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Longling Investment | Cai Wensheng: Sharing entrepreneurship and investment in dry goods
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Cai Wensheng: Sharing entrepreneurship and investment in dry goods

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On October 24th, the Shenzhen Dayang Gang team came to visit and exchange the Longling Investment which attracted wide attention due to the landing of the new three board. Cai Wensheng mentioned the following points in the sharing:

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The direction of entrepreneurship and product positioning:

1. No matter what products you must follow three principles: there is demand, there are advantages, there are benefits;

2. Try to be free of copyright and gray issues, the government does not interfere, and the competitors are not strong;

3. Use network alliances to develop and form an industrial chain;

4. Once you find that there is no big opportunity in the future, immediately adjust and change;

5. Product names must be easy to spread, are auspicious names, registered trademarks.

Entrepreneurs see the preparation of investors:

1. Know the situation of the investors you want to meet;

2. The plan should make investors want to meet you;

3. When you meet, talk about the key points;

4. Don't exaggerate or use fake data.

Personal experience sharing:

1. Thinking about the overall market and industry structure after 3 years of entrepreneurship;

2. The power of grassroots and grassroots alliances must not be ignored;

3. There has never been any technology that started from B.

4. Every killer application is a traffic entrance.

5. You can do the project while working, perfect the concept, and find investment at the same time;

6. If the founder and senior executive of the newly-started company get high salary, the probability of success in the end is very low;

7. In the process of starting a business, Huyou Investment is also a manifestation of ability.

The following is a record of some of Cai Wensheng's speeches:

We must pay attention to five points of the product marketing method. First of all, the brand needs to establish a symbol, and I should attach the same importance to the trademark. I was doing domain names. Why did Chinese people not pay much attention to domain names at that time? When I was doing domain names in 2000, it was very difficult to sell. Let's look at Apple. Apple's company is called Apple. If it pushes a product called iPhone, he will register all the trademarks. Then the names of Anta, Lilang, etc. in Jinjiang at that time were very bad. For example, why did the three major portals use these domain names and why did Sina not use xinlang.com because they were noticed? Why does Sohu use sohu? These are because it doesn't pay attention to the brand. So what I want to mention is to pay attention to the company's brand. When we were doing Mito Xiuxiu later, these were actually noticed.

The second point is that consumers only pay for the reasons for use. When we go to do some advertising, we will find that Chinese people have made products in the past 20 or 30 years, and it is good to find celebrity endorsements. Today, you will find that relying on another celebrity endorsement makes it very difficult to make products. Of course, it may still be useful in third-tier and fourth-tier cities. Others are useless. That is to say, you have to be really convinced that users will use your thing.

The third point is to use lines designed for users to spread word of mouth. We will use hao123 as an example. Hao123 was started in 2000. At that time, there were actually hundreds of navigation websites in China, because you can copy the navigation website in 5 minutes. You can do it. At that time, there were still big 123 and so on. The earliest one with the most users was 5566. It was also made by a person from Ningde, Fujian. At the time, I was in Beijing, including Tsinghua University. They all used 5566. One of the key points of hao123 was that he designed a spread word at the time. Below hao123 there was a sentence: "If you like this site, please tell the five friends on QQ." I studied it for a long time, why After writing this sentence, I finally understood it. Think about it, if we go to see a website, if it feels good, it's fine, just forget it, but if the advertisement can touch you at that time, why don't you contribute to others? 3. Recommend to others. This is actually word of mouth. Later, when Li Xingping did 4399, in 2009, we still had a sentence at the top, called China's largest casual game website. At that time, many people wanted to buy advertisements. At 500,000 a month, they needed to buy the above positions. If Li Xingping did not sell, he hung up With an advertisement, this is actually word of mouth. Li Xingping is a man without any chance. In Guangdong, he has never been to Guangzhou, and has not taken an airplane. His best thing is to mobilize users to help him spread, which he did very well. Even if you only have 1,000 users now, your product is good, how do you guide them to spread word-of-mouth, that is, spread one by one, and your entire user will quickly get up. Your first user must be your most loyal. Of users, it is best to launch them to help you promote.

Of course, the product needs to have emotional communication with the user. Before making products in the traditional field, I could only send some people to do a survey. The survey is now very good. We have Weibo and WeChat to communicate with users, but I I find that a lot of communication with users now just stays in the after-sales service of a product, etc. If you can build such a forum, what's the best way?

The last one is to constantly remind users of the value of the products we provide. In fact, it is the example of 4399 and hao123 that I just said. In addition to hao123 and 4399, let users help him spread it. Its speed is fast and its products are fast. Is systematic.

We talked about products before, and we know that the next step is to meet investors.

