On December 15, the 2008 Black Horse Community Congress sponsored by the Black Horse & Black Horse College of Entrepreneurship was held in Beijing. This year is the eighth anniversary of the founding of Business Black Horse College. Niu Wenwenwen, chairman of Business Black Horse, made a long speech at the conference.
He reviews the process of starting a business black horse gradually growing into a complete system of business service platform in the past eight years, and elaborates on the value of industry as the root that the starting a business black horse has always adhered to.
He advocated the launching of Black Horse Mutual Fund to relieve entrepreneurs of the burden of life once the business fails.
The following is an excerpt from Niu Wenwenwens speech, edited by I Dark Horse:
Dear Dark Horse Brothers, welcome home! Thank you for your mentors, shareholders, black horse brothers and good friends who have been supporting me for 10 years.
Last week, I watched the movie The Unknown and kept thinking: Since the 8th anniversary of the founding of the Black Horse College, what kind of power do we represent and what kind of Founder should we launch?
Over the past eight years, the Black Horse Growth Camp has gone from Phase 1 to Phase 18. Every Black Horse brothers present here can find their own figure in the graduation photos. Dark Horse Growth Camp can run 18 issues, I believe this is a persistent force.
We are working with many famous Chinese companies to open learning platforms to entrepreneurs. In 2015, we started Huawei Training Camp in cooperation with Huawei. Many black horse brothers went to Huawei with me to feel its inner strength. We have also entered Tencent, Millet, Ali and Jingdong, and opened many entrepreneurship laboratories.
From Beijing to Chinas hundred cities, from China to Silicon Valley, Israel, Germany, Japan, India, Antarctica, the Arctic. Over the past eight years, the black horse has traveled many lands that it has never visited before.
Our first lesson
In 2010, many entrepreneur mentors opened the first lesson for us, and the journey of Founder self-awareness for entrepreneurs.
On September 26, 2010, Zhou Hongzhu taught us the first lesson five hours before the 3Q War. He said, I dont think Apple cant learn to use user experience as a killer to kill its powerful rivals. We want to target all users in China, what we call small white users. This is Lao Zhous spirit.
On September 27, 2010, Sun Taoran gave a lecture on 36 Military Regulations for Entrepreneurship in the first lesson of the Black Horse College of Entrepreneurship. I never dreamed that the PT content he talked about in class had become a best seller of entrepreneurship after gradual improvement. This is a concise practical course of national entrepreneurship, which has been published four or five editions so far, and more and more writers of the preface.
On December 15, 2010, Wang Shi, in the first lesson of the Black Horse College of Entrepreneurship, Entrepreneurs always leave at last, said something everyone should remember: Men are like bullets in a gun, no matter how straight the starting point is, they will eventually return to the earth. When entrepreneurs are actively on the road of entrepreneurship, Wang Shi predicts the end of entrepreneurship for us.
On September 26, 2010, after Wang Wenjing finished his class at the Black Horse College of Entrepreneurship, some students asked him: Have you been in business for 18 years, when you couldnt sleep? Wang Wenjing answered, I used to be anxious and insomniac, until one day, I want to understand one thing, we start a business, but in a more efficient way to serve the community. Yes, entrepreneurs, no matter whether they succeed or fail in the end, no matter how far they can go in the end, serve the society in a more efficient way.
On March 29, 2011, Shi Yuzhu told us that the secret weapon Ma Yun devoted himself to developing is the partnership system, which is actually an institutional arrangement of the game with capital. Now, as we all know, the partnership system has turned Ali into a highly organized company.
On August 28, 2011, after studying a round of economic downturn, Wu Xiaobo said, Everyone will feel like a business. The cycle of a race is 4-5 years, that is, there is a curve in 4-5 years. If its all straight, its hard for you to surpass your peers, and if you turn two corners, the size of your business can be 8-10 times different.
On July 1, 2011, Li Kaifu said, Great companies will emerge in China. It doesnt matter if you cant find a direction for a while. If you follow the trend, you will always find opportunities for explosive growth.
Indeed, from then on to now, there have been many great companies in China, and innovation has never stopped. Maybe many friends know that I made a bet with Wu Xiaobo in 2008: Will there be a company like Alibaba after Ma Yun? At that time, I firmly believed that there would be. What entrepreneur magazine would I run if there were no companies like Alibaba? What entrepreneurial services do you provide? Facts have proved that in the past 10 years, todays headlines, American League and Jingdong have grown into world-class companies.
