On Entrepreneurship and Building Businesses

  1. "Go with your heart. You have to really love what you do, otherwise it will be difficult to sustain." [1]
  2. "When you do entrepreneurship, you better be so determined that you will make it successful, not just to hope that one day you're gonna go back. You should not leave yourself any other possibilities." [1]
  3. "Building a team to make a sustainable business — 'that's a very, very different thing' [than just raising money]." [1]
  4. "Entrepreneurship is a marathon, not a sprint. To finish, you must pay attention to your pace and stamina."
    • Original Chinese: 创业是一个长跑，不是短跑。要跑到最后，必须注意节奏和体能。 [3]
  5. "Doing business is like climbing a mountain; the higher you go, the more difficult it gets, but the more beautiful the scenery."
    • Original Chinese: 做企业就像爬山，越到高处越艰难，但风景也越美。 [3]
  6. "In the market, speed is life."
    • Original Chinese: 在市场竞争中，速度就是生命。 [3]
  7. "What are the most critical factors for a company to succeed? We obviously need 'Entrepreneurship', but another word is also very important, and that is 'Professionalism'."
    • Original Chinese: 一家企业能够成功最关键的因素是什么？我们显然需要「Entrepreneurship」——「创业家精神」，在这个词外，还有一个词也非常重要，那就是「Professionalism」——「职业精神」。
  8. "There will always be competitors looking to copy from you and surpass you. You'd better innovate all the time." [1]
  9. "I'm still an entrepreneur today, an entrepreneur in the investment field."
    • Original Chinese: 我曾经是一个互联网领域的创业者，今天也还是一个创业者，是投资领域的创业者。 [4]
  10. "We are the underdogs, and we have an underdog mentality." [5]
  11. "Innovation is not the end, but the means. The purpose is to create value for users."
    • Original Chinese: 创新不是目的，而是手段，目的是为用户创造价值。 [3]
  12. "In the choice between 'entrepreneurial ability' and 'entrepreneurial spirit', I give priority to entrepreneurial spirit." [4]
    • Original Chinese: 在「创业者能力」和「创业者精神」的选择上，我优先选择创业者精神。 [4]
  13. "A CEO needs to be someone who can do the math and not make decisions by patting their head." [4]
    • Original Chinese: CEO要是会算账的人，不能拍着脑袋决策。 [4]

On Investment Philosophy

  1. "The most important thing is to have your own strategy and make forward-looking assessments on investment sectors and portfolios."
  2. "You should not follow the so-called hot sectors... You should really say what is my view of the world, and my view of a particular sector. And you need to form your view and developing your investment thesis independently." [5]
  3. "If you're investing in something where that whole field is doing well, and is going to do better in the future than it is the day you invest in — in that kind of field — you will find your way to success." [2]
  4. "We never feel there's anything wrong to miss one or two so-called hot sectors or hot companies. The most critical question for us is how to make sure our investments are what we meant them to be." [5]
  5. "The most interesting part of investing is that you have to live with regrets."
  6. "When VCs make investment decisions, they give greater weight to the entrepreneur than to the sector [of the startup's business]. A great entrepreneur will find the right sector eventually and figure out the business models that work."
  7. "What you should focus on is whether the business model is sustainable in the long term, as well as user needs, rather than the latest trends."
  8. "VC is fundamentally about teamwork."
  9. "We have no choice but to force ourselves to constantly think about how the industry will develop in two, three, or five years." [4]
    • Original Chinese: 我们没有选择，只能逼着自己不断思考两年、三年、五年以后的行业发展会怎样。 [4]
  10. "Our investment cycle is very long. We will walk with a company for a long, long time. If the company is still growing at a high speed, why not go on with them?" [4]
    • Original Chinese: 我们的投资周期很长，我们会和一家企业一起走很长很长的时间，如果公司仍在高速成长，为什么不和他们走下去？ [4]
  11. "Investors make money on the equity premium, not the company's dividends."
    • Original Chinese: 投资人赚的是股权议价的钱. 而不是公司的分红。
  12. "Investors need valuable projects, not just profitable projects."
    • Original Chinese: 投资人需要的是值钱的项目. 而不是赚钱的项目。
  13. "There are three main points in judging a good project: first is the judgment of the entrepreneur. Behind a great company, there must be a vibrant and outstanding entrepreneur." [6]
    • Original Chinese: 判断一个好项目主要有三点：首先是对创业者的判断。伟大的公司背后一定有一个鲜活的优秀创业者。 [6]
  14. "The second [point in judging a good project] is the size of the industry. Successful companies should focus on those industries with huge development space." [6]
    • Original Chinese: 第二是行业的规模有多大。成功的企业应该关注那些具有巨大发展空间的行业。 [6]
  15. "The third [point in judging a good project] is the business model. Some business models are naturally easy to form competitive barriers, while others are prone to homogenization." [6]
    • Original Chinese: 第三是商业模式。有些商业模式天然地容易形成竞争壁垒。有些则容易同质化。 [6]
  16. "Good capital must be a strategic investor, and the best investor must be an investor who understands the industry." [7]
    • Original Chinese: 好的资本一定是战略投资人，而最好的投资人也一定要是懂产业的投资人。 [7]

