Editor's note: 2011, commissioners will " Chineselouis vuitton outlets year poineering figure " the ticket cast Chen Yizhou. Somebody sums up him so: He is a typical person that do poineering work, have high sensitivity to opportunity of new student market. But market of the commercial smell that has acumen more than the general person that do poineering work, familiar capital, at the same time can rapid to buying the business after to undertake conformity and ego adjust the key that is his get the upper hand of.
Regard Chinese Internet as the domain " veteran " , chen Yizhou of the person that do poineering work continuously is grow together in Chinalouis vuitton outlets stores with this industry rise, others has been experienced, he was experienced basically (bubble, bright financing record) , and others had not been experienced, he also " try " over- : Sell the oneself company, company that buys others, and greatly small " fail " : 1000 oak are born to encounter the cold winter of SP before long, it is the winter of Web2.0 subsequently, although be driven in Chinese concept,be abroad appear on the market before two weeks when the window shuts appear on the market, the day after appearing on the market is uneasy also, the share price in cold winter glides ceaselessly, and small gain of Tecent of the person that Internet succeeds the first times and sina also still eye covetously.
But he what see cold winter of be used to, know how to keep cool-headed when fanaticism; After also knowing to err how ego undertakes adjustment, more important is, he built China with capital the rare platform in company of the 2nd acting Internet takes shape, the louis vuitton outlets store online strategic position with relatively whole business. In the check in in the winter his experience, especially important.
All the time since, chen Yizhou is regarded as by the outside " be good at capital running with integrated resource " the person that do poineering work. He once created the financing record of Chinese Internet company, he bought a large number of poineering companies and item, he still sent wall street this year, and mere after a few months, he opens up again endowment 8000 much dollars bought 56 networks. November, 72.4 million dollar of everybody company sells place to hold art dragon share, chen Yizhou earns 51 million dollar 3 years. Meanwhile, resemble a lot of China ideas same, what everybody net also experienced share price is big fall greatly. These are actually big when lacking cash the backside of financing, the crisis with the former deep person that because is to result from,one does poineering work continuously feels, the 2 accredit that are thelouis vuitton outlets online person that capital market does poineering work continuously to an Internet.
"The objective law that Internet develops is, want to encircle the ground first, then you have to have enough money. The ground is done not have, the house also does not have a lid, how to collect rent? " this is the poineering experience that Chen Yizhou sums up. After he says everybody company appears on the market, all products and project want with everybody net this platform is core. "We are to look for a seed everywhere before 2006, everywhere net, stricken later, so later main around everybody net make an issue of. So later main around everybody net make an issue of..
Allegedly, in those days Chen Yizhou and Zhou Yunfan, Yang Ning prepares to do poineering work in the United States when, 3 people had considered 3 projects: Learn Yamaxun to do electronic business affairs, but feel too burn money, abandoned; Learn inferior the letter makes communication, feel to be apart from Internet again too far. Final decision does ChinaRen. "Because the United States has a website that is called GEOCITIES at that time, do alumnus to record, develop very well, we do this with respect to the decision. We do this with respect to the decision..
For this, chen Yizhou still goes back to the motherland the Lei Jun of college fellow student that saw him. "I two it is read Wuhan university, I am fastened in physics originally, turn to the computer science department later, became classfellow with Lei Jun. " Chen Yizhou says. Two people argued in Lei Jun's car at that time one afternoon. Leiauthentic louis vuitton outlets Jun says you this project is apart from Qian Taiyuan, and Chen Yizhou says this has an outlook. Very fast, lei Jun made outstanding net, chen Yizhou did ChinaRen.
But, chinaRen does not have get over after all that " severe winter " . Look in Chen Yizhou, either the concept is too early, however at that time " the Qian Tai that does is little " . The lesson that experiences him this is, want to do poineering work, must have on the hand enough " ammo " .
Last year second half of the year, chen Yizhou discovers wall street may be being greeted new round of IPO " window period " . "We a judgement at that time is, appear on the market every time active period most a year, average half an year. If your company condition compares right word, at once ready-made, want time to arrive to go up immediately only. " also be from last year second half of the year begins, chen Yizhou begins each business in adversary to undertake tearing apart, everything prepares to appear on the market.
