Date of Release: April 9th, 2016
On the 2016 ZSVC Partners’ Annual Meeting held on April 7th, Chairman of ZSVC Chen Yuemeng opened his heart and used four key words to decipher how to start business successfully for the entrepreneurs and partners presented at the meeting.
The four key words are: pain point, vision, practicality and focus
Where is the pain point? What vision and ambition shall the entrepreneurs have? In which respect shall the entrepreneurs be practical？How to be focused? Here is his original text of speech I’d like to share with you.
Dear Business Partners and Cooperative Partners of ZSVC:
Good morning! It’s glad to meet you here in the best season of Hangzhou. Starting from last year, we specially arranged one day’s meeting with the founders of the invested projects prior to the annual fund meeting to share the experience and delight of success and analyze the lessons and causes of failure, and to talk about future, life, ideal and feelings. Our purpose is quite simple- to let all business partners of ZSVC to join hands to help each other, integrate resources and be involved in industrial interaction; to present our suggestions and hopes from the perspective of capital and provide our due assistance as far as possible based on your demands.
In a word, our purpose is to let you have more probability of achieving success and have less odds of failure during the entrepreneurial process.
This is a best era, also it is the worst era. The implementation of the national strategy of massive entrepreneurship and massive innovation, the capital support for entrepreneurship and innovation as well as the industrial transformation and the iteration of commercial modes have given birth to a multitude of heroes in each venture fields. But also due to the above reason, the threshold for entrepreneurship has been greatly reduced and competition was extremely fierce. A good entrepreneurship idea and good project will be copied by numerous imitators over night. The surviving environment is extreme harsh.
In this background, I would like to share some of my thoughts with business partners of SZVC. They can be summarized in the following our key words: pain point, style, practicality and focus
Key Word No. 1: Pain Point
Where is the pain point? See if it is irreplaceable.
All business modes will finally return to its origin. Just check if your business mode hits the pain point of the industry and is an indispensable and important in the whole industrial chain or solves some problem others cannot solve in a certain segmented industry, or substantially enhance industrial efficiency, or greatly enhance users’ pleasant experience.
Anyway, you should have roles and functions irreplaceable by others to meet users’ rigid demands.
If you cannot make it yet. You should have a deep analysis of industrial rules now, optimize or change your own commercial mode. Otherwise, you are still far from success. In other words, you may fail at any time.
Key Word 2: Vision
What’s the vision you shall have? You should have a global vision and inclusive mind.
This may be too demanding for the general founders of the start-up enterprises. But I hope the entrepreneur and venture projects invested by ZSVC may be outstanding with global vision and a future-oriented open and inclusive mind.
Of the successful projects invested by us, Wasu, Huace and Prolto all had such gene. Of the projects, Huimin, XF9 and Weidai also had such potential.
Vision not only means industrial ambition or the change or subversion of it. It also means an open mind in corporate management, an ideology and sentiment of widely inviting men of ability, encouraging the free airing of views, drawing on the wisdom of the masses, sharing benefits with entrepreneur team, growing and sharing weal and woes with the team
Key Word 3: Practicality
How to be practical? Directly face “tough” status quo and be solid and down-to-earth.
Under the background of internet entrepreneurship, both the mode of propagation and people value are changing. Many young men admire web celebrity economy.
What I want to say is that starting business is a tough undertaking that need solid work and need to be down-to-earth. Only by progressing steadily step by step can we finally achieve success.
If you really want to be successful, you have to abandon vanity and pomposity.
Therefore, in the investment rule of ZSVC, project investment shall be practical. If you or your company only wants to raise money or seek fame and gain, you may finally be rejected.
Another point I want to make it clear is that all business mode will finally return to the nature of “doing business”, return to how to make profit, how to survive and develop. Therefore, for business that needs to continuously spend large sum of money to catch eyeball, we hope you may adjust your strategy in time. After all, survival is the most important.
Key Word 4: Focus
Where to focus? The answer is to be focused, focused and still be focused, be concentrated, concentrated and still be concentrated; be persistent, persistent and still be persistent.
Although many start-up companies know well of the industrial direction, they are not persistent and focused in face of difficulties and change business mode from time to time. They would do what others are earnings of and imitate others whenever they achieve transitory success. We’ve seen too much of such cases, but we has never seen a company not successful by focusing specialized and familiar fields or successful by imitating others.
Once a start-up company set the target, it has to be focused, focused and still be focused, be concentrated, concentrated and more concentrated, be persistent, persistent and still persistent.
These are some of my personal thoughts and reflections for your reference. I hope my thoughts may serve as water, sunlight and nutrition to the seeds of your entrepreneurship. I hope next year when we met again, the seeds of success have taken root, sprouted or are exuberant of foliage and have become another beautiful scenery in the spring time of Hangzhou.