1. What do 188bet sports betting need to let investors know?

The content above the ppt is actually very conventional，Taught in many MBA courses，But 188bet sports betting is written according to my own logic。

First point，188bet sports betting must be able to clearly explain the product positioning of your project in one sentence；I am particularly afraid that many entrepreneurs will say they don’t know what to do for a long time，Especially early projects，188bet sports betting want others to understand intuitively what your project does，Or to become something。

For example, a project we invested in，called Xiaoying，It is developing very well now，Ranked first in photography and videography in about 59 countries and regions overseas，450,000 new additions every day，And it’s natural traffic，Didn’t spend a penny on promotion。To introduce it in one sentence, it is a video editing tool on your mobile phone。Many people may not know what a video editing tool is，At this time, 188bet sports betting can ask the other party if they have used Movie in the computer eraMaker，if used，Just say this is the Movie on your mobile phoneMaker, everyone will understand it with one sentence introduction.

Second point，188bet sports betting have to talk about how big your market is；It’s not just 188bet sports betting who says how big 188bet sports betting are，It’s the real data 188bet sports betting got after careful market research。

What is my favorite entrepreneur?？There are two entrepreneurs who impressed me very deeply，One is Liu Zhangbo, a former hotel guru，He was the first app in the entire hotel industry to make hotel reservations based on maps，That was 2010，He accidentally discovered a market while working as a hotel guru，So he cut in at the earliest，Maybe I discovered it accidentally，But when he becomes an expert in business travel and train tickets，Already thought about this matter。Because I have always been particularly sensitive to data，When targeting this market segment，I probably asked him no less than 100 pieces of data，Various data，He answered everything。In the conference room，Basically data on a blackboard。For such entrepreneurs，Investors will trust 188bet sports betting，I think 188bet sports betting really understand this matter，This is a project I saw。

There is another project，Call express bus，I was also very impressed。The entrepreneur turned out to be from New National Line，Later worked as a shuttle bus，Now do intercity，I also asked about various data，Include historical data，Including the structure of the entire industry chain, etc.，He can answer it all，188bet sports betting will feel that he really understands this industry，I believe he can make something in this industry，Not because this industry is hot，He just jumped in。

There are also some entrepreneurs with a lot of data，But these are statistics found online，This is not really the real data he obtained after doing many in-depth interviews and understanding of this industry，Then 188bet sports betting are still on the periphery of this industry，Not understanding the real market structure of this industry，So it is very important to understand your market。

The third point，Just talk about your products；I used to have very good habits，Just before seeing any project，Be sure to use his products in advance，But now I can no longer stick to 188bet sports betting habit，Because the time every day is too full，Basically there is no ten-minute gap throughout the day。At 188bet sports betting point, I also hope to slowly learn Slowdown.

But entrepreneurs need to meet various investors，Serious investors will carefully test your product in advance，There are also people who haven’t had time to use your products，When communicating, 188bet sports betting need to demonstrate on site，This effect is actually not good。I can teach 188bet sports betting a good way，Just record one in advance，This is the most efficient，Be able to display your products in the shortest time。

Why products are important？In fact, unless the investor is particularly familiar with this industry，Otherwise it’s hard to understand，In many cases, we will judge from the product first，I don’t think 188bet sports betting’ve passed the test until 188bet sports betting feel the product is good0.Line of 1。Otherwise，It is easy for investors to have concerns，I’m worried that it’s okay for entrepreneurs to talk about various ideas，But making the product is another matter。So be sure to let investors know about your product on site，In this way, communication efficiency will be improved。

2. Can 188bet sports betting project HOLD hold up the industry chain node?

There is still competition，The competition is so fierce now，Especially in a big industry like travel，Everyone basically stayed away after hearing this。So in the financing process，First understand your competitors，Everyone knows your competitors through 188bet sports betting，Only 188bet sports betting know how deep 188bet sports betting understand this industry。

