Human feelings are like bank accounts. People who help you are withdrawing money, and they always withdraw money. One day, the money will run out, so you should help others and keep saving money so that you can get more and more money. Don't just look at interests, pay attention to feelings.

"Text"

In the capital market, Jianghu spirit is a rare existence. In the commercial society, this feature is very characteristic of China. However, Huaxing Capital has become a key factor to achieve cooperation with the spirit of rivers and lakes.

From the other side's point of view, doing anything for customers may be a new commercial civilization.

0 1

My Jianghu

I was born in a diplomat's family, and my parents are away all the year round. I have been boarding at school since I was a child and lived a free life. 13 years old went to Zhangjiajie alone, 16 years old went to Tibet with a group of buddies. I was afraid that the road was unsafe, so I took a knife and went on the road.

As a teenager, I learned to do business.

At that time, foreign exchange control made it impossible to buy many imported goods, but the children of diplomats could buy foreign exchange certificates in some shops and sell them to their classmates to earn a little money.

All the money earned in business is eaten with friends around me.

Boys quarreled and fought, and I stood up to mediate. I played this role when I was a child and gradually became the boss.

Huaxing is a very Jianghu place, just a bunch of mixed brothers. I forbid them to call me Bao Manager, Bao Fan. They are a little embarrassed, so they just call me boss.

Being a boss makes less money than others every year. This is the culture of Huaxing.

Take pains and enjoy it, otherwise you will take all the good ones away and others will wipe their bottoms for the bad ones. What are the brothers doing with you?

I hope my success is not the success of one person, but the success of a group of people.

My brothers and sisters who live with me have the biggest house, the best car, and my children can go to the best school. I feel very proud.

The core competitiveness of our industry is how to attract, retain and cultivate outstanding talents.

What is the boss? Just these three things, the others are not important.

I have worked in the industry for more than 20 years, and I only figured it out in the last three years.

I didn't understand it before. I always thought the team was helping me, but it was wrong. I am helping the team.

The starting point of my evaluation of this matter is whether it is good for you, not whether it is good for me. If staying in Huaxing is a better choice, I will try my best to say that if leaving Huaxing is better, that's nothing.

I grasp two things, one is incentive mechanism, and the other is corporate culture. Incentive mechanism makes people earn money, and corporate culture makes people feel good while making money.

02

How to inherit the enterprise?

I often say that Huaxing should "de-generalize".

Without Bao Fan, Huaxing has no past, only Bao Fan, and Huaxing has no future.

I, Bao Fan, never wanted to be an empire of one person. I want to do something that can be passed down. Where do you think Goldman Sachs, Mr. Goldman Sachs and Mr. Sachs are today? Their descendants are not in the company, but they are awesome, which is my pursuit.

To use an inappropriate metaphor, I am like a founding father. I was definitely a dictator when I fought for the world. However, if the country is to be passed down, it must be constitutional. One day, power must be handed over before the country can continue.

We must build a team for later leaders. I always think that because no one is perfect, the team can be a strong team.

In addition, leaders have strong business ability, and they can't be persuaded without business ability.

Generation after generation, our cause is actually the same, handed down from generation to generation. How to inherit this connection is indeed a problem that we should think about.

Our new CTO, born in 1990, started his business twice in college, and later worked as a backstage trading model in a big investment bank in the United States. I called him in and tried to subvert Huaxing's business today.

How to communicate with them?

There are differences in age, and people may see the world differently, but that doesn't mean we can't communicate.

The premise of communication is that you are really willing to listen and understand others.

The biggest challenge for us people is to put it bluntly and put down our posture. You are not an elder when communicating with them. You should always study with an open mind.

In fact, young people are better than you in many aspects, and they know many things better than you. You really need to learn from him.

If we can't subvert ourselves, we will be subverted by others.

03

Rise, use "loyalty"

What are our jobs as bosses?

We don't go to BLACKPINK to sing opera every day. Our job is to set up a stage and invite celebrities from all walks of life to sing.

Take the stage, for example. The stage is too small. Please don't move, Black Powder. We have to get three Wu Yao to pull people in anyway. When the corner comes, we will take the stage again.

In the negotiations between Didi and Kuaidi, I served as a consultant for two companies.

The negotiation lasted thirteen hours. When the negotiations are deadlocked, I will mediate between the two sides:

What is the ultimate goal of fighting this war now, and what kind of pattern do you want to form?

We should tell them in a rational way that we cannot fight for the sake of fighting.

The subtle emotional reaction in cooperative negotiation is more like art than science.

As a middleman, you must not "muddle along". Try to pull both sides to the middle line, and explain clearly that this middle line is reasonable.

Neither side can be wronged.

There are many considerations in the field of negotiation. The most important thing is the insight and grasp of human nature.

I have been in the army before, and suddenly I sit at the same table. They will be more exclusive. They don't want to meet each other, but they understand their demands and desires and try to get to know each other.

When the results of every case we worked on came out, everyone thought it was a perfect case. In fact, there are various obstacles in the process of doing it.

If an enterprise chooses Huaxing, we will use all the resources of Huaxing to support it and never give up in the most difficult time.

