Morningside Liu Qin: talk about entrepreneurs are born alone


on June 1, 2014, morningside Liu Qin capital partners in Forbes China’s second phase, the topic talked business. Entrepreneurship, he argues, is deliberately chose not to many people, and left a few opportunities. As an investor Liu Qin, also in his speech, mentioned his relationship with lei jun and Zhou Hongyi privately also mentioned recently are reading classics.

the following Liu Qin speech records for morningside capital partners:

loneliness is every entrepreneur born

do early CEO, founder of the company is very difficult. Because when you face a employee, it is difficult to explain to him to, companies may pay money just three months, or even three months salary to where the money came from, I don’t know. The fact that you can’t to share with them. You also have to speak with them, you are doing a very great thing. As a matter of fact, you don’t even know what to do tomorrow.

second, you can’t investors to share it with you. Because not all investors, have the courage to hear the real situation. You can’t stand in the spotlight, to share your startup story to the media. You are your glamorous, and, in fact, you cannot get share the pressure.

this is an entrepreneur born alone. And the more successful entrepreneurs, on the job more loneliness. Why is that? If you don’t succeed, you may fail in an office, after two years of a new career. If you are successful, you are successful, you have a halo. Everyone thinks you should continue to be more successful. Loneliness of this ring makes you stronger.

so, and let him put down the burden of the so-called, is the entrepreneur essentially the most needed. Actually give you a money, this is not important. As an investor but really cast a are congenial with you, is for your approval.

you just put your identity, with a real, after three months to pay the bill for them. So, you see that really good investors, is extremely deep inside them and respect of entrepreneurs.

they know from the deep heart’s core, the position between them, not a high velocity high overlooking state, they are equal, and even more entrepreneurs. Therefore, as an entrepreneur, you really need to find is to agree with you, should not be, however, he has a check. I am a man of nothing, but I love business. I know how to help Chinese entrepreneurs succeed, this is the real wealth. This is the real mainstream value. So, identification is very important. Entrepreneurship need something of value.

heaven doesn’t pay the attendance, depth of thinking is more important than hard work

I want to tell a story. I met in 2003, lei jun. Before the 2010 investment millet, the two of us there are about 67 years of experience as a friend. In what year was the story I forget, perhaps in 2007, perhaps in 2006, is probably in 2008. On one occasion, I forget what is the reason, give me a phone call lei jun.

he said: “I’ve always thought you do investment has its own unique feature, you can tell me what to do a successful investor? You can do very well why investment?”

I gave him an answer, “I believe I am very hard. I believe that heaven can reward attendance! I believe that if diligence, you can do a very good investors.” I thought the answer can at least get lei jun part identification, the results I didn’t know, he gave me a surprising feedback. The answer is the heaven is not necessarily reward often.

this idea at the time gave me a very big stimulus. I might later slowly understand, diligence is necessary, but diligence is not enough.

maybe I can share with you another interesting story, is a book. This is my yesterday on the Internet to find an interesting article. The book is found on douban, called “the alien”. In the review of douban, one is introduced: the “alien”, the writer gladwell analysis of those successful people in the society, let the reader see the statistical results of a series of surprising: most players in the premier league was born in September to November. Bill Gates and Steve jobs were born in 1955; Many famous New York law firm of unexpectedly is the seed of the jews, and their grandparents are mostly garment industry to make a living in New York.

why there are these strange results?

I can give you another a few examples. I surf the Internet yesterday and checked a few: in the rich list has several successful entrepreneurs, I quote you report a age. Li was born in November 1968, lei jun, born in December 1969, zhou was born in October 1970, ding was born in October 1971, ma was born in October 1971. A slightly different point, ma was born in October 1964.

I’ll give you an example, I am graduate of central Europe, central Europe level 98. Central level 98 graduates is very interesting. When I was back to central Europe, hear such a joke. Many students and the teacher said, you graduated from grade 98, is there any particular gene. You see, the risk of investment in your class, Liu Qin is a, Shi Jianming is a level 98, sequoia capital more, CDH wen-jiang Chen, and Chen hangzhou venture fund in Chinese culture. Is any higher than we also have several 97.

why grade is 97 or 98? Is our genes what was so special about it? I want to share the most important thing is that it sometimes HouGuang have diligence is unreliable. Opportunity is very important. But as an entrepreneur, would be hard to capture the opportunities, the important thing is that you want to find the opportunity.

Steve jobs and Bill Gates are actually was born in 1955, when they graduated from college and hoses in industry, the PC industry is just beginning. Why the PC Internet entrepreneurs in 1969, 1970, 1971, the age group most, because just the dotcom boom, is that they just have a job in that year two to three years. You graduated early, like lei jun is the generation of software, he has been entangled in his “golden hill software”. You was born too late, you still in the college, you don’t have a chance to think about the entrepreneurial opportunities.

I graduated from central Europe in 1998, because of graduated from central Europe in 1999, the Internet just came out. Not because I how smart, nor even more diligent because of me, so the opportunity is more important. But opportunity is not luck, the thinking about the depth of the entrepreneurship environment trend of opportunities are you. Depth of thinking is more important than your hard work! Is most of the opportunity is passive to be used. And a small group of entrepreneurs are active to judge and capture opportunities. This is I share it with all of you another point of view of “heaven doesn’t pay the attendance! Depth of thinking is more important than hard work!”

great entrepreneur inspiration comes from some details you ignored

here, probably heard me in other parts of the speech. I’ve mentioned, entrepreneurship is the most important Vision, to answer three key is “virtual” problem. “Who am I? I come from? I to go?”

but I think today I am not speaking of other problems. Today I want to specialize in, these three questions is not empty, actually is not empty, not at all. The most critical problem because we are from the core of the clues details are captured. So be small in see big.

