Although Pinduoduo itself is controversial, it cannot cover up Huang Zheng's personal glory. He is nicknamed "the new richest man born in the 1980s in Hangzhou" and "abandoning your peers."

Picture source: Visual China

Titanium Media Note: This article is compiled by the author Chuangye Bang (ID: ichuangyebang) from Lonely Brain (ID: lonelybrain), Investors (WeChat ID: touzirenshuo), Shuimu Asset Management Account, Titanium Media Reprinted with permission.

Duan Yongping , who are they?

In fact, Duan Yongping has been trying hard to maintain his mysterious temperament, but ultimately failed.

Pinduoduo’s CEO Huang Zheng is his favorite disciple. Although Pinduoduo itself is controversial, it cannot cover up Huang Zheng's personal glory. He is nicknamed "the new richest man born in the 1980s in Hangzhou" and "abandoning your peers." It wasn't until Huang Zheng accidentally mentioned in a previous interview that "the person who had the greatest influence on his business education was Duan Yongping" that people suddenly awakened the memory of this old entrepreneur born in the 1960s - it was he who created

, which was popular all over the country. "Little Overlord Learning Machine"; it was he who founded the well-known "BBK"; it was he who successfully invested in NetEase when it was at its lowest; it was he who took Huang Zheng to have dinner with Buffett when Huang Zheng was still nobody; It is also his direct disciples who are at the helm of OPPO and vivo, and control half of China’s mobile phone market.

Don’t brag or be slanderous. Duan Yongping, born in the 1960s, has taken a different path from other entrepreneurs. "Contemporaries" such as Li Shufu, Xu Jiayin, Sun Hongbin are still struggling on the front line, but Duan Yongping has long been reclusive, influencing young people by unreservedly passing on the business essence he learned in the first half of his life to young people. Existing business landscape.

But his business wisdom is being praised by his disciples: "Among my angel investors, the one who has the greatest influence on me is Duan Yongping. He keeps educating me to do the right thing first, and then do it right. "

Mr. Duan Yongping is already a god-level figure in the Chinese business and investment circles.

Duan Yongping is a low-key person. Except for the interview titled "Mysterious Rich Man" by Bloomberg Business Week last year, Duan Yongping rarely speaks in public.

On September 30, 2018, U.S. time, Mr. Duan Yongping communicated and shared with Chinese students on the Stanford campus. Interpret the meaning of "duty" and "normality", discuss how to make good use of Stop Doing List to do the right things, and share his ideas of "fast is slow", "less is more" and "small is beautiful" The wisdom and stories behind each of the funny catchphrases such as "Dare to be the queen of the world".

The essence of what Duan Yongping shared on the Stanford campus:

Question: Why do you think the secret to a long-lasting business is to have a Stop Doing List?

html Paragraph 1: What you don’t do is more important. Only by focusing can we do the right things in the long term.

People often say Do right thing, do things right, do the right thing, do things right. Everyone knows the truth, but how to do it? Just don’t do anything wrong. It’s not that most people can’t tell what’s right or wrong, but they still do something they know is wrong because there are often short-term temptations.

If you want your business to last forever, and if you want time to generate compound interest, you need to have long-term thinking and believe in the power of time. Look at the SP Index. How much has it increased over the years? Only in this way can you see the essence of things clearly, insist on doing the right thing, and be able to identify and withstand fluctuations without wavering.

In fact, we have always been in turmoil. Some people are in danger and some are in danger. Crises are opportunities for good companies and investors. Trade wars are opportunities for good companies and excuses for bad companies.

Having a Stop Doing List, in turn, is conducive to establishing and adhering to long-term thinking. Having a list and awareness is not enough. I have to persist in my actions and compete with myself: if I am sure that something or a direction is wrong, I will stop immediately instead of waiting for the next so-called thing to appear on the road. "Better".

asked: How did you create your own Stop Doing List?

html Paragraph 1: Today our topic is “The Secret of a Lasting Business: Stop Doing List”.

"Built to Last" is the representative work of Jim Collins, a professor at Stanford. He also has another book "Good to Great" (From Good to Great), which provides continuous observation and extensive quantitative analysis of many evergreen companies. We have developed a set of methodology. As long as you understand it and persist in doing it, you will have the opportunity to achieve excellence. It doesn't actually matter whether your industry is in the trend. The greatness of

was accumulated little by little, and this list was also accumulated one by one, by discarding successful experiences and summarizing the mistakes made.

created this list, and it is really difficult to accept when certain things have to be stopped. Especially when you actually become great at something, and it's your experience of success, it's hard to decide not to do it. But inspired by Good to Great, it’s hard but right, so you still have to do it. You have to have the courage. I eliminated myself from the company.

asked: What is your Stop Doing List? Can you give some examples?

html Paragraph 1: Let’s give a few general ones:

1. Don’t blindly expand your circle of competence. There is a limit to what people can do. What people say or can say is not important. What is important is what you do and what you can do.


2. Don’t make 20 decisions a year. If you make 20 decisions in a year, you will definitely make mistakes. That is not value investing. It is enough to make 20 investment decisions in a lifetime.


3. If you don’t know how to do it, don’t do it, and if you are not familiar with it, don’t invest. Don't make big bets on things you don't understand or are familiar with. Seize the opportunities you can.


