1. My first two entrepreneurships

1994 to 1998，I am studying in the Radio Department of Peking University，188bet online casino games is a purely scientific major，But I really liked writing my own programs at that time。

My first entrepreneurial experience was during college，I made a simple search engine crawler software with my classmates when I was a senior in college，Received an investment of US,000 from IDG Capital，After that we started selling this software in Beijing and Shanghai。At that time, Chinabyte (investor’s note: China Bit Network) had just entered China，Can’t be a traditional media，At the same time, due to content supervision, we can only do 188bet online casino games content，So the first copy of our software was sold to Chinabyte，Be a search engine for them。

This is my first time contacting the Internet。However, there was not much demand for this product in the Chinese market at that time，So our business failed this time。This is my less successful entrepreneurial experience in college，But 188bet online casino games also gave me a preliminary understanding of what entrepreneurship is。

Later I joined Chinabyte to do software maintenance for them，The Internet was in turmoil at that time，A few colleagues and I left our jobs and started another website - Sharkway Sports Forum。We thought，Because many people are going for the biggest opportunity-the portal，Being an Internet vertical industry has less competition。Here I will provide 188bet online casino games with a lesson in choosing a business model: the most popular business models often have the greatest competition and the highest elimination rate。

So at that time we were looking at which vertical fields were easy to work in: first of all, this field must be able to gain high attention in a short period of time，Because entrepreneurs only have half a year to nine months to prove themselves，Internet entrepreneurship cannot be done slowly and carefully，188bet online casino games is difficult to gain support from all parties without proving your business model。

At that time, we were thinking about the hottest fields: many people were already doing 188bet online casino games in the 188bet online casino games field；Social news has many policy risks，Many very successful companies have also been killed because of policy risks；188bet online casino games’s not easy to make money in the entertainment industry。Finally, sports，Because sports have a strong ability to gain attention，And relatively speaking, the policy risk is the lowest，At the same time，Sports newspapers were very profitable at that time，So we choose sports as the entry point。

We are in the process of making Shark Power，Fortunate to have raised US million，But 188bet online casino games project has not made any money。One of the advantages at that time was that competition was weak，The main competitor is the sports channel of a large portal，So we quickly became the leader in a single category。

When we are preparing for the second round of financing，Everyone in the 188bet online casino games is talking about venture capital，We just think there is a problem，Because our website doesn’t make a penny，Other portals make less money。We believe that the capital 188bet online casino games’s tolerance for Internet companies has reached its end。At the same time，Many Internet companies carried out large-scale mergers and acquisitions at that time，We feel this 188bet online casino games is coming to an end，So we finally chose to have this website acquired。

2、addressable 188bet online casino games (potential 188bet online casino games)

In 2004, my partner at Shawei asked me to return to China to start my own business，But this company must make money，So we are looking for a correct business model。The hottest listed company at that time was Google，Judging from its public reports, it has a good business model and high revenue。Google is a big search engine，We just want to，Can 188bet online casino games find a vertical search engine under it。

The top search fields on Google at that time were medical and finance，Then travel，Entertainment next，Then comes the car。The risk of medical treatment is high；Finance was highly regulated in China at the time，The risks are high in a highly regulated field；Entertainment looks good，But the income in the entertainment field at that time mainly came from pornographic websites and gambling websites；The automotive platform has done well on some large portals，There is too little space for us to do more。But later 188bet online casino games turned out that our judgment was wrong，Automobiles are an industry with great potential now。

Tourism is a good industry，Internet technology can reshape tourism on a large scale，At the same 188bet online casino games，The huge influence of airline competition rankings in the United States also shows that the aviation industry has the talent to be a vertical search engine，Information business，Ranking business plays a huge role in the tourism industry。

Finally, we chose the tourism industry and founded Qunar.com，After a lot of hard work, I went public，In fact, after listing，We suffered a huge loss。Probably loses 200 to 300 million in cash every quarter，But the basic stock price is relatively stable。Many people asked me what happened to CC (Zhuang Chenchao)，Why the public capital market can accept this from 188bet online casino games？Everyone believes that going public is about making a profit，That’s not actually the case。Everyone, go study the history，Amazon suffered huge losses when it went public，The highest quarterly cash loss rate is 75%。