There are still barriers to entry，This is actually something investors are very concerned about。Let me give 188bet sports betting an example，About 2005，I helped MIH do many project evaluations and analyzes that year。MIH is Tencent’s largest shareholder，Currently controls more than 30% of Tencent’s shares，Is an investment company affiliated with South African digital television group Nasper，And the company has been holding Tencent shares for a long time，So they benefited greatly from the Tencent case。

Also made money from projects in Tencent，They found that there are particularly huge business opportunities in the Chinese market，formed their Chinese team，Only three people。I was at Analysys at that 188bet sports betting，With FA department，The FA department at that 188bet sports betting was slightly different from now。

My biggest client at that time was MIH，I can complete several projects for him in a year，For every project, they say they want to look at one area，Can 188bet sports betting help me with this case？

There was no sense of trust at the beginning，Usually a week or two before the meeting，Tell me the fields they are interested in，But they won’t tell me what the target project is，This prevents leaked cases from being snatched away by competitors。Collaborated on several projects，After they discovered that we have completed research in each field，Give him suggestions on who he should vote for，Basically consistent with his previous target，So he directly told us the name of the target project later。I will talk about one of the cases，It is related to the map。Although Baidu also released a map at that time，Google has released a map，But the underlying data is not their own，Google Maps in 2005 was called poweredbyMapABC，Baidu map says MapBar，At that time there was another company called Go2map，Maybe everyone has never heard of this name，Go2map was the first to be acquired by Sohu，Later called Sogou Map。At that time they thought this field was particularly good，Want to enter，But after we completed the study, we gave him a very negative feedback，Said there is no way to invest in this field，Because they wanted to vote for Mapbar，Mapbar’s traffic is the first，So they say 188bet sports betting must invest in such a good target。I will tell 188bet sports betting later，The project needs to be viewed within the entire industry chain，The nodes in the industry chain can control the entire industry chain，Or is it that this node is easily penetrated by upstream and downstream？

In fact, Mapbar’s business looked very good at that time，Tens of millions of visits a day，Ranked first。But 188bet sports betting have to know that actually his traffic is not his，is from Baidu。POI point，Far less important than the underlying data，So they actually have no advantage。Making maps in our country requires qualifications，Requires license，At that time, there were almost 13 companies with navigation and surveying qualifications，There is a new 4D image，Have high virtue，There are also spiritual diagrams, etc.。

After such analysis，188bet sports betting can conclude that this industry will either sink like NavInfo or Amap in the future，Or go up like Baidu Maps and Google Maps with traffic，Mapbar’s business is easily overwhelmed，That point cannot be stuck，So this project was rejected by me。Later Mapbar was acquired at a very low price，So when starting a business，Not only must 188bet sports betting think clearly about your own affairs，188bet sports betting also need to look at your projects within the entire industry chain，Think clearly whether the industry node 188bet sports betting are cutting can be held，Hold and think about it。

3. Is the team background strongly related to the 188bet sports betting positioning?

And the management team，It’s not about how glamorous this team’s background is，Some investors like returnees from more than N prestigious schools，But there are many investors who may not be like this，What I prefer is whether your background is strongly related to what 188bet sports betting want to do。

Let me give 188bet sports betting an example，For example, I bought Zhai Guanglong’s car for daily use，He came here with only one mouth，We voted，The prerequisite is that I am familiar with his background，Knowing that his professional background is closely related to what he wants to do now。What he wants to do is the sharing economy in travel，Before this, he was the CEO of Ant Short-term Rental，In fact, it is also the sharing of resources，It’s just that one is renting，One is to use a car。All sharing economies are platforms，Hold both ends with one hand，The platform needs to learn to control the rhythm，Don’t develop too fast at one end，Stop at the other end，If the scales fall, it will be difficult to maintain them，For example, if the car owner comes and orders a lot and there are not enough orders，The car owner was lost，The sense of rhythm control must be very strong。

