Yu minhong, Chairman of new Oriental since the Hong Thai Fund, set up in November last year, started on the road to Xu Xiaoping, Wang Qiang, who, turning entrepreneurial mentor, help young people start businesses. On August 10, at Sohu finance hosted "CHUANG Jiang Hu" Conference, he shared why he still growth in New Oriental's case, turned around and made an angel investment? why do investment and choose Cheng Xitai?
Following is the full text of the speech, after deletion.
First I wants to said, this topics (I why to two times venture) itself is a waste topics, reasons very simple, because people not exists so-called of once venture, and two times venture, because a people life is constantly of progress and breakthrough himself of process, actually you will thinking of is, what with what way breakthrough himself, I think according to of principles has three a.
First, no one is pulling their hair out Earth's gravity, a person based on their own resources and capacities on their own ideals and motivation to do things. If you don't rely on your ability to relax things, then it's no ability. But can make himself overstating things, can have some challenging things, our business is this kind of thing. If entrepreneurs do not have the resources, there is no ability to set very high objectives is bound to fail. We found that if entrepreneurs rich in resources and capabilities, but did a small thing, this is uneconomical. Must have resources + capabilities + ideal, and is not equal to 3, the final results should be 300 such a process.
So we started, when you do something larger than your current resources and capabilities, but not big enough you can't control. Hong Thai-circles, a couple of days ago we circulated a start-up Internet company now die from 2013 to list, I figured there were two hundred or three hundred, and I think that's one of the most critical elements. So for me, when I came out from the North, my resources + capabilities, I think I can do a little training, training courses, such as certain abilities, I found my resources and capabilities can be a lot of schools, school bigger and then I discovered that you can open to schools all over the country.
Today my resources and capabilities, as much as you can't save money in a Bank, because the Bank's interest rate to be even higher, even to 6%, it is worthless. Life if not to open up new areas, without risk, life insurance, but you are the most unworthy of life. As we all know, why China's economy is bad? is after corrupt greedy for money under the bed, if he had not put it under the bed for us, China's economy will take off. Why? only to create value in the move process. To think a little bit about it I now have resources, I have some money, I not only with their own money or money to mobilize around a friend, but also has a lot of social resources, including entrepreneurs, entrepreneurs, government leaders, the central policy development can sometimes say a few words, and do not necessarily work, sometimes it can also play a role. In this case if you don't use their resources to do things, you are a fool, just as corrupt as corrupt 300,000 under the bed was eventually caught, uneconomical.
It is clear to me this, and I can't work the second pioneering work, as new Oriental was still booming, the new increase in annual growth rate in the East is more than 20%, itself a new is I start a piece of land in the East, and I have kept a place for innovation. Why do it as well as new Oriental?
Resource integration. My taige (Cheng Xitai) resources, the two of us together, Hong Tai with a Fund of 400 million Yuan, now we two +A round, we prepare for the next thaw 2 billion RMB, we now to nearly 2 billion yuan have been determined, you think we don't have the resources to do things is a fool. So there's no need to ask why we Hong them. Doing things to meet the right people, of course, I found guhonggege, so we Wen Wu, the feeling of relaxation, and looking for partners to have this feeling. Of course ideal to be consistent, values must be consistent, this is a must, must be your resources and ability to do more than just your resources and the ability to add up to big things, keep climbing the ladder to climb.
Secondly, to comply with the time to do anything. I had 1991 years of when out do training, to 1993 established new East is conform to times, because that when central decided continues to implemented reform policy, continues to on China of students, is completely free of allows abroad study, as long as you can got scholarship, and at China people requirements no scholarship, but Americans compared willing to to China students scholarship, because China at excellent of students including North, and Tsinghua, and Shanghai Fudan of students, they is willing to to United States learning, Americans staring at is a bunch of students. When the Chinese people, including then-Xu Xiaoping, Wang Qiang who went abroad, we are not going to come back, just in the Americans ' hands, because the United States is called "talent the Reaper". I noticed that the trend, this era requires Chinese students studying abroad, I was speaking a Word is, Deng said China every 10 students come back as long as 1 deal. My personal expectation is that China needs international students, and students brought back the great era of science and technology. Concerning Zhang, Li, who are studying abroad to come back business, detonated China's Internet development. Although Sohu does not count the Internet's biggest, but the first company is Zhang Chaoyang from MIT (Massachusetts Institute of technology) come back to do, when it takes courage. So I felt like I was caught in time, grasp the pulse of the study.
