Yu Minhong’s mailbox will receive at least 50 BPs a day. He checks the mail from time to time every day, and sees good projects transferred to the investors. Each message will be replied within 3 days. BP has received a lot of money, and many have refused to come to it before they look at it. Many projects are rejected and will not come. "In fact, there are some projects, maybe I refused to hesitate, there are still a few good projects behind, why do you want to vote for you? So it is especially normal to refuse. But you will not come, but I will take you if you don't come. Forgot." Yu Minhong said.
Yu Minhong: The most annoying entrepreneur said that it can help me make money.
But Yu Minhong also really encountered such a person, saying that Teacher Yu, you can say that this project is not good, or you can not vote for me, but you can give me some guidance as an elder in the entrepreneurial world. Where is this project? The room for modification? "We usually write one or two sentences. Sometimes he changes and thinks according to us, and then come over. I think this is very serious. Let's talk about it again. I think there is still progress. Three chats and five talks. I feel that the child’s mental state is whether this thing itself contains some ideals, not just telling you, Teacher Yu, I can help you make money.†Yu Minhong said, “I don’t want to hear from Lao Pan. The ones are that we can help you make money. What kind of money do we use to help us? We want to support you to realize your dreams and become the next Ma Yun and Ma Huateng."
"We found this child in the process of seeing it, and it started to have a mental state. Is it right? It is worthwhile to consider it. There are at least 10 projects I have invested in. I have negotiated four or five times and found that this child is not I can't vote, I can't live without it. So I can't say that I won't come back once I am rejected." Lao Pan refused me. Lao Tzu worked for ten years and made another Yu Minhong mad at you. Some people think so, in fact, you are doing another Yu Minhong, can you mad at me? With your heart, how can you make things happen? impossible!
"Unwilling to be mediocre" label & leadership temperament
"Everyone who wants to start a business, in fact, regardless of success or failure, you have posted a label, this label is that you are not willing to be mediocre." Yesterday, in Pan Shiyi’s "Pan Tanhui", this sentence is Yu Minhong’s 40-minute entrepreneurial incentive. The core of the speech.
Yu Minhong believes that there are several elements that are unwilling to be mediocre. The first is ideal. This ideal is not a fixed, clear goal, but a state of mind.
Second, the defending is surprising. "Shouzheng is to insist on doing the right thing, the long-term thing. Keeping the right is to stick to the bottom line. It is surprising to find ways to use your latest and most unexpected methods to turn your business and do what you do." The war is surprising, and so is business."
To build your ideals on the concept of being right and wrong is to insist that the right things are always adhered to, that you can play with flexibility, and you will be able to succeed at any time.
Third, look for entrepreneurial role models and find your life role model.
Fourth, turn yourself into a leader. Because in this world, you can't do things by treating yourself as an ordinary person. Leaders can be cultivated. They are not necessarily born. Most people are gradually making their own vision and pattern in the process of doing things. Leadership temperament with decision-making ability.
Yu Minhong immediately added his definition of leadership temperament:
First, we can use the ideal to lead everyone and shine with the ideal glory. The second is to establish a pattern. Third, they can lead the war and have a leader's method of employing people.
Valuation should leave room for the future
The valuation of China's entrepreneurial market is returning. Yu Minhong said that in the past, a Hongtai fund project would have to invest 6-8 million yuan to get 20% of the shares, and now 3 to 4 million get the same shares, even if it is at least double the cost of the US Silicon Valley startup project, now A round of financing The United States is generally between $200,000 and $500,000.
“Don’t pursue high valuations in the early stage of the enterprise,†Yu Minhong reminded entrepreneurs. “There are many projects to the C round, and the valuation is far lower than the A and B rounds, which led to no one to vote. The valuation should be considered in the long run. The wheel is higher than the previous round and there is room for the future."
The following is a record of Yu Minhong's speech:
Lao Pan will be nervous on this, because his mind is too flexible. Sorry, I just went in and went to the toilet. We have a rule in the countryside. We have to go to the toilet at someone else's house, and the fertilizer stays in other people's fields. Everyone knows that organic fertilizer is collected in the countryside, so it is a great contribution to go to the toilet. Lao Pan did everything himself. He did 3Q in this building (Wangjing SOHO). He did very well. Everyone knows that there are so many entrepreneurial space incubators. I am also doing Hongtai innovation space below. Wangjing, but the place we are doing is relatively small. Lao Pan is this feature. If you don’t know it, you will lay out a good thing and it will be a strategic layout. He told me several times that I came to see 3Q and did a very good job. Many of you are also starting a business in 3Q.
