Today，Zeng Liqing said in "A Letter to Entrepreneurs" that in post-investment management，Discovered some problems of entrepreneurs。So，Remind entrepreneurs to remember the spirit of contract、Awe and gratitude，“Angel investors are generally as beautiful and kind as angels with wings，But if someone wants to infringe on our rights and interests，We will fold our wings，Take out the golden hoop，Become Sun Wukong (you know this)"。

The following is the original text of the open letter: 

To the founder of Dexun Department:

First，Angel investment is an extremely high-risk investment，The probability of success is also very low，So we can accept and understand the failure of any project。

I told you before，As an entrepreneur，Some qualities we hope to have:

188bet app download No need to explain this，After the execution of the agreement，Entrepreneurs cannot complain about the low valuation at that time，Too many shares；We can’t complain about why we are so stupid，voted for this project。

2. Awe.Entrepreneurs are founder shareholders and managers of the company，As a manager，You need to be responsible for the board of directors and shareholders’ meeting，We hope that everyone will follow the rules (refer to Wang Shi’s words)。

3. Gratitude.For angel investors，We are taking a big risk to invest in your project，Many projects cannot be started without our investment，Before the harvest period comes，We can only help you silently，Encourage everyone。In fact，The more grateful people are, the more likely they are to succeed。

Recent post-investment management，Some problems found，So I want to talk about a few more important points:

1.Some companies do not hold board meetings for many years，Major investments that require board discussion directly bypass the board，leading to an ugly situation later。We are angel investors with wings，But also your shareholder and director，Just like what Mr. Lu said in "The Death of Romantiri": "You really don't treat us as hooligans"，I want to say "You really don't regard us as shareholders"。Every entrepreneur, please read your investment agreement carefully，See clearly what rights investors have。

2.Angel investors are generally as beautiful and kind as angels with wings，But if someone wants to infringe on our rights and interests，We will fold our wings，Take out the golden hoop，Become Sun Wukong (you know this)，Use including but not limited to legal means to defend our rights as shareholders。As an opposing founder and investor，Founders do not have the advantage，This project may be your only entrepreneurial venture in your life，Yes 100%，For investors，It is just one of 100 items，At best 1%，We can afford to lose。

3.Don’t just consider your own interests，Do not consider other people’s interests，What you end up hurting in this way will be your own best interests。Gratitude and kindness are the most needed personality charms。Over the past ten years，I have personally witnessed several entrepreneurs doing it for immediate personal gain，In the end, he suffered a lot of losses。One of them also lost the opportunity to become a domestic listed boss worth tens of billions。I won’t name names here。

188bet online sports betting Last，I actually admire today’s entrepreneurs，The current entrepreneurial environment is much more difficult than when Tencent started its business 18 years ago，Fierce competition，The industry head effect is obvious，Some people compare starting a business now to assembling an airplane from falling off a cliff，Think about those days，Tencent’s business is just loading cars on the downhill road。

Wish entrepreneurs good luck。On the road to entrepreneurship，We will always support you。

Previously, Zeng Liqing also summarized 9 types of companies that cannot be invested in

1. Do not invest in cross-industry entrepreneurship

In Internet environment，The probability of failure in cross-industry entrepreneurship is relatively high。When the industry is relatively mature，If you start a business across industries, you often don’t have enough professional experience，So it can easily lead to failure。

2.Do not invest in companies with low overall quality or weak core capabilities

for example，Invest in game company，One of the core R&D capabilities is not good，This kind of project basically has a low probability of success。There is also a category with low overall quality，But someone asked: "Why do you invest in projects with low overall quality？”Sometimes in bubble situations，We voted because our heads were hot，You will find out later that the investment has been completed for 3 months，I regret it，Why did you invest in this project at that time？

3. Don’t invest in companies where the founders are not in harmony

Cooperation between two or three people，The team had conflicts before the product was released。There was a saying，“Entrepreneurial partnership is a more difficult relationship to maintain than marriage”，I now deeply understand what IDG Xiong Xiaoge said ten years ago, “There is nothing if you fail to start a business”。

4. College students do not invest in entrepreneurship

They have not been managed，It’s difficult to manage people。We have a project that has been invested for more than four years，The current situation of the company is basically the same as four years ago。Although not dead，But that’s basically it。We didn’t let him close down just to respond to the government’s call to “maintain stability”，Provides at least more than 20 employment opportunities。

5. Don’t invest in companies that are not focused

When starting a business, you can only concentrate on doing one thing well。What is "one thing"？You can only develop one game，Can only make one product。I have seen several projects，Made two games when the first one was unsuccessful、Three，Originally his cost is not big，But I made two games at the same time，The cost is high，Cash burns very quickly，Leading the company to close easily。Entrepreneurs should learn from Zhou Hongyi，Only do one thing well，Rely on this to build users first。Tencent only did one thing well in its early years—QQ。

6. Don’t invest in companies with unreasonable share arrangements

There are many projects where shareholder arrangements are inappropriate in the early stages of entrepreneurship，Unbalanced interests，No room for other better talents。It is painful to adjust when we invest，The option is only a little bit，It is difficult to attract good talents。Projects we invest in，There is usually a requirement，Called "two-tier entrepreneurial shareholders": that is, the first tier is the core founder，The second level is some founding employees，Although they are not core executives，But the original founding employees must also be second-tier minority shareholders，Enterprises must attract and retain talents，There must be a profit locking mechanism。

7. Entrepreneurs are blindly optimistic or closed-minded and refuse to invest

Lack of communication can lead to failure。There is an entrepreneur，Planned how long it will take to make the game，Then he thought there must be no problem。We communicate with him，He is not willing to communicate with us。Some time passed，Let’s look at this project again，Cash flow is almost running out。

8. Failure to cast if the speed is too slow will result in failure

Two years ago，We invested in a company that makes client games，Originally it was planned to take 9 months to complete the game，But he delayed it for a year。The entire market has undergone tremendous changes，Client games basically have no chance。The only martial arts in the world is fast。

9. Don’t vote if it’s too high-profile

There are some company founders who like high-profile exposure in the media，leading to the entry of new competitors and giants，This kind of company often fails miserably。To start a business, you must enter the market very low-key，When you have not yet achieved market success，You must do your business down-to-earth，Until "forced" to be exposed。

*Source of this article: Zhenghe Island,Original title: "Zeng Liqing is “murderous”: You really don’t regard us as shareholders，Angel may become Sun Wukong》

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