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From oppo, vivo to pinduoduo's "behind the scenes Godfather" Duan Yongping's latest speech: the secret of everlasting development lies in difference

Time : 20/10/2021 Author : cilvkg Click : + -
        Original title: from oppo, vivo to pinduoduo, the latest speech of "behind the scenes Godfather" Duan Yongping: the secret of everlasting development lies in doing something. Titanium media note: This article is compiled by the author chuangyebang (ID: lonely brain), investor said (wechat ID: touzirenshuo) and Shuimu asset management number. Titanium media is authorized to reprint. Huang Zheng, CEO of pinduoduo, is his proud disciple. Although pinduoduo's self is controversial, it can not hide Huang Zheng's personal glory. He is nicknamed "the new richest man of Hangzhou post-80s" and "abandoning your peers".
        It was not until Huang Zheng inadvertently mentioned in his previous interview that "Duan Yongping had the greatest impact on his business education" that people suddenly woke up the memory of this old entrepreneur after 60 & mdash& mdash;。 It is he who created the "little overlord learning machine" which is popular all over the country; It was he who founded the well-known "Bu Bu Gao"; It was his successful investment at the bottom of Netease; When Huang Zheng was still nobody, he took him to dine with Buffett; It was also his direct disciple who took the helm of oppo and vivo, commanding half of China's mobile phones. After 60, Duan Yongping took a road different from other entrepreneurs.
        Li Shufu, Xu Jiayin, sun Hongbin and other "peers" have been struggling in the front line so far, but Duan Yongping has long been hidden behind the scenes. He has influenced the existing business pattern by unreservedly transmitting the business essence he learned in the first half of his life to young people. However, his business wisdom is being preached by his disciples: "among my angel investors, Duan Yongping has the greatest influence on me. He keeps teaching me to do the right thing first and then do the right thing.". Duan Yongping is a low-key person. Except for the exclusive interview of Bloomberg BusinessWeek last year with the title of "mysterious rich", Duan Yongping rarely makes comments in public. On September 30, 2018 us time, Mr. Duan Yongping had an exchange and sharing with Chinese students on Stanford campus.
        Explain the connotation of "duty" and "ordinary mind" for everyone, discuss how to make good use of stopdoinglist to do the right thing, and share the wisdom and stories behind his witty mantras such as "fast is slow", "less is more", "small and beautiful" and "dare to be the world's Queen". People often say that we should do right things and do things right. We all know the truth. How can we do it? Just don't do anything wrong. Most people are not unable to judge whether they are right or wrong, but they still know that they are wrong, because there are often short-term temptations. If you want to have a long-term foundation and compound interest on time, you need to have long-term thinking and believe in the power of time.
        Look at S & amp; P index, how much has it increased in recent years? In this way, you can see the essence of things, persist in doing the right thing, and recognize and withstand fluctuations. In fact, we have been in turmoil all the time. Some people are in danger and others are organic. Crisis is an opportunity for good companies and investors. Trade war is an opportunity for good companies and an excuse for bad companies. And having a stopdoinglist, in turn, helps to establish and adhere to long-term thinking. It's not enough to have a list and consciousness. In action, we should stick to it. We should compare ourselves: if we confirm that one thing or direction is wrong, I will stop immediately, instead of waiting for the next so-called "better" on this road.
        "The foundation is evergreen" is the representative work of Jim Collins, a professor at Stanford. He also has another book "good to great" (from excellent to excellent). Through continuous observation and quantitative analysis of many evergreen enterprises, he has given a set of methodology. As long as you understand and persist in doing it, you will have the opportunity to become excellent. It is not important whether your industry is in the trend or not. The list is also accumulated one by one. It is accumulated through the sublation of successful experience and the summary of the experience of making mistakes. It's really hard to accept when establishing this list and making sure that something has to stop.
        Especially when you actually do something to achieve excellence, it was once your successful experience, and it is difficult to decide not to do it. But inspired by good to great, it's hard but right, so I still have to do it. You must have the courage. I eliminated myself from the company. Duan: Buffett has great wisdom and is sincere to people. I have seen many entrepreneurs like this in the United States, but I have hardly seen them in China. He can speak particularly complicated things so that his mother can understand them. It's enough for ordinary people to read more of his things, read his letters and listen to his speeches, and listen to his sharing like listening to music.