4. Don’t take shortcuts and don’t believe in overtaking on corners. People who don’t drive or sit in cars say that overtaking in corners will always lead to overtaking.

also has a few things to say about investment:



1. does not make long-term interest-bearing loans. This way we have the greatest chance of survival in an economic crisis. I don’t even need a loan to buy a house.


2. is not short. I have made mistakes in this regard, especially not to short long-term good companies, such as Baidu in the early years.


3. does not do short-term speculation. Some people say that I don't expect to make money in this matter, just treat it as consumption, and lose focus every time. If you often walk by the river, your shoes will inevitably get wet. Once your shoes get wet, they will stay wet for a lifetime.

Let me give you two examples about running a business:



1. does not do OEM, and refuses Wal-Mart . Wal-Mart wants to twist the cost towels, and it will be very difficult for you to do OEM work for them, and the company will be killed.


2. does not offer discounts or rebates. Oppo and Vivo have a combined annual revenue of 40 billion U.S. dollars. They have no sales department, no discounts or rebates, and all customers, big and small, are treated equally.

asked: This reminds me of Buffett's "circle of competence" principle. How can ordinary people learn from Buffett?

html Paragraph 1: Buffett has great wisdom and is sincerely kind to people. I have seen many such entrepreneurs in the United States, but I have basically never seen them in China.

He can explain extremely complicated things so that his mother can understand them. Ordinary people can just read more of his stuff, read his letters, listen to his speeches, read more and listen more, and listen to his sharing like listening to music.

asked: What company do you think is a good investment target?

html Paragraph 1: It’s nothing more than looking for right business, right people, right price, and looking for a company that can last for more than 10 years. If you don’t want to buy a company that has lasted for 10 years, don’t buy it for even 10 days.


1. A good business is one that can generate cash flow during its life cycle and allow people to sleep well. Whether it can allow operators and investors to sleep well is an important indicator of whether a business is good.


2. The right person: It depends on the founder, team and corporate culture. The most important thing for a company is culture, including mission, vision and core values. This will help you find like-minded people and you won't have to try to convince people who don't believe you. Some corporate mergers and acquisitions are unsuccessful simply because of different cultures, such as HP's merger with Compad. Corporate culture is actually formed by the founder, and once it is formed, it is difficult to change. The greatest characteristic of a good entrepreneur and founder is integrity. The price of


3. pair: In fact, as long as it is a good company, it will not be expensive in the long run. Mobile Internet Arpu has been rising. We can know what will happen, but it is harder to know when it will happen.

asked: What do you think of smart investing? Can AI do well in the investment field?

html Paragraph 1: In value investing, AI is no match for humans; in speculation, humans are no match for machines.

I have never made any mistakes in investment, but I have made mistakes in speculation.

asked: What are your main investment directions and companies now?

html Paragraph 1: I mainly invest in public companies now, because there is more information to see, and it is easy to benchmark and verify whether the average return rate can exceed SP. I don't really care what the market thinks. That information is relevant to you when you buy a certain target, and relevant to you when you sell it. It doesn't matter in between.

95% of my investment is now in Apple.

asked: Apple is already a well-known good company, and its market value and stock price are so high. Can it still be invested in?

html Paragraph 1: Apple is the best company and I will always hold it. I used to think it could earn 50 billion US dollars a year, but now it has done so, and I believe it can earn 100 billion US dollars in the future. And don’t just look at its mobile phones. Watches may contribute 50% of sales in the future, which in turn will drive mobile phone sales.

This company has a strong culture, is very focused, and puts profits first. Tim Cook said, "We just want to integrate products into life." To achieve this, it does not rely on making the most products, but always making the best products, making the right products, and making the right products to satisfy users. There are very few companies where advertising affects 20% of people and allows these people to influence the other 80% of people. Many of its competitors are doing things in homogeneous fields, and it is difficult for homogeneous companies to grow big.

should focus on performance when making products. The price-performance ratio means that the performance is not good enough and you have to make excuses yourself. Apple has done a good job in this regard, and OV is still working hard and doing a good job. Brand and marketing are not that important. We dare to be the queen of the world and 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 compete with Apple. We hope that in the future only Apple, Oppo and Vivo will be left in mobile phones.

asked: Huang Zheng of Pinduoduo 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 short time. What do you think of Huang Zheng?

html Paragraph 1: In life and doing things, speed is not a problem. A person is a good man, if he is faster or slower, he is still a good man.

Huang Zheng has many necessary characteristics for successful entrepreneurs. He and I can constantly ask each other in-depth questions. Pinduoduo’s corporate culture is also copied from Oppo.

In the short term, Pinduoduo will have both opportunities and problems. Time will be the biggest problem he encounters in running a business. Give him more time and people can see how good he is.

asked: Investing in NetEase is one of your most classic cases. What do you think of NetEase now?

paragraph: It is basically sold now. Why it was sold, I can’t say specifically. But I think Ding Lei is a big kid and we can’t put so much money in him.

asked: You don’t hold many positions, but which stocks have you sold?

paragraph: I sold Tesla. As a CEO, you need rational. If it is not rational, problems will arise, and you will have to give back a lot of what you have gained in the past. Charlie said that Elon Musk has an IQ of 190, but Elon may think that his IQ is 250...

asked: You mainly stay with your relatives and friends now, and rarely go back to China. What do you think of the entrepreneurial opportunities in China?

html Paragraph 1: Now I may not be able to go back once a year, and I don’t want to meet the media. I don’t want others to misunderstand that I am still running the company. Like Oppo, I was involved in the early days, but Vivo was not involved at all.

