note: hunting cloud dark horse camp activities recently, morningside venture partners Liu Qin starting from the Angle of investors, the investors how to choose, choose what kind of successful entrepreneurs, what future for three aspects, gave his unique thinking and insights:
? Choose super market, choose the right time to enter, to choose time can become your friend’s business model, and to seek sustainable development;
? Cultivate killer on the founder of the temperament, the preacher;
? Avoid “incremental strategy”, referring to the industry pattern of the largest, with your industry vision traction strategy you do, but to “down”;
? Do addition, subtraction, don’t do too many things will swing, it is difficult to form the accumulation effect of compound interest.
select investors how to do?
investment is a very diverse industries, we considered the selective absorption, should have the spirit of questioning, entrepreneurship. But something really good, is not mechanical things, should be combined with the specific circumstances.
morningside investment formula: long test, fewer shots, better do, long-term
a long, long term thinking; Less investment, the investment amount is not so much; Fine, after investment cast do the work; For a long time, all the investment is a long-term view to make the final judgment and basis.
morningside summary of yourself as an investor growth stage:
the first stage, the eyeful is investment opportunity, usually only lasts one to three years.
the second phase, backward, tension to the investment trigger think everywhere is risk, and then actively to correct.
the third phase, begin to consciously to help you select the project has a set of principles and methodology.
the fourth stage, the real tease out suitable investment system.
combination morningside investment theory of “four stages” and formula, we in the choice of investment opportunities, in addition to value outstanding entrepreneurs, will also consider three key problems: one, it is not big enough; Second, seized the moment to the right, into a trend of opportunities; Three, can form a moat for the company’s long-term effect.
the first key issues: size is not big enough, enough is enough, is worth the risk.
if business today, you choose the direction, should ask yourself, is there any development space, at the same time, do you have any ambitions
do small companies and large businesses invest time and effort as
no matter you are a 10 million yuan, or $10 billion, you have to take 6 to 8 years (we basically mean for a company to undergo 6-8 years) do a company, the investment of time energy is the same. Do you want to in the above face wringer, problems and pain are the same. Since the same time, why not choose some big enough?
choice is more important than hard work
life sometimes choose to do, than I do, than you enough diligence, may be even more important. Because god the most fair is time for us. In all fairness in the limited time, what do you take your time, your most precious resource, into the which things, this is the most important business life the first choice.
the second key issues, the timing of understanding and grasp, too early, too late.
this is the most deadly problems, that time is much more difficult than to choose direction and step of point is very important.
leading step 0.5 is the best time
time too early, the market opportunity not to, you will find that you are very pain. 90% failure of the company are not direction, dimension problem, most probably are the problems of time too early. Because we tend to proactive thinking too much, pinching the timing is critical. We usually is the leading market steps 3, 5, the market was not up, you can stay not bottom go to. Can’t lead too early, the best leading step 0.5. Too late, of course, also not line, actually very hot market, usually means that the red sea, the time is late.
the third key questions, whether can sustainable development, can form the barriers to competition in the long term.
a good business model, a good company, time is a friend – meaning that as time goes on, you have higher barriers to competition, the moat is more and more strong, this is this to continue development.
Internet company easy to form a “network effects”
Internet company network benefits particularly severe, such as Google and baidu search engine company has a “network effects”. That the more the more buyers sellers, the sellers have, the more buyers can be formed from the stimulus. I major in automation, the system has a feedback function, once formed since the motivation of feedback, it will form a strong signal. “Network effects” is the core point is that it can form the motivation.
search for constantly reproduce the logic of history, judge trend
who are you? Where are you from? Where you going? These three questions implicit choice you need to do. Steve jobs once said a words mean, you stand in the here and now need to understand the past, you have mastered in the past, we mastered the future.
search for constantly reproduce the logic of history, is the trend of potential opportunities. Because of historical logic is actually a constantly repeated. Compared in career choice and entrepreneurs in the direction of the ability, idealist considered heroes create the history, the historical choice and I think that is a hero, is constantly repeat the logic of history, just chose one person, but this person is often the most fully prepared at that time.
what do you want to be a hero, the first thing you have to know, what you are in a torrent of history. You have to know now what is the logic of history and logic, you have to know the present would have to look back, because the past thing in today, the history of logic is the same, but it constantly. Mastered in the past, you’ve got the key to the future.
what is finance? I think its ambitions to the market financing is used for the support of resources. What is the investment? Investment is to use the money, go to those who have the courage to the platform, but our money can move back more money. Early investment, and the relationship between entrepreneurs, is essentially a mutual absorption of vision, ability, method.
to choose what kind of outstanding entrepreneurs?
as entrepreneurs, the most important is the ability of your leadership. The key to leadership is, admit that I am not a superman, impartial to self have self-knowledge. Use your vision and the cognition of self accurate positioning, help take your leadership.
have killer temperament, missionaries ability
entrepreneurs to have two core ability: set an example, a sharp killer temperament; The other is a missionary ability, you can gather a bunch of people.
killer’s temperament, means to solve the company’s business development, just like war, you to retake the hill, you must be able to take in millions of army general heads. With the development of the company is a long board short plate theory, what what to fill short, so the most important ability is killer temperament, and filling ability of the board, you have to constantly change, can himself on top of what is missing, may not necessarily can do the best, but you should have 0 to 1 to solve the ability of short board, although you are not professional, but you will always be the impact on the first line.