Why the capital market can accept losses？If 188bet online casino games are not the first in the market，Or even if 188bet online casino games are number one in the market，Your business growth rate and your income growth rate can be guaranteed to be above 60%，And it was a loss for a period of time，The market is acceptable。188bet online casino games can do the math，If 188bet online casino games maintain a growth rate of more than 60%，188bet online casino games can turn the entire business into a business in about two years.About 5 times，Can increase 6-7 times in four years，This proves that if the business scale is always growing at a high speed，Your investment is very effective。

188bet online casino games will ask next，How to keep yourself in a state of constant growth？This raises the issue of addressable market，Every enterprise must think about this issue，Especially after the company enters the C round，188bet online casino games need to start defining your addressable market (potential market) very clearly ，How old is it。

Because 188bet online casino games were in the early days，It must be a single point breakthrough，At the beginning, the starting point is a special function，Come and open the market。But when 188bet online casino games enter the high growth stage，188bet online casino games need to be clear，Where is the end of growth。At least with current products and strategies，Where is the end？After all, growth is not endless。

If your growth rate is destined to be in your addressable market，It is impossible to maintain a growth rate of more than 60% for a long time，In this way, it will be meaningless for 188bet online casino games to engage in price wars with competitors to win the market strategy。

In turn, 188bet online casino games involves the issue of leading and lagging strategies。Why Qunar was established six years after Ctrip，Can still pose a threat to Ctrip，The biggest problem，Ctrip has fundamentally miscalculated its addressable market，This is also a problem faced by many online companies now。

What is this specific question？When Ctrip entered the market，Always said that online travel is his addressable market，But have 188bet online casino games ever thought about it，Online travel is a market growing at an annual rate of 40%-50%，When 188bet online casino games own 50% of this market today，Even if your growth rate is very fast，188bet online casino games have 40%-50%，But due to the rapid growth of the market every year，The freed space will be very high。And the growth rate of this market itself，If it is introduced online to wireless，As a result, this online travel is suddenly accelerating，In the process of accelerating，It is very important to accurately define addressable market。

And if 188bet online casino games define the entire tourism market as an addressable market，Then this tourism market has resource limitations: there are only so many hotels in total，It cannot be built overnight with a growth rate of 40%-50%；Airline airplane seats，There is only so much shipping power，It is impossible to grow at 40%-50% every year；Catering may have a relatively high growth rate，But there are probably so many people in China，188bet online casino games can only eat up to three meals a day，And 188bet online casino games are unlikely to eat breakfast outside，This addressable market is relatively constant。

So I think there are many companies，Once entering the high growth stage，When looking at your competitors，The entire market must be defined as a constant market，In a relatively stable market，Don’t define 188bet online casino games in a rapidly changing market。

In a rapidly changing market，If 188bet online casino games are No.1，This sounds very cool，In fact, there are huge risks，Because if the market itself suddenly accelerates，Your business strategy、The model is likely to undergo fundamental changes。There is another bad situation，This business model starts from another angle，He is not the same path as your original business model at all，But in the end it belongs to the same appeal。

I suggest 188bet online casino games keep thinking about it，Does your current business still have a 100% growth rate or at least a 60% growth rate?，Opportunity to maintain three years in the future。If 188bet online casino games see the current business model in the market，Almost reaching the final stage，Your strategy will be completely different。

For example, if 188bet online casino games see your market，Already close to 50% market share，Then 188bet online casino games have to see whether it is profitable，188bet online casino games need to reduce costs、Cost control requires preparation in advance。If 188bet online casino games still want to maintain a high growth，188bet online casino games need to consider solving the same fundamental problem，Are there any alternatives，Is there anything similar to the expansion of the adjacent market to solve the fundamental problem、Basic needs，Only 188bet online casino games think these questions clearly，188bet online casino games will adopt a different strategy。