There are definitely opportunities for entrepreneurship in both China and the United States. The soil for entrepreneurship is better in the United States, but entrepreneurs in China definitely have to work harder, and they have to do police work, security work, etc.

Life is at different stages. Now I think family and friendship are the most important, and we must give our children a sense of security. Be tolerant to your friends and find like-minded people. You don’t need too much explanation or persuasion. You give them yours and they give you theirs.

For relatives and friends, the most important thing is companionship, and high-quality companionship. Issues of right and wrong and boundary issues must be discussed clearly and a consensus must be reached. Don’t care about anything else or say no. When accompanying relatives and friends, hide your mobile phone. Stay together and don't look at each other's phones.

asked: If you were asked to give some advice on how to behave and do things, which ones would you like to give the most?

html Paragraph 1:


1. The important thing is to be a good man, it doesn’t matter whether you are fast or slow;


2. Simple things are not easy, always do the right thing rather than the easy thing;


3. Don’t always mention “win-win”, just don’t take advantage of others;


4. Do what you like. When you do what you like, you won’t feel like working overtime.


5. If you try your best to do something, you will be able to do it well. Don’t think too much about other things.

Duan Yongping’s 47 exchanges on the Stanford campus (partially overlapping with the above)


. What is the most important to you? Why?

html Paragraph 1: The answers are different for different ages. Now it’s family, affection, and friendship. Do we need to say why?




. If you don’t have a sales department, what is your price decision-making mechanism?

html Paragraph 1: Do market research, try to set the price as accurately as possible when it is launched, and make timely adjustments if it is wrong. The essence of competition (in electronic products) lies in product differentiation and making something that others cannot provide. Without differentiation, it becomes a basic commodity for daily use. It can only compete on price and it is difficult to make money.




. Have you ever tried to change your personality and way of thinking?

html Paragraph 1: I don’t think so. It’s hard to change your personality. There is a statistic from CEIBS that CEOs from the Fortune 500 companies have all kinds of personalities, but they only have one thing in common, which is integrity.


. What is the logic of investing in early-stage companies?

html Paragraph 1: I don’t invest in early stage companies, only listed companies. I voted for Huang Zheng for personal reasons. He is my friend. I understand him and trust him. Huang Zheng is one of the rare people I know who is very savvy. He pays attention to the essence of things.




5. Talk about marketing methodology?

html Paragraph 1: There is a misunderstanding (from the outside world) 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 a company is essentially due to the failure of the product. Of course, I’m not saying we don’t want marketing. In fact, we do a good job in marketing. Marketing is to use the simplest language to spread the information you want to spread (to your users).

What I want to emphasize here is that marketing is not the essence, 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 at most 20% of people, and the remaining 80% is influenced by these 20%. If the marketing is not good, sales will be slower at most, but as long as the product is good, regardless of whether the marketing is good or bad, the result will be the same 20 years later.




6. What opportunities do Chinese brands have in emerging market countries?

html Paragraph 1: I don’t quite understand this, but I don’t think there will be much difference. We all need to pay attention to the needs of users. A normal mind means returning to the origin of things.




7. What happened at Buffett’s dinner?

html Paragraph 1: I do charity, and so does Warren Buffett. I donated it directly, which is the same as donating it through Lao Ba, so I took a photo of Buffett's lunch, just as a charity, and I can learn from Lao Ba. You don’t have to eat, just watch Lao Ba’s videos, speeches, and shareholder letters online. What Lao Ba (said) is very logical and sounds like music.




8. There are two models for mobile phones (enterprises) now. One is , Xiaomi , which first attracts users, and then monetizes through other methods; the other is Apple, which makes money from the product itself. Which one is better?

html Paragraph 1: First of all, from the perspective of attracting customers, Apple is better than Xiaomi; secondly, in the long run, no company makes money by being cheap. Cost-effectiveness is all an excuse for myself.The focus must be on users. It doesn’t mean we have to be high-end or low-end. We just do what we can do well and meet the needs of some people. Even Apple doesn't satisfy everyone.

We often talked about cost-effectiveness in the early years, until I once discussed cooperation with a Japanese person who is familiar with China and said that our products are cost-effective. The other party asked in confusion, what is cost-effectiveness, is it a "sex-price" ratio? I was stunned for a moment, feeling that there seemed to be no such thing as cost-effectiveness in the Japanese dictionary. It took me a long time to realize that "cost-effectiveness" was actually an excuse for insufficient performance. I hope our company never uses this word anywhere again.




9. What are the future investment/entrepreneurship trends?

html paragraph 1: This question is a bit difficult for me. I personally don’t care much about cutting-edge things. I usually lag behind and invest in good companies after I understand them. Cutting-edge things are what companies like Apple focus on. What I do is find companies like Apple.


0. With so many mobile phone companies, why is Apple the most successful?

html Paragraph 1: Apple is rare, focus on what you do. Apple's pursuit above profits is to make the best products. Apple's culture is very strong and has a strict "Stop Doing List". It must satisfy users and make the best products. We don’t compare with Apple, because among the 1,000 functions, some are better than Apple, which doesn’t mean anything. Just like CBA basketball can't beat NBA, it's nonsense to say that we know Kung Fu.


