Yiu Jingbo: When a girl said that a gentleman called soft silver asked me

How many people dream of starting a company on the market? And Yiu Jingbo has recently rung the bell for the second time on the same step. After the listing, there are too many things to talk about, so this time we and Yiu Jing to invest 58 of the rich partner of the sheep to sit down to chat. A lot of personal gains, but also the casual dialogue summed up and share with you: 58 Why in the company's first day of establishment have financial support? Classified information site has been like group buying has experienced thousands of battles, but in the end we only remember the first second, 581 straight is the first place. Sheep East: I did not have so many competitors when I was 58, it was more than 58 after the conference. At that time, the idea was very primitive, the newspaper is not all the pages of classified ads, that type of advertising revenue in 05 when the size of 350 billion. Sheep East is the first to see 58 of the site after looking for the door. Yiu Jingbo: I was just out of business, but I haven't set up a company (because I didn't set up a company to save money in the first time), I found a very small office office. One day, when we have no front desk, there is a girl to do information audit told me that there is a gentleman called soft silver to find you, surnamed soft. I'll call back, Xu Ze. Should be sheep East first found me I register the company. Then meet two times the basic frame to talk about it. In order to get the money I hastened to find an intermediary, with the fastest time to register the company. Sheep East: I do not know that there is no company, if you know that no company can be pressed again price (laughter). Yiu Jingbo: Never let him know that there is no company oh, at that time sheep East gave me a very important analogy, to now remember. "The company hasn't done anything yet, and it's worth 100 million yuan at first." It's hard to value 100 million dollars abroad. Sheep East: The first time out of three people are very cattle, we ate rice in Richang, basically once talked about. Yiu Jingbo: Later, there were thousands of similar sites in 58. At that time the most important thing is to do the user, do the user is exactly what we are good at, so the first year or two did not think too much in this regard. There is a game rich support us, four hundred or five hundred dollars is not a one-time cast down, divided several times, every time there is no money to find sheep east. By the year 08-09, the number of millions of users per day is basically done. I remember celebrating more than 1 million before the Olympics, two or three months after the Olympics, when users became 2 million. Because the transfer of Olympic tickets special fire. But in a few days bocog is very polite to invite us to eat, for the national image, the channel we stopped, lost hundreds of thousands of, millions traffic. But at that time already has the income, we have the top product, the person who sells the ticket even is willing to top up to thousands of yuan a day, because their ticket can sell 100,000. From this place we know that as long as your visit is high enough, you have enough influence, you can make money. And we've always been the first. I realized earlier: any site, you just have satisfied users, back to the user, you don't have to think so much how to make money things. Before weNo one imagined that the website of classified information can collect money so, we invented the method of earning money in this industry. Once saw the sheep east decided to vote for them, except because the industry trend, but also because of people. Sheep east to their team feeling is: these three people on the internet is really-know. In addition to this, more is the person itself. Sheep East: The impression of Jin Bo to me is particularly passionate, that this thing will be bigger, can be made huge enterprises. The feeling of being so confident and excited about your business is hard to find. Yiu Jingbo: The important thing for an entrepreneur is to be foolish about your own business. I 76 years, before doing this, I sold a website to the million net in 2000, then is also the biggest domain name transaction discussion website. In the middle and million network of several colleagues to do a major education. Later, the major education also listed. 58 was my second time on the NYSE, and the second time on the same step was a good luck. Of course, luck is far from enough to explain the problem. Yiu Jingbo: From the friends around me, I think the company that can successfully start a business has a few points. One is to say you this thing, direction to be reliable, this may be a lot of people will see. In addition, the entrepreneur has done a few things, even if he sells clothes online to sell better than others. Excellent is a habit--admitted to a good university is an excellent, good academic performance is excellent, from product managers to do product director is also a good, you apply to enter Google is also excellent. If a person's past history is excellent, he is more likely to excel. Third, this person must be tough, I started down to be relatively high starting point, the first day has the support of sheep East, but I really from the venture to the listing for eight years. So it requires entrepreneurs to have ideals and perseverance. Some people are "I want to do one, two years to achieve, not to withdraw." "If I were, I would have gone to school and