On November 19, 2010, my respected elder brother Chen Dongsheng said a sentence: Entrepreneurship is like the revolutionary torrent of that year, vast and magnificent, there are left behind, there are mutineers, there are sacrifices, there are prisoners, but no one can stop the torrent of this revolution. At that time, an intellectual with family and national feelings foresaw that a vigorous entrepreneurial revolution would take place in China. We would like to thank the entrepreneurship revolution. Without this entrepreneurship revolution, the problems between China and the United States would be even greater today.
Our respected President Xu Xiaoping is the spokesman of the black horse culture. He always remains passionate, young, curious, shy and young. He raised an expectation that the Black Horse Institute would become the pioneer and leader of entrepreneurship research in the world and bring the wisdom and vitality of China to the world.
Eight years ago, what the Black Horse Growth Camp instructor said is still out of date. These things are an important part of the whole knowledge system of the Black Horse. Our initiative and strength comes from the incessant entrepreneurial passion of Chinese entrepreneurs. If not for generations to move forward, if not for generations to be stronger than generations, our business world is gloomy.
We go into big companies and we set up entrepreneurship labs.
In addition to the instructions of entrepreneurship mentors, we have systematically learned a lot about the entrepreneurship methods of large companies in the past eight years.
We have systematically studied Huaweis methodology. Many people have heard the lectures given by Tian Tao, Wu Chunbo, Peng Jianfeng and Hu Yanping by Huaweis consultants. They are talking about Huaweis spirit of struggle and the sense of crisis of entrepreneurs. Huawei constantly regards struggle as a cultural and organizational motive force. Why is Huawei so successful in many products that it scares old players into every field? It is thanks to the organizational strength of such fighters.
We have systematically studied Alibabas methodology. Wang Jian, Zeng Ming, Liu Song, Deng Kangming, Chen Guohuan and Zhang Xia have taught many black horse brothers. In the course of their teaching, we feel the power of organization and culture behind Ali.
We have set up the Black Horse Jingdong Special Training Camp. Liu Qiangdong, Chen Shengqiang, Liao Jianwen and Li University have taught Black Horse Brothers.
We studied 58 groups. Yao Jinbo, Chen Xiaohua and Duan Dong all taught Black Horse Brothers. What 58 represents is the power of bending down to do hard work and hard work, so that we can see the commercial power of the invisible little people.
We have also set up a special training camp for Black Horse Tencent. We are almost the first to enter Tencents service platform. Zhang Zhidong, Wu Xiaoguang and Wu Jun have taught Black Horse Brothers. On one occasion, we hoped CTO Zhang Zhidong would talk about technology and the future, but I didnt expect him to say that as a big company, Tencent needed the strength of small companies. He talked about Tencents organizational and team culture and how to keep Tencents fighting power. He also said that what a start-up company fears most is to set a steep goal, because entrepreneurship must be a step-by-step progress.
We also set up a black horse millet training camp, and then we entered the era of black horse entrepreneurship laboratory. Many of you are lab instructors. Black Horse Venture Laboratory is an industrial upgrading system that can solve problems accurately through accurate artificial intelligence matching. Entrepreneurs can find tutors, find industry direction and receive real school resources in 20 laboratories.
Wu Shichun is an early angel in the investment circle, an investor who has established his own philosophical system, and one of the investors with the best return on investment. He combines Wang Yangmings psychology with entrepreneurship. Every time the lab students go to Wang Yangmings base area to learn entrepreneurship psychology and experience cognitive and mental power. Wu Shichun also invested a lot of black horse students. Behind him is the culture of black horse.
Li Zhujie invested in early 2B entrepreneurs. He has invested in many 2B projects such as Finding Steel Nets and Yihua. He firmly believes that Chinas 2B field will flourish like the United States.
In the most grounded gas consumption industry, Wang Cen and Feng Weidong have very theoretical system. Teacher Feng Weidongs positioning brand course online, there are many audiences.
Zhou Hongzhu gave the most lectures in Dark Horse. He himself published a book, The Subverter, and our lab classmates helped him produce a book, The Ultimate Products.