1. What is the relationship between the social “Stop Doing List” and investment?

html Paragraph 1: I am anti-social. Socializing is tiring and time-consuming. There are too few friends in the general social network. It seems that you know a lot of people, but in fact it is difficult to get to know them deeply. I prefer to play ball when I have time. My investment is just a hobby, and the average can beat SP.


2. Why is it said that "dare to be the last in the world, and the middle of the pack will strive to be the first"?

html Paragraph 1: All masters dare to be the best in the world, they just do better than others. The success of our company is not accidental. If we stick to our "Stop Doing List", screen partners, and screen suppliers, we will slowly build up a good circle, which is very valuable in the long run.

Dare to be the world after, refers to the product category, because it is often difficult to guess the market demand, but others have already made the demand clear, and you will be more certain to meet this demand. (Dare to be the world’s queen refers to the product category, Houzhongzhengxian refers to the ability to make good products. In other words, Dare to be the world’s queen refers to “doing the right thing”, Houzhongzhengxian refers to “getting things done. "Right" ability.)


3. Have you ever made any investment mistakes?

html Paragraph 1: I have never made mistakes in investing, but I have made mistakes in speculation. (I have actually made investment mistakes, but they were so small that I probably didn’t think of them at the time.) I was short squeezed when I was speculating on Baidu, and I lost US$100 million to US$200 million. I follow Lao Ba: I won’t touch anything I can’t figure out, and I will definitely miss a lot of good opportunities, but I guarantee that I will seize the right ones. Investment follows Lao Ba’s logic: first look at the business model and understand how the company makes money. 95% of people invest in the market, which means they don’t understand investing. You must focus on business. The company wants to make money.


4. When will you sell apples and why?

html Paragraph 1: A good company does not need to be sold!


5. How has your circle of competence improved since you came to the United States?

html Paragraph 1: The circle of competence is not to draw a circle on the ground with a golden cudgel and say stay in it and don’t go out, because there are monsters outside. The circle of competence is: be honest with yourself, know what you know, and don’t know what you don’t know. With such an attitude, if I can understand something, then it is within my circle of competence, otherwise it is not.

Apple’s market value is 1 trillion? I never cared about that, I only cared about its ability to make money. When you buy a company, you don't intend to sell it unless its profitability changes or there is a better target that you understand very well and the price is very low.


6. How do you view the concepts of “persistence will bring hope” and “Stop Doing List” in entrepreneurship?

html Paragraph 1: "Stop Doing List" talks about doing the right things. If you know that you are wrong, you should change it immediately. Entrepreneurship still applies. (You must stick to the right things and correct the wrong things as soon as possible!) As for how to do it right, that is at the method level and can be solved through learning.

If you don’t know right from wrong, or have no sense of right and wrong, it will be difficult to achieve success in this life. The concept of right and wrong must be cultivated and persisted by oneself, and there is no shortcut. Take smoking for example. Many people don't quit smoking not because they don't know it's bad, but because they can't resist the short-term temptation.


7. Why don’t you see the media?

html Paragraph 1: I don’t want to give the public the impression that I control the company and rob the CEO of his sense of accomplishment. It is very important not to take away their credit, because in fact I have not been on the front line for more than 10 years. If I were still the CEO, the company would probably not be able to do so well.


8. You advocate no loan or margin. What should I do if I miss the opportunity?

html Paragraph 1: Loans and margins make money faster and lose money faster. How can you often walk by the river without getting your shoes wet? Once you get your shoes wet, your shoes will be wet for a lifetime. Why take this risk? (Some opportunities will always have to be missed. As long as you make sure you seize the right one, it is enough.) Most of our past competitors have disappeared, and we are still alive. This may be the reason.


9. What do you think of the smartphone case industry?

paragraph: I don’t understand. But I know that good things don’t need to be promoted. You see, as soon as smartphones came out, they became popular very quickly. If your stuff doesn’t catch users quickly after it’s launched, it’s definitely not good enough. You must come back and think carefully about your own problems.




0. Any suggestions for career development for newcomers in the workplace?

html Paragraph 1: Do your job well and don’t jump around. Silicon ValleyMany people like to change jobs, but working at Apple for 30 years will have better results than jumping to most startups.




1. How do you view entrepreneurship?

html Paragraph 1: If you don’t understand what you are doing, it is impossible to make investors believe in you. Huang Zheng is particularly good at this. He keeps asking what does this mean, what does this mean, and focuses on the essence of the problem.




2. What is corporate culture?

paragraph: Corporate culture is Mission, Vision and Core Values. "Mission" is why it was established; "Vision" is where we are going; "Core Values" is what is right and what is wrong.

recruits qualified and suitable people. Suitable refers to cultural fit, and qualified refers to ability. Those whose values ​​​​do not match (match) should definitely not be accepted. Those who cause trouble for a company are often qualified but inappropriate people. A group of suitable ordinary people can accomplish great things by working together.




3. What do you think of Chinese companies’ tendency to overtake in corners?

html Paragraph 1: Alaska has a saying, shortcut is the fastest way to get lost (shortcut is the fastest way to get lost.) There is no such thing as overtaking on a curve, focusing on the essence is the most important! Otherwise, even if you overtake it, you will be overtaken back.