Now why do Fund to do Angel? is to seize the time. A little bit about China's boom actually began 10 years of innovation and entrepreneurship, but since last year forms the climax. Latest round of orgasm is Prime Minister Li keqiang said this year's "mass entrepreneurship, and innovation", States have adopted to arouse the enthusiasm of young people for innovation and entrepreneurship, arouse the enthusiasm of our second, as a subsequent incremental development an important engine of the national economy. In this context, even a bit of dull people, were able to seize the time features. Because you want people to your magic eye for several months, didn't know you like to make friends with you no ill. National policy for many years cast charm to our young people, and want to take the people's enthusiasm and resources together. Of course, due to various reasons, such as the stock market for the time being there have been twists and turns, and when we venture money and no real direction to the industry, but sometimes to the virtual direction, for instance, some people are still using money to make money. I think this is inevitable for a country's economic development depends on whether this trend can be optimistic about. Do you want Hong Ge PE for so many years, a large corporation sent a listing, I look for a a young entrepreneur at the grassroots level, this situation touches it knows that this is a demand of the times. Does not mean that we actually did an Angel Fund, but this time calling people like we continue to work hard.
The third feature is very simple, people are most afraid of being abandoned in the era and the most afraid of getting older, so this time must you tell young people to combine. Hong Thai, so I set up specially made a speech at the meeting, is "his life associating with young people". Statement last I said has Word, I said "hope in I died yihou, if world only a a people to I of tombstone front to visit I words, I hope this is a young", at just Xu Xiaoping sat in first row, I on added has a sentence said "best don't is Xu Xiaoping", if I are died has he certainly is a old of old man has. But this sentence words caused has Xu Xiaoping teacher of misunderstanding, think I is deliberately exclusion he, actually not that concept, I expression of concept is, a like we such of people, is from now began back, regardless of we live long, you on firmly remember Mao Zedong said of Word: "world is you of, is we of, ultimately is you of", I this to Russia specifically visit has hair President said this sentence words of Russia Moscow University, "ultimately is you of", This world in the end is here below, we build a better and more developed world this is possible. We can use our experience and social resources to help you as a new enterprise to create a success. Secret United States oldest and wealthy du Pont
I have a dialog with Hittites two people, we usually investment companies will not make it out. If this era so it was no way, in it we need to resource mobilization efforts, if the person is mark, the first company to do even if he fell, it can also take money to let him do a second company, as young people, is the concept. You know Steve jobs of Apple was bit off a mouthful, because Turing's suicide, Turing committed suicide because he was gay, homosexuality was illegal at that time, when he was in order not to interrupt their studies, allowing chemical castration by injection elements, a year later than he could bear, put the Apple in the middle of potassium cyanide, bite he died. Jobs used this as a sign. Turing made a significant contribution, when World War II broke the password, enable the allies to keep Germany's moves. If there is no Turing, 3-4 or 2-3 at least year of World War II, and many die 140.02 billion. (But) as a national hero was finally United Kingdom smother bullshit laws.
I want to say what? trying to say, in fact, the future of China is found such as jobs, a young man like Turing, constantly urging them, give them a relaxed environment to create an opportunity for the world, for humanity to the welfare state. I think we have the resources of ordinary people, so I'm with the Hittites is determined, with the rest of our lives to serve entrepreneurs. Hittites were a young man, because he was younger than I was 10 years old, although he looks more mature than me, but after all, we're the State already has the resources. With the young people is definitely not we say eighty or ninety years old looking for a twenty or thirty years old little girl, but really exciting with young people through our joint efforts, to build this world more beautiful.
Very simple, there are three reasons, we're not just second, 100 venture, we will also continue to create it, is what I have just said, is the question of resources, in step with the times even leading questions, only followed the young man to keep up with the times, not to be times down, three elements.
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