        Good business: it can generate cash flow in the life cycle and make people sleep well. Whether operators and investors can sleep well is an important sign to judge whether business is good. Right person: it depends on the founder, team and corporate culture. The most important thing for an enterprise is culture, including mission, vision and core values. This can help you find people in the same way, and you don't have to try to convince people who can't believe you. Some enterprises fail in M & A because of different cultures. For example, HP acquired compad. The corporate culture is actually formed by the founder, and it is difficult to change once it is formed. The greatest characteristic of a good entrepreneur and founder is integrity.
        Right price: in fact, as long as it is a good company, it is not expensive for a long time, and the mobile Internet ARPU has been rising. We can know what will happen, but it is difficult to know when. Duan: I mainly invest in public companies now because there is more information to see and it is easy to verify whether the average rate of return can exceed S & amp; P。 I don't really care what the market thinks. The information is related to you when you buy a certain target or when you sell it. There is no relationship between them. Duan: apple is the best company, and I will always hold it. I thought it could earn $50 billion a year before, but now it has. I believe it can earn $100 billion in the future.
        And you don't just look at its mobile phones. Watches may contribute 50% of the sales in the future, which in turn will drive the sales of mobile phones. This company has a strong culture, very focused and profit oriented. Tim Cook said, "we just want to integrate our products into our life". To do this, we do not rely on the most products, but always do the best products, do the right products, and make the right products to satisfy users. There are few companies that use advertising to influence 20% of people and let these people influence the other 80%. Many of its competitors are doing things in the field of homogenization, and it is difficult for homogenized companies to become large. When making products, we should focus on performance. Cost performance is not good enough and we should make excuses ourselves.
        Apple has done a good job in this respect. Ov is still working hard and doing well. Brand and marketing are not so important. We dare to be the world's second best, and we should strive to be the first among the last. I told Tim Cook that oppo and vivo are the enemies of Apple's competitors. We do not compare with apple. We hope that only apple, oppo and vivo will be left in the future. Q: pinduoduo's Huang Zheng said that he was greatly influenced by you and regarded you as a noble person in his life. He also took pinduoduo to the market in a very short time. What do you think of Huang Zheng?. Huang Zheng has many necessary characteristics of a successful entrepreneur. He and I can constantly ask questions. Pinduoduo's corporate culture is also copied from oppo.
        There will be opportunities and problems for him to see pinduoduo in a short time. Time will be the biggest problem he will encounter in his business. Give him more time, people can see his power. Duan: now it's basically sold. I can't say why I sold it. However, I think Ding Lei is a big boy and can't leave so much money with him. Duan: now I don't have to go back once a year, and I don't want to talk to the media. I don't want others to misunderstand that I'm still running the company. For example, I participated in the early days of oppo, but vivo did not participate at all. Entrepreneurship is definitely a great opportunity for both China and the United States. The soil for entrepreneurship is better in the United States. Compared with Chinese entrepreneurs, they must work harder. They also have to do things like police and security.
        At different stages of my life, I feel that family and friendship are the most important, and I want to give my children a sense of security. Be tolerant to your friends and find people with similar interests. You don't need to explain and persuade them too much. You give them you and they give them to you. For relatives and friends, it is important to be accompanied, and high-quality company is required. Right and wrong issues and boundary issues should be discussed, and consensus should be reached. Other issues should not be bothered or sayNo; Usually accompany relatives and friends, also hide their mobile phones and stay together. Don't look at each other's mobile phones. Duan: do market research, set the price as much as possible at the time of listing, and adjust it in time if it is wrong. (electronic products) the essence of competition lies in product differentiation. We should do what others can not provide.
        Without differentiation, it has become a basic commodity for daily use. It can only compete by price, and it is difficult to make money. Duan: I don't think so. It's hard to change your personality. According to statistics from China and Europe, CEOs of the world's top 500 have all kinds of personalities, and they have only one common feature, that is, integrity. Duan: I do not invest in the early stage, but only in listed enterprises. I voted for Huang Zheng for personal reasons. He is my friend. I know him and trust him. Huang Zheng is a rare and very intelligent person I know. He pays attention to the essence of things. Duan: (outside) there is a misunderstanding that we attach great importance to marketing. In fact, for us, marketing is not important at all. The most important thing is the product.
        No company fails because of marketing failure. The failure of the company is essentially due to the failure of the product. Of course, I'm not saying no marketing. In fact, we do a good job in marketing. Marketing is to spread the information you want to spread (to your users) in the simplest language. I want to emphasize here that marketing is not the essence, but the essence is the product. The most important thing about marketing is not to talk nonsense. Corporate culture is the most important. Advertising can only affect 20% of the people at most, and the remaining 80% are affected by this 20%. If the marketing is not good, the best thing is to sell slowly. But as long as the product is good, no matter whether the marketing is good or bad, the result will be the same in 20 years.