4. How to judge whether the stock price is not cheap?

html Paragraph 1: This is a question that people who pay attention to the short-term market will ask. I don't consider this issue. I focus on the long term and don’t touch anything I don’t understand. Any approach that thinks about the market and timing may be wrong. I don’t look at the market, I look at business. You say a certain stock is expensive, how do you know? Looking back from 10 years ago, everything was probably expensive. If you look at it now 10 years from now, just buy a company that you can understand and is cheap.




5. How to understand "Stop Doing List"?

html Paragraph 1: It mainly talks about doing the right things. It is not a skill or formula, but a way of thinking: if you find something wrong, stop immediately, because the cost is minimal at this time. I can't tell you right or wrong. How to judge right from wrong? You have to accumulate it yourself.

should not deceive users or investors. Every sentence is a promise. You should know this.If you look for investment and say you have no business, no skills, or nothing, then you go to your dad. You have to have something to meet investors. If you don’t know what you want to do, how can investors trust you?

As for how to do things right, you need to spend time cultivating skill sets (which means there is a learning curve and you must be allowed to make mistakes). Stick to the "Stop Doing List", greatness comes from saving. Comparing OPPO and Apple, we are the same in doing the right things, but there may be some gaps in how we do the right things. But we have accumulated. We are better than most companies.

"Stop Doing List" has no shortcut (shortcut). You have to rely on yourself to accumulate, save, and understand. Stop doing means to stop when you find something wrong. As time goes by, the effect will be obvious. Many people can't let go of the temptation in front of them and are still there 30 years later. You must stop if you make a mistake and resist the short-term temptation.




6. How to better raise children in Silicon Valley?

html Paragraph 1: The most important thing is to give children a sense of security. How to give? It means giving quality time, high-quality company, and making friends with them. High-quality companionship means staying together and hiding your phone.

Want unconditional love. Chinese people tend to love conditionally. "You won first place, dad loves you very much." These two sentences should never be said together. Chinese people also like to praise their children for coming first, which can easily put pressure on children. The child will think: If I am second, will you stop loving me? When I take care of my children, I insist on not saying "NO" to them as much as possible. Except for big matters involving right and wrong, and matters involving boundaries, I let my children explore boldly.




7. What do you think of Warren Buffett?

html paragraph 1: Lao Ba is a very good person. He is kind and sincere to people from the bottom of his heart. He is very wise and can get to the essence of any complex issue in just one or two sentences. He is so smart, so successful, and so kind to people. I have never seen him like this among Chinese entrepreneurs, and there are very few American entrepreneurs.




8. Why sell NetEase?

html Paragraph 1: Because Ding Lei is just a big kid, I don’t feel comfortable leaving so much money in his hands, even though the stock price proves that I may have sold it wrong.




9. What do you think of Tesla?

html Paragraph 1: Munger said that Musk is a proven genius. His IQ may be 190, but he thinks he is 250. But to run a company, you must be rational (to run a company, you must be rational!). In my eyes, Tesla is a company with zero value and will be finished sooner or later. His culture (corporate culture) is terrible.




0. How to build long-term friendship?

html Paragraph 1: Dealing with people sincerely. What I learned from Lao Ba is that the most important thing in life is friendship. So be tolerant of your friends, be kind, and be honest. But he didn't say you need to have many friends. A dozen good friends would be enough.




1. How to pass on culture?

html Paragraph 1: There is no special secret. The main thing is to choose and find people who share the same goals. Because you can't convince people who don't believe in you. If someone doesn't believe you, you can see it in his eyes when you talk to him. Then we talk about it every year, every month, and every day, and weed out the inappropriate ones based on the year.




2. How to select people, including partners and employees?

paragraph: It’s luck to find the right one the first time. The main thing is to have standards, eliminate groups when they should be eliminated, and break up groups when they should. When you know you are wrong, you must have the courage to stop. The sooner you stop, the less expensive it will be.




3. Take your “Stop Doing List” as an example.

html paragraph 1: What I think about is not what is in front of me. I studied radio, but I didn't do it because it's not what I like to do. The job I was looking for when I graduated from graduate school said how many years would it take for me to be the director of the department, and how many years would I be able to get a house, and would I have points for chicken, duck, and fish? But I'm not interested. So I left. Later, I went to Foshan Radio Factory No. 8. At that time, this company with only a few hundred people recruited 100 undergraduates and 50 graduate students. Everyone is dissatisfied and many people want to leave. It turned out that two years after I left, the Little Bullies were all finished. When I went back, I saw that the gang was still there (only one person left).

Many people say "I haven't found a better opportunity", but actually they don't have the courage to stop doing wrong things. So the meaning of stop doing is to stop immediately when you find something wrong, otherwise you may still be in that bad place two years later. I've always been thinking about the long term. Many people are obsessed with immediate interests, and they will still be obsessed with them 30 years later.




4. What is the most important thing about (value) investment?

paragraph: right business, right people, right price. (The right business, the right people, the right price. This is what Lao Ba said.) The right business refers to the business model, and the right people refers to the corporate culture. Price is not that important, business and people are the most important. Culture has a lot to do with founder. Business model is the way to make money. You have to understand this by yourself. I can't tell you. Just like if you don't play golf, I can't tell you how fun it is.




