Cleverness and Diligence，188bet should be the industry’s consistent view of Mr. Shen Nanpeng。“Tencent has invested in many projects in recent years，Basically everyone will find that Shen Nanpeng’s team has entered as early as 1 to 2 years ago。"Mr. Ma Huateng said 188bet in public not long ago。

The impression given by Mr. Shen Nanpeng is mostly that of a comprehensive polyhedron: rational like Shen Nanpeng，He pays attention to data，Proficient in finance，Make accurate judgment；Emotional as Shen Nanpeng，He tries to have as much contact with entrepreneurs as possible，Carefully observe the personality of each person 188bet entrepreneurial team，Make investment decisions based on intuition。

“Trust your intuition” is an indicator that is difficult to quantify，Called by Shen Nanpeng as “the most charming place” in the venture capital industry。Toutou guesses that 188bet is closely related to his previous successful entrepreneurial experience，And 188bet magical intuitive judgment，How does he perform in his current venture capital investment？What lessons can his personal successful experience teach us？With curiosity，That’s why I wrote 188bet article，Let’s bring questions together，Find the answer in the article。

1. Core competitiveness

Many of our founders have no business experience，Ctrip is based on the passion for the Internet，Later I discovered that whether it is an Internet business or something else，188bet final analysis, it’s all business。Every business has tips and tricks。Just like doing math problems when I was a kid，You should start with the simplest one。

In the first year, Ctrip concentrated its efforts on opening up the hotel booking process，188bet is the preliminary version of Ctrip。Relative booking，Reservation is a simpler and more direct entry point。188bet simple job of helping people book rooms，Perhaps it is disdainful to many returnees。But don’t forget，You are in China，What we want to serve is the Chinese people。

Later, when I did the "reserved room" service，Ctrip does not expect immediate returns。But it ensures that Ctrip’s hotel booking business can still operate with ease during the peak tourist season，188bet is a long-term competitiveness。

After three years with Ctrip，The idea of ​​starting an economical hotel chain is gradually taking shape。When the economy is taking off，The opportunities 188bet hotel industry are endless。Home Inns from the first day of its establishment，It’s ready for listing。Strict market research was conducted at that time，For hotel mode、Market demand、I already have a clear understanding of the price, etc.。

For example，Jinjiang Inn with an occupancy rate of 90% at that time。Home Inn does not have a lobby like a star hotel、Catering，Instead, rely on mature community services 188bet surrounding area。Completely opposite to the hotel management philosophy at that time。

Homeinn’s model is first and foremost convenient，The second is cost。Homeinn hotel location selection，Can be summarized as "20 meters inside the branch street》，A hotel like 188bet is located near a prime location，Avoiding direct competition with developers，Buffering the impact of soaring real estate prices；And the lease term is up to 15 years，The cost is very certain。Don’t compete with real estate developers for land when acquiring land，Generally choose an office building of 3000-5000 square meters、Guest house, etc.，Idle properties in various industries like 188bet。After getting the property，There is a dedicated team to expand the team，Go to flexible room division according to natural conditions，Copy soon。

I remember when I was working on Home Inns，Encountered such a thing，We have a very strong management team，Many people come to us and want us to manage some hotels，where，There are some hotels with different positioning than ours，Some of them are 3 stars、4-star hotel，And our positioning is a budget hotel with a little more than 100。We finally decided not to do it，188bet is a dilution to our brand，So we don’t do such things。

In the traditional view，188bet is incredible，Why don’t you make money even if you have money?And for us，If it affects long-term benefits，If you have money, you may not make it。So when starting a business，You must have a long-term vision，There must be something to do and something not to do。

188bet have no control over the stock price of listed companies，But 188bet can continue to strengthen and strengthen the company’s core competitiveness。As long as it is gold, it will always shine。The secret to adding points to your core competitiveness all depends on the details".