I would have been a public company," he said. I have a particularly difficult time, really is to tell the wife, my wife gave me the card, I want to pay. It's still before the spring Festival, and all of our executives don't get paid for three months during the Chinese New Year. At that time, the company already had hundreds of people. Sheep dong: In fact people this problem sometimes make investment must imagine, imagine see this person can not be the founder of the listed company. Whenever entrepreneur the whole style is much more solid than before, but basically can be so persistent, profound not much. Sometimes although the indicators are also very good, the concept is also very good, the industry is also leading the product also look good, but always feel that this person can not bring the team to a certain height. You can't say why, what's wrong. One thing is that people have to make progress, such as Yiu Jingbo eight years ago and now certainly different. Yiu Jingbo: I think this is to see the experience of the entrepreneur, there are some things you do not experience will never learn. You don't go through something, you can't get to that stage. This thing is a torment, but you can't avoid it. For example, management team, formerly you control a level of people, now in charge of two of people;How to deal with fighting in the team; you have to dig a good man. What if he doesn't come in? This thing must go through once, you do not experience you think, think is not come out. Goat East: I think Yiu Jingbo's greatest improvement is leadership. You lead 20 people and 200 or 2000 people completely different. Yiu Jingbo: This is no way, every year there are a variety of ah, you have to talk, you say that the other people feel very poor to resign ah (laughter). Sheep East: So why do I have a big question mark, the returnees have no leadership, in the United States you can lead 10 people is basically very remarkable. Yiu Jingbo: We have also invited several returnees to come over and found that they like to calculate the probability, such as I am here how many years, 5 years later how. But entrepreneurship is a passion, is input. Sheep East: But there are a lot of passionate people in China, how do you become the others? Yiu Jingbo: direction, persistence, is excellent, you can gather a bunch of people, it is almost. And see if you can dig out the cattle and let them believe you. This listing, I and the investment bank Roadshow when the most worried about is that the funds have been a single, because they have to place a single, in case they see us they take a single withdrawal how to do (laugh). Road play is still very hard, Yiu Jingbo Road played two or three weeks, lost 10 Jin of meat. Goat East: In fact, the road show at the beginning of the order is enough, but they are very serious all the way, even the last time. More conservative funds are the hardest to get a single, and they take a lot of very conservative, long-term funds have 6, 7 big all in the list. This is the ability to believe. If you love to do this thing, this kind of life is not afraid of the company's development slow Yiu Jingbo: When the goat asked me how many years to do this. I said three years, the result of 3 years after we have not even 1 million users, but also spent all the money, before the DCM came in before we are the most miserable time. But I enjoy doing this in 58. Learn to go public in 10, for a while to learn to tell me that you put the company (58) off the bar, you to pipe channels. I was holding as many shares as the other two founders. Then I said I'm not going to do it, I'd rather give it to you, and I'm going to put 58 down. I used to sell half of the big stock and then quit a big chunk. Facing the competition 1. The ad is probably no one dares to play like this. Advertising campaigns for similar products are often mentioned, what do investors think? Sheep East: We did not have much opinion at that time. Yiu Jingbo: The main money is not his (laugh), mainly the money from Warburg. Warburg Pincus said to me, you can not because someone else to advertise and in the weak, people hit a piece of money you hit two dollars good, anyway give you money. We've hit 69 million dollars, and here's almost 10 million dollars is my personal money. I have invested all my money in 58. is to make it the most famous brand. The subconscious would think it was the most informative, products to do the best. At that time all the first TV programs we voted, and no one dared to play like this. How did you think of the magical Web site? Because our website is not good description, describe our words such as classified information site, are too written, or rather with a joke point. When someone else is looking at the ads to see how magical it is, our goal is achieved. 2. The concept is not so fun before the concept of O2O, 58 is already doing O2O. But in Yiu Jingbo's view, the concept of things first means that the competition is more intense. Yiu Jingbo: In entrepreneurship, the concept of something to be very cautious-because it means more competition. That would cover up all the little. The advantage is to find entrepreneurs easy to find, financing easy to melt, I see there are investment agencies said this year only see O2O. But when the concept comes out to enterprise acceptance, user acceptance, or distance. I don't think the concept will have any effect on our interior. 58 set up the first four years is to allow users to accept us, after four years we strive to let merchants accept us, it is so simple. Our offline operation is very heavy. 