"Somebody haslouis vuitton 2012 been checked later, wall street point to begin to glide, begin from before everybody company appears on the market two weeks namely, this does not have the least bit relation really with us. " Chen Yizhou says.
"Catch for your client mad "
" poineering state " : What is your present poineering condition?
Chen Yizhou: Because gregarious network is a particularly large issue, when there is everybody net previously, quite anxious search everywhere. Resemble heart city playing cards now, the market sent a pair of your good card, go exchanging new card why? This card is already very good, how many person looks at be envious, go why envious others? Although prospective Internet industry has the more popular than gregarious network trade pattern that perhaps looks more bright, we also won't be gone after blindly.
I altered the write the names of the sender and the recipient on a painting of mail recently, it is so " too long 10000, seize every minute " . I change it into two words recently: One is " catch for your client mad " , regard the user as sacred, other things do not think. The 2nd is, "Invent " (Invent) , had done these two businesses went, other things resemble earning money satisfaction of value of ability, company, employee is spent etc is automatical good, it islouis vuitton outlet time problem only.
" poineering state " : Are you afraid to small gain?
Chen Yizhou: Above all I feel both is different thing, anything grows certain level, grow not quite easily so fast, cannot be absoluteness, include small gain. The career with everybody long net is done not have so fast, but we always are growing. At present the activation user number of everybody net has 137 million much, active user counts the month from the beginning of the year 2000 much, go up to 37 million present. I feel this is more healthy. We do not pay close attention to other company how to be done, the SNS that cares our fact name to make only this mu 3 distribute land. We believe this ground will be bigger and bigger, and the trend that this is future.
" poineering state " : Where does your confidence come from?
Chen Yizhou: We believe, the educational rate of every generation youth is higher and higher now, next they are made to real name more accept. Contrary, the age slants big netizen, use real name to make and unaccustomed.
So, we bet two things: Thelouis vuitton wallets first, in Chinese netizen, the user that accepts rate of this three-year institution of higher learning, Yo of science and education group increasing; The 2nd, chinese netizen perhaps says whole China average income is higher and higher, everybody's time is valuable.
The time when the user is more and more valuable, we can let an user be in very short time, spend everyday for example 20 or 30 minutes, finish very businesslikely maintain gregarious relationship with hundreds of good friends, want than other communication tools businesslike. That is to say, the greatest value that actually we create to the user helps an user save time namely, let an user do him to consider the business that do inside the shortest time. The value that we create to him is greater, vendibility can be jumped over big.
" poineering state " : Before the great opportunity of others, how to keep calm?
Chen Yizhou: My individual feels, the more with small contented gain is people the demand to information, it is actually bigger to searching the pressure of engine, be in especially mobile phone terminal.
In everybody net, everybody also has the demand that shares all sorts of information, actually so we also are to be in covert the market of ground contention information. But divide this beyond, still be with sharing a few private pictures are given priority to with condition between the good friend of everybody net. This kind of thing suits inherently to move on a public network not quite, otherwise the privacy of the user even information security can give an issue. For instance, everybody net has near 1 million LBS address to locate information arises everyday now, but this mode runs very hard on small gain, because celebrity is,not be willing to publish oneself address.
So product of avery kind of has its advantage. The advantage of small gain is apparent, use easily simply, information is updated in real time, include to be able to provide the service of subscription, he grabbed the business that searchs engine even. But he is not all the thing can be done, we are same also, the thing that so we can do this only is done particularly well, some ought not to the business that you do, can look at person be envious only, we never also had wanted to want to do.
" poineering state " : Your buy the strategy, be to buy a person to still buy an item?
Chen Yizhou: I do not feel this kind of frequent act on capital, can create maximum value to the company, the company's biggest value still is in what arise in operation and innovation. When everybody company did not appear on the market, had done buy, we are not so unfamiliar to thelouis vuitton speedy use of capital. But go up from essence for, we do not think to lean purely and buy can make it a particularly successful company, this just assists a method forever.
