What is the most embarrassing aspect of Sun Zhengyi, Ma Yun and Cai Wensheng in the early stage of entrepreneurship?
Angel investors are basically involved in the early process of these people's entrepreneurship. In May 1980, Xue Manzi was destitute and destitute. In order to maintain his life, he was forced to go to the school to find a part-time job in Chinese. It was Sun Zhengyi who opened the door to meet him. Sun Zhengyi gave him an hourly remuneration of $7, and he became attached to it and promoted 1995. Sun Zhengyi invested in UT Starcom and also participated in the process of Sun Zhengyi investing in Ma Yun. Of course, the biggest one of Xue Manzi’s eyes was to miss the investment Ma Yun.
How Xue Manzi broke the most embarrassing side of their early business.
From June 27th to 28th, the explosion of the product will be a big class, the Internet innovation coach, the founder of the micro-innovation college, Jin wrong knife, together with the powerful explosive case mentor group, Ke Bao Boloni chairman Cai Ming, the founder of Huami Technology Huang Wang, the founder of the eagle burdock, the e-bag washing CEO Lu Wenyong, and the special sharing guest Xue Manzi, held a ground-breaking, very insider blasting open class for the members of the explosion of more than 300 founders. .
This is the excerpt from the speech by Xue Manzi in the actual class of the explosives:
Sun Zhengyi: A learning madman
On May 21, 1980, I was unable to receive a scholarship from the Berkee campus. At that time, there was only $50 left in my pocket. In order to maintain my life, I ran to the opposite side of the school to work. There was just a Chinese Pinyin teacher. When I knocked on the door, Sun Zhengyi Open the door for me, and then negotiate the $7 per hour. During the exchange, I learned that he is an undergraduate student at Berkeley, and I am a graduate student. Now I think it is an adventure to know.
I think Sun Zhengyi's strongest point is the ability to learn. He is a descendant of Chinese. His grandfather moved from the Korean peninsula to Japan. Koreans are widely discriminated against in Japan. He lives in South Korea and was sent to the United States by his parents very early. In order to change his destiny, Sun Zheng is extremely keen on learning. Established Softbank Group in the year, as the name suggests, is a software bank, successfully convinced Microsoft and other dozens of software companies to cooperate. He is completely a madman, seeing the software market demand, seize the opportunity to rise rapidly, participate in the Las Vegas CES exhibition every year, mammoth $100 million to showcase the world's largest computer, on the one hand, discover emerging software companies in the shortest time, another Aspects for investment display.
In March 1996, Sun Zhengyi invested 100 million US dollars to win 33% of Yahoo. Yahoo successfully entered Japan and launched Yahoo's e-commerce website. In the first year, it profited, and 85% of Japanese netizens visited this station. In July, Yahoo users grew at an alarming rate. It was because Sun Zhengyi found explosive products that Yahoo became synonymous with the Japanese Internet.
Ma Yun: Emotional intelligence is extremely high
When Sun Zheng held 51% of UT Starcom's shares, Ma Yun came when he selected the project. He introduced 7 people in Alibaba. He wanted to do e-commerce business and sell all the goods and agricultural products in China to the whole world. When I saw Ma Yun, my first impression was that it was too Mars. His lion’s mouth was 100 million yuan (US$20 million). I think Ma Yun’s ability to flicker is very strong. The 8848 team I invested in was a strong soldier, and the fighting power far exceeded that of Alibaba. So I didn’t invest in Ma Yun at the end. This is my experience of investing in a few.
But Sun Zheng is very optimistic about Ma Yun, to give 30 million US dollars. At that time, Ma Yun insisted on not to spend 30 million US dollars, as long as 20 million US dollars, and must let Sun Zhengyi join the board of directors, he called Sun Zhengyi to Hangzhou to visit West Lake. Ma Yun rented a boat in West Lake. Sun Zhengyi promised to help Ma Yun to finance, and pulled several large Japanese companies. When the ship landed, it was 50 million US dollars. It was not long before the financial crisis broke out. The most dangerous moment was to persuade Yahoo to invest Alibaba for $1 billion, and to give Yahoo China a free to Alibaba. This is a milestone in the history of Alibaba.
In general, Sun Zhengyi has two major contributions to Alibaba: one is to invest 50 million US dollars when investors have no money, and the other is to input a lot of resources to Ali when there is no resources, including Yahoo.
I think that Ma Yun is a very high-emotional person. He can speak English, be ignorant, have a good mind, and be convinced of his ability to judge and judge things, even if he does not understand technology.
Cai Wensheng: Fighting is 10% more than others.
I resigned in UT Starcom for one year and went back to continue to make angel investment. By chance, I and Ma Wei both went to Xiamen to buy antiques and found a young man to be a website. At that time, Cai Wensheng started his business, he said that 90% of China Netizens don't know how to spell Yahoo in Chinese. Only his 265.com and hao123 can. There is no precedent for web navigation in the world. The two navigations account for more than 70% of the market.
After I took Cai Wensheng back to Beijing, I invested 20% of the shares in him. After half a year, I helped him raise $5 million. After a period of development, Cai Wensheng and I made a very regrettable decision to sell to Google for more than 100 million US dollars. .