On China and the Global Economy

  1. "If there is any sort of successful formula for us in the last 10-15 years in China, it's because we consistently go long on China." [4]
    • Original Chinese: 过去几十年我做对了一个很重要的判断「Long China」（做多中国）。 [4]
  2. "It's probably the time to double down on China in many sectors."
  3. "For China, there is a chance to leapfrog and upgrade itself to become a leading country for healthcare services." [8]
  4. "The tech industry will also continue to grow by disrupting and gaining market share from traditional industries, though it will be a 'bumpy road'."
  5. "Looking back on my two entrepreneurial experiences, I used a very simple methodology: facing China's huge market, we referred to advanced overseas experience, and then made innovations according to China's actual conditions to create unique products and services that are more in line with the Chinese market." [9]
    • Original Chinese: 回首这两次创业的经历，都运用了很朴素的方法论：面对中国巨大的市场，我们参考海外先进的经验，再根据中国的实际情况进行创新，创造出更加符合中国市场的独特产品和服务。 [9]
  6. "Every startup founder today not only needs to think big, they should also think global."
  7. "In a fast-changing market, the only thing that doesn't change is change itself." [3]
    • Original Chinese: 在快速变化的市场中，唯一不变的就是变化本身。 [3]
  8. "The diligent work of the Chinese people in pursuit of their dreams is the driving force behind the economic miracle." [9]
    • Original Chinese: 中国人辛勤工作追逐梦想是经济奇迹原动力。 [9]

On Personal Philosophy and Career

  1. "Passion is what keeps the sense of purpose alive, while curiosity is fundamental to long-term development."
  2. "I am an opportunist, but I am not an opportunist in a speculative sense. I understand it as I will seize every opportunity when it comes." [10]
    • Original Chinese: 我是个机会主义者，但我不是投机意义上的机会主义者。我理解的意思是每一个机会来的时候我都会抓住他，具备一个开放心态。 [10]
  3. "To be a successful person in any industry, you can't just rely on high IQ; it must be a combination of high EQ and high IQ." [4]
    • Original Chinese: 不管在什么行业里，要想成为成功人士，都不可能只是靠高智商，必须要是高情商和高智商的结合。 [4]
  4. "Sometimes, beyond your rational thinking, you must have that little bit of impulse, a little passion, and take certain risks. At this time, the standard of judgment comes from your 'sixth sense'." [4]
    • Original Chinese: 有时候在你理性的思考之外，必须要有那么一点冲动，一点激情，承担一定的风险，这时的判断标准就来自于你的「第六感」。 [4]
  5. "The good thing is you learn from your mistakes, and then you try to improve every year." [1]
  6. "Management is about two things: one is to come up with ideas, and the other is to use cadres."
    • Original Chinese: 管理就是两件事，一是出主意，二是用干部。 [3]
  7. "Management is not control, but guidance and motivation." [3]
    • Original Chinese: 管理不是控制，而是引导和激励。 [3]
  8. "Making choices depends on the long term, and most importantly, doing what you love."
    • Original Chinese: 做选择要看长期,而且最重要的是,做自己喜欢的事情。
  9. "We look at another term: 'return on time, hourly'."
    • Original Chinese: 我们看另外一个词return on time，hourly。
  10. "In business, there are no permanent enemies, nor permanent friends, only permanent interests."
    • Original Chinese: 在商场上，没有永远的敌人，也没有永远的朋友，只有永远的利益。 [3]
  11. "Some entrepreneurs start a business just to go public and make money, but we appreciate the entrepreneurial motivation that hopes to create a product and service to meet a certain need and solve a certain problem. Its driving force comes from curiosity and a sense of mission." [4]
    • Original Chinese: 有些创业者仅仅为了上市、赚钱而创业，但我们更欣赏的创业动机是希望创造一种产品和服务满足某种需求，解决某个问题，其动力源自好奇心和使命感。 [4]

Sources