Zhang fan: Entrepreneurship and Belief, my view of venture capital

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April 19 News, by Sing (Comsenz) and laggards (Im286) jointly sponsored the third annual Internet webmaster held in Beijing in 2008. This annual meeting to "fight with faith" as the theme, to share and promote the new concept of internet development. This time a total of more than 100 guests and more webmaster arrived at the scene. The event also received close attention from hundreds of network and print media. Chinese Sequoia Capital China's partner Zhang fan on how to look at the entrepreneur and their own venture capital concept of the issue made a wonderful speech.

Zhang Fan: Today is very happy to have this opportunity, sing to invite me to speak a few words, talk about venture capital, talk about the next generation of Chinese Internet development. Came to the venue, I was deeply affected by the passion of everyone, I do not want to repeat the basic principles of venture capital, how to identify good business, those on the internet can be found.

Today I'd like to take this opportunity to talk about faith, faith if the dictionary, faith is a very difficult to define the concept, I think Xu more than three of the spirit may not be so easy to say with unsullied, with the inherent perseverance, with the social recognition of the logic and judgment and adhere to a spirit. If you go to English, the word faith has the same meaning. The reason why faith is great, the man who insists on belief is great because of his devotion to his heart, many times, such a love is ridiculed by most people in society, and is despised by the socially accepted way of thinking.

Why in China now, we are at this stage of the faith is very important, we can see the social and media in the past 30 years, the people, examples, the spirit, in fact, in the past few decades, China has experienced a very rapid development, creating a huge wealth, but the people who have faith, worthy of our respect, It is very rare for them to drink from their hearts. Starting from the reform and opening-up, the first batch of platform to get rich, the first batch of Wan Yuan to become rich, to later do very successful entrepreneurs of large enterprises, they have a wave of another wave, may be an era of the darling, model, model, but without exception, such a wave of people have slowly disappeared, Whether it is flips or crazy rodeo developers, or holding the resources of the country when resources, pollution of the environment, for their short-term interests to obtain huge profits, many times they become the hero in the eyes of the media, because their wealth halo. But this kind of person very many times gradually disappears, because of the history of development, the history of industrial business development is ultimately fair, no idea, faith, short-term interest behavior, not only to create a great glory, both to create a no doubt ethical performance, in the rich list of high ranking now at the national level to get very tall people can, These people are not enduring, nor are we recognized heroes, at least in the redwood is not here.

Why? Many of our achievements are created by the drift of the people, are very intelligent people to create. This kind of intelligent and Xu more than three spirit has the fundamental difference, they see is very fast short of the rule to get rich opportunity, everybody can imagine in such a kind of entrepreneurial development concept to shape the enterprise what is its gene? What kind of senior officer would he be attracted to in his staff, to the President of the sales service, to the waiter at the front desk, what are their ideas for customers and society? Can you imagine this idea driven the company will tirelessly to do their own products to do constantly improve, aces to meet customer demand, they will be customer feedback as a customer's criticism, as enterprises must follow the decree, they will be customer satisfaction to see very heavy mody? No, they will be in research and development products put their full passion, so that the product has vitality, really for the community, consumers love to accept it? They won't, so some entrepreneurs, so-called smart, fast, developed heroes, And their businesses have created a wave of prosperity that China used to form in the 30. But they have no faith, these people must despise Xu more than three, because more than three is not the kind of see the immediate opportunity to quickly capture the opportunity to make their own four of the heavy, through the crazy marketing means, the use of all media, packaging, all the national channel grasp Rapid development, Xu more than three will not do it well. However, in the history of China, the world's history, many of the real names are Xu more than three such people, not just the people we talked about.

Recently I had the privilege of communicating with Liu, and Mr. Liu may have started his own business very early, and the four brothers used a small sum of money to feed them and later extended them to other industries. I feel more than three of the spirit of communication with him, he has a very rigid simplicity, we communicate with each other, talk about a lot of entrepreneurs in all walks of life status quo, mentioned many entrepreneurs, for their own cause of the heart haggard, he said he slept very well, the day is very hard, but at night very peaceful. The enclosure of the real estate people why not peace, because Liu such people, such entrepreneurs are pursuing a little bit of their own heart that simple flame, he said I do things very simple, my heart is also very simple, is to put my career through my slaves to do 1.1 points, the pay tax I definitely pay, the business operation , I will do my best to let my management to do, but I do not want to be too complicated, do not engage in capital operation, the so-called four-dial, the so-called enclosure ring money. In fact, he is very capable of expanding his own land, the problem is not very big, but he did not do so. Why? Because of a simple belief, the greatness of faith lies in simplicity, but at the same time in our impetuous, bubble-filled era, adhere to any one belief is very difficult, this is why we see Xu Three will be very moved, this is why Xu more than three such people around us, in the media, we feel very strange.

