Liu Qiangdong: China’s entrepreneurship is very hot, and an idea can melt 30 million US dollars.

Jingdong Group CEO Liu Qiangdong gave a speech at Harvard today. Liu Qiangdong said, "In our time, if you don't do something, you will really regret it for a lifetime. Later generations will record our generation. It is a great era."
Liu Qiangdong pointed out that nowadays, entrepreneurship in China is very hot. If the entrepreneurs have an idea, they can get 30 million US dollars of investment. In this day and age, almost everything is accelerating.
“Today, the change in the year has been able to keep up with the changes of the past 10 years. Today, the technological progress of the year is faster than the technological progress of the past 10 years.”
Liu Qiangdong said that human needs are increasing in an almost unrestrained, further greedy and rapid manner, which provides great opportunities for entrepreneurs. Consumers have needs. As long as they solve problems and meet consumer needs, entrepreneurs can Be successful.
In recent years, the West has been discussing a topic that China’s economy has continued to grow for ten years. Every year, the Chinese economy says that this problem will occur this year. The next year will be the problem, and the next year will be a problem. In the end, the Chinese economy will have problems.
Liu Qiangdong pointed out that as long as countless young people work hard and are entrepreneurial and innovative, the Chinese economy will not have problems; as long as there are countless Chinese studying in the United States, studying in Europe, studying in Japan, and learning the world’s knowledge and experience, the Chinese economy will not Something went wrong.
Liu Qiangdong pointed out that today, international students are worth returning to China because today's Chinese enterprises, especially private enterprises in the Internet sector, are no worse than any other company in the world.
“Chinese Internet companies attach great importance to user experience innovation, value talents, respect and motivate employees.” Liu Qiangdong pointed out that Chinese companies have established a modern enterprise system, following the most advanced corporate governance philosophy, and trading in accordance with global trade rules.

The following is a speech by Liu Qiangdong, CEO of Jingdong Group:
Ladies and gentlemen, originally I wanted to give a speech to everyone in Northern Jiangsu. As a result, Zhang Zong (Zhang Lei, CEO of Gaochun Capital) said Chinese, and I was very embarrassed, so I still use Su Bei’s speech. .
Last night, I asked a friend of Columbia University. I said that I especially want to know what everyone wants to hear today. He said that he really wants to hear about entrepreneurship. I know that the recent business is very hot. I think many of the students here today have the impulse or intention to start a business.
If you let me say entrepreneurship, I would like to say that the key to success in starting a business is a sentence: As long as you can solve a problem, your project will succeed.
I started with a story from my university. In 1992, I was admitted to the National People's Congress. The Department of Economics and the Department of Finance of the National People's Congress are very good professions, and the work is particularly good, and I am in the Department of Sociology. The most difficult thing to discover in the Department of Sociology is to find a job.
At that time, the boss in the dormitory liked the English-language girl. She liked it for a whole year. She went to study with her every night. Finally, one night, the girl was assigned to the small garden of the East Gate of the National People’s Congress. We were five people in the dormitory. It was very excited to wait for the good news. Our dormitory boss came back and said that it failed. Why? He said that the girl said, you are a sociology department, and the department of sociology can't find a job. How can I fall in love with you?
So I have to solve the first problem and want to find a girlfriend. Although my major is not very good at finding a job, after a simple investigation and research, I found that girls like boys with mystery, so I thought for a long time, what is the most mysterious?
Suddenly I found out that in 1993, the most mysterious thing in China was the computer, so I decided that I had to go to school, learn programming, and edit a business card management system for our teachers.
Because as a professor at the National People's Congress, there are many business cards for attending various meetings. It is very difficult to find business cards. Through this program, I can only find one word in the business card management system. They think this is really good.
Therefore, at the end of the second semester of my sophomore year, I finally had my girlfriend.
Solve a problem and you can succeed.
Six years of persistence in good faith management, strangers help Jingdong transform e-commerce When I started my business in 1998, I went to Zhongguancun and rented a four-square-meter counter in Zhongguancun with a accumulated 12,000 yuan.
At that time, almost all the businesses in Zhongguancun were doing business. The boss’s training for employees was basically a notebook of 25,000. How do you sell it with 35,000? Therefore, Zhongguancun also has ten “skills” to teach you how to deceive customers. I think this is bound to be wrong. After all, this chaotic situation will change one day.
So on the first day I opened the counter, I was the only one in Zhongguancun that had a clear price tag and all products were invoiced. On my counter, I don't accept bargaining. All my products are authentic licensed, and all my goods can be invoiced.
At that time, my approach was incompatible with the entire market, because the entire Zhongguancun business is basically to do everything possible, how to sell two yuan of money for two yuan, three dollars to sell six dollars, Even through a way of deception in disguise. This is the problem. Who can solve this problem, who can succeed, very simple.
