of people to do the investment, these people certainly do bad. " "He thinks investment also has 10,000 hour law, spend 10,000 hours in the industry, invest 100 million dollars, can become a basically qualified investor."

Have experience to start a business better

"Lu Jia Zui": I heard that you cast two of Peking University in School "" "Girl, to do a sale of clothing app, a year of sales over billion, how do you think there is no work experience of a career?

Yan: This situation is confined to a very limited area, that is, when the internet is so developed, it gives young people to start a business to provide a very big help, so that transaction costs are very low, so the two university children can do quickly. Now in the mobile Internet, an app that doesn't have tens of millions of of its users doesn't seem to us to be called mobile Internet. Coupled with the possibility of the past few years, including the media continue to promote the culture of entrepreneurship has become a cultural, now the young hero is Ma Yun, is the Ma Teng.

I have seen a group of figures today that the number of applicants for civil servants in 2014 was 38% lower than last year, for several reasons, one is anti-corruption, there is no benefit to officials, or the benefits are getting less. But from the perspective of the development of society as a whole, this is a progress. A country if all the young people's dream is an official, his career is the first choice is an official, then this country this nation must be hopeless, so I think this is the country in progress.

From another point of view, I do not think that the young entrepreneurs must be a good thing, do not think that this "whenever" will certainly be better than "generation" "". Instead I think it might be better to start a business with some work experience. For girls may be earlier than this age, for men I am afraid the best entrepreneurial time after 30 years of age, to do a statistic, after the age of 30 men, entrepreneurship, than the young entrepreneurial success rate is much higher. The media more like to talk about "the", but I see young people shouting slogans more, really adhere to the relatively few. There is no direct relationship between entrepreneurship and age, the key is not persistence. Of course you say you're 80 years old and you start a business, and you probably have a problem. Some people say that when they are older, when they are 40 years old, they say that my brain is dead, and 50 years old says so. I feel that at some point in time, your intelligence, the ability to make comprehensive judgments on information is stronger. I don't think it's good for young people to start a business, nor do they think they are old.

"Lujiazui": Do you think China now has a bit of "national entrepreneurship" signs?

Yan: If all people start a business, this is also the tragedy of this nation, indicating that the state does not give this society a good choice of opportunities and social security. In fact, entrepreneurship must be a minority in the middle of a society, and it should only be suitable for a few people. If the national entrepreneurship must be the community in its function is deficient. Under China's current mechanism, under the political system, it is a good thing to have a little more entrepreneurship. Because if young people go to the civil service, go to the police, go to the state-owned enterprises, it may be worse. So in these bad middle comparisons, entrepreneurship can be a little bit better.

100 million dollars is a qualified investor.

"Lujiazui": two or three years ago PE and VC industry experienced a so-called cold winter, as investors, now to invest in the way, methods, compared to the previous years, what changes?

Yan: I think it is easy to do our business, is to make money. If you don't do those things, I earn more money than you I am the master, you lost money you are grandson, not so complicated. China's PE, VC real development is after 2005, 2007, 2008 climax, in the process, a group is not eligible to do investment, or some fools jumped in. When I make an investment, the Chinese think that you are investing in a shell company, and did not expect to be a hero in 2007, so we all make investments. I was a college classmate is deputy mayor, the result one day suddenly did not do, did a investment company's chairman, this situation actually quite many. A lot of people to do the investment, most of them are certainly bad, so there is a round shuffle this is inevitable, but I think there is no bad, this society must be someone to try.

The investment in this industry has a feature, that is, it is not very high entry threshold, but you have to do it hard. In fact, we also have a lot of such things in life, such as being a journalist is very easy, but it is very difficult to do well. Or the restaurant, everywhere, but you see China to make a good, branded restaurant, too little too little.

The threshold is very low, not easy to do, investment is also the case. This industry we have a word, you in this industry to stay 10,000 hours, to invest 100 million of dollars, you can become a basic qualified to make independent judgments of investors. 10,000 hours is 11 years. American statistics are probably in this industry for 12 years, from when you go out to your independent judgment for about 12 years. You've seen our fund for 55 years. Who would tell you that investing last year has made a lot of money this year, but this is a small probability event. Our line of measurement is the simplest, is to make money, but to judge do not do, investment is not the time, is the most complex. In this industry to do well, one thing is certain, you must be the smartest, want to survive, you have to be smart.

Lujiazui: What do you value most in your early projects?

Yan: We sometimes look at people, if a smart person every day at home to raise chickens, you certainly will not vote. What's the use of this man? So some of the words are more of a joke, you don't take it seriously. Casting a project at least depends on what he does, what its products are, whether it's hardware or software, a business model, a business model to make money, and a business model to be extensible. There is this person, must be a good person, strength is your judgment, some people look quite honest, no ability, but did not think in the key when the very bite to live. The important point is that the person's character must be positive, basically people who are not very good minds, he may make a little money, but never make money.