I saw another characteristic from Lao Pan. Whether a person is smart or not has nothing to do with the size of his head. It has nothing to do with brain capacity. Friends around me, one is Ma Yun and the other is old Pan. The face is small, but wisdom. They are all very big. One's wisdom comes mainly from whether you are willing to learn. There is no doubt that Ma Yun is very willing to learn. Lao Pan is also a person who is particularly willing to learn. He can unwittingly introduce some new ideas and new ideas into his own business model, and then introduce new ideas from the business model. How many real estate projects have China in the past 20 years? There are few that can make real estate so old, and there is almost no real estate that can be transformed into an innovative image.
Everyone comes to this space, they must not be an ordinary person. Anyone who wants to start a business, in fact, regardless of success or failure, you have posted a label, this label is that you are unwilling to be mediocre. Maybe it's actually mediocre. I still feel that I am a mediocre person until today, but if you stick to the symbol of mediocrity, you will be able to constantly surpass yourself.
There are several elements that are unwilling to be mediocre. The first is ideal. The ideal is definitely not made after the business model is made. Making money is a very important thing. Any business model to the end, if you don’t make money, it’s a dead end. Ideals are not formed at one time. For example, if you are not close to the field of education, you want to be Yale University. Haven't stepped into the training field yet, indicating that Heaven wants to be New Oriental? You didn't even have a house in your house, just said that the next old Pan is me? Although we can't think of it all at once, if you have an ideal guide and the steps are correct, this thing can be done with reliance. The ideal I am talking about is not a fixed, clear goal, and ideal is a state of mind.
Second, the defending is surprising. It is the favorite of Lao Pan’s partners 30 years ago. After they were separated, everyone became a celebrity. After a company in China can be separated, everyone becomes a Chinese celebrity. There are only two, one is Lao Pan, they are Lao Pan, Feng Lun, Wang Gongquan. Another one is New Oriental. Everyone knows that New Oriental is famous. Yu Minhong, Xu Xiaoping, and Wang Qiang, this place actually has a relationship with New Oriental, because "China Partner" is the venue that Lao Pan loaned to the "Chinese Partner" film crew, tossed for several months. The movie "China Partner", so you revisit this movie, the building inside this movie is like this.
What is the concept of the so-called observance? Keeping the right thing is to insist on doing the right thing, the long-term thing. Keeping the right is to stick to the bottom line. Everything has a bottom line. When this generation grows up, it may be in a very dangerous situation of collusion between government and business. Sometimes it doesn't even collude with the feeling that this thing can't be done, but you still To adhere. Sticking to this bottom line, there are better results up to now, and I can’t hold it anymore. So what is surprising? Surprisingly, you have to find ways to use your latest and most unexpected methods to get your business and do what you do. The war is surprising, and so is business.
Surprisingly speaking, one line is the red line. What is the red line? Sometimes it is a policy of the state. Maybe you think that a certain rule should be followed between companies. This kind of thing is a red line on the surface, but it can actually break through. After the breakthrough, we can make things bigger and better. For example, the little story I encountered, once I took a group of entrepreneurs to the Hulun Buir Grassland to play, it was a beautiful grassland like the Windows desktop, but they were all surrounded, we don’t climb to the grassland, how to see the panorama What? I had to step on the barbed wire. As a result, I climbed up. An entrepreneur pulled me and said that you should never go. If the herders are barbaric, if there is a gun, they will be shot. I want a herder, how can I be so barbaric in the Hulunbuir grassland, and I will not shoot it until I see someone, and China does not seem to have a gun for every herder. He must have a wire fence, but even if there is a reason, There is no serious consequence of your being beaten by him, so I climbed over anyway. Climbing to the top of the mountain and discovering very beautiful scenery, the cattle and sheep on the hillside, the wildflowers on the ground, I couldn't see a figure on the top of the mountain, and I was very happy to yell and scream, and those people ran all over. In fact, what is this wire mesh used for? It is used to surround this pasture, indicating that this grass is our home. However, the general herders do not look at the grass. After he has surrounded the cattle and sheep in the grassland, the cattle and sheep will not go out, so as not to run away. Probably these two functions are not used to prevent people. So on the surface, one thing may not be done, but what you may bring is a different kind of development.