Of course, I have always emphasized a premise. When we start a business, you must first have an idea, and I will also make it if no one invests in me. Of course, it is best for someone to invest in us, it is the icing on the cake, and it will accelerate our entrepreneurship.

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Why do many startups fail? It's because he started a business in order to take the A round and the B round. If you have been based on a point of view for getting money, you will encounter many challenges. No matter what we do, you need to do well even if no one invests in you. Conversely, if we can find someone to invest in us, help us, and speed up, it is certainly better.

As I said a while ago, you can fool people into investing is also a capability

Our most successful in China is Jack Ma. If Jack Ma's eloquence is not good enough, even in the financial crisis, in 2008, he has raised hundreds of millions of dollars. If he does not have such a strong financing ability, today ’s Taobao, Alibaba and Alipay.

Seeing investors, how you can get money is very important. First of all, you have to understand the situation of the investors you want to meet. In other words, I met IDG in 2004. At that time, there were too few VCs in China. At that time, there were no more than 5 VCs in China. At that time, IDG found me. I said I had a meeting with the boss. I was very excited that night. I did my homework that night and went to the IDG website. At that time, IDG had 9 partners, including Xiong Xiaoge, etc. What did each of them cast? Everything can be found online. When I saw IDG the next day, I had a good chat. Later, they were basically dealt with by me that day, because it was not just the product itself. What I want to say is that we are going to meet an investor, what case did he invest in, You have to know beforehand. If no investor sees you, just a plan, then you have to make this plan so that investors want to meet you, I have seen most of the ppt made, the first five or six pages basically talk about this market, How big is this industry, how do you quickly get him interested in you, you have to put the highlights of the products you make in front, so that he is interested in you.

The third is to talk about the key points as soon as you meet. Don't talk about the macro as soon as you meet. In this way, investors will discount you and you will not be able to attract him.

The fourth point is not to exaggerate or use fake data. Everyone will make mistakes more or less, like to talk big, everyone is, and myself, because if you do n’t speak big, you have no fighting spirit, no passion. What is the difference? Do not falsify the data you made earlier because if investors decide to invest in you, they will do DD (Maker Cat Note: DD means due diligence). For example, if you have 50,000 users in front of you, you Say you have 50,000 users, 100,000 say 100,000. If you lie, he will doubt everything you have said before, but you can brag about the future, because in the future we dare to imagine that investors will feel about you. The interest is how much you can do in the future. So in the future, we can actually zoom in, but what I said is appropriate, and it cannot be said to be the largest in the universe, which represents your confidence. In general, you can zoom in on things you do in the future, but do n’t fake things you did earlier.

OK. If we are lucky to find a good product, and lucky to get money, what should we do when we get the money, I personally think there are three more important points. The first point is that we have to standardize him. No, there may be at most one bookkeeping for finance. How much money you spend today and how much you spend tomorrow, but when you get the money, you have to standardize it, unless you do n’t want to be bigger because you will continue to raise funds in the future. Standardization, you will pay more in the future. Of course, you ca n’t standardize it when you start a business. It ’s normal, including equity, finance, intellectual property, including equity. At that time, several people may negotiate to divide the shares according to several people. You are the founder. People, I have to fulfill my commitment to the following people, and there will be changes in it. For example, sometimes three people start a business and give the other two people a little more. In the future, another person may not be able to keep up. What should I do? It is still necessary to standardize. Generally, the approach of many people is to drag this thing. In fact, the worse it gets, the worse it is. You use the strength of the investor to reorganize it. You can do it as you want, and there will be no problems later. When I encounter such a problem, I want to drag it. After a long delay, it becomes a long pain. When the investor comes in, it will be standardized immediately.

Next is marketing, how to build a marketing team with money, and quickly build a brand, including your company's brand, so as to attract more talented people. Thirdly, it is about team building. Generally speaking, starting a business, I locate three stages, one is a stage of 20 people, one is a stage of 50 people, and one is a stage of 200 people. 20 people are the initial team and entrepreneurship. Team, these 20 people are also the most important rhythm to lay the company. If you don't lay the 20 people in the beginning, you will be in trouble in the future. The management cost is the lowest when there are 20 people, because everyone can name everyone, they are all familiar, and it is also the most efficient stage. But 20 people are more grassroots, and 50 people is the best time to slowly establish the company's management mechanism. When 50 people start to divide into departments, there will be finance department, product department, etc. At this time you The company structure is slowly taking shape. I generally recommend that the company quickly break through 50 people. Even if there are some small problems in your startup, the problems are not big. The 50 people are very well controlled. If you get money from 50 to 200 people quickly, at this time you You will fall into a very bad state. On the one hand, you need to make the best product, on the one hand, build a team, and on the other hand, the new employees do not understand the company and do not agree with the culture. At this time, the entire company may Dispersed. At this stage of 50 to 200 people, don't break through easily. If you can successfully reach 200 people, how to develop more at this time, you can consider introducing professional managers. Try to not introduce professional managers within 200 people. Where is the difference? More than 200 people can start to introduce professional managers, because at this time the culture is basically formed, and professional managers will also be melted by your company's culture. Dozens of people have introduced the words of two or three professional managers. No effect, you have no soldiers, no one will use it for him, and he ca n’t play it. There are more than 200 people to thousands of people. This is another level. I am also exploring this.