Sequoia Capital Whether in the United States or China, more than 30 years, successful entrepreneurs have a common feature, is that these entrepreneurs in English, we now look back, there is a common feature, they are underdog, in the United States to watch the game, one side is the obvious winner, The other side is underdog. These people are obviously at a disadvantage, with any logical analysis, impossible or a very small possibility of the comeback of people, these people are underdog, if the study of American philosophy and culture, you will find that ... The development of drinking.

We sequoia entrepreneurs have a common character, that is, they are underdog, are at a disadvantage, are obviously in the underdog, but at the same time they are the most optimistic, never give up, tireless, hard-working people. Just now I give Liu, another example, this person in the United States, to become the idol of all entrepreneurs, in the forum, the host asked them your heart's biggest idol who, they all said this person's name, this is the CEO of Apple Computer, Steve Jobs, Sequoia was fortunate enough to be his investor in 1978 when they built their first Apple 1 computer. This person's weakness is very much, because of his shortcomings, Apple in the 80 's into a lot of difficulties, and even squeezed out the company by shareholders, but did not give up their love for the cause, did not give up on Apple's dedication and love. He continued to work hard, study, from a grade gently grow, develop, broaden their ability, even throughout the entire Apple company even in the entire business and economic circles, the stock market, all think that this person is not, he is still learning, hard work. Finally in the late 90 's, the Apple company again invited over to a dollar salary hired over. Since Apple's monograph on its own product development, Apple has failed to launch many products before, but Apple's people because they love the cause, because they love jobs, all the user experience as the highest core. So Apple has been one of the best performing stocks in the last few years, especially from 2000 to 2005. A series of classic, shocking products, such as Apple's music and video services, were created in the tireless spirit of Mr. Jobs, and at that time he was still at the stage of cancer.

When we talked to the Silicon Valley and the young entrepreneurs in the US, their faith in jobs came to him. We sequoia also has such characteristics, we invest in entrepreneurs are not the smartest people, are not the most grasp of the fleeting opportunity of the people, are not those stock market good speculation stock market, the real estate good hurriedly put the money in the property market. Our investors will never make the most profits in the shortest time, because they are more stupid, more rigid a simple idea, simple belief, sleep at night must be peaceful, although they work as hard as those people. But this simplicity gives time, the brilliance it creates is the most dazzling.

As a business, here are the webmaster, everyone is doing their own business, the operation of the enterprise's faith should be the simplest. What is the long-term foundation of your website? There are not too many complex answers, why your customers love your products, why your customers or service providers are willing to pay you to use your services, and why your customers will be steadfast in supporting you and enduring loyalty to your brand. The idea of operating a business only here, no longer marketing ability how much more than the number of super strong, an instant CCTV explosion. It's not how much capital is working, but how cheap assets and resources are being merged at very low cost. That idea will do very big, very fast, but the lack of the core is no good genes, do a big crash is quick, very easy. How many of our Chinese entrepreneurs are in prison, their expansion proves that. From the scenery to the prisoner, you say they work hard, they work hard. May be the smartest entrepreneurs, but they do not have more than three spirit, their career is difficult to test. This Xu more than three spirit is not only embodied in your business, embodied in how to let this country, the spirit of the nation really carry forward, we China to create a lot of the world's top 500 enterprises, creating many of the world's first, creating a lot of history can not see the miracle. Economic miracle, we have to surpass the United States within 20 years, but from the core spirit, China is still poor poor, because what? Because our country has not been such a tireless, sluggish migration of Xu more than three of the spirit of the solid development, we are now rushed to many industries, see the industrial chain of rapid integration, The country has not had time to reflect the natural resources, capacity consumption, the pollution left, the land into advanced. Our creative development in China has so far been unsustainable. is a very vain development, his innovative ability is very poor, than at least 80% to 90% lower than the international. A U.S. High-tech enterprises will generally put the annual sales of 20% into the r&b, China's High-tech enterprises to invest in R&B research and development spending even less than 1%, which is a bit of the emperor's new clothes, who are unwilling to say, so Xu more than three spiritual hope can support the country, the operation of Enterprises, These businesses are not the hope of the State, nor the hope of a national renaissance, as to how quickly the resources are taken, how much taxpayer money is spent, and how quickly the capital is run.