So, to buy or be being compared motor-driven is mixed agile, the good seed of company interior has been held out now much, if can the seed with superior handle 100 percent hatch is successful, I am quite glad. Of course, if be in a few years of future, still the seed with good what can enter our law small hole, completely possible meeting does it.
The first day when buy next wants to be clear about, it is to buy a person to still buy a property after all, we are very clear when buying the network inside school, basically be to buy property, it is to buy a person next. These author do not leave. If you buy a company or the technology is for the word of this group, that must have when the design buys an item bind decided treaty, must let him leave at least 3 ～ 4 years. He has a place to earn more money, and have feeling of a kind of achievement.
" poineering state " : What is the logic before that?
Chen Yizhou: The portion bought intramural time in October 2006 already special was clear about, not clear still before. The cat attacks revolving door door when feel likely to have bit of problem. Because the portal is an old commercial pattern, we go doing seem to also do not have distinct advantage. After breaking a lot of money, seeing this way also is not completely right, attack the cat to turn again time do community. Think next, what is older than this community trade pattern, and still suit us quite?
Later, the gregarious network that real name controls appears, we were certain at a draught, think this mode agrees to will surely succeed. Because of what this success leans namely when doing ChinaRen 1999, also do not succeed without reason now. YouTube is a company of more precocious than Facebook name, its early is sold, the interest that aroused the person that broad China does poineering work so and chase after hold in both hands. I am written down very clearly, after YouTube comes out, china has 300 companies to do video website, attracted many poineering group and investment. Facebook does not have financing, also do not have what report, so everybody not quite know. And our as it happens knows this thing, be in so the competitor is not very much, came in when doing this business without too much money. The upsurge of video attracts very much poineering group, let us have a few opportunities that breath.
Begin from 2006 so, we are in all the time this respect is rapid the ground is outspread, other issues are contracting however. Include now, although look our business very complex, it is actually turn round everybody net -- net of polished glutinous rice is to belong to socialization electron business affairs, game is one changes showing tool.
Do not have a change to now from 2006, and future also won't run 5 years for certain. Had not seen what suit us already really now because of me, make the commercial pattern with gregarious larger network than everybody net and real name again. May appear, odds is very small; And whether are we caught so that live, this is another condition. The commercial pattern that these two conditions accord with, I had not seen.
Cannot need money
" poineering state " : Combine oneself poineering experience, you how look upon success and failure?
Chen Yizhou: When doing poineering work 1999, yang Ning considered a domain name, call ChinaRen, use this domain name. We decided the commercial pattern that the domain name decides again first, do community namely. Yahoo bought Geocities at that time -- at that time a very big company, actually it is the first company that becomes community, I very value community. Its advantage is to be able to cover communication and information; Defect leaves money further namely.
When just going back to the motherland 1999, I still had argued with Lei Jun, argued in the car 3 two hours. He says, this thing leaves Qian Taiyuan, how do you make money? I do not understand him at that time, can understand now. We are the student opens a firm at that time, think only simply, this demand is existence, how to let an user like this thing? Lei Jun is done later outstanding, we still continue to do ChinaRen, I feel this thing is interesting. It produced much value to the user, after doing alumnus to record especially, a lot of users are using our thing.
I say, this affirmation is a good thing. But should say how to make money, my can find no way out, do not want to give profitable way at that time. Had not accumulated this kind of popular notion of the user first at that time. Now if study carefully, the Internet since 1999 does poineering work personage, two kinds of people succeed easily:
The first kind of typical successful case is Ding Lei, the thing louis vuitton outlets that he caught to make money at the beginning -- mailbox. Mailbox is in at that time make money really, raise a family status next with this money, a lot of money also were made after appearing on the market, but see a portal do not make money, go making SP, game again. Anyhow, his attention is utilitarian, the company can stand up in the first day. So, netease is very successful now, the share of fourth Lei individual still has 60% , not by dilute.
Still having a kind of company is Alibaba, Tecent, Baidu such, they did a particularly useful thing at the beginning, can make money not to know. Insist to come down finally, succeeded.