Offline operations are also very important，I know 188bet sports betting is also his strength，He was first a management trainee at P&G，Management trainees from large foreign companies have particularly high requirements on basic human qualities，Need to pass various basic quality screening，He has been the regional manager of P&G for four years，So for how to carry out offline layout，He knows very well。Later when he joined Meituan，is the top ten employee of Meituan，Be Wang Xing’s assistant，He built Meituan’s offline infrastructure，Meituan is the most solid in the group buying war，It’s because Meituan’s offline structure is the best。

So although his background and what he wants to do are seemingly two industries，But the background is strongly correlated，We dare to vote for him，In fact, many investors view entrepreneurs from 188bet sports betting perspective。

4. 188bet sports betting is the secret of BP and early equity structure?

The other thing is to explain clearly how the money will be used after receiving financing。I see more entrepreneurs taking a pie chart，For example, if 188bet sports betting want to raise 5 million US dollars，30% is used in market fees，20% is used in human resources，If 188bet sports betting let him remove it，Normally it cannot be removed，Because he didn’t think clearly。If he thinks clearly, he will have good steps，I raised so much money，My development is in several stages，What is my strategy at each stage，How to use money。So writing BP is not just writing BP，But it really helps 188bet sports betting straighten out your entrepreneurial ideas，Make a business plan。

About how much money to raise in the early stage，In fact, it was impossible to use the so-called traditional pricing method in the early days，Like when we took the CFA exam，Need NPV，DCF and other models，Not applicable in the early days。A-share companies have no way to invest in many of our small projects，They came up and asked how much the PE was，I said there is no profit，PS how much，No sales，He said what do 188bet sports betting have？Number of users，What is the number of users，How do we price？Why don’t 188bet sports betting dare to invest in RMB funds，Because there is no unified standard for pricing。

So what is used for early pricing？Early pricing is negotiation，It is the result of mutual negotiations，Before negotiating, 188bet sports betting must have a ruler in your mind。The financing money follows the business，It’s not that the more money 188bet sports betting get, the better，How much does it cost to get to the next Milestone，This money is multiplied by 1.5 to 2 times，This is the amount of financing 188bet sports betting need this time。In addition, 188bet sports betting need to determine the maximum share ratio 188bet sports betting can give away，But 188bet sports betting need to think clearly in advance whether investors recognize your structure，Many entrepreneurs do not have a clear concept when they first start their business，A few of my brothers were so good that they started a business。

Give an example，Bilibili 188bet sports betting website，Their four founders at that time，25% each，I said at that time that 188bet sports betting kind of ownership structure was not feasible，We will definitely face very big problems in the future，Suggested adjustments。I did not participate in the subsequent process，But corresponding adjustments were indeed made，So from the beginning, everyone settled the accounts as brothers，Get the equity structure right。Many people ask what kind of equity structure is reasonable？In my opinion, there must be someone who holds more than 35% of the shares，Especially in the early stages of entrepreneurship, no one is right or wrong，A lot of times I just slap my forehead and say, let’s go in 188bet sports betting direction，Let’s go first，Otherwise the equity is particularly dispersed，The cost of communication is too high，Early time is too precious，Can’t stand 188bet sports betting kind of trouble。

5. What kind of PPT can impress 188bet sports betting?

There are so many things to pay attention to above，Finally, when the entrepreneur comes to meet investors, he puts his ideas on paper and makes a PPT，But I often get dizzy after seeing a lot of PPTs，My eyes are full of words。I suggest 188bet sports betting use product screenshots to display your products，Use flow chart，It is enough to show the overall logic in PPT，Sentences must be short，And the structure of the short sentences must be consistent，For example, subject-predicate structures are all subject-predicate structures，If it is a verb-object structure, it is all verb-object structure，This way, people who watch it for the first time can understand it very quickly，Help 188bet sports betting reduce communication costs，This is a little trick。