April 19 News, by Sing (Comsenz) and laggards (Im286) jointly sponsored the third annual Internet webmaster held in Beijing in 2008. This annual meeting to "fight with faith" as the theme, to share and promote the new concept of internet development. This time a total of more than 100 guests and more webmaster arrived at the scene. The event also received close attention from hundreds of network and print media. Chinese Sequoia Capital China's partner Zhang fan on how to look at the entrepreneur and their own venture capital concept of the issue made a wonderful speech.

Zhang Fan: Today is very happy to have this opportunity, sing to invite me to speak a few words, talk about venture capital, talk about the next generation of Chinese Internet development. Came to the venue, I was deeply affected by the passion of everyone, I do not want to repeat the basic principles of venture capital, how to identify good business, those on the internet can be found.

Today I'd like to take this opportunity to talk about faith, faith if the dictionary, faith is a very difficult to define the concept, I think Xu more than three of the spirit may not be so easy to say with unsullied, with the inherent perseverance, with the social recognition of the logic and judgment and adhere to a spirit. If you go to English, the word faith has the same meaning. The reason why faith is great, the man who insists on belief is great because of his devotion to his heart, many times, such a love is ridiculed by most people in society, and is despised by the socially accepted way of thinking.

Why in China now, we are at this stage of the faith is very important, we can see the social and media in the past 30 years, the people, examples, the spirit, in fact, in the past few decades, China has experienced a very rapid development, creating a huge wealth, but the people who have faith, worthy of our respect, It is very rare for them to drink from their hearts. Starting from the reform and opening-up, the first batch of platform to get rich, the first batch of Wan Yuan to become rich, to later do very successful entrepreneurs of large enterprises, they have a wave of another wave, may be an era of the darling, model, model, but without exception, such a wave of people have slowly disappeared, Whether it is flips or crazy rodeo developers, or holding the resources of the country when resources, pollution of the environment, for their short-term interests to obtain huge profits, many times they become the hero in the eyes of the media, because their wealth halo. But this kind of person very many times gradually disappears, because of the history of development, the history of industrial business development is ultimately fair, no idea, faith, short-term interest behavior, not only to create a great glory, both to create a no doubt ethical performance, in the rich list of high ranking now at the national level to get very tall people can, These people are not enduring, nor are we recognized heroes, at least in the redwood is not here.

Why? Many of our achievements are created by the drift of the people, are very intelligent people to create. This kind of intelligent and Xu more than three spirit has the fundamental difference, they see is very fast short of the rule to get rich opportunity, everybody can imagine in such a kind of entrepreneurial development concept to shape the enterprise what is its gene? What kind of senior officer would he be attracted to in his staff, to the President of the sales service, to the waiter at the front desk, what are their ideas for customers and society? Can you imagine this idea driven the company will tirelessly to do their own products to do constantly improve, aces to meet customer demand, they will be customer feedback as a customer's criticism, as enterprises must follow the decree, they will be customer satisfaction to see very heavy mody? No, they will be in research and development products put their full passion, so that the product has vitality, really for the community, consumers love to accept it? They won't, so some entrepreneurs, so-called smart, fast, developed heroes, And their businesses have created a wave of prosperity that China used to form in the 30. But they have no faith, these people must despise Xu more than three, because more than three is not the kind of see the immediate opportunity to quickly capture the opportunity to make their own four of the heavy, through the crazy marketing means, the use of all media, packaging, all the national channel grasp Rapid development, Xu more than three will not do it well. However, in the history of China, the world's history, many of the real names are Xu more than three such people, not just the people we talked about.

Recently I had the privilege of communicating with Liu, and Mr. Liu may have started his own business very early, and the four brothers used a small sum of money to feed them and later extended them to other industries. I feel more than three of the spirit of communication with him, he has a very rigid simplicity, we communicate with each other, talk about a lot of entrepreneurs in all walks of life status quo, mentioned many entrepreneurs, for their own cause of the heart haggard, he said he slept very well, the day is very hard, but at night very peaceful. The enclosure of the real estate people why not peace, because Liu such people, such entrepreneurs are pursuing a little bit of their own heart that simple flame, he said I do things very simple, my heart is also very simple, is to put my career through my slaves to do 1.1 points, the pay tax I definitely pay, the business operation , I will do my best to let my management to do, but I do not want to be too complicated, do not engage in capital operation, the so-called four-dial, the so-called enclosure ring money. In fact, he is very capable of expanding his own land, the problem is not very big, but he did not do so. Why? Because of a simple belief, the greatness of faith lies in simplicity, but at the same time in our impetuous, bubble-filled era, adhere to any one belief is very difficult, this is why we see Xu Three will be very moved, this is why Xu more than three such people around us, in the media, we feel very strange.