        Duan: I don't understand this, but I don't think there will be too much difference. We should pay attention to the needs of users. Ordinary mind is to return to the origin of things. Duan: I do public welfare, and Lao BA (Buffett) also does public welfare. I donated directly, which is the same as donating through Lao Ba, so I photographed Buffett's lunch, which is only for public welfare and can learn from Lao ba. You don't have to eat. Just watch the video, speech and shareholder's letter of Lao Ba on the Internet. The things that Lao BA (said) are very logical and sound like music. 8. At present, there are two modes of mobile phones (enterprises). One is Xiaomi, which first circles users and then realizes them through other means; Second, Apple makes money by itself.
        Which is better?. Duan: first, from the perspective of customers, apple is better than Xiaomi; Second, in the long run, no enterprise can make money on cheap. Cost performance, they are all making excuses for themselves. We must focus on the users, and we do not have to do high-end or low-end. We just do what we can to meet the needs of some people. Even apple doesn't satisfy everyone. In the early years, we often raised the cost performance ratio. Until I once talked about cooperation with a Japanese who is a China expert, and said that our products have high cost performance ratio, the other party was puzzled and asked, "what is the cost performance ratio? Is it the" sex price "ratio?"? At that time, I was shocked. It seemed that there was no such thing as cost performance in the Japanese dictionary. It took me a long time to realize that "cost performance" was actually an excuse for poor performance.
        I hope our company will not use this word anywhere again. Duan: this question is a little difficult for me. Personally, I don't care much about cutting-edge things. I generally lag behind and understand good companies before investing. Cutting edge things are the focus of companies like apple. What I do is to find companies like apple. Duan: it's hard for apple to focus on what it does. Apple's pursuit of profit is to make the best products. The strength of Apple culture is very strong. There is a strict "stopdoinglist". We must satisfy users and make the best products. We don't compare with apple, because some of the 1000 functions are better than apple, which means nothing.
        Just like CBA Basketball can't play NBA, it's not true that we know kung fu. Duan: I'm an anti social. It's very tiring and time-consuming to socialize. There are too few friends in general social life. It seems that you know a lot of people, but it is difficult to understand them in depth. I prefer to play basketball when I have time. My investment is just a hobby. Average can beat S & amp; P。 Duan: all the masters dare to be the best in the world, but they do better than others. Our company's success is not accidental. We stick to our "stopdoinglist" to screen partners and suppliers. We will gradually build a good circle, which is valuable in the long term.
        "Dare to serve the world" refers to the product category, because it is often difficult to guess the market demand, but other people have clearly defined the demand, and you will be more sure to meet this demand. (being brave for the world refers to the product category, and striving to be the first in the future refers to the ability to do a good job. Or, being brave for the world refers to the ability to "do the right thing", and striving to be the first in the future refers to the ability to "do the right thing"). Duan: I have never made mistakes in investment, but I have made mistakes in speculation. (I actually made a mistake in investing, but I made a small mistake. I probably didn't remember it at that time.) When I speculated on Baidu, I was shortsqueezed and lost $100 million to $200 million.
        I learn from Lao Ba: if I don't touch anything that I can't understand, I will definitely miss many good opportunities, but I promise that what I grasp is right. Investment follows Lao BA's logic: first look at the business model and understand how the enterprise makes money. 95% of people invest in the market, which means they don't know how to invest. Be sure to focus on business. The company wants to make money. Duan: the ability circle doesn't draw a circle on the ground with a golden cudgel, saying that stay inside and don't go out. There are monsters outside. The ability circle is: be honest with yourself, know what you know and know what you don't know. With such an attitude, if you can understand something, it is within my ability circle, otherwise it is not.
        Apple's 1 trillion market value? I never care about this. I only care about its ability to make money. If you buy a company, you don't intend to sell it unless its profitability changes or there is a better target. You know it well and the price is very low. Paragraph: "stopdoinglist" means doing the right thing. If you know something wrong, you should change it immediately. Entrepreneurship still applies. (that is, we must persist in what is right and change what is wrong as soon as possible!) As for how to do it right, it is a method level, which can be solved through learning. If you don't know right or wrong, you just don't have a sense of right and wrong. It's hard to achieve anything in this life. The concept of right and wrong needs to be cultivated and adhered to by oneself. There is no shortcut.
        For example, smoking, many people do not quit smoking because they do not know it is bad, but because they can not resist short-term temptation. Duan: I don't want to give the public the impression that I control the company and rob the CEO of his sense of achievement. It's important not to rob them of their credit, because in fact I
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