Bob Xu (Xu Xiaoping), a prominent figure in China's venture capital landscape, is the founder of ZhenFund, a leading early-stage investment firm. Before becoming one of China's most celebrated angel investors, he was the co-founder of New Oriental Education & Technology Group, a multi-billion dollar education company. Known for his candid advice and unwavering support for young entrepreneurs, Bob Xu has shared a wealth of knowledge on building businesses, investing, and navigating the complexities of success.

On Entrepreneurship and Building a Business

  1. On the core of entrepreneurship: "What is entrepreneurship? It is not about how much money you have, but about your desire to change the world."
  2. On starting a business: "Don't start a business for the sake of starting a business. Find a problem that you are passionate about solving."
  3. On the importance of a team: "When I invest, I look at the team first. A great team can turn a mediocre idea into a great company, but a bad team will ruin even the best idea."
  4. On leadership: "A leader must have the ability to unite people and make them believe in a common goal."
  5. On focus: "Don't try to do everything at once. Focus on one thing and do it better than anyone else."
  6. On execution: "Ideas are cheap. Execution is everything."
  7. On dealing with competition: "The best way to deal with competition is to focus on your own users and make your product so good that they can't live without it."
  8. On the entrepreneurial spirit in China: "The entrepreneurial spirit in China is unstoppable. It's a national phenomenon."
  9. On what entrepreneurs should focus on: "What is the most important thing for entrepreneurs? It is to find the needs of the users and to satisfy them."
  10. On long-term vision: "A true entrepreneur is not just thinking about today, but also about the next five, ten, or even twenty years."
  11. On co-founder relationships: He often stresses that the relationship between co-founders is "more important than a marriage" for the success of a startup.
  12. On equity distribution: "The distribution of equity should be based on contribution, not on seniority or personal relationships."
  13. On the qualities of a good CEO: "A good CEO should be a good salesperson, a good recruiter, and a good fundraiser."
  14. On building a company culture: "Culture is the soul of a company. It's what holds everyone together when things get tough."
  15. On innovation: "Innovation is not just about technology. It's about finding new ways to solve old problems."

On Investment Philosophy

  1. On investing in people: "I don't invest in projects, I invest in people. The person is always more important than the business plan."
  2. On his investment criteria: "I have three criteria for investment: the team, the market, and the product. But the most important is the team."
  3. On the role of an angel investor: "My job as an angel investor is not just to provide money, but also to provide advice, resources, and emotional support."
  4. On what he looks for in founders: "I look for founders who are passionate, resilient, and have a strong desire to learn."
  5. On trusting his gut: While data is important, he has often said that many of his best investment decisions were based on his intuition about the founder.
  6. On the importance of speed in investment: In the fast-moving Chinese market, he believes "speed is everything" and is known for making investment decisions very quickly.
  7. On failure: "I am not afraid of my portfolio companies failing. I am more afraid of them not trying something ambitious."
  8. On the power of youth: "I believe in the power of young people. They are the future, and I want to help them build it."
  9. On investing in Chinese students returning from overseas: "These 'sea turtles' have a global vision and local knowledge, which is a powerful combination." This has been a cornerstone of his investment thesis.
  10. On the role of ZhenFund: "ZhenFund is not just a fund, it's a family. We are here to help our entrepreneurs succeed in any way we can."
  11. On being a "mentor" investor: He sees his role as more of a mentor and coach than just a source of capital.
  12. On the future of venture capital in China: "The golden age of venture capital in China is just beginning."

On Life, Career, and Success

  1. On the definition of success: "Success is not about how much money you make. It's about how many people you help."
  2. On pursuing your dreams: "If you have a dream, you must protect it. Don't let anyone tell you that you can't do it."
  3. On the importance of reading: "Reading is the best way to learn and grow. I read every day."
  4. On continuous learning: "The world is changing so fast. If you don't keep learning, you will be left behind."
  5. On overcoming setbacks: "Everyone faces setbacks. The key is to learn from them and never give up."
  6. On the power of relationships: "Your network is your net worth. Cherish your relationships."
  7. On giving back: "When you become successful, you have a responsibility to give back to society."
  8. On his own journey: Reflecting on his struggles to get a visa to study abroad, he learned the importance of perseverance. "Never, never, never give up."
  9. On personal branding: He is a master of personal branding, using his public persona to attract the best entrepreneurs.
  10. On the value of friendship: "The friendship and trust between the three founders of New Oriental were the cornerstones of its success."
  11. On passion: "You must find something you are passionate about. It is the only way to have a truly fulfilling career."
  12. On risk-taking: "If you don't take risks, you won't achieve anything great."
  13. On humility: Despite his success, he often emphasizes the importance of staying humble and open to new ideas.
  14. On his nickname "Godfather of Angel Investment in China": While he is often called this, he maintains a down-to-earth approach, focusing on the entrepreneurs he backs.

On the Broader Tech and Social Landscape

  1. On the Chinese Dream: "Entrepreneurship is the best embodiment of the Chinese Dream."
  2. On the comparison between Silicon Valley and China: "China is learning from Silicon Valley, but it is also innovating in its own unique way."
  3. On the mobile internet in China: "The mobile internet has transformed China and created opportunities that were unimaginable just a decade ago."
  4. On the next generation of Chinese entrepreneurs: "The new generation of Chinese entrepreneurs is more global, more ambitious, and more innovative than ever before."
  5. On social responsibility: "Entrepreneurs have a social responsibility to make the world a better place."
  6. On the role of education: "Education is the key to unlocking human potential. It changed my life, and I want to help it change the lives of others."
  7. On the importance of English: As a co-founder of New Oriental, he has always stressed that learning English is a gateway to global opportunities.
  8. On the future of China: "I am incredibly optimistic about the future of China. The talent and energy here are simply amazing."
  9. On his ultimate advice for young people: "Be bold, be curious, and be kind. And most importantly, believe in yourself."