Jiang Nanchun has opened many laboratories, and each speech is very clear. He often talks about being different and going against the obvious truth. He talks about competition, positioning and management.
We are a school of industrial Entrepreneurship
With so many teachers and practical training systems, have we formed a school of entrepreneurship? We are not just a community, but a school.
Are we like a school of industrial entrepreneurship? Because in Black Mali, we are most concerned about the industrial foundation. Even at the peak of entrepreneurship, whether it is O2 O, Internet finance, and the shared economy, we always emphasize the importance of vertical. We need to find the root of an industry. We need to persevere in redesigning it.
I think our banner is full of these things. We have formed our own style and genre.
Look at ourselves, our lovely students, our black horse brothers, our labels. The third is to make sure (to make sure oneself, to make a model, to make capital), the heavenly school, the local school, the industry to redo, to make bricks, to make BP, not to pretend to be wrong. These words are often spoken in Black Mali.
One time, Mr. Xu Xiaoping told me, I have received several projects of BP, someone mentioned that he is a heavy vertical entrepreneur, you invented a word old cow. We did invent many words. These tags are integrated to illustrate some problems.
Our camp song is called Persistence. How many industries are there in China, the black horse can stick to the road of how many industries.
How many years can an industry do? Everyone said that the tuyere entrepreneurship, three years? 5 years? Or seven years? Seven years have not yet been accomplished to give up, or to be abandoned, to be killed. Look at these people. Look at US black horses. How many years have we been in an industry?
Zhang Jun (founder of Shang Ge Exhibition) did 23 years of exhibition, Zhao Pu (founder of October Mommy) did 21 years of maternal and infant supplies, Lin Qi (founder of Rongtai) did 21 years of massage chairs, Yang Lingjiang (founder of 1919) sold wine for 20 years, Qiao Bing (founder of Qiao-style billiards) did billiards tables and played billiards for 20 years.
Li Haoyang, who thinks he is like Elon Musk, has been educated in K12 for 20 years from Onli Education to the present Philosophy Education, and has never changed the track.
Shengfa has been making outdoor sports products for 19 years. 2018 was the year when the A-share owner lost the company, but Shengzhong did not have a pledge, and now it is very healthy.
Wu Taibing (founder of Wanxing Science and Technology) is located in the field of fee software, the market is changing rapidly, especially the fee software sold to foreigners. It was a tough business, but after 15 years, he finally put the company on the market.
Oppen (founder of Suntech), I knew him before I started my own business. After 15 years, I finally listed the company in American stock market.
Liu Liang (founder on the road) has been a travel agent for 14 years.
Zhang Hao has been doing K12 education for 13 years. From Xiamen to Shanghai and then to Beijing, he has tried all the models.
Zhang Lingyun (founder of Palm Reading Technology) did 10 years of Chinese reading and went public without financing.
Behind the names of these brothers are the charm of the industry. Industry is your base. Even if we lose everything, we still have our old business. The dark horse is a group of people with roots. Our roots are on the ground, and our feet are on the ground. We have been working in an industry for 10-20 years, but we cant keep daybreak if we dont believe in it.
Some time ago, Lenovo Venture Capital He Zhiqiang told me that he only invested in two kinds of entrepreneurs: one is Internet entrepreneurs who know the industry, the other is Internet entrepreneurs.
Recently, everyone has said that the golden age of entrepreneurship is over. Mr. Xu Xiaoping said that the golden age of entrepreneurship has come.
We have formed a school of thought. We are sticking to industry and upgrading it. We take the lead in taking a step. When you stick to it, you will definitely upgrade and change.
Zhang Lingyun has changed mobile reading.
Oppen tried all kinds of education. One winter I went to see him, and he said that in order to express his determination, he only left the online educators behind, and all the non-online educators moved away. He continued to revolutionize until he went public.
Wu Taibing explored patterns in the process of sticking to them, from software to hardware.
Wang Jialiang (co-founder and CEO of Toubao) has been using the Internet for 10 years for a product.
