Entrepreneurs Should Live to Death, and Think Clearly about the Ultimate Problem First | A Wonderful Review of ZhenResidence

On December 17th, 23 young people arrived in Beijing, gathered together at ZhenResidence, and started a 6-day dream-making journey.

ZhenResidence is an "Entrepreneurship Preparatory Camp" created by ZhenFund , which aims to help entrepreneurs at home and abroad to better understand the domestic entrepreneurial environment, perceive economic trends, discover business opportunities, and make entrepreneurial partners.

During the 6 days, they visited 8 star start-up companies that ZhenFund invested in.Learn from the experience and lessons of "commercials" on the way to start a business, and listen to the professional sharing of front-line investors & Zhanyou mentors.

What secrets did the guests impart ? We have extracted the essence for readers~

Sun Yao, founder of Hema58 |  How start-ups go from 0 to 1


Starting a business with good friends can reduce the cost of trust and running-in, and make the company run faster in the early stage; but the friendship must be locked in the cage of the program in black and white .

As a start-up, Hema58's new car only does one thing: increase the speed . High growth rate means finding the right direction and using the right method, so that investors and their own teams will have confidence.

When a new product has not perfected its functions, it can be launched as soon as possible as long as it does not affect the previous sales. Find a group of customers who are willing to try early adopters as test products, and use the test results to adjust products and expand sales. Start-ups must improve on the go , and user feedback is much more useful than brainstorming in the office.

The excitement of creating and changing from 0 to 1 is addictive, but don't get too attached to your first startup. The most solid goal is to achieve "small success" in the product, and being responsible to your own team and investors is success. The obsession with scale and innovation, and the resistance to failure can all become the founder's demons and become the straw that overwhelms the start-up.

"Defeating the demons requires the founder to admit the limitations of his cognition and the shortcomings of his thinking. Obsession with 'success'is a sign of immaturity in founders."

——Wang Qiang, co-founder of ZhenFund

Li Dequan, Founder and CEO of Happy Food | How does corporate culture lead the direction of management?

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Happy Food requires every employee to abide by the "customer-centric" principle. It is not self-centered or superior-centered, but always thinks about their demands from the perspective of customers and empathizes with customers .

It's not that young employees are unprofessional, but that we can't rely on orders to give full play to their initiative. It is necessary to constantly use collisions at the ideological level to let everyone reach a consensus: why do we live? What is our mission? How have we changed others?

Every company needs cultural shaping at the bottom , constant introspection and self-criticism, and at the same time, giving employees a sense of belonging in their hearts.

In the early days of starting a business, the founders often have to break the sky and become a transparent person in the process of tearing off the self-label , and then they can move forward without hesitation.

"Management is the process of understanding, dredging, and taming human nature. Culture may be more important than methodology in this process."

——Wang Qiang, co-founder of ZhenFund

Wan Liushuo, Founder and CEO of InDeco| The status of "people" in an enterprise


Excellent founders are always in awe of entrepreneurship and accept the reality that they have a high probability of failure.

It may be very dangerous to find a "high match" for the team in the early stage of entrepreneurship. A strong individual may not necessarily help the team succeed.

If there are not enough talents to support the new system and new products, it is better to use limited resources to deepen the core business and let the best team work steadily .

"In the early stage of building a team and looking at people, the founder must first be able to be a person. If you are strong, the team will not be weak."

——Zhang Yazhe, Director & Partner of ZhenFund

Hou Tianjiao, Founder of Hommey | How to accurately understand user needs


The market is always changing, knowledge is constantly being eliminated, and user needs are not static. In the process of finding pain points in the industry, entrepreneurs must move .

User portraits are not imagined out of thin air. Only by having more contacts with consumers, going deep into the grassroots, and understanding the needs of consumers in actual contact can we continuously improve user portraits.

The world's factory is in China. If there are many scattered brands in an industry, there will be opportunities for consolidation in this industry.

"To start a business, you must first live. The depth of cutting into the life scene is the depth of the entrepreneur's understanding of the market."

