Most investors are reviewing their trading，I will definitely think about 188bet online live casino question: early projects that were popular with VCs、Project that is very easy to finance，Why is it not easy to escape? To 188bet online live casino，During a sharing discussion with members of the Dark Horse Club，I found that in addition to the factors of mentality，Startup companies with 188bet online live casino phenomenon，There are often problems in these 6 aspects。

Financing is too easy

Easy financing often means that the business model is also very simple and easy to understand，Whether 188bet online live casino is operation difficulty or copying difficulty。

Everyone understands the 188bet online live casino model in many cases，They are all simply copying offline models to the Internet，Instead of taking full advantage of the Internet to subvert traditional industries。Such a model is truly revolutionary when encountered、When taking full advantage of the Internet’s advantages，Is powerless to fight back。

So I also hope 188bet online live casino can think about whether the entrepreneurial model is truly revolutionary，Are there other opponents coming from unexpected angles？

Vice versa，I found projects with real potential，But often because of finding another way, most people can’t see the way out。

For example, where to go，CC (Zhuang Chenchao) really searched all the investment institutions on the 188bet online live casino，But no one believes that there can be another platform between Baidu and Ctrip。No one voted for him，We are his only TS。

For example, Didi，Most investors are wondering，Uber enters the U.S. from private cars，Why Didi started with taxis？Didi met with twenty funds，Basically seen them all，At that 188bet online live casino, his liquid money was basically spent。

Another example is when Tang Yan (Momo CEO) came out to raise funds，Almost all investors (including myself) are still thinking about 51.com after reaching 100 million 188bet online live casino，The shock of being wiped out by QQ within half a year。Is dating with strangers established?？

Of course，In addition to 188bet online live casino most important factor，Is it easy to get money，It will also affect the entrepreneur’s next action，And decide success or failure。One of the misunderstandings that entrepreneurs have when it is too easy to get money is: they are very good，Start spending money lavishly - 188bet online live casino is the biggest mistake。

China’s Internet in the past 15 years，Any successful company，Series A financing is 188bet online live casino, 188bet online live casino difficult、188bet online live casino painful。Why are these companies successful？Because they have experienced financing difficulties，Knowing that financing is not easy，So they spend every penny 188bet online live casino carefully。

These entrepreneurs will not acquire many users at once，Especially burning money to subsidize customers。Because they know，If 188bet online live casino disappoint a large number of users at the beginning，Recruit them again，The cost may be more than ten times。So try your best to experiment with your products on a small scale，Import a few thousand first、tens of thousands of users，See their feedback、What is user behavior like，Then gradually zoom in。

So when we review these cases，I found that they often relied on strong word-of-mouth communication in the early days，Like Didi、Inkees are all like 188bet online live casino。Early users are not obtained through subsidies，Any user who needs to be subsidized is a false demand，Not just needed。

Investors definitely don’t like entrepreneurs using their own organization’s money to subsidize users，188bet online live casino makes no sense。Didi、Are you hungry，No large-scale subsidies have been carried out before the C round。Of course，We only like to use one kind of subsidy: 188bet online live casino kind of subsidy is not used to acquire customers，It is used to clear the place。Didi was driving as a driver、Carpooling is a very typical case，Relying on financial advantages to squeeze the market，Use compensation to clear the area。

The incision is too large or too small

I just talked about why 188bet online live casino was difficult for these people to raise funds in the first place？There is another reason，The entry point looks too small，Causing many investors to not understand，I don’t think 188bet online live casino’s a big deal。However, the entry points for successful Internet startups in China in the past 15 years are actually very small，Search for the cheapest air tickets wherever you go，Didi is taxi-hailing。

Precisely because the entry point is small，The giants like BAT look down on 188bet online live casino。A project with a big entry point，Either you can’t find the focus point，Either 188bet online live casino is definitely an opportunity for a giant。For example, today’s artificial intelligence，All the giants are investing，What can a startup company do in 188bet online live casino？In the end, most of them can only do toB business，Make hundreds of millions of dollars，A company worth more than 10 to 2 billion US dollars，But 188bet online live casino is almost impossible to achieve tens of billions of dollars。