3, 5 years ago, businesses may not have computers, but must face the Internet, because more and more people use mobile phones, computers to find them. And even if they don't surf the internet, a group of people who have an effect on the 58 release of information is likely to be 58. Beijing to move people are basically in the northwest looking, basically from the same place. There are thousands of people in that county who are moving.　When someone says 58, you don't have to advertise them. Future Chapter Yiu Jingbo: At first I just want to be a product that everyone can use, the imagination space of this thing is big enough, also is the thing that oneself needs. Then what is the pursuit of the next? Yiu Jingbo: So high expectations, I have to put 58 really great things, do this basically can retire. Sheep East: Jin Bo you said to surpass Alibaba? Yiu Jingbo: Yes, I think I choose this thing--you create after several industries, not lack of money, you want to do a really great thing, can do it for a lifetime, can have a lot of users, run to any city will be someone said: Yao Always i use your service, very good. I like the feeling. Sheep East: I think the wave is particularly interested in the feelings of young people. But do you have a sense of crisis now? such as micro-letter payment, it seems quite scary. Yiu Jingbo: I don't think the sense of crisis comes from here. The real crisis does not come from the places you see, from the places you can't see. If everyone thinks this is a crisis, then we have already blocked it, long ago it does not have the place to establish our advantages, such as brand, flow, offline, operation, certification these. The startups that really come from subversive, more subversive, you (36 Krypton) are what we really study to learn. Every article that you report is widely circulated in the company and will discuss whether there is anything worth ourLearning. Of course a lot of the patterns that look good don't get up (though it's possible in a few years). Sheep East: I think the most awesome companies in the world are usually not intentional, I prefer the logic of Laozi. The happiest entrepreneur is doing something that he likes to do, and then the bigger it is, the more it does. This is really very happy, in fact, Yiu Jingbo is also. 58 I can't say how big it will be, but if 80% of the consumption is from the periphery, there is room for imagination, of course, there are more competitors. Yiu Jingbo: No worries. Electric dealers are also cross, such as Taobao and a lot of vertical business shopping malls, and ultimately they have their own advantages. Service industry must be a huge industry, need to have a platform to serve them, I hope this platform in the future is 58. You ask 58 people and ask them if they believe that 58 will one day be bigger than Alibaba. Many people believe it. 58 May and some do vertical industry is not the same, an industry 1 billion, you have done 800 million, it is difficult. And 58 of the ceiling is very high, we include so many industries, each industry accounted for the proportion of so small, as long as the user growth, your ceiling is very high. That's probably why everyone gives us such a high valuation because they take us as a platform and don't compare you to a product in a vertical industry, and you're not going to be affected by a cyclical industry, which is where you like 58. Sheep East: Another way to look is also very simple, because you see is not to meet the needs of good enough. In life services, a lot of needs really have not been satisfied. Yiu Jingbo: Service is really getting more expensive, and the marginal cost of service may be 0, people will also be more and more willing to spend money to promote services. We are open to new vertical products, mergers and acquisitions, and investment. Some of us are not convenient to do, but 581 must be a user's entrance. For example, we take the service of e generation Drive, it also cooperates with the map service provider. We are 100 times times more likely to be in the past each day. Perhaps the user naturally felt that 58 had the service, and they came up to look for it. The most unacceptable to me is your user volume, the number of merchants no longer grow, and now 58 has not experienced this stage, it is a straight line of growth. As long as you do not reach this inflection point, you will not worry, to this inflection point, even if you have 500 million of the year's profit, you are very anxious. I hope this line has been going on all the time and that point will show up after I retire. This is a situation I can not accept, the most anxious time, that day the more late the better. 58 What's next? Yiu Jingbo: Basically we're not going to do something completely new, or a life service. First of all, we will look at the industry opportunities to invest in mergers and acquisitions opportunities, we are willing to become the channel for entrepreneurs to exit. Now we have 300 million dollars in hand, tens of millions of dollars a quarter, so we want to invest in the life service industry. Plus, we're going to create a better experience on the move, and let 58 app is a must-have app for everyone, and it can be solved with a problem point. What's more, we have to make the line very solid, let 58 for them to access the Internet, to help them improve efficiency. Perhaps, 58 is Alibaba, just docking is not merchandise trade, but service.