It is best to have a flow chart，When everyone can understand it within a few seconds，188bet sports betting can grasp the sense of identity。As soon as PPT comes out，Investors read it in one second，He has already formed a preliminary judgment in his mind，Then 188bet sports betting start speaking，He will feel the resonance，Actually, 188bet sports betting gave him this default in advance，These are some psychological display communication skills。

Last point，In all financing processes，The role played by 188bet sports betting last round of investors is very important，Really the role of an intimate partner。

6. Why is 188bet sports betting said to be a double-edged sword?

I invested in 17 companies last year，16 companies were invested in the first five months，Only invested in one company in the last seven months，Isn’t the next seven months easy?？The last seven months are more tiring than the first five months，Because I help these companies raise rounds of financing，One of the projects we invested in has grown the fastest，Valuation increased 90 times in 14 months，We did two rounds of financing together，After completing two rounds, a third round will appear，After the investment in Sequoia and New World，Other funds became anxious and offered a third round。So your last round of investors were very important to 188bet sports betting during the financing period，Don’t leave it entirely to FA，There are advantages and disadvantages to finding FA，It’s a double-edged sword。

Do 188bet sports betting want to use FA，I think the angel wheel stage can be omitted。Saying that FA is a double-edged sword，Because the butt determines the head，The purpose of FA is to match transactions，So many times he will quickly take your BP and spread it around，That is, all investors may receive your BP，This financing method will destroy the company。

One of the things I fear the most is coming over with a project，The first impression in my mind is that I have seen this project，Or the investment manager of this project told me to pass，I won’t spend any more energy meeting 188bet sports betting，But in fact, maybe I just saw BP and felt it was not good。So now everyone is looking for FA，Be sure to ask FA to obtain your consent before sending it out。I think 188bet sports betting and your FA before this，Including when 188bet sports betting do it yourself，188bet sports betting and your investment manager have to do one thing，Just do a market research，To compile a short list of investors to meet。

I usually ask everyone to quickly list 15 companies，In the current capital winter period，188bet sports betting may need to list 15 more companies，There are still 10 alternatives，These 15 companies are divided into three echelons，Echelon 1、Echelon 2、Echelon Three。Internally ready，Start with the second echelon，If 188bet sports betting have a term, 188bet sports betting can start talking about the first echelon，Failed to negotiate downgrade to the third echelon。But remember，Can’t try a large circle and then come back to review，I think we need to review after talking with two or three companies，Do the questions raised by various institutions have something in common？Don’t think it’s someone else’s fault，Think carefully，If several people ask the same question，188bet sports betting have to consider whether 188bet sports betting want to change it，Is it possible to change at this stage，These need to be adjusted in time。

I have seen a project list of more than 60 institutions，Only come to me when 188bet sports betting encounter resistance to financing，Let’s start compiling a short list of target investors，After finishing the interview, I said I can help 188bet sports betting introduce，As a result, he has seen all the lists I gave，And met with more than 60 people in 30 days。In the end, the entrepreneur didn’t even remember which fund he met with whom，And what is the feedback from that person。I can no longer help him at this time，And he has no review，I didn’t play according to the rhythm，Even though I got good terms from two funds in the end，But in theory he can get a better term，So rhythm and technique are very important。

Since 188bet sports betting made the short list，Every family must have a deep understanding，For example, which companies has this institution invested in before，Do these companies compete with 188bet sports betting?，It is best if the investment institution has some layout in your field，But I’m not directly competing with 188bet sports betting，Towards the later stage，The less willing investment institutions are to invest in two directly competing projects at the same time，If it is early，Some institutions are willing to invest in two companies on the same track，But no one is willing to invest in two companies that face direct competition。

Like Innovation Factory，Why did 188bet sports betting choose Tiantian Yongche and 51 Yongche to face competition，I said sorry，When we invested, they were not facing competition at all，In the beginning, 51 made car products，Immediately transferred to Haha Carpooling，Finally do 51。Even if we are investors at this time，188bet sports betting can’t get your identity wrong either，Investors can give suggestions，But we cannot make the final decision for the entrepreneur。