I have been doing this for six years. From a small counter to 2003, I already have 12 stores in China, 3 stores in Beijing, and each store has a very good turnover.
At the time of SARS in 2003, we had to shut down all the stores. All the staff were in the office. Every day, we were very anxious. Because we had a lot of rents and expenses for a day, the goods didn’t dare to sell, and the store did not dare. Open the door. So we have colleagues to ask, why do we not do online sales?
If we sell online, we may not have to go face to face to see the customer. So we went to Sohu, Sina, 163 (Netease) various websites to post, and found that the post was deleted by the administrator, and occasionally not deleted. No one orders, no one believes, because we said in the BBS that I have a burner, what is the amount of money, the bottom is the remittance account, if you want to buy, then remit the money here. At that time too young too naive.
Later, we posted in the professional evaluation forum. Later, the total moderator of the forum saw the post we sent, not only replied but also put our post on top. The total moderator said Jingdong Multimedia, I know that this is the only manufacturer in Zhongguancun that does not sell fake CDs. Top! We received 10 orders a day.
It’s because we have persisted in the past six years and won the trust of others, so at the most critical moment, we got a very simple help for someone who never remembered his name, so that Jingdong successfully transformed and went offline completely. , did an e-commerce.
Why did I start a business in Jingdong in 2006 and 2007? Many people said that you can't succeed. Why? He said that almost everything I want to buy can be purchased on Dangdang, Excellence or Taobao. You can find it cheaper than your Jingdong, so many people say that you don't have to do it, and you are destined to have no future.
But we don't think so, why? Because I think there were a lot of problems at that time, including today's online sales. I want to solve this problem.
You imagine, you go to a platform to buy a mobile phone, a search for hundreds of thousands, a price is particularly cheap, you click in, the seller quickly said "pro", you ask "why you are 300 cheaper than others Money?" "Pro, our small shop is small profits but quick turnover."
You searched for a long time, finally convinced, and then placed an order, he told you "pro, this is not 包邮, pro, I tell you the order number", then the goods received, suddenly found that there is no Chinese on the package, according to Chinese law, all products sold in China must have a Chinese logo, you ask him, "You are not telling me this is licensed, how to receive no Chinese logo? You are a parallel." Said there "Pro, Ala is a Hong Kong bank", Hong Kong licensed.
You think that although it is not authentic licensed, you can make it, you are very happy to use it for two or three months, suddenly there is a problem, you find the seller, the seller said "pro, can be guaranteed, but I want to put your phone To be sent to Hong Kong, the postage will be 400 yuan one by one, the repair is free, but the freight you have to go out."
If you want to send 400 yuan to Hong Kong for repair, you may have to wait two months. You go to Beijing to find a repair shop to repair it. People call to tell you, "Sir, you are cheated, your mobile phone is refurbished. Second-hand goods." Go to the seller, "Ah, you are not licensed in Hong Kong, today I am going to repair and say that you are refurbished."
The seller said, "Pro, you take the evidence, you give me the evidence, call the mobile phone business to open evidence." Can't open, you give me a refund, you don't refund you a bad review, you really gave a bad review, the next day your mobile phone was called to death, hit 500 calls a day, everyone knows that China has A software called "Call You" will be given to you whenever your phone is turned on, and some sellers will send you a variety of disgusting things and dangerous things.
Shopping should have been a very simple matter.
Why do we do Jingdong Mall? At the beginning, Jingdong can be said to have nothing. We have no money, no technology, no supply, and we don’t even know what VC is.
But we found that there are many problems with online shopping. I think if Jingdong can solve these problems, we will be able to succeed. This is our thinking.
So why did Jingdong start doing it in 2004, the first insistence is that all goods are authentic licensed, you do not want to invoice also give you an invoice.
We implement a low-price strategy. This low price is not based on refurbishment, parallel imports, smuggling, and tax evasion. It is to reduce operating costs through optimization of scale, and to save the cost to the low price that consumers receive.
Our service has also been constantly innovating. In 2005, we launched “Day of the Day” in China. Today, I was interviewed by a foreign media. He asked me if I went to Amazon for a few years before I was in Columbia. I said that I have been shopping, he asked how it feels, I said it is very good, but I can't stand the speed of its logistics.
He said that if you are a Prime member, you can receive the goods in two days. How fast. I said Jingdong is in China. Almost every user is a Prime member, but you don't have to spend $99. You can get free shipping when you buy a product with a price of 79 yuan, and we are in China, in big cities like Beijing and Shanghai. They are all up to the day.
Because of persistence, we have solved a large number of long-standing problems in the online shopping field, which is the basis for the survival and rapid development of Jingdong Company.
Why do I have to start a business for the second time?