——Zhang Yazhe, Board & Partner of ZhenFund

Wang Bing, Founding Partner of Meicai &  Liu Jun, Chief Human Resources Officer| Drive enterprise development with value


The founder of Meicai, Liu Chuanjun, went from physics research to group buying website 5wotuan, and then to founding Meicai. He has looked up at the starry sky, ate, drank and played in the world, and finally chose to put his feet deep in the soil . This is based on the research on the agricultural chain, and it is found that China's industrial chain still needs a lot of optimization.

Our team is very young, why do you want to do agriculture? Because I feel that life is too short, I want to do meaningful things in the second half of my life.

Barriers to competition come from patience, continuous polishing of products, and continuous accumulation of scale. Only in this way can one's own company become the fulcrum for upgrading the entire industry .

In the past five years, we have only done one thing, which is to seek happiness for farmers through the Internet and new technology, so that Chinese people can eat safe food. Doing every little thing with altruism makes every little thing great . In order to do this, let the company and every employee choose a direction, make a plan, and be patient.

"The soft quality of the founder is the key factor to support the long-term development of the enterprise. Only when leaders continue to create value can they attract valuable employees to move forward together."

——Wang Qiang, co-founder of ZhenFund

Zhang Qiang, General Manager of ADVANCE.AI, Asia Pacific Region| Challenges and Opportunities of B2B Overseas


There are too many temptations to do credit in Indonesia, but we never touch the red line of supervision . Instead, we maintain open communication with the regulatory authorities and use licenses as our core competitiveness.

When going overseas, don't be afraid of the supervision of other countries, embrace the political systems of other countries , and avoid your own risks according to specific scenarios.

We started with finance and built a broad product matrix, but we never imagined it out of thin air. We will not make products just for the sake of making products. Only when angel customers put forward their needs will we develop them. We will never imagine a useful product behind closed doors.

2B business requires long-term development. According to the needs of customers, launching the most suitable products and the best services as quickly as possible, while designing more products that can increase interaction and user stickiness, can quickly increase the value of the company.

"Entrepreneurs live to die. Think about the ultimate question first. What can and cannot be done, leave greed before departure."

——Wang Qiang, co-founder of ZhenFund

Henry, founder and CEO of KoGi | Traffic is expensive, how should start-ups deal with it


At present, the biggest problem that needs to be dealt with when starting a business and product growth is expensive traffic. Expensive means that it is not difficult to obtain traffic, because it can always be bought; but the price is there, unless the industry bonus can be grabbed.

The possibility of being able to directly "grab" the industry bonus is relatively small, and it is more likely to be a deep dive in a certain industry and be the first person to stand out when the bonus comes.

When expanding traffic, you first need to let new customers understand your value . Before that, it is best not to let users pay for potential value. Only when we become the carrier of delivering value to customers can we begin to ask users.

The fault tolerance rate of traffic expansion on value output is very low, and the requirement on repurchase rate is very high. Only when every link of product operation can grow in the first time, and fulfill the promise to every acquired user, can we maintain the growth of traffic. The core of traffic is not the purchased traffic pool, but the continuous accumulation of user value in practice.

"Choosing to start a business means choosing risk."

——Yin Le, vice president of investment at ZhenFund

Tu Zhiqing, CEO of Haochezhuhuzhu | What kind of thinking should an entrepreneur have?


It is very difficult to start a business in China now, and only those who have done great things have a chance to succeed .

Why can BAT become the three giants of China's Internet? Because they are the first to solve some of the most important needs of people : the needs of dressing, the needs of communication, and the needs of discovering the world. From my observation, the big needs that have not been solved by the Internet are automobiles, finance, education, medical care and fresh food.

At present, the biggest industry opportunities in the mobile Internet often come from the attack and transformation , but the future trend is to use new technologies to promote the development of new industries.

Entrepreneurs should make a plan for 20 or 30 years of deep cultivation. Therefore, we must pay attention to the development laws and historical trends of the industry itself , and understand the industry background. Blind analogy and imitation cannot succeed.

If you have put all your energy into it, but find that all the products have stepped on the red line after a document is promulgated, you will know that it may not be enough to have a deep understanding of the country’s past policies and current regulations, and you’d better be able to predict the future . to .

"Entrepreneurs should abandon capital thinking on the first day and use corporate thinking to go beyond the capital cycle and industry cycle."

——Wang Qiang, co-founder of ZhenFund