Most those who be afraid of is, chinaRen did an useful to everybody thing, but do not have be in harmony to arrive enough much money, can sell only finally. But if your be in harmony arrived a lot of money, did not do a correct business, also died. Have enough much money and do correct business, these two conditions need.
" poineering state " : Want to come now, can feel ChinaRenStill do bit earlier?
Chen Yizhou: Not early, the problem of only awaits money to do in those days namely little. If we can do 50 million U.S. dollor at that time, the possibility is a lot of larger than now. This is the problem of luck, catch up with Na Yibo. So, you must have enough money to be able to be maintained. The objective law that Internet develops is, want to encircle the ground first, then you have to have enough money. The ground is done not have, the house also does not have a lid, how to collect rent?
In the meantime, even dedicated, cannot old come round. Arrive from 1999 like us now, can say to change a lot of, also did not change actually. Period of time wants to do community, oneself do community to be no good buy a community again, burned a lot of money to make video again next. Discover finally, still be inferior to doing oneself ripest thing. We know all the time, community kind the thing is valuable, our interest interest is above this, had never changed, caught next appropriate.
Likelihood before 2006, we are trying new thing ceaselessly, because know to want to create a dimensions to compare big company, it is insufficient that light relies on community.
" poineering state " : Did you feel your commercial eye produces change?
Chen Yizhou: I still am that individual, did not change, not likely of my commercial judgement ability is stronger than before too much. When you do not have money, a lot of things insist to come down without method, can leave a lot of holes that dug a half at the back of you, every hole proves you are no good; When you are rich, back is the wildcat that risks oil outside every, at this moment perhaps everybody is evaluated to yours even if, this person can work very much. It is logic of after the event actually.
We feel a lot of things had been held out at that time, but seem to eat again forbid, resemble video for example. Video we eat definitely actually, we know is good thing, but the money on the hand does this thing not quite. Await us togucci outlets do not have what money in those days, see good thing dare be not dug, so every place dare be not dug too deep. Every trade pattern should be done fully, should make money, have to dig very greatly, we do not have this condition at that time.
" poineering state " : That is to say, you or from long-term see commercial pattern, erupt to still need proper time truly from it, this needs big investment, is what you go so a method?
Chen Yizhou: Can so say, the business that because be on Internet,can make money very quickly to be able to be done very greatly again is done not have almost. Game except, and still must be inchoate make game, be no good now. Because this kind of thing is too good, everybody can be done first, but this kind of thing is won't too much apparently. Forcing you must do the business that needs long-term investment so, have this kind of thing only talent is enough suffering, have enough much competitor, remain however finally enough little rival, you just may make money.
" poineering state " : What is the lesson that capital gives you?
Chen Yizhou: Have certain lesson, "In one day is bitten by the snake, be afraid of well rope 10 years " . We are special later fear the capital catenary of the company dies, I delivered a pledge at that time, also do not want the fund because of the company again insufficient and bring about did not achieve established goal.
Because we made such mistake twice. Because,ChinaRen is young without poineering experience, also do not have too much work experience, 3 are stupefied head blueness comes out company, go working with one antrum enthusiasm, still can excuse, and sell finally also calculate did not fail.
The 2nd the mistake is, dilate is too fast 2006. Pursuit is short-term target and interest are some more, also did not carry the pressure of investor of course, they hope we appear on the market immediately. Spend much money to buy the SP appreciation business that makes money at that time so, the result arrives in July 2006 portion, china's mobile policy happens change, these business are not valuable, can chop entirely only. So, take the 48 million dollar of investor, the half may buy a few waste product; The machine that burns money next enlarged one times however, group amount enlarged one times. So very painful at that time, from 1400 people dismiss 700 people.
Spoken parts in an opera is, beautiful at that time Qian Tai is fast, did not carry pressure. Investment also just is encouraging us so dry, I go up from original idea is not special support, but also did not object. Still blame me so, should objecting because of me can object, I was not carried. To investor, their day is born with is nearsightedness, the task is very simple also, appear on the market namely. But we serve as the person that do poineering work, cannot all things let investor direct. What the person that do poineering work should do is to let a company have a long-term development, 5 years, after 10 years, can become to compare a company with very a lot of bigger, successful now dimensions.