Today, we are creating a brand new business model called “Jingdong to the home”. The main thing is fresh. Some people say that there are any problems that need to be solved. We have done 11 years of e-commerce, and we found that clothing, shoes and hats, and even Cars, houses, all things can be sold online, and they are selling better and better, but there is one kind of thing that people buy at high frequency, almost everyone buys every day, just no one on the Internet can do it. Well, no matter whether it is the platform model or the self-operated model of Jingdong, it is not good, and that is fresh.
What is wrong with fresh food? There are at least four links between consumers and growers.
To give a very simple example, everyone knows that China's Shandong is producing garlic, and a garlic is sent to families in Beijing, which has to go through at least four companies.
First, the acquirer went to the field to collect garlic. After the purchase, he sold it to a very famous county-level vegetable wholesale market in Shandong. Seven hundred and eighty percent of the vegetables in Shandong were wholesaled in the wholesale market. Sold to the wholesale market of the place of sale, sold to Beijing, such as Dazhongsi, Xinfadi wholesale market.
After these people got it, they went to Beijing. He wouldn't sell it to end users. They also distributed it to small wholesale markets. These people got it and then sold it to Wal-Mart Carrefour.
Those who planted it found that they couldn’t make a few dollars in a year of hard work, because the purchase price was pressed again. The people who buy garlic think that the price is so expensive. The purchase price from the place of origin is only five cents. When it is sold in Beijing, it becomes two pieces of five cents, three dollars, four dollars and five dollars. Just because there are too many intermediate links.
The second question, in the past ten years, everyone found that almost every year, we heard news about the slow sales of certain types of agricultural products. The place where the tomatoes were slow-moving in Xinjiang the day before yesterday, the people who planted a lot of tomatoes picked up the tomatoes and couldn’t sell them, let it rotten in the ground.
Today is the potato is slow-moving, tomorrow the watermelon is slow-moving, why? Because he never knows how many people in China planted garlic when planting, how many people planted tomatoes, no one provided this information.
Consumers have found that cabbage has soared this year. The price of garlic has increased several times in the following year, and prices have fluctuated violently. Therefore, the demand side and supply side information have not been opened. This is the second problem.
The third question is still a lot of food safety issues.
So how does Jingdong get home to solve these problems?
We have established a wholly-owned subsidiary. First, we have to remove all the intermediate links. We have proposed the concept of “direct delivery to consumers from the place of origin” (Farm to Table).
Everyone can think about it. Every day in Beijing, peppers, tomatoes, and cucumbers are provided to Beijing residents, including wholesalers, transporters, and supermarkets. There are thousands of people involved in it, and there are thousands in Beijing. The same peppers and the same tomatoes are being sold everywhere. We can help them deliver to users more efficiently by shortening the intermediate links.
The second talks about big data in information technology. This year we proposed a strategy to enter the countryside, the core of which is to solve the problem of pesticides and pesticides in rural areas. We are currently collecting data and building our own village agents in tens of thousands of villages in China before the end of the year.
We are now collecting information in each village. We need to know the planting area of ​​each village, what are the main crops, what are the by-products, we collect the annual rainfall of each village, and even the distribution of local rivers and lakes, we can also The sales and consumption of seed fertilizers and pesticides in each region are known by sales figures.
Think about it, if one day, when someone sells cucumber or tomato seeds in a certain area, we tell you not to grow tomatoes. The tomato production next year is saturated, because we found too many places to buy tomato seeds, this year tomatoes The sales of seeds far exceed the needs of the market, and one day we can provide this information to growers.
The third question, how to solve the food safety problem? We collect the long-term data in each region, we can know what brand of fertilizer is used in this region, whether it is organic or inorganic, we know that the pesticide in this region is low. Concentration pesticides are still toxic pesticides and are analyzed by data.
Through several years of data analysis, we can even know how the soil in each growing area of ​​China is, and whether the vegetables are safe or not based on whether the groundwater is contaminated or not. Through long-term data collection, we can know these numbers, which can also help solve food safety problems.
Therefore, we launched the “Jingdong to Home” test on March 16th. There is no large-scale publicity. It is only word of mouth. Now it is sold to five or six thousand Beijing families every day, and it is still growing rapidly. For entrepreneurs, now is a great era. I think if you start a business, I hope everyone will ask themselves a very critical question, what problems I have solved in this project. If you can't solve any problems, then I can say that your project is doomed to fail.
So entrepreneurship is to solve problems.
Some people say, no, I feel that I am starting a business to gain wealth, and that entrepreneurship succeeds in obtaining reasonable and legal wealth. There is nothing wrong with it, but I have never seen an entrepreneur who succeeded in acquiring more wealth.
Now, everyone in China knows that entrepreneurship is very hot. To what extent is it? Investors are also stupid. Now, if you have an idea, you can get 30 million US dollars of investment. It is really easy. Many people are very happy, but not Forgot, how much financing you get is not your wealth. How much financing do you get? You will return this 10 times and 20 times in the future. The cost of venture capital is the highest in the world.