When New Oriental wants to go public, it is a training institution. The state has clear regulations. The training institution is a public institution and cannot be listed. I did two things. I set up a company called New Oriental Education Technology Group. The school has nothing to do with the company. I persuaded the education bureaus in various places to turn me personally from the legal representative into the legal representative of the company. Since it does not violate the state regulations and is not illegal, it has been changed to the New Oriental Education Technology Group. At the same time, all R&D, teachers, training, and technological innovations are placed in the head office. These head office products are matured and distributed to each school, and then connected transactions within the scope of the state. A part of the income of this school will become the company's income. There is no listing of the New Oriental listing to today's school system, but all operations of the New Oriental School System can be attributed to the head office, because 100% of the company's legal representative, he 100% invested in the school, the total product for each school Differentiation.
So when I was on the market, I talked to the Ministry of Education. Several supervisors said that there is no such precedent. After that, let's try. In case New Oriental tries to bring a new spring in the training field, it is not good for us, and New Oriental has not invested a lot of money from scratch to the present, and now pays hundreds of millions of taxes every year. Because you have to really convince them, why should you try? As a result, the listing of New Oriental was successful in the United States. After the success, this matter is reported everywhere. It is said that Yu Minhong, the most wealthy teacher in China, is in trouble. This is a bit politically incorrect. The concept of China should be poor.
So we quickly did a few things: the first thing, and the discussion in Beijing, to the New Oriental listing to celebrate the meeting, the city government to come forward, this matter overturned is difficult. The second thing is that New Oriental quickly established a self-improvement scholarship, which rewards 2,000 college students for tuition each year. You will find that this is a supporting action. Let's think about it a bit. If you say that the country is not allowed in the middle of this process, there is a legal risk. This red line cannot be stepped on. I have repeatedly studied all the regulations, such as the school can not be listed, this is a normal rule. So you have to look at what is safe and what is not safe. You can't say that because there are such rules, you don't step on it. This is the first one. The so-called Guardian is surprisingly beautiful. The empty city plan sometimes sings and sings beautifully. To build your ideals on the concept of being right and wrong is to insist on the right things forever, and to be able to play at any time with flexibility. Then I think that the chances of success in doing things will be much greater.
The second is to break through the status quo. For our generation, breaking the status quo is difficult. Now, you are not working anyway, do you know? We were all good at the time. I was named an associate professor at Peking University. Pan was also working in the state organs at that time. At that time, it was also a member. In the employment of affordable and stable development, it is necessary to come out and start your own business, and to live and die in the future. This matter requires great courage.
You are better than us in this matter, and you can do it yourself. In fact, I said that breaking through my own limitations, far more than this stable work has become unsteady entrepreneurship, the real breakthrough lies in breaking through the limitations of the heart. Because all the good things that a person blocks are blocking themselves. People are like this. A person who is unwilling to break through his or her own self-esteem or a certain psychological problem is often guilty.
I have read criminal psychology. My friends are three-minded. I guess Lao Pan is similar. These friends talked to me about what kind of people we are murderers at the moment. They said that they usually feel inferior and they are not willing to do anything. They are being bullied. When they are bullied, they will lose their rationality for a while. If they attack, they will kill. It is these people who are more daring to vent their own, like Lao Pan, who has no skin and no face. All he thinks is a good thing, it is impossible to kill. So I am deeply aware that many things in our lives are difficult to break because we lack that courage, so two examples from the university are examples.
I said that the university has to do four things. The first is to study, the second is to make friends, the third is to participate in student activities, and the fourth is to fall in love. I have done very well in the first two pieces. Just reading one person is fine. Making friends, I found a jealousy, as long as you are willing to invite people to eat, many people are willing to make friends with you. I used to be a good face in New Oriental, but I didn't care about it later. For example, there are countless opportunities for students to jump on the stage, but I didn't dare to go to the stage at one time. Now I dare to go to the stage on which stage, it is completely underground. . I gave up attending various student activities at Peking University, so there is a saying in the family. When we were at the Peking University as an art troupe, a head of the team, a teacher, when the scenery was on fire, Yu Minhong was a viewer hiding under the stage. . I feel that my Mandarin is not good, and people don't look good. So I went up to be chosen and no face. The students will say that Yu Minhong is so terrible, knowing that he can't choose to run.