Pass this twice, be in harmony arrived 2008 later after money, let them bend over to was not moved on Zhang, we do a business with respect to sureness. Include to there is investment now, major cost is by everybody the net gains the money responsibility that come. So, we have ten cash reserve of 100 million almost now.
" poineering state " : The lesson before having, how to follow VCHow does argy-bargy get along, An experience that also has oneself?
Chen Yizhou: Lesson of it doesn't matter, financing of altogether of this all one's life also does not exceed 5 times, what experience lesson can have? But meeting is betterer than. Have a bit, money is done or had jumped over more more anyway, although do not need, if somebody sent money to come, you also are caught, because of you give with respect to nobody when needing. If on the Zhang face of the company remnant money of a year, financing goes on the horse, not when the money of surplus half an year. Because of the likelihood the company is short-term have difficulty, dan Ting crosses this to closed a likelihood to go. But this simple decision was not done good, without money you do not have an opportunity, died. This kind of elementary mistake must do his best go avoiding. Do not want on the price next too dispute, went almost, the safety on finance affairs is more important than the price of financing.
" poineering state " : Say to wanted to come in the winter, how do you see recent capital market?
Chen Yizhou: No matter be winter or summer, anyway we do good idea to prepare, no matter be what climate, can hold out the past. We prepared adequate army provisions, can enlarge the dimensions of investment even. On the control of rhythm, I have a few results, do not want reckoning in every item, must against a rainy day, reduce the long-term risk of the company. Becoming the company's biggest characteristic is, without begin all over again this says, the enterprise was folded folded, you want to be in that place to climb afresh, do not have this opportunity. To can last the ground runs, the financing of this financing, this are slow come down to arrange pace to arrange pace.
I prepare to work 30 years. Once Sun Zhengyi says with me, soft silver left 30 years, we make a plan of 30 years. This is not very formal, but I give myself suggestion of a psychology is, I should work 30 years continuously. Final of course likelihood arrives 10 years, the part that is not CEO 15 years, however the part of a president. Once have this kind of idea, a lot of decision-making basises can produce a change, can consider a few new business more long-term. So this may be a company after appearing on the market a very main growing way.
" poineering state " : You had said last year, wanting the opportunity that seizes mobile Internet is quite difficult.
Chen Yizhou: Same still now. Because apparently, this is the game that a big company is playing, especially apple, Gu Ge their game, great master becomes foil to them. Chinese big company is returned so that play on its mobile phone, big head lets others earn. PC business also is such, the 3 big tycoons that do not cross China -- Tecent, Alibaba, Baidu adds up market prise still is held out tall, seem to also one go all out with Microsoft. But after passing 35 years, chinese mobile Internet the market prise of a few the biggest companies adds up, follow Gu Ge and the word that the apple spells again, ratio is done not have so tall.
It is clear that I had considered 9 years ago, everybody thinks unlike so hopefully, think a bit harder right also. Want the company with so big like Baidu, Tecent make it is not easy. If will tell from the angle of poineering company, a few people do a few application to earn a few money, a bit problem also is done not have, should easier than PC Internet, but become big company very hard. In times of 5 years of the following wireless Internet, industrial value catenary will form both ends thick, among fine: The vendibility of 80% will to big company of a few internationalization, if the height such as Gu Ge, apple, Facebook tilts; There is the company of too much and moderate volume below them, total prices is worth 10% , it is many next around move big company ecosystem arises ceaselessly and the Xiaogong with the huge amount of ceaseless die out manages group, total value is occupied about 10% . This is the zoology of a brutal wireless Internet, but we had made thought preparation. Will be us a few years when face prospective investment in the near future, we can not get the understanding of the market certainly. But this OK. Make a figure of speech: Serve as not " obedient " , the child that all day long misses to fly, we grow excellently rarely (the market) preference, but the ideal that this does not hamper we go after ourselves.
The child that there is prospect most in a family often is the most special that one when stand to go alone.
(Article origin: " poineering state " magazine writer: Graceful of Fang Haodi article)