But small entry point is a relative concept，What a small entry point that encompasses a potentially large market，And be able to plan a path to open up the big market。For example, Didi first entered the taxi industry，Taxi drivers work more than ten hours a day，Only earned five to six thousand yuan，It is basically difficult to make money from them，188bet online live casino is indeed correct。Didi definitely didn’t make much money from the taxi market today，But through these foreshadowing，They made money from private cars。

In addition，In the early stage of starting a business, 188bet online live casino is best to do the stock market。Never try to educate the market and users。Any small company，No energy、Not qualified to educate others，Today Ele.me has many takeaway brands of its own，But in the beginning，They also rely on the traditional industry stock market of small offline restaurants，Standing on the shoulders of giants，You only start to do incremental marketing after you know how to trap users。

Of course，If the entry point is really too small，Lack of ductility，Investors will also be 188bet online live casino cautious。For example，When I was little in Wuhan, I was a mother and baby，The product is an APP for parents to take photos of their children，Its retention rate is 188bet online live casino good，There will still be about 24% after six months，But the market is too segmented，We did not vote。

Fast growth, poor retention

Some people may say 188bet online live casino，The user retention rate of 24% is not an amazing number。There are many next-day retentions today that can be faked，But monthly retention and long-term retention are difficult to fake。Retention after six months，An APP that can do 188bet online live casino，There may not be many in China。188bet online live casino standard looks very simple，But for many companies, 10% will be good after six months，If it reaches 20%, it will be very awesome。

Most Internet business models require spending money to acquire core users，VC invests in you in the hope that you will spend money to acquire users (indirect subsidy)，But the most important metric we care about most is not growth，But long-term retention，188bet online live casino’s about whether the users you bought can keep them。Why do we talk about six months？Because the decline rate will be steeper in the first two months，The next month is usually 40% to 50%，188bet online live casino will basically be relatively stable after six months。

Of course, 188bet online live casino few APPs have a tail-raising effect，Like Didi，User retention will go down in the beginning，Wait until time passes，For example, there are more drivers，The user experience will be better in the future，User retention will bring back some。Apps with a tail-lift effect can basically reach a market worth tens of billions of dollars。

The emphasis on retention also affects the strategies I meet with entrepreneurs。Meet 80% of entrepreneurs，I will always ask how much data is retained，If he says: I want to ask our COO。188bet online live casino basically denies the CEO。For CEO，What you should look at when you enter the office every day is user retention data，Instead of looking at user growth data。

Because 188bet online live casino is in the curve of retained data，You can see if your product updates are done correctly，Is the operation strategy correct?，What is user feedback like。A CEO who truly values ​​the retention curve，Will really apply 188bet online live casino to every version improvement，Every operation strategy is being adjusted。For such entrepreneurial projects，188bet online live casino doesn’t matter if user retention is low at the beginning，If we can continue to improve，Investors are also willing to invest。

Look at the trends, not the rules

Of course，Many people say that I am willing to bet on the trend，In fact, the real outlet is often the law。

Now everyone mentions any trend period，The following data are often used as measurement indicators: getting an A、B、C round is basically within 12 months。If 188bet online live casino is not the rhythm，Starting a business is definitely not a trend。Because speed is really, really important at 188bet online live casino time，You must focus on your core strengths。

But 188bet online live casino is just an appearance，There is often logic behind the development of the industry as support，A very important sign is: 20% penetration rate。

China Internet BAT was basically established in 1999 and 2000，188bet online live casino is the first year of China’s Internet。China’s second-tier Internet company，Going to the market、58、Qunar was established in 2005 and 2006，Why were there so many births in 2005 and 2006？Very simple too，The penetration rate of China’s PC Internet reached 20% around 2005，After the user penetration rate of any market reaches 20%, it will start to rise，You can get twice the result with half the effort in anything you do。

Same as mobile 188bet online live casino，If we consider Apple’s first generation launched in 2007 as the first year of mobile 188bet online live casino，The most popular mobile 188bet online live casino companies in China today were basically established in 2011 and 2012，Same as 2011、In 2012, China’s mobile 188bet online live casino penetration rate reached 20%。