Sequoia Capital Whether in the United States or China, more than 30 years, successful entrepreneurs have a common feature, is that these entrepreneurs in English, we now look back, there is a common feature, they are underdog, in the United States to watch the game, one side is the obvious winner, The other side is underdog. These people are obviously at a disadvantage, with any logical analysis, impossible or a very small possibility of the comeback of people, these people are underdog, if the study of American philosophy and culture, you will find that ... The development of drinking.

We sequoia entrepreneurs have a common character, that is, they are underdog, are at a disadvantage, are obviously in the underdog, but at the same time they are the most optimistic, never give up, tireless, hard-working people. Just now I give Liu, another example, this person in the United States, to become the idol of all entrepreneurs, in the forum, the host asked them your heart's biggest idol who, they all said this person's name, this is the CEO of Apple Computer, Steve Jobs, Sequoia was fortunate enough to be his investor in 1978 when they built their first Apple 1 computer. This person's weakness is very much, because of his shortcomings, Apple in the 80 's into a lot of difficulties, and even squeezed out the company by shareholders, but did not give up their love for the cause, did not give up on Apple's dedication and love. He continued to work hard, study, from a grade gently grow, develop, broaden their ability, even throughout the entire Apple company even in the entire business and economic circles, the stock market, all think that this person is not, he is still learning, hard work. Finally in the late 90 's, the Apple company again invited over to a dollar salary hired over. Since Apple's monograph on its own product development, Apple has failed to launch many products before, but Apple's people because they love the cause, because they love jobs, all the user experience as the highest core. So Apple has been one of the best performing stocks in the last few years, especially from 2000 to 2005. A series of classic, shocking products, such as Apple's music and video services, were created in the tireless spirit of Mr. Jobs, and at that time he was still at the stage of cancer.

When we talked to the Silicon Valley and the young entrepreneurs in the US, their faith in jobs came to him. We sequoia also has such characteristics, we invest in entrepreneurs are not the smartest people, are not the most grasp of the fleeting opportunity of the people, are not those stock market good speculation stock market, the real estate good hurriedly put the money in the property market. Our investors will never make the most profits in the shortest time, because they are more stupid, more rigid a simple idea, simple belief, sleep at night must be peaceful, although they work as hard as those people. But this simplicity gives time, the brilliance it creates is the most dazzling.

As a business, here are the webmaster, everyone is doing their own business, the operation of the enterprise's faith should be the simplest. What is the long-term foundation of your website? There are not too many complex answers, why your customers love your products, why your customers or service providers are willing to pay you to use your services, and why your customers will be steadfast in supporting you and enduring loyalty to your brand. The idea of operating a business only here, no longer marketing ability how much more than the number of super strong, an instant CCTV explosion. It's not how much capital is working, but how cheap assets and resources are being merged at very low cost. That idea will do very big, very fast, but the lack of the core is no good genes, do a big crash is quick, very easy. How many of our Chinese entrepreneurs are in prison, their expansion proves that. From the scenery to the prisoner, you say they work hard, they work hard. May be the smartest entrepreneurs, but they do not have more than three spirit, their career is difficult to test. This Xu more than three spirit is not only embodied in your business, embodied in how to let this country, the spirit of the nation really carry forward, we China to create a lot of the world's top 500 enterprises, creating many of the world's first, creating a lot of history can not see the miracle. Economic miracle, we have to surpass the United States within 20 years, but from the core spirit, China is still poor poor, because what? Because our country has not been such a tireless, sluggish migration of Xu more than three of the spirit of the solid development, we are now rushed to many industries, see the industrial chain of rapid integration, The country has not had time to reflect the natural resources, capacity consumption, the pollution left, the land into advanced. Our creative development in China has so far been unsustainable. is a very vain development, his innovative ability is very poor, than at least 80% to 90% lower than the international. A U.S. High-tech enterprises will generally put the annual sales of 20% into the r&b, China's High-tech enterprises to invest in R&B research and development spending even less than 1%, which is a bit of the emperor's new clothes, who are unwilling to say, so Xu more than three spiritual hope can support the country, the operation of Enterprises, These businesses are not the hope of the State, nor the hope of a national renaissance, as to how quickly the resources are taken, how much taxpayer money is spent, and how quickly the capital is run.