No one cares about the failure of others, and anyone cares only about their own failures. All the people around you will only care about your success, no one cares about your failure. So when you fail, when you feel that you are losing face, it is actually a matter of invisibility in the eyes of others. Only when you succeed will it become a public eye. Why do I and Lao Pan come over, and we have some meaning that represents the so-called successful people. Do you know how many failures are behind us? do not know.
Another one is the so-called fall in love. I am 25 years old at Peking University. For the whole seven years, I have the same mental state. I will be rejected if I chase any girl, and I will be told that Yu Minhong’s pig is chasing me. Instead of letting them talk about me, Lao Tzu simply does not chase, it seems very clear. But you have to imagine that the seven-year-old life, apart from taking the hands of Xu Xiaoping, did not take the hands of others, what kind of feeling is that?
When I was in business, I went to Peking University to post advertisements. After I came out from Peking University, no one helped me to work. I posted advertisements at night, enrolled students at night, and took classes during the day. To prevent being recognized by students, I was wearing a military coat. New Oriental was founded on November 16th. Wearing a military coat with sunglasses and wearing sunglasses, a mask, and a hat at 12 o'clock in the middle of the night, is this suspicious? Therefore, when advertising, the students were called to watch there. The key thing is that they recognized me, saying that this is not Teacher Yu Minhong, how to pretend to be like this? I said to advertise, and now I am going to enroll from Peking University. The students immediately robbed my ad and they posted it for me three times a day because the students watched the most ads when they were eating. After the founding of New Oriental, my original Peking University students helped me to advertise. At the beginning, I could not give them any return, and later gave them relatively rich wages. The thing is that as long as you put your face down, you can do anything. For example, if you want money now, many projects ask me for money, and if I refuse it, I won’t come. In fact, some projects, I may still be hesitant to refuse, there are several good projects behind, why do you want to vote for you? So it is especially normal to refuse. But you won't come. If you don't come, I will forget you.
But I also really met such a person, saying that Teacher Yu, you can say that this project is not good, or you can not vote for me, but as an elder in the entrepreneurial world, can you give me some guidance, where is this project? The room for modification? We usually write one or two sentences. Sometimes he changed it according to us, thought about it, and then came over. I think this is very serious. Let me talk about it again and feel that there is still progress. Three chats and five chats feel that the child's mental state, is this thing done by itself contains some ideals? Not just telling you, Teacher Yu, I can help you make money. What I don’t want to hear with Lao Pan is that we can help you make money. What kind of money do we use to help us? We want to support you to realize your dreams and become the next Ma Yun and Ma Huateng.
We found this child in the process of seeing it, and began to have a mental state, right? With an ideal state, this is worth considering. I have invested in at least 10 projects that have been negotiated for four or five times. I found that this child can't vote, and I can't live without it. Therefore, I can't say that I will not come back once, and Lao Pan refused me. I have been doing it for ten years and made another Yu Minhong to suffocate you. Some people think so, in fact, you are doing another Yu Minhong, can you mad at me? With your heart, how can you make things happen? impossible. So this is what I think is the second one. The so-called unwillingness to mediocrity is not to break through a status quo, but to break through yourself, and you have to make a new self.
Of course, I can set an example. My role model is Xu Xiake. His family is on the side of my house. He is from Jiangyin, Jiangsu. The biggest dream I have ever reached is to travel around the world. I am now traveling more than Lao Pan. Your role model is very important. There are many examples in your life. Lao Pan Yu Minhong can be your role model. Ma Yun and Liu Chuanzhi can be your role models. In short, you can find, you want to find politicians as role models. Why can Putin do Russia today, because he started from middle school and later liked history. When he liked history, the only role model he looked for was Peter the Great. Peter the Great transformed Russia from feudal serfdom into modernism. A big enemy of the country, St. Petersburg is a city that Peter the Great created from the marshes, so people need to have an example. This is the third, looking for a business example and looking for your life role model.
The fourth thing, I think everyone has to do, to turn themselves into leaders. Because in this world, you can't do things by treating yourself as an ordinary person. Leaders can be cultivated. They are not necessarily born. Most people are gradually making their own vision and pattern in the process of doing things. Leadership temperament with decision-making ability. I have several definitions of leadership temperament:
First, we can use the ideal to lead everyone and shine with the ideal glory. You can say that we can make big money and be able to be financially free for a few years. This is not a leadership temperament. So when someone digs a new Oriental person, if he says that you are guaranteed to achieve financial freedom in three to five years after coming out, and become like Yu Minhong, I immediately told him that you must not go, this kind of person is absolutely impossible. Let you be financially free. You have to tell people how much we can do this in five or ten years. Maybe things are trivial, but they can make sense.
