November 13, 2015，Zhihui Tourism offline event "Zhihui Private Party·Beijing Station" was successfully held at Beijing Jinglun Hotel。188bet game event focuses on the topic of "How tourism O2O companies can survive the capital winter"，covers hotels and B&Bs、Outbound travel、Customized tour、Vertical segments of the tourism industry such as parent-child travel and tourism capital。Liu Zhaohui, founder and CEO of Zhihui Travel、Han Ze, Director of Zuoyu Capital、Chen Chi, founder and CEO of Xiaozhu Short-term Rental、Sun Weiwei, founder and CEO of Youbi Travel Network、Jia Jianqiang, founder and CEO of 6renyou.com, and Cao Litao, founder and CEO of Oumen Parent-Child Travel, were invited to attend 188bet game event and made wonderful sharings respectively。

The exclusive private party will be held in major cities in China，The purpose is to build a communication bridge for tourism industry practitioners，Connecting projects for everyone、Expand resources、Provide a platform for establishing connections，Promote the deep integration of tourism O2O related industries through 188bet game platform，Promoting tourism O2O upgrade。

The following is the speech content of Han Ze, director of Zuoyu 188bet game:

Text arrangement/Qiu Wei

Thank you for the invitation to travel，I am very honored to share with you。Now everyone is talking about the capital winter，About the timing of the capital winter，From various media reports, we can roughly locate it around August 188bet game year。After 188bet game，I contacted nearly a hundred startups，Also met the founders of these 100 companies。The organizer has always emphasized the need to share useful information，Here I will share some first-hand information with you。

1. Capital 188bet game is coming

1. Is there really a capital 188bet game?

Talking about the capital winter，Partner of many startup companies、The CEO asked me: Is there really a capital winter?？Is the capital winter a show put on by investors to lower our company’s valuation?？In fact, we had a discussion with several primary market investors at a self-driving tour forum in Shanghai last month，The topic of discussion is the capital winter，Everyone has a common understanding that the capital winter is the penetration from the secondary market to the primary market。We start from the European and American stock markets at the end of August、Futures Trading、Gold trading, wait and see，The entire market is going down，Domestic A-shares also suffered a cliff-like decline。In fact, the relationship between the primary market and the secondary market is relatively close，Many LPs of primary market investment funds are listed companies in the secondary market，Listed companies may not be so keen on paying attention to industrial funds before September 2014，Public data shows that it is about 33，By August 188bet game year, it probably reached 215，33 industrial funds appeared in July。Because with the rise of A shares，These listed companies are keen on the primary market。But after 188bet game big drop，Let’s look at industrial funds，Only 13 more in August，Less than 10 more after September，So the correlation between the primary market and the secondary market is still obvious。In addition，Other reasons for the capital winter also include the closure of IPOs，Suspended due to IPO and PE、VC investment has a very strong correlation，Of course these are some external objective circumstances。ButThat’s for sure，188bet game capital winter is definitely not as severe as the 2008 financial crisis，188bet game so-called cold winter also has media outlets like it、Ingredients used by institutions and others to exaggerate，"Winter is coming、Lots of bubbles，Valuation needs to be lowered”，188bet game situation is normal and exists objectively, 188bet game looks at the problem from different angles.

2. Is the fund really out of 188bet game?

About Capital 188bet game，Another issue that everyone is concerned about is，Is the fund running out of money?？In fact, many funds have completed fundraising before，The fundraising starting from July is not ideal，Some new funds will indeed encounter some difficulties，but beforeThe fund is still rich，And a lot of 188bet game has not been invested yet，So we are repeatedly asking if there are any good targets that we can invest in. The above is a current realistic situation.

3. In the cold 188bet game, are investors rational or conservative?

In fact, 188bet game group should be very neutral and rational。The capital market has both cold winter and high summer，Many hot targets are up for grabs in midsummer。When some hot spots、The air outlet appears，Funds will gather together to seize these opportunities。Everyone wants to be as calm as possible，But it is still inevitable to be impulsive when facing transactions。From 2014 to the first half of 188bet game year，Investment is very hot，The total number of financing events exceeding RMB 10 million in the first half of 188bet game year exceeded that of the whole of 2014，So we can see that investors’ rationality will still be lost under 188bet game kind of heat，But in the cold winter, everyone finally returned to reason，In many cases, we prefer to maintain a wait-and-see attitude，Don’t take action easily。ButOnce a really good target appears，The sense of smell of these capitals is still 188bet game keen，I will definitely take action decisively。