Here are a few of my personal entrepreneurial experiences. The first point is that we have to think about things three years later, the overall market and industry structure. I believe many people will tell me that you all think, before 2008 I also think, and later I found that most of our thinking is wrong, why most of our thinking is wrong, including our ppt, we often say that we have 20 people, we expect to grow to 50 people next year, and 200 people, we have 3 million sales this year, we show that we achieve 10 million annually, most of them are based on this ppt, this is 100% wrong, let me give another example, I did it very early I got a zcom e-magazine. At that time we got 18 million US dollars. This was a failed project at that time. There were many reasons for the failure. I wo n’t discuss it today, but one of the people who invested in me was a hedge fund. Then he asked: Xiao Cai, which companies are you optimistic about on the Internet? I said that I was optimistic about three, one Baidu, one Tencent, and one Ctrip. At that time, Baidu had just listed on the market and it was about seventy or eighty. Ctrip had only a few dollars. Then he went to buy their stock. Later, our project failed. When I saw him, he said that Lao Cai was okay. I bought the stocks of the companies you recommended and made money, so it didn't matter if ZCOM failed.

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I was introspecting at the time. I didn't have to do it at that time. I bought 18 million shares of these three companies. For example, UT Starcom had 400 million US dollars at that time. It was the largest IT company in China at that time. If he took out 200 million US dollars at that time, he would invest the entire Internet in China. The entire Internet is now the world of UT Starcom. Already. Back to the details, we have to look at the direction of a company's development. For example, my website navigation at that time was sold to Google for 20 million US dollars, and another one imitating our navigation, Pang Shengdong, they made a call 2345, and later went public. It is 20 billion, which means that if you can see the future direction, you should look at how big the market is in three years, how much I want to occupy, how much I have to do. If you look at this clearly, your strategy will change. It ’s not bad. If I saw that the website navigation has such a large scale, I should not sell it, so I should increase my efforts.

At that time, BAT just got up. If we can see that BAT can be so big, what can we do, can entrepreneurship be consistent with him? There are many people who rely on the three major websites to start a business. That's over. If you are close to Jack Ma Taobao, or Tencent Games, Baidu search engine, you can also make more money. We need to look at the market size in the next three to five years. In turn, how do we allocate our funds, allocate our people and develop steps. That second is actually a bit repetitive. As mentioned earlier, we must not ignore this kind of grassroots in doing things in China. This was already verified when the Kuomintang and the Communists fought. Mao Zedong launched the rural strategy and used the rural Surround the city and defeat the Kuomintang in less than five years. Including that when we go to see the United States, there is no personal webmaster, China has it, so how to use grassroots energy. For example, let ’s take LeTV ’s case. When LeTV ’s video was first listed, many people laughed at him. LeTV did n’t watch it. Why can he go public, but he used China ’s A shares to grow quickly and buy copyrights. Now, the entire industry is up. Whether it will succeed or not is unknown, but the industry is up. Many people are not optimistic about his stock, and feel that if he talks big, why is his stock still rushing up, that is, the power of reeling, too many people are supporting it, we look at its press conference, there are still too many enthusiastic supporters, This is the power of China's grassroots. LeTV really made it one day, of course, it is very good.

Third, it's about products. There has never been a very good foundation and product from the beginning. The product is really continuously enlarged from a small product. The earliest QQ was a communication tool, and Baidu was a search tool. These two Because you succeeded, you don't feel very deeply right now. For example, Meitu Xiuxiu was actually a fool's version of PhotoShop when it was first started in 2008. Even if it was two years ago, everyone was using Meitu Xiuxiu. Everyone would not think that he is a company of cattle B Meitu Xiuxiu step by step, from girls to slowly guide to boys also use, we now have more than 800 million users, by next year the development of overseas can reach 1.5 billion users, he can do There are more things. When you have enough users and enough products, you don't need to think about it. Netizens will also help you think that we can make mobile phones. If we make cosmetics, we will probably sell them. To get back to your original intention, you need to solve a product with enough people's needs from the beginning. If you follow this product, you will eventually become a cow.