5. How to persist in starting a business?

html Paragraph 1: My understanding is very simple. If you can't persist, you won't be able to persist. What you hold on to is definitely something you won’t be able to let go of, and you will know it when the time comes.




6. How do you view Bitcoin/Blockchain?

html Paragraph 1: I am not interested in things that do not generate cash flow. I don’t understand blockchain, I don’t understand it, I don’t understand it, I can’t make big bets. But just because I can't understand it doesn't mean you can't understand it. You have to vote for something you can understand.




7. How to find and maintain a normal mind?

html Paragraph 1: It is not difficult to keep it, because it is there (it is something that is already in the heart). However, Jack Ma also said, "It is difficult for ordinary people to have a normal heart, so a normal heart is also an abnormal heart!" Discovering it depends on suffering. Because you don’t have a normal mind, you will fall into trouble if you are not rational.




8. How to find what you like to do?

html Paragraph 1: If you always stay in a place you don’t like, you may never know what you really like. So if you find something wrong, stop it. Try more and search more. When you do what you like, there is no concept of working overtime, because you will try your best to work.




9. I think failure is inevitable and success is accidental, right?

paragraph: There must be a reason for success.


0. If you had the chance to live again, what would you do differently?

paragraph: I don’t know, I haven’t thought about this issue that way. Maybe drink less red wine?


1. What do you most want to say to your son?

html Paragraph 1: What you say is useless, what you do is important (the most important thing is what you do). (This is what Lao Ba said)


2. How to find out what is right/wrong?

html Paragraph 1: Have time to think. You may think about it for a long time, and one day you will suddenly have an idea and realize whether it is wrong/right. We were thinking about the slogan for Little Overlord, and it took us half a year to come up with the right words. Many people are busy all day long and have no time to think about it. They may never understand it.


3. How did you find the mission of your company’s products?

html Paragraph 1: The product perspective is slowly figured out. If something is wrong, stop immediately. For example, Apple's charger has been announced for a year but has not been launched this year. If it has not been launched, there must be some problem that has not been solved. Don't push it until it's resolved.


4. Men are afraid of entering the wrong profession. Which one will be popular in the future, what you are good at, what you like?

html Paragraph 1: If you know: what’s popular + what you’re good at + what you like, then definitely do that line of work. The thing is it's hard to know, so prioritize doing what you like. Having more money is not a good thing, because making money is a great pleasure. If you have more money, you will lose a very important pleasure. Money is almost enough, doing what you like is more important.


5. The next breakthrough in human-computer interaction?

paragraph: I don’t know. But machines are definitely getting stronger and stronger. People have already lost in Go, and you can’t beat machines in speculating. But when it comes to investment, machines can never beat humans because machines can’t understand companies.


6. How to deal with differentiated pricing (different prices for different customers)?

html Paragraph 1: Firstly, they will find out about price inconsistency sooner or later; secondly, when customers find out that they can negotiate the price, they will try their best to bargain with you and waste a lot of your time. This is a troublesome thing. The same price will save you a lot of trouble. The main thing in making products is to capture the needs of customers, not the price. Look at John Leahy of Airbus. (One person defeated Boeing! Of course, the product behind it is still the product!)


7, what (advantage) of Huang Zheng made you vote for him?

html Paragraph 1: Huang Zheng and I have been friends for more than 10 years. I know him and I trust him!

9 Principles of Corporate Culture

When running a business, Mr. Duan Yongping also summarized his 9 principles for building corporate culture. In fact, these principles also seep into his 25-year-old approach to running a business, which not only affects corporate culture. A comprehensive understanding provides more practical inspiration.

1. Why is corporate culture so important?

The first point in building an enterprise is to first clarify what corporate culture is and why corporate culture is so important.

I often feel that products can be imitated but corporate culture cannot. If an enterprise wants to last forever and remain competitive in the long term, it must have its own corporate culture.

BBK has been developing for so many years, both in terms of enterprise scale, development speed, industrial structure and product quality, it has been greatly developed and improved. Although BBK has had some bumps and bruises during its development, overall it has gone smoothly. Over the years, we have seen the collapse of many well-known and private companies, including our competitors, who quickly turned from "stars" to "shooting stars."

I remember that the Academy of Social Sciences once conducted a survey and found that the average life span of private enterprises in China is only about 3 years old. This reflects a very big problem: enterprises can become larger, but they cannot last long or become strong. I think the main reason is the problems of enterprises or entrepreneurs themselves. Many Chinese entrepreneurs are eager for success, eager for quick success, and want to become a Fortune 500 company at every turn. However, they lack a long-term vision and a vision for sustainable development, and have not developed the "internal strength" of corporate culture, so problems are bound to happen sooner or later.

I think that when a company is small, because there are few people, everyone knows how to do many things, and there is no need to advocate corporate culture at this time; but when the company becomes bigger, it must improve the code of conduct and management system, and gradually improve the corporate culture. Accumulate the connotation of our corporate culture.

2. Keep choosing to do the right things to reduce the probability of failure.

I believe that the so-called "Tao" is Do right things, that is, doing the right things; "Skill" is Do things right, that is, doing things correctly. What is the relationship between the two? I think "Tao" should come before "Technology", because as long as the direction is correct, even if the method used is a little clumsy, it will only go slower and will not go the wrong way. In my opinion, many companies often make some big mistakes and fail to do the right things.