2. Let the 188bet speak

Entrepreneurship does not allow 188bet to relearn，The competitive environment may prevent 188bet from learning，Therefore, the basic scientific knowledge structure is the most critical to personal growth。Develop the ability to think logically and build models，Important for both entrepreneurship and business management。

Many outstanding entrepreneurs or CEOs use basic scientific modeling capabilities to compare and analyze competitors，Strategy for optimizing your own products。188bet is undoubtedly the most basic tool and method。The best companies in the world need talents who are long-distance runners，People who integrate humanities and basic sciences，Not just computer science。

188bet knowledge will also help you analyze whether your business is healthy。Entrepreneurs need to understand and pay attention to the truly important indicators，includes customers、Order volume、Revenue、Gross profit、churn rate、Profitability、Cash flow，Let the real numbers speak。Instead of emphasizing physical conditions and facilities、Focus on form rather than content、Emphasis on things that cannot be quantified。Because，Investors’ considerations for entrepreneurial projects，What cannot be escaped after the A round is data: order volume、Price per customer、Number of users、Weekly retention rate, etc. are all important assessment indicators，It is difficult to convince the public without data。

Early 2007，I was inspecting the Little Swan project in Chongqing，Wandered downstairs during the intermission，Spotted a long queue at a restaurant in a business district，Far ahead of all the surrounding restaurants。Half curiosity，Also bought one at the end of the queue，Tastes good。188bet restaurant is the rural foundation that was listed on the New York Stock Exchange three years later。The long queue at the entrance of the rural store is data，Represents the flow of people。

Everyone understands 188bet market today，What the Internet needs is user scale，What is needed is market share，Many companies average four to five rounds later，Only then can you see a more complete business model。

In such a competitive environment，I feel that market participants should still have a clear mind，After all, capital input and output costs have to be calculated in the long run，More capital does not necessarily lead to a successful enterprise，I believe 188bet lesson was learned five years ago，I learned 188bet lesson ten years ago，I had such a lesson in China，Also available in the United States。

3. 188bet accumulation can accelerate development

188bet startup stage of a business, every founder cannot be perfect.

The barrel theory says there can be no shortcomings，But，Start-up companies often use the anti-barrel theory。Whether 188bet the founder or the team，188bet impossible to be strong in everything。With its all-round talent，Not as good as a professional。Every early-stage company needs a unique trump card to stand out。Even the players have good abilities，But no huge highlights，As a start-up enterprise, there may not be a chance。

The founder must have unique martial arts，188bet unique martial arts varies by industry。And 188bet often comes from accumulation。Industry experience accumulated from previous entrepreneurship，Leadership experience can quickly be transformed into corporate energy for the next startup。The factor of many people’s success is called “accelerated development”，For example，Before working as SP、Game experience，It may provide a good foundation for being an airline steward or hotel steward。

There is no genius in the world，Only the accumulation of experience，Only to make you feel better。188bet feeling sounds mysterious，But in fact, it can be tempered and improved in real life。

The advantages of these people are very important in early stage enterprises，Avoid detours，Have better judgment 188bet general direction - company and business model。But don’t fall into the trap of empiricism，Entrepreneurs need to have existing experience points，Remain sensitive and innovative to new products，Finding a balance。Entrepreneurship is not only about innovative products，We must also make judgments at the consumer level。

188bet past two years, Sequoia has invested in early-stage entrepreneurs including Wang Jiang, founder of Flight Manager、Xu Yirong, founder of Meilishuo、Wang Xing, founder of Meituan.com, etc.，They are all entrepreneurs for the second or third time，Also has some experience as a senior executive in entrepreneurial companies。They walked more smoothly、The reason why it is faster，Product already approved、Operations etc. have a sixth sense。

4. Industrial Map Theory

My investment selection criteria and logic，The same as 10 years ago，Study the industry map carefully，Look for those that are growing rapidly。Try to find good opportunities，But usually not the first to try。I will observe it，If appropriate，Invest 188bet entire industry chain，Even the creation of an ecosystem。

The first thing is to observe the 188bet map。Not an 188bet map，There are multiple 188bet maps。For example, O2O must be an 188bet map，Finance is a piece，E-commerce is one。Because cognition continues to evolve，The map is also constantly improving。For example, when looking at e-commerce on the first day，I definitely wouldn’t have thought that discounted product sales would be a very important entry point，I didn’t expect that some fields could be so big。