4. Periodic “capital 188bet game”

Capital 188bet game is cyclical，Won’t last indefinitely，I think the periodic cold 188bet game will definitely pass。Like 2008，Many companies have also encountered difficulties，Jingdong’s valuation at that time was only tens of millions of dollars，Now estimated at 30 billion US dollars。Including sites like 58.com、Youku，They were all companies that came out at that time，They are all very good now。So the cold 188bet game season is for us to reflect、A good time for introspection，We can better see whether a company is following the trend or a company that can truly create value。

Director of Zuoyu 188bet game: Han Ze

2. Startup companies in the cold 188bet game

1. Companies that “burn money” are not favored by 188bet game?

We always say that startups love to burn money，When it comes to O2O，People will think of “burning money to get new users”。I also looked at many companies，Many companies turn some offline transactions online by burning money，If you don’t burn money once、No subsidy，Everyone is back offline again。There are still many companies that are completely eating up their stocks，Some patterns are now deprecated，O2O model like some sports venue tickets，Think about using subsidies or even free methods，It allows users to go to other venues to exercise instead of being close to them。Actually, that’s not the case，There are only two venues where we actually play games，One is close to our home，One is close to our company，We can’t go from Dongcheng to Xicheng to play ball even if it’s free for us，So many business models themselves have problems。If spending money can really educate users，Like taking a taxi、The food delivery industry is like 188bet game，It just makes sense，For example, at first I liked to call to order food，Now that there are subsidies, I am used to placing orders via mobile phone，I think 188bet game kind of money that can create stickiness can be spent。Like the royal charter car we voted for at that time，Profitable soon，You can make money immediately，But is it time to make money？In fact, what we are fighting for in the later period is market operation and execution，When you seize an opportunity, you should attack quickly，We haven’t reached the time to enjoy the dividends yet。So many times we burn money in exchange for the market，If the market can stabilize，We think it’s worth burning the money。Even in the cold winter，Investors will not refuse to invest in you just because your model is good but you need to burn money，As long as you can create value，Can stabilize customers、Create stickiness，I think it’s feasible。

2.The rule of survival in the cold 188bet game: "Focus"、"Blood Replenishment"、“Value driven”

What is the first rule of survival for a startup company in the cold winter？I think it’s about “focusing”。I was talking to a very powerful person a few days ago、Chat with media friends who are rich in resources in all aspects，They also plan to do capitalization operations，He drew a picture for me，That picture covers all aspects of opportunities。The advice I gave later was to “focus”,I suggested that he focus on content and brand first，Any commercialization opportunity that has nothing to do with content and brand，You must have the courage to give up。Especially for startups，In the cold winter，Our own resources are very limited，We must use all the steel on the blade，We must focus，Let the capital market see clearly what we are doing。Many startups are raising Series A，Even when financing round B，I will also find 188bet game problem: too many opportunities to make money，Many resources，Should we do everything?？188bet game is from an investor’s perspective，Maybe you can’t see it clearly，But entrepreneurs must understand what we are doing，What is the core value we generate for users，188bet game is very important。

So the first thing is to focus，The second is to "replenish blood"。Because we are doing Internet entrepreneurship，Spending money is essential，Every company is short of money，With more money, you can do more things。We must learn to find money when we have no money，When you have money, you should continue to look for money，188bet game does not mean that we need to talk about financing every day，But pay close attention to the capital market，Maintain frequent interactions with the capital market，Update some of our information to investors in a timely manner、In the hands of investors，Let them also help us fight for some new opportunities，Many funds have done 188bet game very well。

The third point，Also the most important point，Must have core values。Not that I am a traditional company、I have cash flow、I can live，It’s a good company，A good company is one that can truly embody value in every aspect。Everyone here is a good company，They are all companies that truly provide value，I just listened to the one about family travel and it was really good，Various designs、Various benefits to users，Let users be moved，I think 188bet game thing is very important。Our business model must make sense，Must create value for users。

3. Financing considerations in the capital 188bet game

If you want to do financing in the cold winter，What should we do？The first thing to do is take action immediately，Make an early move。Because when the cycle is relatively long，Everyone is in a wait-and-see state，Everyone wants to take a look，Wait a minute，So we have to take action first。What is the problem we face at 188bet game time？It’s about how we balance valuation and financing speed。Because at 188bet game time，People may lower our valuation，I ​​feel like there was a bubble before，It’s hard to get money now，You may want 50 million，Sorry，I can only give you 30 million，Your valuation will also decrease。At 188bet game time we have to make a choice，We use the money we win to exchange time？Let’s stick to 188bet game valuation，Think we are valuable？The view of many well-known investors is that the value created by getting the money first is greater。Many investment companies do 188bet game，No more listing。You must have a judgment on high valuation and getting money quickly，If you are really short of money、I can’t live any longer in the cold winter，So you can get money quickly、It is very important to survive，Of course, 188bet game is provided that it does not violate some of the company’s basic principles。