Give me an example of my own: Once I was in the United States and had to pick up a colleague at the airport. At first, I estimated that I would have to wait for an hour at the airport, so I put a coin for an hour's fee in the airport parking lot. As a result, my colleague came half an hour early. Now the question arises, should I choose to drive away directly or continue to wait and use up the remaining half an hour? The conclusion is actually self-evident. In reality, people usually choose to drive away.

But by the same token, many people make the stupid mistake of waiting when it comes to actual business decisions. For example, if I have already invested tens of millions in something, and after discovering that it is going in the wrong direction, I still want to keep doing it in order to save the sunk costs, and then invest tens of millions more, the result will naturally be a disastrous failure.

Therefore, the criterion for judging whether something is right or wrong is our company's corporate culture, such as duty, integrity, quality, consumer orientation, etc.When we make real-life decisions, we can follow several basic points:



1. We must persist in doing things that are right, and stop doing things that are wrong no matter how much the cost;


2. If you cannot determine whether something is right, you can list it Which ones are wrong will be easier to understand and implement;


3. must learn to be flexible. For example, the actual resolution of the super VCD we produced back then was only 350 lines, but our competitors said they had 500 lines. If we said we had 500 lines, we would be deceiving consumers. If we didn't say it had 500 lines, consumers would buy from our competitors. products. So what to do? We later said that we had greatly improved the clarity, and ultimately achieved good results.


4. On issues of principle, we cannot break away from the attributes of things. Right is right and wrong is wrong. Right and wrong should not give way to interests.

Now that I think about it, the reason why our company has survived to this day and is still doing well is not because we are outstanding in anything, but because we make fewer mistakes. If the error rate is less, the chance of success will be greater. This is similar to playing table tennis, the side with fewer mistakes will definitely be the final winner.

Our company has many rules (or systems) that were formulated based on the environmental conditions at that time and are constantly being improved. Rules should be formulated based on the positions of both employees and customers to achieve a win-win situation for both parties. For example, the "price adjustment to make up for the difference" method we introduced back then was formulated based on the market and competitor conditions at that time. Later, both parties strengthened the market on the basis of integrity, and the company also developed rapidly.

Chinese culture is a profit culture. People tend to put interests first, that is, in order to obtain benefits. Sometimes they know that what they are doing is wrong, but they still use their own interests to do the wrong things well. Although the results are short-term gains Successful, but bound to fail in the long run.

3. Meeting the needs of consumers is the most important thing, rather than making some subjective gimmicks and innovating for the sake of innovation.

The most important thing is to discover and meet consumer needs. It is not easy to do this. For example, research and development should be based on consumer needs, respect consumer opinions, conduct more market research, and develop products that are accepted by ordinary people, instead of subjectively making some gimmicks and making differences for the sake of differentiation. change.

Why don’t we mention the concept of “innovation”? Because innovation is easy to misunderstand, if you innovate for the sake of innovation, the market will not accept the product you produce, and you will only kill yourself; for example, the "Compact Disc Video DVD" we once developed is a typical example of failure. , the engineers thought it was very good at the time, but consumers didn’t buy it, so we can no longer suffer losses in this area. Correct packaging of

is very necessary. Some people think that consumers do not need packaging, but this is not the case. This involves issues of consumption habits and consumer psychology. Our advertisements must tell consumers accurately and concisely, and we must not exaggerate to deceive consumers, because if we tell too many lies, consumers will not believe it, and you will have nothing to play with.

4. Don’t rush to be the first. Only when you are well prepared can you truly be the first.

Lao Tzu said: "I have three treasures, I must hold on to them. The first is kindness, the second is frugality, and the third is not daring to be the first in the world." Therefore, it is very important to build a corporate culture that "dare to be the last in the world, and strive to be the first among the last." Depending on our strength and capabilities, we may still use this principle for many years.

For example, when , Microsoft, and were developing products such as Windows and Word, no product dared to be the first in the world. They found out which product had a market and then deployed heavy troops to enter it, and then made it the first in the industry. one.

I found that many successful companies follow up later, and it is not easy to be a pioneer. Because it is not easy to develop new products by yourself. It requires cultivating the market and educating consumers. The whole process is extremely slow and expensive. Most companies are unable to shoulder this mission.Therefore, what we have to do is to first look at the market before developing products, and then look at the competitors. When we feel that we are strong and capable, and can beat the competitors, we will enter, and then make it the best. Establish your own brand awareness and reputation and strive for corresponding market share.

I think that making money in a business is not the purpose, but a process. Making money can realize the vision of the business; however, making money is also very important. This is the responsibility of the business. A business that does not make money cannot last long.

5. It is not cost-effective to kill an enterprise for the sake of speed.

The fifth point in building corporate culture is to "be normal, haste makes waste". Entrepreneurs should not pursue rapid development too much, but pursue safety, because only when a company is safe can it develop, and everything must be done slowly and quickly.