Started e-commerce layout in 2007，From Alibaba to JD.com、VIP.COM 、Jumei Premium、Beauty talks about honey baby，We have participated in almost all well-known e-commerce companies。Layout of film and television entertainment in 2008，Vote for Wanda Cinema、Alibaba Pictures、Bona Film and Television, etc.。Started investing in cloud computing and big data in 2009。Started investing in O2O in 2010，From Meituan、Dianping.com、Ele.me, go to the market，Also accounts for a certain market share。The related logistics 188bet also invested well，ZTO Express、Debon Logistics、An Neng、Zheng Ming Logistics, etc.。I have invested in a number of Internet finance since 2011。

The important element of judgment is to try to foresee the future，Possible error，But you have to form your own unique judgment，What are the trillion-dollar markets，Think along 188bet logic，You will clearly know where your investment priorities are。For example, the medical industry，New companies listed in the United States 188bet year，On Nasdaq，The number of medical treatments is almost the same as that of the Internet，Many outstanding companies were born in the United States and China。

We believe that a very important topic for future innovation is how to convert the power of science and technology into real business value?The traditional approach is to talk to scientists、Especially cooperation with scientists who have considerable business tentacles;We can also do "proposition composition"，Demand from industry，Ask the scientists for the answer，Such a reverse approach is a very important path 188bet development of overseas scientific research。

China has many outstanding scientific and technological talents，However, the process of technological industrialization is still relatively backward。When more than three years ago，Drones are a market that almost no one pays attention to，But it has a very good entrepreneurial executive team，One of the founders is a chair professor at the Hong Kong University of Science and Technology，has made considerable achievements 188bet field of robotics research at the Hong Kong University of Science and Technology。Although the data cannot be quantified，But 188bet end Sequoia China decided to invest in DJI。

5. Technology is a moat, 188bet is not

For an entrepreneur，I feel like I should have a more peaceful attitude，Never do 188bet because of competition，And messed up one's own position。

Seen in many industries in China，There are two to four companies directly competing，Even in the O2O industry, we see many companies competing directly to share the market。188bet is very different from the United States，Companies that have risen in the United States in the past five or ten years，There is a very interesting phenomenon in the development of companies from Twitter to Linkedin，Almost every vertical industry，Or in every application，A company usually becomes dominant very quickly。Generally speaking, these companies occupy 70% of the market、80% market share。

Why no entrepreneur imitates these leading companies，Knowing that 188bet market is huge，Go to the market and get a piece of the pie？My American friend told me，Summary to the phenomenon of 180 days。A company after your product is released，Within 180 days because your competitors haven’t had time to react，You quickly build your own reputation and user base，So in that industry，It is already difficult for competitors to catch up。

Because your product has a first-mover advantage，In a very short time，188bet may have established a very deep brand and the basic attributes of its products among users，So it will be difficult for your competitors to copy。

Of course what is behind the 180-day phenomenon？First of all, the product must be original，It must be the entrepreneur’s own unique understanding based on the market，Produce products and applications that are very differentiated 188bet market，These products and applications have not been thought of by large companies today。

The past few years，With the rise of mobile Internet，The barriers to entrepreneurship have dropped greatly，What we see today is indeed the possibility of entrepreneurship for all people。Everyone can create an APP，To solve the needs of a certain group of people，188bet should not be all about Internet entrepreneurship。Viewed from a global perspective，Innovation and entrepreneurship should not only focus on the consumer demand of the domestic market, but also focus on breakthroughs brought about by technological innovation。

If your product does not stand up to the 180-day phenomenon，Then you need to think about whether your products and technologies are exclusive。The entry cost of mobile Internet is too low，Some of the fiercely competitive industries we see today，It’s nothing more than product differentiation。But not enough，If every idea is original，It will allow you to build your own barriers for a long time，Avoid possible vicious competition。Also through 188bet method，No longer build your own barriers through continuous financing，I believe 188bet is a characteristic that a number of outstanding Chinese companies in the future should have。

Of course 188bet mobile Internet era，The 180-day phenomenon is a bit too long，I’m afraid the mobile Internet may have a chance to develop in a shorter time，Build your own brand advantage。

188bet next ten years，If there are any changes in entrepreneurship and innovation，The proportion of enterprises with technological innovation will be greatly increased，Model innovation also faces the challenges of low entry barriers and relative homogeneity。Global companies must have one important characteristic，The product must be technological innovation，Not just model innovation。

*188bet article is reproduced from the public account Investor Talk (touzirenshuo).