My Age of Investment

  Chapter 79 On Entrepreneurship

  The students in the audience exclaimed, unknowingly, Facebook has been online for six and a half months, and has 500,000 users!

  Many of them have also engaged in entrepreneurial projects, but the best business is only 10,000 or 20,000 users.

  Then the number of users can't rise, there is no chance to grow bigger, and no financing can be obtained, and the project will be dysfunctional.

  They are very curious about how Facebook has gone from 10,000 to 100,000, and then to 500,000. This level has risen.

  The hostess obviously did her homework and asked everyone what they felt.

  "Daren, can you tell me how Facebook got out of the Stanford campus and entered other colleges and universities?"

  Xia Jingxing nodded, picked up the microphone, and started answering questions.

"it's actually really easy!"

   "Any website, or project, wants to be bigger and stronger, it must have a certain quality."

  "Reproducibility!"

  The students in the audience pricked their ears and listened to the class carefully, not letting the slightest detail go.

  Old man John looked at Xia Jingxing with a smile, and he became more and more like a successful entrepreneur!

  Xia Jingxing started the personal pretense stage.

  "Reproducibility, do you understand this term?"

  The students under the stage showed a thoughtful expression, roughly understanding the literal meaning, but were not clear about the specific explanation.

  The hostess also asked very cooperatively: "Can you talk in detail?"

   "Okay, let's take Facebook as an example."

  "On the Stanford campus, you can find an alumnus through Facebook, search, and contact each other."

  "Everyone likes a football player, you can join the group to discuss him."

  ...

  "These functions are also needed by other university students, and can move and attract them."

  "It is equivalent to copying the practice at Stanford to other universities without any dissatisfaction."

   "I call this reproducibility, and it is also a website, the basis for a business project to become bigger and stronger."

   "Many people have started businesses, so you can think about whether the projects you have done in the past have such characteristics."

  Many people in the audience were thinking about it.

  It seems to be the reason, the projects they have done before are so bad, no wonder the number of users can’t increase.

  The hostess asked again: "What skills or characteristics do you think a good entrepreneur should possess?"

  The students under the stage all showed expectation, hoping to hear a certain characteristic of themselves from Dai Lun’s mouth.

  "Insight, entrepreneurs with this ability can see the gaps in the market and the needs of users."

  "Executive ability, this is an indispensable ability to defeat opponents in competition."

  "Perseverance, entrepreneurship is an endless marathon, which is a test of both body and spirit."

  ...

  Xia Jingxing poured a big pot of chicken soup directly into the audience, and the students who were there could not help but nod their heads, but they were themselves!

  The hostess did not neglect the principal, and soon began to question Old Man John again.

  "Mr. Hennessy, what good advice do you have for entrepreneurial students?"

  Old man John chuckled softly, "I have only one suggestion. I keep trying and making mistakes."

  The hostess emphasized: "Trial and error?"

  Old man John nodded and smiled, "Yes, it's trial and error."

  He pointed to Xia Jingxing and said, “Fortunate people like him, it is always a minority of people who have made some achievements in their first venture.”

   "In fact, including Darren, it cannot be said that it will succeed next."

  Xia Jingxing nodded slightly to cooperate with the performance of the old man.

  In fact, he was already drawing circles around the old man in his heart. How could he curse students like this?

  I want to write down this passage, and when the business is successful, I will take it out and make a face.

  Old man John looked at the young faces in the audience, everyone's face was full of longing and vision for success, very similar to him when he was young.

  I always thought that I was born extraordinary and destined to accomplish a great career, but I found out that you are just one of the many beings.

  "The success of a business is always a small probability event, and most people are destined to fail."

  Although Stanford encourages entrepreneurship, Old Man John feels that he still needs to remind the children.

  Sure enough, the students under the stage were thrown into a basin of cold water, their heads downcast, no longer their high morale.

   "But you can never be sure of success or failure before you do it."

   "Every time you fail, you can increase the success rate of the next round of entrepreneurship by one point."

  ...

  Old man John speaks very sincerely, and every sentence is from the bottom of his heart.

  But how much can the students in the audience listen to? Only they know it.

  People always love to listen to success stories, so that they have an illusion: I can do it too!

  Old man John finished speaking, and when it was the turn of the questioning session, the students who had been listless were rejuvenated.

  Most people asked Xia Jingxing questions, because they were similar in age and both students wanted to learn something useful from him.

  "Dalun, I would like to ask about the number of founding teams. For startups, how many founders are generally appropriate?"

  A white boy stood up and asked with a microphone.

  Xia Jingxing has a better say on this issue, looking for a partner is like looking for a wife.

  Meeting the right person is doing addition or even multiplication;

  The person who encounters the error is doing subtraction.

  Xia Jingxing replied: “I think three to five people are better, but the specific number of people still needs to be analyzed for different industries.

  Like those technology-intensive industries, the number of founding teams may be larger.

   But in general, the number of core members should not be too large, otherwise the dilution of equity will result in a lack of voice, and it will be difficult to implement a plan.

  When there are many other people, the voice becomes more messy, and a lot of precious time may be spent on communication instead of developing products and promoting the market.

  When choosing a founder, it is best to choose someone who is complementary to you, with complementary resources or complementary personalities.

  Take Facebook as an example. There are three founders, Little Dog and Christina.

  Kristina has an outgoing personality and is responsible for operations;

  Puppy is introverted and obsessed with technology, so he is responsible for product development and other technical work.

  I know a little bit of technology and a little bit of operation. I am mainly responsible for the company’s long-term planning, project financing, and seeking partners.

  Three people are responsible for one piece each, there is no internal friction, all energy is used to promote the company's forward development. "

  Xia Jingxing finished answering, there was thunderous applause from the audience.

  At this time, it was the second audience's turn to ask questions, a black boy.

  He asked: "Dalun, I just heard you say, observe user needs.

  I found that many students like to listen to music, so I want to build a music dating website. Do you have any good suggestions for me? "

  Xia Jingxing thought for a while, and replied: “Copyright is a big problem. To obtain a record company’s authorization requires a lot of money.

  Before you, there was a music sharing site Napster.

  At its peak, this company had 80 million registered users.

  But its existence has eroded the interests of the five major record companies.

  Fought two rounds of lawsuits, the company eventually lost the lawsuit and officially declared bankruptcy two years ago.

  If you are sure to let users pay for online music, I think you can try.

  But the premise is that the benefits you assign to the record company can satisfy those people. "

  The black boy was poured with a basin of soothing cold water, and he hung his head without saying a word.

  Xia Jingxing has seen a lot of people like this. He didn't fully investigate the market. He started his own business for the sake of starting a business, a typical speculator.

  The black boy handed the microphone to a white girl who raised her hand not far away.

  The girl is blond, blue-eyed, a little fat, and looks very pure and pleasant.

  She stood up, smiled and asked, "Daren, I want to know your expectations for Facebook, or how much valuation or market value do you think Facebook can achieve in the future?"

  Xia Jingxing recognized who this blonde foreign girl is, another one of the 30 well-known alumni of Stanford's 100-year history.

  They are really Hidden Dragon and Crouching Tiger at level 02, except for Kevin Strom, this one is also famous!

  Jack Ma talked with her;

  Zipper was full of praise for her;

  Kissinger wishes her a happy birthday;

  The American commander invited her to a state banquet;

  Media tycoon Murdoch rushed to invest her money;

  Have been praised by the media as the next Jobs and Bill Gates;

  ...

  PS: Thank you book friend cj Lang for giving a reward!

  Thank you for your recommendation votes, and we are working hard to collect the manuscripts!

  (End of this chapter)