AR today、The same is true for VR，Now look at how many friends around you are using it？In science and technology、Among those who like to try new things, few are using it，Less than 1%。For VC，We see that investment can start after the penetration rate reaches 15%，More than 10% can follow。For entrepreneurs, it takes at least 5% to 10% to start a business。Not even 1% arrived today，188bet online live casino time is indeed a bit early。

Of course，I also advise entrepreneurs not to bet on 188bet online live casino time - we need to see the numbers，Prove that 188bet online live casino time is really approaching before taking action。You can easily become a martyr if you do it too early，And，Even if you survive until the storm comes，188bet online live casino outlet is not yours either，For example, many companies did it earlier than Didi，They also survived until the storm came，But thinking、DNA is no longer suitable for that trend。

Failed to complete what should be done in each round of financing

There are a lot of talks about what entrepreneurs should do in each round of financing，188bet online live casino has become a consensus，But I found that there are still many projects that fail to do what should be done at each stage。

In fact, there are three important things 188bet online live casino A round:

1. Team building.When we invest，It is best if 188bet online live casino team has to work together for more than six months before we dare to invest。Because starting a business is very stressful，Whether we can work together happily is a very big test。

2. Prove the 188bet online live casino model.Mobile Internet Era，Entrepreneurship in China and the United States is almost synchronized，So whether a certain business model is valid or not，None of them have been verified yet。So，For entrepreneurs，You must know what problem you are solving，What value is provided to users，Instead of just thinking of a concept。If a CEO can’t even answer 188bet online live casino question，Then 188bet online live casino company must have no hope。

3. Control money burning.The best is 300,000 to 500,000 a month，Only when it is easier to have redundancy。Because it is difficult for any startup to find the right business model at once，Baidu tried six business models at the same time，The third paid search was successful，188bet online live casino is quite lucky，For most entrepreneurs, it takes more time。

The two most important things in Series B:

1. Verify the feasibility of the 188bet online live casino model.When voting for OFO，Because the campus is a closed market，Very high frequency，A car can be used seven to eight to ten times a day，Almost make five or six yuan，The cost of the bicycle is two hundred yuan，How long will it take to earn back，188bet online live casino is calculated。But outside the school，188bet online live casino business model still needs to be verified。

2. Verify the replicability of the 188bet online live casino model.For example，A certain business model has been proven to be feasible in Beijing，Then when 188bet online live casino is copied to three to five cities，Is 188bet online live casino still feasible？Especially in Beijing, Shanghai, Guangzhou and Shenzhen，Able to win two，Basically confirmed to be No. 1 in the industry、Second position。

188bet online live casino are two important things during the C round:

1. Expansion.Get another big sum of money，Expand to more than 20 cities，So when starting a business, you must grasp 188bet online live casino rhythm，Of course 188bet online live casino is the normal pace of entrepreneurship，If you encounter a capital bubble，We still have to go down 188bet online live casino road。

We have learned a very painful lesson，Toubaixing.com，No vote 58，In other countries around the world，Playing like the common people is successful，All styles like 58 are dead。But 188bet online live casino happened to be in the capital bubble period，58 raised a lot of money，Last listed，Also merged and acquired Ganji。

2. Make up for weaknesses.Early Entrepreneurship，You are not qualified to make up for your shortcomings，We need to build the long board first，Any good business idea today，In fact, hundreds of companies are doing it。Then rely on your long board advantage to raise funds，Convert it into business advantages，Continuous positive cycle，Reaching the C round is like entering the semi-finals，Only at 188bet online live casino time are you qualified to make up for your shortcomings。

Only focus on offense, don’t understand defense

In addition to doing your own thing，188bet online live casino must also realize that China’s Internet industry is extremely cruel，Winner takes all，If there is not a high enough barrier to entry，Easily beaten to death by giants。

1. First, let’s talk about dependence, dependence on flow and cash.If you rely on large platforms to obtain traffic，If the concentration is very high，It will be very difficult to defend。How to generate your own traffic？Rely on content、Rely on social media，188bet online live casino kind of traffic is valuable and safe。

Give a typical example，51.com took investment from the Redshirts and Giants，Achieve 100 million 188bet online live casino，Aborted by Tencent within one year。Why Momo can succeed，Because I can become the traffic entrance，No need to rely on Tencent、Baidu。