3. Price war

Many people are now talking about a price war，Because price war can gain 188bet online casino games share，But in fact, why do many companies die?？He put price war and high investment，As the only way to pursue 188bet online casino games share。

My point is，The pursuit of market share is always a tactical goal，The real problem，188bet online casino games have to think clearly when 188bet online casino games start competing for a certain market，188bet online casino games need to have a concept of the end game。If 188bet online casino games occupy 70% to 80% of this market，188bet online casino games have to think about what is the most critical resource in this market，What resources are not scalable，Which ones are highly exclusive。

For example, tourism industry，Typical ones are seat resources and hotel resources，Because it is impossible for hotels to expand at a high speed，This is an exclusive resource。Like some content business，Copyright is an exclusive resource，If 188bet online casino games think about the problem from the perspective of an end game，The next step is to get some key exclusive resources，This way 188bet online casino games can ensure that your business model is sustainable in the long term。

If 188bet online casino games need exclusive resources，It will be done in stages，188bet online casino games may have 5% of the time，188bet online casino games have access to exclusive resources or certain resources，188bet online casino games can at least use it；When 188bet online casino games have 25%，188bet online casino games may have some control over this exclusive resource；When 188bet online casino games reach 50% of some market share，188bet online casino games may have complete control over some exclusive resources，Has certain exclusivity，Every market pattern is different。

But the key point is to say，Think clearly about the addressable market 188bet online casino games are in，What are exclusive resources，How much market share do 188bet online casino games need for these exclusive resources，Only can we change from quantitative change to qualitative change，These points need to be drawn，Then there is a price war，It’s good to invest heavily to promote it，The company’s entire advancement has a very clear phased goal。

If 188bet online casino games make your plan very clearly，When 188bet online casino games speed up，Don’t do the filling tactics，Because many companies seem to be losing money in exchange for growth，But it is completely meaningless。

When 188bet online casino games have a very clear goal: my market share today is 5%，I think I need to use this resource when it reaches 15%、Use permissions to make quantitative changes，When there is a very clear plan，A challenge plan that should be formulated is，Use the shortest time，Throw money down，15% at one time，Immediately drive a pile to lock this resource。

So the speed of losing money is not a linear increase，And laddered、The stepped approach is a better solution。When 188bet online casino games start losing money, lose as much as possible，The sooner 188bet online casino games lose money, the better，Because of this，Competitors cannot prevent it。Stop your losses immediately when 188bet online casino games have reached your goal，Then drive piles to occupy the resources。

After 188bet online casino games occupy it，188bet online casino games can wait until others grab market share，Why？It is possible when 188bet online casino games control 20% of the market，Others also have the right to enter，188bet online casino games can’t even defend yourself，If 188bet online casino games go from 20% to 50% of your financial resources today，When the entire surrounding environment is beyond your control，188bet online casino games can only let others do the same。But the rhythm of this game must be controlled by yourself，So don’t be dragged away by others in the price war，It is very easy to be dragged into a ditch by others in a price war。Because 188bet online casino games don’t know what other people’s strategic goals are，It’s not okay to fight back when someone hits 188bet online casino games，All price wars must be initiated proactively，Never activate passively。

188bet online casino games must think clearly before launching a price war:

1）、What is your strategic goal，What is the market share 188bet online casino games want in stages，How much resource can 188bet online casino games lock?，How to lock resources after 188bet online casino games reach this point；

2）、If 188bet online casino games want to do this，What is the friction of time，Is it true that if 188bet online casino games invest 100 million in a short period of time, 188bet online casino games can directly occupy it，This thing is still a slow process by nature，Within time tolerance，Get the market share 188bet online casino games want as quickly as possible，Then stop immediately。I think this is a very important element in price war，So that 188bet online casino games can control it；

3）、To find out where the return ticket is。It started well planned，Preparing to invest 100 million，Hit it down and take a look，If competitors also understand，He also engages in price war，188bet online casino games may not be able to reach this market share，188bet online casino games have to figure it out at this time，An exit plan is also needed。

For example, my plan is to play for a quarter，Raise market share to ten points，Then I occupy the resources。I will check 188bet online casino games out every two weeks，This progress is far less than I thought，Then we must withdraw immediately。So before starting to march，Includes competitor reflections，Detailed plans must be made for all responses in the industry。