the preacher is what? Is what you are deep thinking and can affect the best people together with you. The missionary missionary must be you not believe me when I come to pass. So, what kind of person do you gather a group of basic can measure your idea. If you are the person below, each is a man of ideas, it must be your idea is larger than they are, can they live, you can make the success of the 1 + 1 is greater than 2 is extremely strong.
entrepreneurs should have the two capacity: one, at the time of 0 to 1, must have set an example, the company’s board to fill out, quickly put the business forward strong execution ability. Second, the missionary, ability, charm. Your charm source is from your idea. Both, eccentric loner, in today’s struggle to be successful.
bet three times in a row, increase the success rate
a startup failure rate is very high, but if you bet against, you increase the probability of success. Investment is the case, may also be undertaking.
so, I don’t want to miss out on the outstanding entrepreneurs, outstanding entrepreneurs too scarce. Entrepreneurship this thing, is essentially a process of self cultivation, if you really treat entrepreneurship as the passion of life, as investors we willing to tolerate. We hope to find a vision of the serial entrepreneur, because I’m going to connect the three. An entrepreneurial success or failure of it doesn’t matter, mainly is how you decision, in the process of how your team is up, this is a critical thing, is grow up together with founder of investors.
create sustainable “compound effect” of
good companies actually only needs to be done every year one or two key judgment, the other is to create sustainable effect of compound interest.
you will find a good company, keep on one thing for a long time, continuously play their own advantages, good company if did the right thing would have this kind of feeling. This is the test of business model and strategic thinking to the entrepreneurs, you will make a proactive, and has certain stability, can continuous creation effect of compound interest.
if you find that you make many decisions every day, in fact there is a problem, if you are at the core of strategy changing, you come over from time to time, the company you will do very tired, also do not. If your strategy and swinging, it is difficult to form the cumulative effect of compound interest. So do very tired, do not, dead carry or early death as early as super living is you can choose. The latter is more difficult, early death as early as super living is ability to choose, it is dialectical, give up means that you have the chance to start again. Blindly hard or stick may not is good thing, because the direction is important.
has the ability to do subtraction, to “down”
do subtraction implied two things: the first is the strategy, the second is to determine the strategy of resource allocation. Nowadays, it is a strategic vision, can their feet on the ground.
if encounter problems, a company to do another thing, this is called addition strategy. If a company run into problems, add, I think the company failure probability is very high.
subtraction sometimes will force you to ask yourself, what is the company’s core strategy and business model? What is the core competitiveness? Today I design strategy, 0 to 1, there are 10 to 100 path planning, this is called “down”. Do subtraction inside the most important still is to go back to philosophy and strategic relations, in ten years, twenty years under the background of what form to company, this is called the eye. With 20 years of form, wanted to do the six months of this year, this is called low hand. Little things you do today and do you have echo is twenty years later, and also in the middle path step by step to complete the design, it can be thoughtful, is achievable, so called nowadays.
do sight traction strategy, do not do the incremental strategy
a man of vision to do strategic planning, and an incremental strategy planning, of resource configuration, configuration of team, the company’s path planning is not the same.
there is a interesting phenomenon, I found that there are ten years strategic vision, of the company, make annual strategic goal, emphasizes the influence on the future, the result of the now want is what I want to be after ten years, this is called “a sight traction strategic planning”. Another kind is today, I completed the 1 million target, for example, if do 1.5 million next year, compared with that of last year there was a rapid ascension, this strategic approach, called “incremental strategy”.
strategy is pulled by the vision, not the kind of ambition can’t win the market. We sometimes do investment, the most important job is to inspire entrepreneurs horizon, because a company, how do you choose, how to do the strategy, how to allocate resources and how to find people, would greatly influence the development of the company.
vision is now you see the others didn’t see the future, you put the future into a company to do today, I think this is called strategy. Vision can be said to be ten years, twenty years almost constant, strategy is a year, every quarter will have small adjustments and changes. Mission may be between in the vision and strategy. I have to return to beginner’s mind, founder of the recent special emphasis on especially companies to do big.
lei jun about typhoon and pig’s theory, this view truly implied meaning (everyone easy to put it vulgar) : first, the wind it, everyone has been doing this hot thing don’t call the wind, that is the red sea. The wind to have the sensitivity of the half step ahead of time. Second, to admit that he is ability is limited, to learn how to use the lever lever, capital leverage, talent strategy, become warped move their entrepreneurial dreams and visions.
so, take your leadership and what kind of person are you attracted to, really reflect all of your comprehensive ability. Because those people, will only service more cattle than yourself, if you haven’t his big strength, if you don’t have enough strategy and why is he with you? Best company financing is be popular on the market, if you want to keep think how finance company, which must have a problem, must do subtraction, may die early early super to living, the next success.
what investment in the future?
here yuan today, three board, capital is very hot, everyone is very easy to get the money, I think it is good, now is the golden point of entrepreneurship. But, today I still have certain realistic meaning is said, opening a cafe, open a flower shop, wireless Internet, PC Internet, O2O fields there are a lot of entrepreneurial opportunities, so you have to do? How do you choose? What for the future, I think about the significance of this topic is not very big, may share some of our historical logic thinking.
first, today’s Internet, gradual evolution from the PC to the Internet to the mobile Internet, the next step will transition to the Internet of things.