The other two are wine sellers, Jiuxian Net and 1919. Black Mali often accidentally accommodates the eldest, second, third and fourth of an industry. When they entered school in 2012, there were a lot of liquor sellers. They were not advanced. Today Jiuxian Net and 1919,
Our entrepreneurship proposition
With many students and mentors, we have traveled a lot and explored a lot of things. Next, on behalf of all of you, I would like to talk about our groups entrepreneurship ideas.
First, there is no outlet for industrial entrepreneurship. We make it step by step.
It should be admitted that entrepreneurship through outlets and consumer Internet has basically gone through a dividend period. This is a beautiful world of industrial entrepreneurship. The golden age of industrial entrepreneurship has just begun. Industrial entrepreneurship has no outlet, you can not wait for outlet, but we are not afraid. We make ourselves into tuyeres.
Second, the world of industry blossoms, not just winners eat all.
Everyone says that the Internet is a winner-take-all and will succeed in the long run, but the world of industrial entrepreneurship is full of flowers, and everyone will succeed. In such a large market as the education industry, the two companies with a market value of more than ten billion dollars, New Oriental and Good Future, together account for only a small share. On the industrial track, each of us has a chance to succeed without fear of others.
3. Every industry can be redone. Instead of subverting across borders, it is better to upgrade locally.
Every industry in China can be redone. Instead of subverting others across borders, it is better to upgrade locally. I dont believe you cant do it in your industry. You can succeed in other industries. When all APP entrepreneurs are looking for a subdivision vertical industry to establish and subvert this industry, we in the industry should have the ambition to revolutionize and upgrade our industry in situ.
4. Look up and enter the new physical world, from digital economy to intelligent economy.
We need to raise our heads and enter the new physical world. This is what Liu Song, Vice President of Alibaba Group, said. If we say that the past 10 years are the era of digital economy or mobile internet, the future will be the era of intelligent economy.
Liu Song also said that we connect 3 billion people to the mobile internet. Now we need to connect 10 billion terminals, and there is a 10-fold increase every year. This is an age of interconnection.
I believe that this new physical world is the world of industry. Only those products in industry can be seen and touched, not just traffic or an APP.
Supply-side entrepreneurship, discovering and clouding idle supply resources
Everyone is grabbing users, looking for pain points, grabbing traffic, buying traffic, but VIPKID and Pingduo did not do so. They found and clouded a supply-side social resource that was largely unused. Supply-side entrepreneurship is a very important factor in industrial entrepreneurship, do not need to find pain points.
Everyone knows that our children need foreign teachers, but in the past, only Filipinos in Beijing taught foreign languages. Mi Wenjuan moved the kindergarten teachers from North America to China through cloud transformation, so that Chinese children could hear the original foreign teaching lessons. This is the discovery of an idle supply resource.
The same goes for Pindo. The shopping guides mother, retired university teachers who do direct selling, these people feel marginalized when they come to the electronics business, but Huang E moved these people to the Internet unexpectedly. In the end, it took more than three years to kill.
Therefore, when we start an industry, we should not focus on the demand side, but on the supply side of the industry. What industrial resources can we find and activate and cloud? I think this is a very important methodology for industrial entrepreneurship.
To do CHNG is to do zhng, to bend over and do dirty work, and to get used to long-lasting trivialities.
To do CHNG is to do zhng. All industries can do CHNG again. There is no light way, only bending down to do hard work, hard work, can only endure long-lasting triviality. The long-lasting triviality is what Liu Qiangdong told me. Can an entrepreneur do the same thing every day for 10 years, sit in an office and stay with employees?
Many entrepreneurs hope to find a new and exciting way to subvert the world, but the greatest effort of an entrepreneur is to work. Can you bend down to do hard work and hard work, and get used to the long-lasting triviality without looking at opportunities every day?
We have some brothers in Black Mali who change tracks every two or three years before they see each other, and its very difficult to succeed in the end. The people who really succeed are those who can sit down and run heavy companies, not those who are light companies.
Successful people in new fields are those with old crafts.
The new world has come, but in the new field, the people who are easy to succeed are those who have the old skills. Wenwen, you find that no matter in Internet finance, or in sharing economy and social e-commerce, there must be a person who used to be a distributor, a franchiser or a micro-merchant in the team that really succeeded. I dont believe we need to reinvent the car. The most traditional trick works best. We just put it on a new coat.