Many companies die in the expansion period，Just because of the market share，Not paying attention to locking resources，No exit strategy。When he reaches even 60% of the market share，Just one stop，It will drop from 60% to 30% soon，This is meaningless，So to what extent does the price war really go?？That’s when 188bet online casino games fight hard，Possibly from 10% to 13%，As soon as 188bet online casino games close it, 188bet online casino games can stop it immediately above 10%，That’s it，No waste at all。

Many companies go from profit to loss，It can bring down the company in one go，A company that is always losing money is less likely to be defeated，Why？When a company has been profitable for a period of time，Your company’s internal controls and management will undergo many changes，188bet online casino games will start to control costs。

When the company passes by a、After two years of profitability，Especially after listing，Your entire way of thinking will become profit-driven，When 188bet online casino games comes to ensuring profitability，Your financial staff will have an increasing say in the business，The longer the time，Some of the more radical people in the company will leave，Start doing things relatively steadily，Those who are more balanced will stay，The DNA of the entire company has changed。So not everyone will suffer this loss，Loss is also a skill。

4. My nine-point management experience

Looking back at Qunar over the years，What makes me most proud is the management we have established，To sum up, there are nine points as follows:

The first point: Paizhuan culture

We believe that the company’s values ​​and employees’ understanding of corporate culture，Comes entirely from his direct superior，No more than two levels。In 188bet online casino games process our TL (Team Leader，Department boss) group played an important role。The culture of the TL group is the brick-making culture。Decisions about the company、Leadership from superiors，Any employee has the right to criticize publicly in the group，Those who are criticized can argue。

This kind of public criticism and refutation reflects human nature: does it distort the facts，Invite credit、Purchase of responsibility；Can 188bet online casino games propose a practical plan，Still talking too much;The courage to take responsibility，Still shirking responsibility；And whether 188bet online casino games can be responsible for your own results。

188bet online casino games process actually helps the company purify its corporate culture，The best at the same time、The most thoughtful employees are also highlighted through arguments。In search of new management personnel，We pay close attention to people who speak publicly in the group，We will not promote silent managers。

So if 188bet online casino games want to be promoted, 188bet online casino games need to be very willing to express your opinions，We must also ensure that we can withstand everyone’s arguments。We want everyone in our company to be an informed skeptic，Encourage employees, especially Team Leaders, to question every policy and performance: Is it really so good?Can’t we really do better??

Second point: public criticism

We encourage employees to express their ideas to the greatest extent，Called "Speak Loud"。There are many email groups on Qunar，If 188bet online casino games have criticism of your superior，More people should know。We encourage open criticism，The reason is that the process of public criticism will trigger a lot of thinking，Let everyone have a clearer grasp of things，Also warn others。

We ask everyone to "don't ask any questions when 188bet online casino games encounter criticism" ，Regardless of motivation、regardless of level、No attitude required。When faced with criticism, many people will wonder if 188bet online casino games want to step on me，Or are 188bet online casino games qualified?，Where to go，As long as it is based on facts，188bet online casino games can criticize。We ask everyone to "don't ask any questions when 188bet online casino games encounter criticism"，Criticism must be in place，Let those who are criticized have face，That’s impossible。So we ask those who are criticized to be well-educated。

188bet online casino games is difficult to adapt new employees to this culture，But 188bet online casino games’s also a good corporate culture filter。The turnover rate of new employees at Qunar is very high，But after working for one year，The turnover rate is below 2%。

The third point: deciding things based on people

We highly encourage people to think things through。All management models depend entirely on maximizing personal abilities，We believe that the most important thing in an Internet company is the people，If a person can be in an environment that he is very familiar with，Already interested，Use 188bet online casino games abilities again，The value he creates is a hundred times that of ordinary employees。

Of course, personal arrangements are mainly for senior employees，For example, the top 100。Where else, every team is recruited by TL themselves，Has a strong TL personal touch，But there has never been a subculture in Qunar，It’s because the culture at the highest level of the company is very healthy、When strong，188bet online casino games can eliminate any subculture。

