Sequoia Capital Shen Nanpeng: How to build a great 188bet Online Sports Betting and Casino?

Sequoia Capital Author of 188bet Online Sports Betting and Casino article: Zhihui 2017-08-17 11:23:03
A large number of startups failed to grow up,Failed to become the great 188bet Online Sports Betting and Casino expected,There are many reasons,But the most important thing is probably whether the 188bet Online Sports Betting and Casino has strong execution and team culture。Then,How to build strong execution and an excellent team culture?

01 Inspiration from the five laws of physics

With the 188bet Online Sports Betting and Casino science and technology,Every entrepreneur faces unprecedented challenges,The most dangerous behavior to remain invincible is to refuse to change。

Fortunately,Danger and opportunity coexist,Once determined to start the change,The rate of change 188bet Online Sports Betting and Casino likely develop in a J-shaped curve,The growth rate 188bet Online Sports Betting and Casino gradually increase over time,Optimize from cost、Performance optimization、Efficiency optimization gradually transitions to change optimization。We may be able to interpret the laws of business development and change through a few basic laws of physics:

1. The greater the friction, the more difficult 188bet Online Sports Betting and Casino is to grow

Objects in motion have a tendency to maintain motion。Objects at rest have a tendency to remain at rest。Unless it is forced to change 188bet Online Sports Betting and Casino state by the force of other objects。

Human nature is to hate change,Tend to rely on existing experience,Subconsciously resist what 188bet Online Sports Betting and Casino are not comfortable with。However, the pursuit of innovation and change,188bet Online Sports Betting and Casino need to overcome these inherent weaknesses,Every entrepreneur needs to encourage the risk culture of the enterprise、Motivate employees to try and make mistakes quickly、Have the courage to let go of stagnant workflows、Gradually establish a decentralized team、Good at empowering to build bottom-up innovation。

2. Start with simplicity, stay with simplicity

Newton’s second law,F=MA<Resultant force = mass × acceleration

Scale is often the enemy of growth and innovation。Small but beautiful is often the way to development。

188bet Online Sports Betting and Casino process of enterprise development,Remember to always maintain a light body。The reason is very simple,Because a force has almost no effect on an object with a large mass,But it can easily push objects with small mass,And let it speed up。Excellent entrepreneurs must always be wary of the scale growth trap。

Redundancy in a 188bet Online Sports Betting and Casino can be prevented,Early signals it presents include: companies begin to emphasize physical conditions and facilities、Focus on form rather than content、Expansion of management staff、Do not emphasize quantitative indicators,Instead, it emphasizes the unquantifiable things。Entrepreneurs should always pay attention to the truly important indicators,includes customers、Order volume、Revenue、Gross profit、churn rate、Profitability、Cash flow,Let the real numbers speak。

3. Develop under pressure

Ideal gas in equilibrium,Pressure,Volume,Equation of state 188bet Online Sports Betting and Casino relationship between the amount of matter and temperature。

Pressure、Volume、Between temperature,There is always a balance。188bet Online Sports Betting and Casino like the rapid development of an enterprise,Capital cost、Development speed limit、Market size、There is also an optimal balance point between unit benefits。In the development of enterprises, we must maintain a focus on products and fields in stages,Don’t expand blindly。

4. Make full use of 188bet Online Sports Betting and Casino flexibility

Start-ups need to be good at seizing opportunities,Leverage the situation,Dancing with elephants。For a large 188bet Online Sports Betting and Casino,It probably believes that its main rivals are other large companies。

But 188bet Online Sports Betting and Casino not always the case,Benefits through leverage,Start-up companies can also be small and big,They may be the real opponents of large companies。The advantages of startups are very clear,The abbreviation of "5S Advantages" includes: Stealth——Concealment、Speed——Speed、Smarts——Intelligence、Svelteness——Streamlining,And Simplicity - Simple。These flexibilities should not be underestimated,Has huge potential to subvert industry giants。

5. Principle of entropy increase

Entropy (the index of disorder) increases over time.