If you can borrow from a bank, you must borrow from the bank, and don't take the money from the VC. Of course, then again, as an entrepreneur, when you have nothing, the bank does not lend, so when you have no choice, you still need to find an investor. So don't regard the money invested by investors as your wealth. Think of your success. If you invest money, you are more stressed. You have to go back 10 times and 100 times.
Some people say that I am starting a business for freedom. I don't want to punch cards for nine or six nights. I am instructed by others. After I am a boss, I will freely control my time. When will I go to work when I go to work, if you are really free.
It can be said that entrepreneurship is the least free, because as an entrepreneur, you must be the most self-disciplined person in the company. Everyone can violate the company's system rules. Everyone can be late and leave early, but you can't do it forever. .
If you go to work at one o'clock in the afternoon, the brothers must go to work at three or four in the afternoon. This must be the case. If you say that I am starting a business, I am famous for being able to participate in various forums.
If you want to hold such an idea, I can tell you that the last 99% of the results are that you are really famous, and will be loaded into the Harvard case, saying that someone took a venture capital of 2 billion US dollars for 5 years burned out The project failed, and then everyone analyzed how he failed.
It can be said that today we are really at a very good time. Looking forward to 30 years and looking back 30 years, no one is more fortunate than us today, and the opportunity is even bigger. Why?
Because everyone found that almost everything we are accelerating recently, today, the changes in the year have caught up with the changes of the past 10 years. Today, the technological progress of the year is faster than the technological progress of the past 10 years.
When we first went to the Internet in 1998, 144 cats dialed the Internet, and they felt that it was very fast. The mail of several thousand words was received very quickly. It was incredible, but I believe that every family needs 1G bandwidth soon.
Therefore, the needs of human beings are increasing almost unequivocally and greedily and rapidly. This gives us entrepreneurs a huge opportunity. Consumers have needs. As long as you solve problems and meet consumer needs, you can get success.
In this process of meeting the needs, many new problems have arisen, such as environmental problems, pollution problems, medical problems, and education problems, which have provided new opportunities for many entrepreneurs.
So I want to say that in our time, if you don’t do something, it will really make you regret in your life. Later generations will record our generation. This is a great era and worthy of us. Everyone records and struggles.
Each of you is worth going back to China!
Finally, I want to talk about China again. I think most of the people present today are Chinese, many Chinese students.
A few months ago, the French Prime Minister asked me, he said that you as an entrepreneur, how to look at the Chinese economy, the Chinese economy has continued to grow for ten years, every year said that the Chinese economy will have this problem this year, the next year will have the problem, the next year will come out The problems are discussed frequently.
And I don’t think the Chinese economy will go wrong. Why?
Because, at 10 o'clock this evening, when you go to the Chaoyang CBD in Beijing, you find that all the shops are brightly lit. There are countless people working overtime. The Chinese are continuing to work hard. As long as we are pursuing, I believe that the Chinese economy is impossible. Have a problem
As long as countless young people in China are working hard, starting a business, and innovating, China’s economy will not be a problem; as long as there are countless Chinese people studying in the United States, going to Europe to study, going to Japan to study, and learning the world. Knowledge, experience, China's economy will not be a problem.
In the past 30 years, we can say that we continue to learn from foreign companies, including JD. We are also learning from American companies and Japanese companies. We have been studying for 30 years.
To this day, I can tell you bluntly that Chinese enterprises, especially private enterprises in the Internet field, are almost all private enterprises in the absence of any monopoly and complete marketization. In this industry, Chinese enterprises Not worse than any company in the world, because we learn very quickly.
Every Chinese Internet company knows about user experience innovation. Every Chinese entrepreneur, every Chinese entrepreneur knows the importance of talent. Everyone knows that they must retain people and provide a space for development for smart people. Businesses can succeed.
We learned how to respect employees, motivate employees, and grow with employees; we learned how to use various rules, establish a modern corporate system, and trade according to global trade rules, and govern ourselves according to the highest corporate governance philosophy. enterprise.
Every time I go to the United States, a lot of Chinese students will tell me that I have to work in the United States for a few years. After I have experience, I will return to China. I want to tell you that there is no need for this. This is the old concept of 10 years ago. That is the concept of the previous generation.
You see Gaochun Capital, listening to this name, it’s hard to get rid of it, but I tell you that from 20 million US dollars to 18 billion US dollars, in 10 years, its growth rate is no faster than that of any good fund company in the world. Slow, even faster.
I can also tell you that China’s Sequoia’s return on capital over the past 5-10 years is also higher than many investment companies in the United States.
Now that we have reached such an era, each of you is worth returning to China to join the Chinese fund and go to the Gaochun Fund instead of the US fund.
The last three seconds of advertising, welcome everyone to return home, welcome everyone to join Jingdong's international management plan.

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