Point 4: Principles of Recruitment

We are very concerned about whether a new employee has the ability to lead the team after coming in。A-level employees often recruit A-level employees，Because they are friends；B-level employees often recruit C-level employees，Because he wants to show his management ability。Able to recruit excellent employees，First of all, 188bet online casino games means that his professionalism has been recognized；Second means he has been honest and reliable in his past career，Only have friends、Excellent employees defected to him。

Point 5: Data management

In the process of management，We need to strengthen the intelligence of institutions。By building a model，Database all the company’s actions and thoughts，Presented to managers at all levels in the form of reports。Qunar has a clear check-in system，If the average working hours of a team are long，Meaning the need for additional personnel，If the 188bet online casino games is short，We will analyze whether the work needs to be rearranged。 Including each department and each product must establish a value model and quantity model for its own business to track and judge its own behavior。

Point 6: Team annexation

We believe that when a company reaches a certain scale，There will definitely be destructive competitors，The most important judgment is not to let others kill 188bet online casino games，It is better to kill yourself。So I very much encourage internal teams to say: “I think what the other team is doing is old，Need a breakthrough，If he is unwilling to break through，I will break through。”In this process，Or (re)organize the business，Either swallowed up the entire team。

During the entire development process of Qunar，The internal annexation of the team is a very strong behavior，Some junior employees、An ordinary manager can annex a high-level team，188bet online casino games is very common。Because everyone gets options and shares from Qunar，Even the senior business managers who were swallowed up are calm，He can go to a new position to realize his value。

Point 7: Controllable Innovation

We pay great attention to establishing processes at core points and hot spots of company development。But there is an interruption between processes，Allow innovation。The problem with innovation is that the output is often unstable，So we design process controls in key positions，The content output after innovation must be stable、Compliant with standards。Once the innovation is successful，New key positions will be formed，And determine whether the process needs to be improved or abandoned by monitoring the activity of the process。If 188bet online casino games is a process network，The process will be solidified、Hindering innovation，We are more concerned about input、Control of output link。

We encourage some outstanding employees to skip processes appropriately，Skipping the process will often get better results than the process，If 188bet online casino games always follow the process, it means losing innovation。For skip process、Process abnormality，We will spend a lot of time analyzing and judging，This process can actually discover some top talents。

Point 8: Conflict Management

Qunar’s corporate culture encourages healthy conflict，Conflict often exposes problems at an early stage。Find the essence of the conflict by analyzing the problem。After finding the essence，Be good at compromising。Many times problems cannot be solved overnight，188bet online casino games need to give up tactically，Able to constantly compromise，I think it is the competitiveness of the entire company。Ultimately, the company is the representative of the individual，The top 10 in a company、20 people，Their intelligence level and ability to compromise actually represent the company's capabilities。

Point 9: Be informed and pessimistic

American students have to write essays from an early age，One of the very important tasks is fact checking，Please indicate the source of the quoted content。We are very lacking in 188bet online casino games aspect，Many people speak without factual sources。

If the original facts were wrong，So after a long discussion，Including all discussions in between，Even the final decision was wrong。So when communicating，Pay close attention to your initial output and fact-check it，Also check the facts when 188bet online casino games receive information。Secondly，Quickly abstract something、Modeling，In order to improve the efficiency of the entire company's operations。Make value judgments on things based on models，And prioritize according to value，What is important、What is secondary。Information first，Then doubt。

The scariest thing is to remain blindly optimistic about things.

Example: A person says he can definitely do this，Ask him why，He can’t say anything。Those of us who are more appreciative will say: The challenge of this matter is great，Based on the following facts, there are 25 risks，How likely is each risk to develop，Where is the observation point；If which risk occurs，will fail;If 188bet online casino games are lucky，This risk has not occurred，Or it may be possible to complete it in a short enough time。According to my observation，The more 188bet online casino games predict risks、People who are more pessimistic about the future，The greater the chance of getting things done。

*188bet online casino games article is reproduced from Investors Talk.