Real Fund Xu Xiaoping: There Is Only One Rule Of Success For Entrepreneurs.

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In 2006, New Oriental went public.

Xu Xiaoping, who was always energetic and full of energy, suddenly found himself trapped in a boredom. The company was stable and rich. For a teacher who did not challenge himself, it was a disaster.

A few days later, he received a call from Google China executives Guo Qu disease, who explained his business plan.

20 minutes later, Xu Xiaoping, who didn't understand, asked two questions, "how much do you want" and "how much do you want me to do?"

So this angel invested, Guo Quji left Google and founded the B2C website of foreign trade, which is likely to become the first case of Xu Xiaoping's withdrawal from Lanting Pavilion.

Guo Quji is MBA of Stanford University.

Xu Xiaoping appreciated the entrepreneurial atmosphere and entrepreneurial quality of the school. After his trip to Standford in 2006, seven or eight students who called him all got angel investment.

"After that trip, I officially started my investment journey," Xu Xiaoping said.

In order to make up for his regret that he could not go to school, he also plans to move his American office of the real angel fund to that side.

Two months ago, Xu Xiaoping began his trip to the United States again.

This time, his destination is six universities in Columbia, Harvard, MIT, Pennsylvania, Standford and Berkeley, giving talks on China's entrepreneurial opportunities and encouraging foreign students to return to business.

"The talented Chinese do not go back to start their own business, that's the tragedy of history!" Xu Xiaoping excitedly yelled at the table.

In the two months, Xu Xiaoping has completed another $500 thousand angel investment.

The end of 2011 was his 5th anniversary official commemoration of angel investment. Xu Xiaoping intends to have a grand reception.

"Five years, you should give yourself a pcript.

In fact, every year in the beginning of the year do not want to vote again, "Xu Xiaoping paused," because it spent a lot of money! Bloody, all my own money. "

But as soon as the Spring Festival, he still can not resist a wave of visiting entrepreneurs, and then then invest, a hair and unmanageable.

At present, the "real fund" has invested about $20 million for about 30 companies. According to Lei Jun's estimate, the rate of return is about the same as that of Lenovo's first phase fund.

As an investor, Xu Xiaoping felt that he had achieved initial success and was confident that he would continue to do so. "The first year is black, the second is grey, the third is purple, and now the red is finally there."

In the more than 10 years of New Oriental, Xu Xiaoping worked as a student consultant and helped students find jobs. Now it is helping students start their own businesses and create wealth.

"From a good teacher to an angel, from a career mentor to a business mentor," Xu Xiaoping is proud. "I also continue the brilliant path of New Oriental."

What is real?

Venture capital: why is your fund called real fund?

Xu Xiaoping: I plate "Integrity" as true.

Some people have plated it into integrity, but I think the connotation of this word is far greater than integrity. It contains "integrity of quality".

A man must do something real if he wants to do something.

The failure rate of young entrepreneurs is very high. You can lose the company, but you can't lose it. Finance can go bankrupt, but your personality and credit must not be lost.

So my fund is called the real fund, and I want to advocate a pioneering and creative value proposition, which is relatively scarce in domestic education.

By the way, Wang Qiang, the great master of language, gave me a warm encouragement and a high degree of approval (laughter) about the plation of this word.

Venture capital: which companies have you invested in?

Xu Xiaoping: I think Lei Jun is an insurmountable mountain in the sense of angel investment. But I heard him say that he only cast familiar industries and familiar people.

Then the rest can be cast by me.

So I invest in a wide range of industries, including the new technology education companies such as easy and cool, Lanting Pavilion, poly America, 12 e-commerce websites, and many entertainment media.

Including an animation company, their dream is to build China's Disney. I believe they should buy this for my dream.

Lang cool's career is for every Chinese English teacher and English student to provide a never tired, never angry, never going out of shape English reading, speaking and listening to the electronic teacher, help hundreds of millions of young people to lay a good foundation for foreign language, for this dream, I will continue to throw in.

I also voted in the movie and music industry to vote for everything.

I hope to make angel investment sound and vivid, not just the tinkling of copper coins, but become a colorful symphony, and the end of it is the brilliant success of entrepreneurs.

Now I have created several hundred million yuan (RMB), created employment opportunities, directly or indirectly, can be identified with Wan Lai.

Venture capital: is there any secret to angel investment?

Xu Xiaoping: there are some things I do not tell my wife. If I tell her, she will be very miserable. For example, "500 thousand dollars is gone", this happened two or three times, and my investment is all my own hard-earned money and emotional.

But I have several investment philosophies to tell you.

Philosophy 1: regret rather than regret.

I didn't vote like that old project. Taobao let me vote for me. It was a lifelong regret.

If I vote, my regrets are fixed, but regrets are infinite.

Therefore, I would rather vote for five instead of letting one go.

Philosophy two: my money comes from students and returns to students.

New Oriental is collecting money from students. I think I owe students.

But I can't give every student a sum of money, then I will give them those who have ideas, ambition, talent and talent.

Of course, it's not my standard to invest in New Oriental. I just know more overseas students.

Philosophy three: I am an innovative workshop without walls.

I am also one of Li Kaifu's investors in LP, an Innovation workshop. I want to be an innovative workshop without walls and no tables to encourage young people to start their own businesses and innovate.

Whenever I think of that year, Yu Minhong, woodlouse (laughter), has no money, no resources, no social background, and unexpectedly rises rapidly. I think everyone is likely to be the future of Yu Minhong.