For example, on the highway, the speed at which you drive is determined by the vehicle condition. Your purpose of driving is to reach your destination safely rather than to arrive quickly. Therefore, if you blindly pursue speed regardless of the actual situation, you may be in danger. Of course, if we have sufficient strength and a good external environment, we can develop faster, but the prerequisite must be safety. It is not cost-effective to kill a company for the sake of speed. We should think long-term and work towards our goals, even if it's a little slow. However, don't make the problem one-sided. If the boss says it's okay to go slower, everyone won't pursue speed and efficiency.

Things always develop according to certain laws. Similarly, enterprise development is also a gradual process. It is normal to have some setbacks or make progress. Therefore, we must maintain a normal mind and cannot be greedy for big things and seek quick results. , we must both win and lose.

6. Find your own unique advantages and don’t go head-to-head with your opponents.

The sixth point in building corporate culture is the "tasteless principle". The "tasteless principle" refers to the focus law.

Nowadays, the products our company makes, such as game consoles, learning machines, VCDs, DVDs, repeaters, electronic dictionaries, and telephones, are all things that big companies "use tastelessly and throw away", just like big companies. tasteless. But we have an advantage in this regard and can do better than them.

I mainly want to make two points here:



1. Don’t compete directly with companies that are much stronger than yourself. If we insist on making products that are considered “chicken legs” in the eyes of large international companies and steal their jobs, they will definitely fight you to the death, and we will be easily defeated. Therefore, we should try our best not to be direct competitors with those who are much stronger than us;


2. "Weakness" is relative. It does not mean that we will not do anything or run away when we see competitors, but we must evaluate our own advantages, even if It is a local advantage. For example, SONY also makes DVD products, but in China, we understand the Chinese market better than SONY, so we can concentrate our superior forces and invest more than SONY in all aspects, so that our DVDs can do well.

7. Always be responsible to shareholders and employees

The seventh point in building corporate culture is to shoulder the corporate mission and be responsible to shareholders and employees. Mission is the fundamental, most valuable, and lofty responsibility and task of an enterprise, that is, "why we do this." I think the significance of corporate mission has three points:



1. clarifying the development direction and core business of the enterprise;


2. coordinating various internal and external conflicts;


3. establishing user-oriented thinking.

Our first mission as a business is to create wealth, return our shareholders, and make their investment higher than the average social return. Because if the return cannot be higher than the social average, no one will invest in our company. Investors can save money in banks or buy government bonds, so we must give investors confidence.

Our second mission as an enterprise is to create a harmonious and mutually respectful working atmosphere for employees, improve the working environment as much as possible, and cultivate talents among colleagues.Just like our BBK employees are the main body of R&D, production and operation, the company must create a harmonious and mutually respectful working atmosphere and try to improve the working environment; in addition, we are a learning company. Working in our company must not only provide employees with stability In addition to providing jobs and income, we also need to cultivate and train people.

8. Do your own thing well to make the enterprise healthier and longer-lasting.

The eighth point in building corporate culture is to pursue an everlasting corporate vision and become a healthier and longer-lasting enterprise. What is corporate vision? In my opinion, corporate vision is an expression of intention, including the company's future goals, mission and core values, and even the soul of the company. What it wants to solve is what the enterprise will become, and it is an expectation and description of the future development of the enterprise.

We must do our own things well in a down-to-earth manner, make fewer mistakes and do the right things. Resolutely do not do small violations, because if you do it, it will be a small violation at first, and it may become a big violation later, and then you may not care about anything. This will damage our career and we will not be able to achieve our goals. vision, let alone repaying society.

9. Concentrate your efforts to do things well one by one, so that the enterprise can continue to develop.

The ninth point in building corporate culture is to promote corporate culture. Our company has its own corporate culture and has done a good job in this regard, but it has not done enough in promoting the corporate culture. When an enterprise develops to a certain level, it is easy to make mistakes if everyone does not have a correct standard for how to do things.

I think corporate culture must be promoted as it is the result of continuous practice and standardized management. However, corporate publicity is not easy to do well, because on the one hand, language is easily distorted during the transmission process; on the other hand, everyone's family background and educational environment are different, resulting in what is settled in everyone's bones and may be different from the corporate culture. conflict. Therefore, corporate culture must be widely publicized and inculcated in order to be gradually accepted by employees.

An American friend once asked me: If you say you won’t attack your competitors, then why do you want to occupy the market? This is actually a misunderstanding. What we mean by "not attacking competitors" is to compete based on integrity, within fair and reasonable rules, and without illegal means; however, within reasonable limits, we must try our best to compete and develop market and win consumer recognition.

Therefore, corporate culture needs to be widely publicized, otherwise it will cause misunderstandings. Only when the company's employees and customers know and understand our company's corporate culture can everyone form cohesion and form a force for development. In addition, consumers understand the company's quality culture through our products, so our high-quality products and good after-sales service are the embodiment of the company's good cultural image.

The journey of BBK has not been easy. We abide by our duty and integrity, maintain a normal mind, do not be arrogant when we win, and do not be discouraged when we lose. We concentrate on doing things well one by one, so the company is constantly developing.

If an enterprise is compared to a barrel, then corporate culture is the "floor" of the barrel, and other elements such as strategy, structure, system, network, staff, and skills are the "boards" of the barrel. No matter how long the "board" is, if the "floor" of corporate culture is not done well, then the barrel cannot hold water; on the contrary, if we have a profound corporate culture, we can make up for it in time when there are shortcomings.

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