2.Control，Mainly refers to the control over customers and services。For example，A certain housekeeping company was established around the same time as Didi，Is a housekeeper，But its control over housekeeping services is very weak，188bet online live casino is very easy for customers to establish long-term cooperative relationships with housekeeping aunts offline，Then they have nothing to do with a certain housekeeping company。

3. The depth of the battlefield.For example, coupons and group buying cover the same market，The merchants and user groups are exactly the same，Offline transactions with coupons，Very few cutting points，About one to two points from each offline transaction，Set five to ten points for group buying。If your opponent is in the same transaction，Cut ten times more points than 188bet online live casino，Then 188bet online live casino can’t defend at all。

4. Management difficulty.In the competition between Meituan and Ele.me，Ele.me started taking out food three years earlier than Meituan，So Meituan couldn’t catch up with Ele.me at first。But Meituan’s group buying business covers more than 200 cities，Ele.me just received Series C funding，Only done more than 20 cities，The difference is huge in terms of coverage。Wang Xing based on 188bet online live casino difference，Quickly expand Meituan Takeout to these two hundred cities。The Ele.me team was founded by college graduates，Does he have the ability to recruit quickly、Manage thousands of people，188bet online live casino is a test given to Zhang Xuhao by Wang Xing。

Of course，There is another characteristic of China’s Internet，If your competition is six months late, there will be no chance of it，If you don’t enter now，Half a year later，188bet online live casino market has nothing to do with Ele.me，So Zhang Xuhao decided to follow up。And，He is also smarter，Make full use of your advantages，Developed a very powerful marketing management system。188bet online live casino way the headquarters can clearly see how many people there are in each city，How is the sales activity?，Who are the customers，Signed a few orders。Rely on mobile office system to manage thousands of trainings、Recruitment、Management。Made a successful defense through management。

So I hope you can start your business in the early days，Be sure to think clearly whether 188bet online live casino point of yours is defensible，Otherwise，You cultivated the market，Finally someone else comes to harvest，188bet online live casino is a very painful thing。

[395 words are omitted in 188bet online live casino paragraph and will not be published yet]

Three questions and three answers

Q: Let me ask about defensibility，How to understand？Resources or traffic or social relationships？

Zhu Xiaohu:First、How to get traffic，If the traffic is self-owned traffic，188bet online live casino is very good。Where are we going?，I am concerned about the proportion of his own amount，If the proportion of self-owned quantity is more than 50%，That project is 188bet online live casino safe。

Second，Response rate and control rate。Better things，Like a self-employed person，His ability and 188bet online live casino are limited。We voted for “Go home for dinner”，Why its defense is better，The orders he takes every day are limited，He doesn’t have to be like a restaurant，The more guests in the restaurant, the better。He doesn’t want to be particularly tired either，He is very happy if he takes 20 orders a day，He won’t take forty or fifty orders，In 188bet online live casino case，If I could feed him，He won’t think of other platforms to serve，188bet online live casino way I have control over him。Like a professional restaurant，The more, the merrier，Today 188bet online live casino platform will give him one hundred users，Another platform gave him one hundred users，He will definitely meet him，But the self-employed will not。

Q: Like E driving was beaten badly by Didi driving，Should 188bet online live casino also quickly enter the opponent's territory?？

Zhu Xiaohu:Driving is a very niche market，188bet online live casino is difficult to enter the mass market from a niche market，So starting a business must start from the mass market，188bet online live casino is very easy to switch from the mass market to the niche market。Of course Didi enters the driving market，Made a lot of subsidies，E driving funds are relatively limited。

Q: What is the core point for Yingke to reach the first place?

Zhu Xiaohu:Mainly relying on the spread of core live broadcast users，The Yingke anchor is an individual，And individuals have no traffic，188bet online live casino can only bring your friends in first，So at that time, the most popular posts in Moments were Inke。

*188bet online live casino article is reproduced from "Entrepreneur" (ID: chuangyejia)，188bet online live casino article is written by entrepreneur based on Zhu Xiaohu’s laboratory speech、Sina Technology、NetEase Technology、Compiled from ZhenFund and other materials。