Those who have fought hard and won in traditional fields often have a kind of strength in them. We should not only think about new areas, but also about subversion.
I am a man of old crafts. I have been in the media for more than a dozen or twenty years at a stretch, with genes that are sensitive to the future and find strength in people.
One day, Ren Xuyang, an early founder of Baidu, told me, Lao Niu, if you can find many small black horses worth investing and growing up in the future every year, you dont need to think about models. Your model is your gene. That gene is in us. We have been working in the industry for many years. That gene is how we feel. Its how we feel a piece of cloth. This old craft can do great things.
Small companies need more organizational power, small front desk, big middle desk.
As for organization, since Wang Huiwen said that except Ali, the organizational ability of Internet companies is not qualified, all Internet entrepreneurs are thinking about what organizational ability is. Black Mali talks about organization most, the direction is generally clear, the organization is full of vitality, a small company with more than 100 people, but also about organizational issues.
Ali said small front desk, big middle stage, rich ecology. Many people in Black Horse are in the middle stage. We realize that the strength of the middle stage is strong enough. We cant rely on the salesmen who fight in the front line. We must control the fate of the enterprise on ourselves and the core team. The most important thing of the core team is the ability. Therefore, many of our brothers are in the dark horse organization, corporate culture, partnership system, these are organizational strength.
Habits do not have big money days, there is a chance to live, perseverance is victory.
Finally, I want to tell you that there is no doubt that this winter is still quite a long time. In the afternoon, I participated in an activity of the chairman Club of the GEM in Beijing. A group of directors of listed companies sat together. There was absolutely no joy here. Some of them burst their positions and some of them lost the company they had founded for more than ten years. Winter is bound to last for a long time. We have to get used to living without a lot of money.
Since Mr. Xu Xiaoping enlarged the crowd of angels, VC and investors, I and Mr. Xu Xiaoping jointly founded the China Youth Angel Association. It was very difficult for us to find 1000 angel investors at that time. Now there are angel investors in every forum and place in China.
It seems that money always exists. As long as we have an idea, we can always get money. We have become accustomed to doing a small business. In Round A, we will get tens of millions, 100 million, 2-3 rounds a year. But let me say that for most of the Dark Horse brothers, the days of big money, fast financing and multi-round financing are gone forever. This has happened not only in China, but also in the United States.
Because the whole investment world has returned to two basic values:
First, do you have bottom-level innovation and original innovation? We dont need you to innovate in traffic, nor do we need you to have many users.
Second, we want to see that you have a scale-profitable reality and future.
Many start-ups have to answer these two questions when they go public: Do you have original innovation? Cant you make a profit on scale?
I believe that Uber and Droplet are the end of the business model of capturing traffic and changing usersbehavior habits with big money.
I believe that the future entrepreneurship should be in those basic areas, in-depth learning, intelligent manufacturing, biomedicine, and so on.
I believe its a new physical world. In that physical world, you may still be able to make a lot of money, but not a huge loss, you can stay there until the end.
I want to tell you that to live is to win, to live is to have a chance, and to persevere in the end is to win.
Launching Black Horse Mutual Fund
On this day, I announce something Ive always wanted to do. In winter, I want to launch a Black Horse Mutual Fund. In the future, you will find Mr. Xu Xiaoping to raise funds. If you fail and encounter problems, your family will not be able to live. Your children need to go to school. Lets help you. Lets help you together. In winter, we can only warm each other.
I was inspired by Wang Shi. During the economic winter of 2003, Wang Shi launched the Midtown Alliance Fund on behalf of a group of small and medium-sized real estate developers. He told me that this fund is not to invest, but to prepare for small and medium-sized real estate developers in case of an accident, to solve his family, children, how the company operates.
Today, whether its a big company or a small company, whether its the Internet or the traditional industry, we have to prepare for a long hard life. At this time, I want to do this. We have traveled many brothers in Black Mali, two of whom were in the second phase of Black Mali Camp when they were scuba diving abroad. At this time, we want to do something for their children.
So, on behalf of the Black Horse Brothers, who are sitting in the front row and are listed on the market, I declare that we will work together to make a small mutual fund that can give the Black Horse Brothers some warmth of life.
Attachment: Our proposition
Source: I Black Horse Editor in Charge: Qiao Junjing_NBJ11279