We have made friends and we are loyal to each other.

In the early years, we did a lot of projects, even without contracts, so we shook hands and settled it.

All the business of Huaxing today is a reward. Without these friends inside and outside the company, there would be no Huaxing today.

Frankly speaking, what we do today can be done by others. Why are you willing to cooperate with us?

Huaxing has been awesome since its first day. That's my personality, and I'm not bad at this. You should cooperate if you are willing to cooperate. If we work together, we should be happy. Not only did you make a deal, but you were still friends after the deal. This is the real cooperation.

Human feelings are like bank accounts. People who help you are withdrawing money, and they always withdraw money. One day, the money will run out, so you should help others and keep saving money so that you can get more and more money. Don't just look at interests, pay attention to feelings.

First, don't fill in everything. Let others order if you can. If you can earn 10 yuan, you can earn 5 yuan and leave 5 yuan for others.

Second, you should repay the kindness. You should help others before others help you, and you don't necessarily expect anything in return.

Nowadays people often judge success by whether they earn money or not. Such success is not equal to Excellence. If you look back at the successful businessmen in America, no one remembers them now.

04

The biggest enemy in this business is greed.

Historically, the collapse of financial institutions and turning losses into profits are two words, greed.

Not all the money can be earned. If you don't earn money you shouldn't, you can earn less money. You must control your greed.

We sometimes do A-share mergers and acquisitions, and when we chat, we find that this guy doesn't care much about what assets he receives.

What I care about is whether I can get to the secondary market and continue to 15 daily limit boards. A group of brothers and mice warehouses have been built outside, and you will soon understand that you can't make a lot of money in this world.

There was once a clothing retail company that was very popular. This company sells the tail goods and owns a lot of commercial real estate, but it doesn't pay the rent. I asked the boss in Guangdong how much profit a dress made from the upstream to the store, and how was the stock?

Later, the company made several rounds of money and achieved great success. Some friends say that people are real heroes, but I was wrong. Later my conclusion was proved to be correct.

Of the two competitors in the industry, we chose one, but looking back, we chose the wrong one, and the other one did better. This happens all the time.

This kind of mistake is often made, and it is inevitable from the perspective of investment, otherwise everyone will be Buffett.

What I fear most is that people are unreliable and business judgments are wrong. We realize that we can learn a lot from it.

But we can't make mistakes in people's moral quality. The core of investment banking transaction is brand. A brand established for more than 20 years can completely destroy you.

05

Look at the wrong person and it's over

Some years ago, I introduced the investment bank to my grandmother. My grandmother asked, are you a banker? I said no, so are you an investor? I said no.

We are a local investment bank, focusing on the new economy and providing entrepreneurs with all-round capital market solutions.

Our job is to let those who need money get it most efficiently, and let those who need to invest put it in the most efficient place.

70% of the internet companies that everyone likes to see and hear at ordinary times have an intersection with us.

I am often asked what kind of entrepreneurs can be recognized by investors.

I always thought this was a false proposition.

There are all kinds of investors. Maybe you are beautiful and some investors will recognize you, but I am not such an investor.

I think:

First, entrepreneurs should have enthusiasm.

Many times, 99% of investors don't know this project as well as the entrepreneurs themselves. The reason why he is interested in you is largely moved by your enthusiasm.

Second, be honest.

Some entrepreneurs came to us, and the project was well packaged, but many concepts were wrong.

Third, I think values are more important.

Everyone should have the same values. In the early financing process, valuation is not so important.

When you want to do something, you need one month to get the money, and six months to get the money. In order to get 50% more valuation, it is meaningless.

In these six months, a startup can do a lot of things, and you get a 5% increase in valuation, which is not directly proportional to the value created by your company in six months.

Looking at an entrepreneur, I will have two core judgments.

First, why him? Can't others do it? Everyone wants to do good. Why is it his turn?

Second, I will spend a lot of time thinking, is this person a good leader?

Too many entrepreneurs may be an excellent product manager, but doing business and making products are completely different.

Entrepreneurship is a very serious and arduous thing.

Can this man hold up this stall?

Did he share his spirit and charisma to attract people stronger than him? Do you have enough heart? All these determine how much he can do in the future.

06

Two Ways of Future Venture Capital

In the future, VC will go both ways. I think one end of VC will go earlier and earlier, and there will be a group of very small VCS, maybe10 to 30 million dollars, and micro-VCS will appear. What is the reason?

There are also some VCS that go back to the middle and late stages. When a company's products are determined, what it needs to do next is to expand its scale, which many CEOs can't keep up with.

Many entrepreneurs have never done such a thing, especially after 90, and they have no experience.

How to become a qualified CEO from a product manager? In addition to giving money to VC in the middle and late period, it is very important for Qi Xin to work together to help the entrepreneurial team rise to a new height.

There is a fund in America called AndreessenHorowitz, which is very good in America.

Two-thirds of the partners in this fund will help enterprises improve in this respect, teach you by hand and help product managers become real CEOs.

There are still very few people who can do this in China's funds in the middle and late period.