3. Entrepreneurship opportunities in the tourism industry in the cold 188bet game

1. Technology transformation 188bet game chain, enterprise-level service opportunities

In the cold 188bet game of capital，Which opportunities are we as capital parties more concerned about？The first one is what we have been saying，Use technology to transform the industrial chain and improve the efficiency 188bet game entire industrial chain，Many companies here are involved in 188bet game point。No matter it is PMS system，Still GDS system，They are all improving the efficiency of 188bet game industry。We feel as if all products now can be seamlessly connected，But in fact, 188bet game is far from the case in company operations。For example, cruise products，The products we can buy on OTA now are only a few hundred，In fact, there are thousands of products on the cruise company’s official website，I asked last time，About eight thousand lines。But has the backend interface between our OTA and the cruise company been successfully connected？It may have taken many well-known companies about seven months to complete the connection with only one。So the degree of informatization of the entire 188bet game industry chain is still very low，The low level is far beyond our imagination。We always say that GDS should improve procurement efficiency，Real-time delivery，Realize in-line booking。But can we really achieve online booking？Can you really get what you decide?？In fact, 188bet game has great potential。Many overseas resources do not have these tickets or electronic QR codes，Many startups are pushing resources，They have independently developed some PMS systems and matching physical objects，Including code scanner, etc.，Laijidao overseas resource service provider。Like America、Canada has some policies，If you add a computer to your restaurant, you will be charged more taxes，So the informatization level of many foreign service providers is very low，When we really scanned 188bet game market, we found that there were a lot of scams。The entire informatization level of our current tourism industry chain is far behind that of developed countries such as the United States，So the model that Zuo Yu has always been optimistic about is B2B2C。Like the Miyou Business Travel Network we did at that time，Provide some small TMCs with sales channels for standardized products，Use them to connect with enterprises that do not have the ability to develop their own systems to serve，For example, non-standard Taiwan B&B，I think these are opportunities。The theme of industrial chain transformation and upgrading will not die out in a short time，But 188bet game requires a lot of resources and professionalism，It is not a market that any entrepreneur can enter if he wants to，But 188bet game is indeed an opportunity。

2. Lack of high-quality IP and theme 188bet game in the 188bet game industry

What is another opportunity？After the merger of the two giants Qunar and Ctrip，Many people think that 188bet game market is full of people and has no chance？The leisure travel machine + wine may have no space，But our vacation has just begun。Let’s take a look at the relationship between tourism and GDP，China’s per capita GDP now exceeds 7,800 US dollars，Beijing, Shanghai and Guangzhou exceeded 10,000。For the tourism industry, when 188bet game number exceeds 3,000, it means entering the vacation era，With more than 5,000 people, the entire society has entered a resort-oriented society，If you exceed 7,000, you have entered the era of single-product outdoor vertical in-depth travel。Look at the financing in the market 188bet game year，Like "go skiing"，“Skiers” and “ski assistants”，These three families have all received money，Doing well in the vertical field。So I think 188bet game is an opportunity，188bet game kind of rich IP、The era of rich themed tours has arrived，Like a family trip，Including island tours on Qulv.com，These opportunities have come。All these vertical market items must be made by those who know the market best、Those who best understand consumer needs will do it，188bet game cannot be done by a single large platform。If you only know how to add wine by machine，You can’t meet the needs of parent-child travel。As a big platform you bring together almost all products，But do you understand the differences between each island？Do you know which island is your holiday destination？In fact, each one is very different。So professional things must be done by professional vertical companies，188bet game is definitely an opportunity。IP will definitely become more and more abundant，Including the cruise tourism I just mentioned，These are all opportunities。

3. Cross-border opportunities: sports and 188bet game

What is another opportunity？It is the sports industry that Zuo Yu has been paying attention to now。The industry chains of sports industry and tourism industry are very similar，High-end resources are very important。The upstream resources of tourism include scenic spots、Airlines, etc.，Many of these are listed companies，It is a very heavy resource end。So what is the upstream of the sports industry？We say the source is IP，There are three types of IP，One is the competition，The second is the club，Three is a star。Wanda has been making frequent moves in the past two years，Invested in Atletico Madrid and took 20% of the shares，At the same time, it also acquired Infront, which was the agent for the World Cup marketing rights。These large groups and companies have already started from the upstream。So the industrial chains of the two industries of sports and tourism are very similar，Sports is definitely a cross-border opportunity。In 188bet game industry chain，At present, the core sports industry-events and national fitness account for a very low proportion，Probably less than 20% in China，And in the derivative industry, that is, sports tourism + supplies，Very little sports tourism，China’s sports industry is basically supported by sporting goods，The industrial structure is indeed not as mature as our tourism industry，188bet game is what we have been paying attention to。We have always paid attention to the way of cross-border tourism and sports cooperation，Because we think 188bet game is consistent with the opportunity for our overall social consumption upgrade，188bet game is also an opportunity。