New Oriental went to visit a Japanese workshop two days ago. It was there 400 years ago and it is still a small workshop. Only doe skin products, and all handmade. Its order is set to ten years later, you ask him why there are so many orders, why not mechanized? You can earn ten times at a time, and you can go public, and the market value is hundreds of times. He said that we are sticking to it, sticking to quality, adhering to our own limited output, and unlimited brand. Do you understand this? He also makes sense. He did 40 workers today in 400 years. In fact, the so-called meaning is not to make the company as big as Alibaba, but this thing itself brings a lifetime value to everyone. This is a must-establishment of leadership temperament.
The second is to establish a pattern because, as a leader, there must be a big pattern of ideas, and no pattern of ideas can be a big deal. Then why was Mao Zedong promoted as the leader of the Communist Party? It is because Mao Zedong has the liberation of all of China and the way to liberate the whole of China. It is such a thing. Mao Zedong is not only a military scientist, but certainly one of the greatest military scientists in the world, and it is a major pattern. Politician. It was not until the liberation that he was chaotic. After the liberation, the Great Leap Forward, the three-year natural disaster, and the Cultural Revolution were all made by him. But he is a person with a pattern.
Employing people, there are leaders' methods of employing people. Originally, several partners are buddies. Everyone has no concept of being a better head. Everyone will start a business when they are dispersed. Such companies will generally close down. why? To the last bunch of buddies, there is no problem in talking about the final decision of the company. Why is the first team of Lao Pan scattered? In a sense, whoever speaks doesn't count, every one is very good, old Pan, right? Wang Gongquan, and Feng Lun, etc., each of them are heroes, a group of heroes are gathered together, and there is a lack of a real head, there will be problems. After they came out, everyone did a huge career.
Why did New Oriental be made later? It’s because New Oriental is a person who has been working alone for three years. When I went to the United States to get Xu Xiaoping and Wang Qiang back, New Oriental had an annual income of 50 million. Although they didn’t come back, I couldn’t afford to see me because they were in college. I am in the class secretary of the Communist Youth League branch. I am so earthy. They have returned to the United States for seven or eight years. The doctoral and master's degree are back. I don't think I am too normal. But there is a little benefit. I have already established the status of the born first founder of New Oriental. I am not sure that I will give you the equity, but let this position, hehe.
So I am not a natural leader. It is this opportunity. In the first three years of New Oriental, I was alone, so New Oriental has not replaced me. But what I want to say is that in the middle of the process, such as Wang Qiang, Xu Xiaoping, and friends like the old circle in the outer circle, you can observe the words, you can learn a lot through their conversation, you will lead a middle in the enterprise development. What should be done and what should not be done, I think it is very important.
Later, when you say that your ideal ability is equivalent to your strategic ability, the strategic layout is in the right direction. Everyone has hope with you. Your ability to pattern is actually part of your strategic ability. In the future, I will do this feeling of how large I can be and how I can make it. Your team's ability to condense a group of truly capable people. After you have been the initiator of the initial difficulties, the only thing you have to do is to find the most suitable talents for you. Now, about 45% of New Oriental time is used to find talent for New Oriental. I don't have to worry about New Oriental talents. For example, in the past few years of New Oriental, New Oriental's Internet system O2O learning system, network management system can't do anything. Later, I suddenly realized that this is because New Oriental's head is not looking good in this field. . So I spent a lot of time looking for this head the year before. Now that the New Oriental system is full of enthusiasm, Teacher Yu tells a general direction, and you will not leave if you give me enough wages. Talents are asking for money. You said that you use a person who can't live without it. Any department is like this. You can't live there. You pay low wages. Do you think it is very economical? Or do you spend a lot of money, can he give you a living? This means that the more expensive and cheaper the person is, the more expensive the person is. Everyone remembers these points, the specific technical level is good, O2O business model is good, or thousands of online and thousands of offline are not important, the important thing is that after you get the above things, then with your The team will discuss the business model together. You can't figure out what is inside your team. You can find someone like me and give us the shares to help you immediately.
I will talk so much, not taking up too much time in old Pan. Thank you.
Concerned about surprises
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