Take Google as an example,The products of its employees’ “disorderly time” include GMAIL,NEWS,GOOGLE NOW and other excellent products。Another example of disordered increase is,Now with the rapid popularity of new media such as WeChat and Weibo,The disordered characteristics of information dissemination are becoming more and more obvious,The entire media ecosystem is also developing rapidly 188bet Online Sports Betting and Casino direction of social media。

In 188bet Online Sports Betting and Casino case,Any positive or negative news content of a company will spread exponentially through social media。The interaction between enterprises and customers is getting closer,Especially for companies targeting mass consumer groups,Customers determine the success or failure of a corporate brand。

Therefore,Any 188bet Online Sports Betting and Casino needs to continuously cultivate new perspectives in the social media environment,Sales、Public Relations、Customer Service、Business development and other functions need to integrate social marketing to help enterprises improve their visibility and reputation,Expand industrial influence。

02 Develop 188bet Online Sports Betting and Casino Professionalism

What is the most critical factor for a 188bet Online Sports Betting and Casino to succeed?

Except Entrepreneurship,“Entrepreneurial spirit” is one of the words that has appeared most frequently in domestic media 188bet Online Sports Betting and Casino past period,We also need Professionalism。

A large number of startups failed to grow up,Failed to become the great company expected,There are many reasons,But the most important thing is probably whether the company has strong execution and team culture。188bet Online Sports Betting and Casino applicable to start-up companies,Also suitable for large companies;Applicable to multinational companies,Also applicable to private enterprises。

Then,How to build strong execution and an excellent team culture?Emphasize that Professionalism is one 188bet Online Sports Betting and Casino core。

Professionalism covers many aspects,Some are reflected in very details。For example,When I graduated from graduate school and found a job on Wall Street in 1992,Friends tell me that being a Professional on Wall Street,First of all, we need to change our clothes,The clothes I wore as a Yale student no longer fit,The standard clothing for investment banks is a white shirt、Tie and dark suit,188bet Online Sports Betting and Casino have to add cufflinks。But in fact, appearance is not the most important thing,What’s more important is professional behavior。

1. Professional knowledge and abilities

Must become an expert in your industry,But for an aspiring manager、For people who are leaders,Knowledge should be multifaceted。If 188bet Online Sports Betting and Casino are studying engineering,When reaching a middle or senior management position,Maybe 188bet Online Sports Betting and Casino also need to know about finance,This is why we need to attend EMBA today、Courses like FMBA,Because here we provide 188bet Online Sports Betting and Casino with a comprehensive understanding of enterprise management、A learning and communication platform to improve leadership and more。

2. 188bet Online Sports Betting and Casino spirit

We need to build trust among our teams、Respect and consideration。The word consideration is very important,Although it is at the end。When your colleagues fail to meet everyone’s expectations for various reasons,188bet Online Sports Betting and Casino need to give him some understanding,Give him respect and encouragement at the same time,It can make up for him where he is lagging behind。

3. Values

We often talk about positive energy today,How 188bet Online Sports Betting and Casino treat your customers、What is the attitude of the partners?To your friends around 188bet Online Sports Betting and Casino、What is family like?Be kind to your family、Be kind to your colleagues,This is also a very important point in our values。If 188bet Online Sports Betting and Casino over-market or deceive customers,Although some goals may be achieved in the short term,But these will ultimately harm the company and yourself。

4. Responsibility

Everyone is interested in the work they do,Every small job,Everyone must have a sense of responsibility to complete the task to the best of their ability。Because the team members expect 188bet Online Sports Betting and Casino to perform this task to the best of your ability。

03 Strengthen 188bet Online Sports Betting and Casino strategic thinking

Actually, being a CEO is not that easy,Determine strategy、Heavy product、Lead the 188bet Online Sports Betting and Casino、Settling the accounts,No one can be missing。

There are fundamental differences between the Internet industry today and 1999。Today,BAT、Large companies such as JD.com and Xiaomi have already covered a considerable part of the market opportunities。But let’s not complain,188bet Online Sports Betting and Casino not a monopoly,It is an inevitable process that every industry must go through in business development。

Isn’t it the same with traditional industries??Now make mineral water、Doing business of branded home appliances,The success rate is also quite small,188bet Online Sports Betting and Casino not much determination、How much money is the question,But under the existing structure,There are indeed fewer opportunities。

But are there still opportunities for new products and new business models 188bet Online Sports Betting and Casino Internet industry?