I have to share one or two examples. In 2007 decided to invest in UCweb, a lot of people don’t understand why you want to invest the mobile browser UCweb. Because it has value. It put a on the top of the browser called classification navigation directory, is the so-called web site navigation.

I can’t figure out why yahoo first appeared in the United States – this is a list of artificial classification navigation – and then Google appear, give a whole yahoo! ‘s value to play out. In China, is a first, but after many years, there was a call hao123 navigation page, why?

I think this is a very interesting phenomenon. Yahoo is one of the most primitive human classification list, once great scale to promote the development of the Internet. By a search engine Google company easily replaced. In China, we have always stressed that China has called “advantage of backwardness”, we are in the search engines, why can appear a artificial classification of hao123?

this is a very, very interesting at the core of the details. This shows that we have a large number of Internet users in China, is don’t know how to use pinyin, don’t know how to use the keyboard, and even don’t know how to use a search engine. The Latin alphabet to play is very simple, do a word search and Chinese pinyin to write Chinese characters input into the search box is difficult.

this means, first, the flow is the core in the Internet; Second, the realization of the flow is not necessarily pure China from the United States.

in 2007, it has no android, iPhone, in 2007, is the age of symbian. The characteristics of symbian, is to use mobile phone keyboard input Chinese characters, more pain. Using a mobile phone keyboard, to hold the search box more painful. So we found our answer is very simple, UCweb symbian in 2007 wireless Internet era is the core flow aggregation.

this is our 2007 investment UCweb at the core of a point. The emphasis of decision making, come from our thinking on the phenomenon of a humble hao123. So I want to talk about here, as an entrepreneur, when you are planning your business vision, not to capture some of the concepts, to understand your core market that core in detail. Small in see big. Many great entrepreneurs were inspired by some of the details, you ignore some details clues hidden a lot of useful insights.

insight is that you have a Vision of the source points. I see a lot of excellent entrepreneurs, whether Zhou Hongyi, lei jun, ma huateng, they all have strong insight. These insights are all derived from the clues of the ignored by people in the capture.

company, thus, more important is with who?

“company of everyone.” In fact, I think we both know. But in fact “company, thus the key is: with whom did you go forward together.

why I’d like to make it? Because in the early days, we usually say about entrepreneurship and we see more of your team, your team execution, the importance of team.

how to determine a team? There are a lot of people are asking me, I have been talking to some friends. I said: “I see you what kind of wife, I see what you are looking for a girlfriend.” There are actually a very important point is that you associate with what people, determines your excellence.

what kind of person is your business partner, determines the quality of your entrepreneurial teams. “company of everyone.” We learn to go with the people around me to learn them sparkle.

I’m in the process of starting my own business, and for many years I those investments, the founder of the I learned a lot from them. So if I don’t consider entrepreneurship, today you are in a team, you are willing to set a group of you it is easy to convince people adore you and do your entrepreneurial teams, or as far as possible to find even more than you can best support your business?

we judge whether an entrepreneur excellent team, it is to see you with what kind of person.

so the company of everyone. More important is with who! Millet founder lei jun in the renowned in the industry. In 2010, he and I talk about, he said he wanted to build a different startup, “I want to put my stake in a large number of scattered out, because I need enough, as much as possible, good enough. We don’t director-general millet in the first ten months, only do one thing: someone.”

a lot of people find it hard to have someone actually, actually the first thing to ask you, are you deeply recognize that “company of everyone.” Who does your teacher. Everyone do your teacher, you talk to who? So on this issue, first of all, you’re going to have to find you can get as much as possible, the best, and good degree determines how good your team. Rather than if you are good enough, you are looking for worse than you, this is a lot of entrepreneurs to find some more ordinary people were persuaded to mistakes.

a lot of people say, I do not the best. I agree, do good people is difficult. But this is I give you another sentence, “leadership is derived from the impartial self-cognition, empty cup mentality and unity.” At this point, actually a lot of people think leadership charm, from your achievements and your reputation. I think not.

real leadership, first you have to lead a team, you to lead you. You have to do a justice and fair leader and the leader, the first thing you will fair to yourself. Impartial self-awareness, is a very difficult thing to do.

today, so I don’t think I’m a successful investor. I just want to say, I am a very love investment and venture investors. Good impartial self-knowledge, not only to see themselves, high also don’t see myself. When you impartial to oneself very honest, you will find people around you all together to you. Because they realize that you are a trustworthy leader.

second, empty cup mentality. For many, a successful businessman, especially with ideas of entrepreneurs is not on your voice big, is to learn to put down to listen to, the quality and ability of listening is more important than anything. You must learn to magnanimous, simple. So for some excellent team, the best management is no management! Management don’t mean to let them into the driver’s team, everyone can be a very good management. Effective team from the driver, rather than from the KPI.

how did “are surprisingly”?

do subtraction is the most important qualities of a startup. Most of the time, especially in the Internet industry, the pursuit of perfection. The Internet is a point to the industry. The Internet is a place of word of mouth point can change the pattern of the whole industry. All the company resources, bet at the core of the point, is a very difficult thing. This is my last.

in fact, the Internet is a place in subversion and innovation every day. Every day there are a lot of innovative ideas, but I also want to speak, now I see a lot of good people inside the Internet industry there is no way to make it big. Jones, because what they can do it keep is surprisingly is a very difficult thing.

how can keep are surprisingly, this is my associate with zhou, observed. nullnullnullnullnullnullnullnullnullnull