Their entrepreneurial environment is better than that of Yu Minhong. Their entrepreneurial consciousness is stronger than Yu Minhong's. So I think investing 100 thousand or 200 thousand dollars for them is equivalent to watering some water on this seedling, and surely they can harvest a forest.

There are always dead trees in the forest, but they are harmless.

I firmly believe that miracles will be born among young people. This is why I have been so bold, so brave and so quick to rush into the investment circle.

Venture capital: how do you understand the social role of angel investors?

Xu Xiaoping: whether I am going to give money back to my students, I am afraid I will regret it, or I believe in young people, I will actually vote for myself.

I invest in a kind of thing on my own mental level, that is, if I talk about the last thing I love this student, I want to help him, because I will see my shadow from him.

So when I invested in him, I was equivalent to investing in my unfulfilled youth dream.

So whenever I decide to invest and see the joy of entrepreneurs, it is one of my greatest joys.

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There is only one way to succeed.

Venture capital: you have invested a lot of returned students from the US. So what do you think of the grassroots entrepreneurs in China?

Xu Xiaoping: there is no difference.

Overseas students have their advantages, but in my eyes, only those with talent, confidence, determination and real character are the most valuable qualities of entrepreneurs.

Like me, I recently voted 1 million to a startup failure, who is listening to Du Xueqian, the boss of the music network.

He is a student who dropped out of Yangzhou University, a typical grass root. He has been listening to the Internet for five or six years. Now he still has 30 people. He used to rank 250 in Alexa, and has slipped to more than 1000 now.

What he is doing now is the 12 point of e-commerce website, selling snack food.

His first project failed, but I firmly believe that he can succeed. Why? Because he grew up with the Internet, with sincerity, determination and talent, and I think he will win.

Another time, a girl came to me to talk about the project. I said no, I couldn't do it.

But she insisted that the perseverance of the Iron Lady moved me, and reminded me of the process of howling and screaming when I couldn't find money, so I gave her 200 thousand yuan in one excitement at that time.

A few months ago, I visited Lei Jun. He told me that he voted for himself, such as Chen, who had been in business two times before he founded Vancl, but Lei Jun identified him.

The rise of old age is a typical contemporary story of "hope from despair".

Investment does not matter whether it is returnees or grass roots. What matters is people themselves.

Entrepreneurial state: do you think there are natural entrepreneurs? Some people are naturally suitable for entrepreneurship. Some people are naturally not suitable for entrepreneurship.

Xu Xiaoping: there is no such problem.

But entrepreneurs need to exercise if they want to succeed.

For example, a young entrepreneur, before he set up a company, told me his ideas and stories, which fascinated me. Many industry leaders were fascinated.

But when I gave him the money, the office got up and the team was built, what he did was different from what I said at that time.

This entrepreneur is real and talented, but he has no experience. Therefore, when the company was established, someone came to talk to him about this and talk about that. This good money, he had a bit of astigmatism when he had the chance, so he deviated from his original intention.

What he touches us is his true nature.

Do you say he is suitable for starting a business? I think it is very suitable, but two months later he has gone astray.

In this case, I talked to him and finally helped him get back to his original point.

There is no such thing as good money in the world. Starting a business is equivalent to walking tightrope. If you just want to turn a somersault on the wire, you will die, no matter how suitable this person is to start a business.

You can only watch the company go to the bottom of your business with great care. It is impossible for the entrepreneur to concentrate on the pformation. It is also a shift strategy rather than a path.

Recently, I gave up a case. Two entrepreneurs have very high quality, but one of them has another enterprise, and said that once a week, but you know that the development of enterprises is like waves fluctuating, for a while, for a while, they will be on the edge of bankruptcy.

Lei Jun once said that the talents trained by Chinese universities are not enough to support a person to start a business, but practice can cultivate entrepreneurs.

To say whether a person is suitable for starting a business depends on whether he has a grasp of the law of starting a business. This rule can come from learning, or from practice.

Venture capital: success in business is accidental and failure is inevitable. Is investment also like this?

Xu Xiaoping: I think there are still some rules to follow in investment.

Tolstoy said, happy families are the same, unhappy families have their own misfortunes.

I think successful enterprises are all the same, failed enterprises have their own failures.

A successful company has the last and most important gene, the team.

What is the cohesive force of the entrepreneurial team? It is not about drinking and cash, but on the basis of interests.

Shareholding system and team based on interest consistency are good teams, and it is possible to provide good products and good services.

The academic thinking set up in 2003 was listed in New York in October 23rd. The market value of that day was twice that of New Oriental.

Due to historical reasons, New Oriental has gone through a painful process for shareholding system.

So success is actually regular. If you grasp the rules, you will succeed.

There are tens of millions of ways to die in a failed company. There is only one way to live, good products, good service and good team management.

Venture capital: how do you plan your next investment plan?

Xu Xiaoping: pursue my goal in life.

What I want to say is more real. I no longer need to buy anything now. My wife and children have no worries.

My goal is to invest 200 companies in the next ten years and create forty or fifty listed companies, and I will reinvest all the returns.

According to my record of "blind investment" in the past five years, I think this goal can be realized, and will make miracles in the next ten years.

Starting this year, you should be able to see that I have companies listed every year.

I'm not a Sequoia for a while. Probably I will never be able to become Sequoia, but my goal is obviously Sequoia.

I am still a beginner in the field of investment.

But with my true knowledge and true nature, I have won the trust of entrepreneurs and achieved some effective cooperation.

My slogan is: "I will give you money and make efforts to create a listed company."