Definitely。Four years ago,We believe that China’s Internet news landscape has been basically finalized,"Today's Toutiao" has done very well in recent years。When we went to learn about "Today's Toutiao",Doing what a VC does most - comparing various competing products。

We have seen many big companies making similar products,So I didn’t invest in their Series A。188bet Online Sports Betting and Casino turns out we were wrong,Fortunately, we realized the technical advantages of their products,Invested in them in later rounds。

As CEO,188bet Online Sports Betting and Casino must make psychological preparations and technical reserves on the first day of starting a business。Think about,If a giant enters this industry,How would 188bet Online Sports Betting and Casino respond?There is a strategic choice issue here。

2008,Jingdong is facing an e-commerce platform that has already developed hugely in the market,Liu Qiangdong chose the path of self-operated e-commerce。There was no 188bet Online Sports Betting and Casino at that time,Including offline retailers,Be able to truly be in the supply chain、Do a good job in warehousing and distribution,But the facts proved that his unique strategic choice was correct。

04 In-depth participation in products

Doing a good job in user experience does not require 188bet Online Sports Betting and Casino to be a technical or programming expert,But 188bet Online Sports Betting and Casino must pay attention to product and user experience。

JD.com’s self-built logistics,Ensure delivery within a more accurate time period,Delivery within 24 hours in more than hundreds of cities。Perhaps 188bet Online Sports Betting and Casino will still remember the photo of Liu Qiangdong personally delivering goods,This shows that they are sending a clear message - delivery on time。

The CEO must 188bet Online Sports Betting and Casino be a product manager,The team is responsible for execution,But the CEO should be deeply involved and involved,Help the team polish the product。

05 Cultivate young people in advance

The failure rate of airborne executives is not low.

Growing companies are like fighting every day,The battle situation is changing rapidly,A senior executive from a large company suddenly arrived,Can he adapt quickly?Not necessarily。I tend to find young people to train,They may not have that much experience,188bet Online Sports Betting and Casino don’t have to be a top MBA or have a background in investment banking or consulting,But 188bet Online Sports Betting and Casino must have ideas and good business sense,In line with the team’s core innovation concept,Let them grow with the company。

How to train them?

Practical combat is the best training。188bet Online Sports Betting and Casino allow a young man with potential to learn and grow in actual combat,He will progress much faster than doing programmatic work in a large company。

If a 188bet Online Sports Betting and Casino still has its earliest founding executives playing all important roles many years later,Young people have no chance to grow up,I’m afraid there will be problems。

06 Pay attention to data analysis

In startup 188bet Online Sports Betting and Casino, there is often one department that is underestimated: the financial department。

This is a cognitive bias。Of course money is a lifeline,If 188bet Online Sports Betting and Casino can’t raise money, no matter how ambitious 188bet Online Sports Betting and Casino are, 188bet Online Sports Betting and Casino won’t be able to realize it。But a good financial department is an important consultant for the company’s business。Among the top 500 companies in the United States,There are not many CFOs who take over the position of retired CEOs。The CFO should help the CEO see the company’s business health clearly,Help the CEO figure out the company’s future development strategy。

Of course the CEO must also be someone who can settle accounts,Don’t make decisions with your head in your hands。I think there are at least two numbers that most 188bet Online Sports Betting and Casino must pay attention to。

The first one is gross profit margin,Determines whether a company has real bargaining power or pricing strength,188bet Online Sports Betting and Casino a number that CEOs need to pay attention to and be sensitive to。

The second number is unit economics。For example, What is the comprehensive income of a customer of Internet OTA (Online Travel Agent)?First 188bet Online Sports Betting and Casino have to acquire customers,This requires cost;The second is conversion rate and churn rate;Continue again,Operation costs required to serve customers,Every link should be analyzed in detail。Consider whether acquisition costs can be reduced,Provide user experience to improve conversion rate,Use technical means to reduce operating costs, etc.,Every link needs to be quantified。

*The content of 188bet Online Sports Betting and Casino article comes from the Internet.

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