Cai Wensheng is a person who has few strong desires to learn. In order to learn Internet knowledge, he searches the Internet for several days and nights, and sleeps for an average of three to five hours a day. As long as he wants to know an industry, he will play all the industry websites from A to Z and do it by himself.
At that time, Lenovo's domain name fm365 expired immediately. Lenovo also gave up the Internet at that time. In order to pre-register 0.001 seconds earlier than others, he flew to Los Angeles to rent a server, and finally successfully ran a domain name. Later, he also became an angel investor, investing in well-known Internet companies such as Stormwind, 58 City, and some investment projects, some of which earned a lot of money.
The thing that I admire most is that he knows that he is a small wave of the Internet age when he studies, and he is a hero, not a hero.
Behind the hot new three board: cater to the national entrepreneurship
After Deng Xiaoping’s southern tour in 1992, China began a wave of reforms, allowing some people to get rich first, and manufacturing private enterprises to rise. A large number of enterprises such as Haier, Hisense, TCL, Yuanda and Gree emerged, making full use of cheap labor and loose environmental regulations. Unlimited resources, Chinese manufacturing began to move to the stage. In 2000, the real estate boom began, and 2/3 millionaires came from the real estate industry, such as Xu Jiayin, Pan Shiyi, and Wang Jianlin. After the advent of the mobile era, the trend began to change. Lei Jun, Zhou Hongyi, Jiang Nanchun, Feng Xin and others saw the huge opportunity of the information revolution, that is, China entered the era of asset securitization and became the wave of the mobile era.
This year, Premier Li Keqiang proposed the entrepreneurship of all the people and the angels of the whole people. In the past, there were only three or four hundred A-share listed companies in the past. Now the new three editions are like marriage certificates. They are not guaranteed to have children. As long as they have 2 years of business experience and can be taxed normally, they can go public. The threshold has fallen to the lowest level in history, and even does not require profit. It really should be "the master leads the door and practices in the individual." Whether there are institutional investors or individual investors to buy your stock after listing, whether there are stock securities firms willing to serve you, the most fundamental thing is to look at the company's performance.
I think the new third edition is an initiative to adapt to the tide of entrepreneurship, and it is a huge opportunity for all entrepreneurs. In the past, financing was most afraid of C-round death. The company relied on small teams and ideas to get a million-level angel round. After a certain scale, it took 10 million-level A rounds and B rounds of billion-level financing. The break of the capital chain led to the death of C. After the emergence of the New Third Board, a large number of investment cycles began to change, and national financial entrepreneurs have two major advantages: one is to find someone, the other is to melt money. In the face of investors' entrepreneurial dreams, business models, and operational capabilities, entrepreneurs can achieve great success with the support of institutional investors and individual investors.
Of course, there is a bubble in the New Third Board. The average P/E ratio of some companies is more than 60 times. This is an abnormal phenomenon, because this is an unprecedented opportunity. Everyone is proud of the new Sanban, but I believe that after the tide fades, the capital The market will gradually calm down. I must remind entrepreneurs how to combine the benefits and exit of the New Third Board and use the capital market in advance to pave the way for the future capital operation of the company. It is worthy of further discussion.
I used to invest in seven years of itch. It is impossible to go public in less than 7 years. A-share, Nasdaq and NYSE are impossible. The emergence of the New Third Board has enabled the company to complete the struggle of others for 7 years or even 10 years in only 2 years. In 2005, I invested in the car home. After 8 years, I completed the listing journey. Baidu, Sina, Netease, and Sohu went through the market for at least 5 years. What is even more deadly is that entrepreneurship cannot guarantee success. Now many US listed companies have lower market value than domestic listed companies. Even less than 1/10, so they have chosen to privatize and go back to the country to list, hoping to seize the opportunity of great change, the company into a burst of capital market, return to the center of the stage.
Xue Manzi Ma Yunsun justice entrepreneurial experience new three board
Jin wrong knife issued a blaster's mentor certificate for Xue Manzi
ç‹ Q&A: To explode, don’t cater to investors
Explosive members: How do entrepreneurs win the favor of investors?
Xue Manzi: Investment is not a production industry. When discussing the development prospects of the project, I generally only look at two factors: first, whether the product meets the industry trend, and second, whether the product has explosive potential. For entrepreneurs, I believe that the most fundamental principle is not to deliberately dress yourself, how to dress up, time spent or a little rainy makeup, so entrepreneurs want to meet the investor's preferences, as long as they can reflect their own talents . Investors are particularly embarrassed. Entrepreneurs are not good at it. Only by building their own market, team and business model can they win the favor of investors.
Explosive members: Hainan agricultural products revenue of tens of millions in the first half of the year, the process of landing the new three board is bumpy, some companies with poor performance are smooth, why?
Xue Manzi: Entrepreneurs want to go public and want to find money. This is a problem that 90% of entrepreneurs face. I am more beautiful than others. Why can't I always get married? People who are much more ugly than me can find a boyfriend. fair. Now there are many investment institutions and many investment channels. The biggest challenge for agricultural products is that it is difficult to scale. Any quality problems will affect the sales of agricultural products. Food safety cannot be ignored. It is difficult for consumers to eat fruits that are safer, organic, less pesticides and fertilizers. It is even more difficult for Hainanese to contract the daily fruits of China’s 1.3 billion people.
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