4. Avoid doing 188bet game in the cold winter

1. Blind entrepreneurship

I have seen hundreds of startups，Many traditional operators in the tourism industry want to embrace the Internet under the general trend of "Internet +"，My business is doing very well，Has good cash flow、Very good revenue，Must go to the Internet model，188bet game is very dangerous。The first one can’t get money，Because the model is too traditional；It will be more troublesome after getting the money the second time，What’s the next step？After winning the first round, you must win the second round，Capital drives you to move forward，188bet game is a very painful and sad process，Although starting a business also has a lot of fun and rewards。So if the traditional business itself is doing well，So there is no need to play "Internet +" easily and think about raising funds or something，I think it’s actually good to be small and beautiful。

Another misunderstanding in entrepreneurship is to find a blank spot in the market: 188bet game area seems to be blank in the industry chain，No one has done it，We are going to do it。Give an example of today’s fragmented products，Free travel guests want to eat abroad，No one integrates the restaurant，OK，Then let me integrate it。Actually, why didn’t everyone do it？Maybe it’s not the opportunity here that everyone hasn’t seen yet，Everyone has seen the trap here。Many well-known companies have traffic、Has a customer，Why not do 188bet game？Because it’s too difficult to do。So many times either no one is doing it or the opportunity is right in front of you。Many entrepreneurs think what I am doing now is unique，I tell everyone responsibly，Many tracks are now gradually becoming crowded，There are 3-4 very powerful companies in each segment，188bet game is a very common phenomenon。Upstream, midstream and downstream of the industrial chain，You want to find an empty space，Maybe you felt it at the time，But after doing it for a while, you will find that there are several companies doing 188bet game too，I didn’t know it before, just because the company didn’t do PR or publicity，After reaching a certain stage, everyone will be in close combat，188bet game is normal，Indicates that 188bet game market is very prosperous。

Many people like to press the wind outlet，Also inquiring about Zuo Yu’s concerns，Let me share it with 188bet game，The outlet that everyone is seeing now，These are the outlets that these entrepreneurial companies worked hard seven or eight months ago，There is nothing to bet on，Every visible outlet is already a thing 188bet game past。For example, the imperial chartered car，188bet game car is an opportunity，But now many companies are making cars；For example, when we were talking about GDS, we thought it was an opportunity，A lot of GDS companies have come out now，If you enter again now，The competition is fierce。So 188bet game time，Don’t ask where the outlet is，But reflect on yourself，What are you good at，In which field can it create value for users。

2. Going too deep into the 188bet game level and ignoring innovation and user experience

There is another kind of company we should avoid，It is too limited to the business level，Ignoring innovation and user value。I talk to many entrepreneurs，They have done a lot in the single market，Gradually switching to the traditional route in an online company，Gradually polish different products，But the quality of user experience is only reflected when ordering a product through the APP？In fact, we don’t just need to make the booking service online，I don’t think a simple solution to 188bet game problem can be called an Internet company。

3. Not thinking carefully 188bet game the profit model

The last point is that I have not seriously thought about my profit model。For example, before doing the Youpu Travel，About how to make money in PGC model，Everyone has figured it out，So when the first version of their APP came out, the way to make money was already open。Many entrepreneurs don’t even have a profit model when they start a business，Don’t know how to make money。For example, some companies have made a very good product，Many people, including many business owners, are using it，But I just don’t know how to cash it out。I used to feel the same way in the MICE industry，We saw great ideas and built a lot of great tools，But no one pays for 188bet game，If you want to charge, no one will use it，So the monetization business model is very important。

Having said so much, let me summarize at the end,The capital winter is actually not terrible，The key depends on whether 188bet game are wearing a vest，It’s still a down jacket，The key is to look at your own strength。Often at 188bet game time，We are more likely to think of a sentence said by Dickens，188bet game is a better era？It’s still a worse era？188bet game is a winter of despair？Still a spring of hope？Seeing the enthusiastic fighting spirit of entrepreneurs，I believe that through persistence, everyone will be able to survive the capital winter。

＊The speaker of 188bet game article is Han Ze，The text content is compiled by Zhihui Travel based on the live recording of the event。Han Ze，Director of Zuoyu Capital，Zhihui travel expert author。Han Ze worked for China Travel Service Group in Hong Kong for ten years，Engaged in inbound tourism、Travel e-commerce、And exhibition tourism business，After leaving Hong Kong China Travel Service Group，Founded T-MICE, a well-known brand in the exhibition industry，Joined Zuoyu Capital as a director in 2015，Currently focusing on tourism、Investment and M&A opportunities in the exhibition and sports industries，And participate in research on the above industries。