区块链kpi是什么意思,区块链技术开发费用

近几年，区块链技术的发展迅速，在改变着现代社会的发展趋势。那么，区块链KPI是什么意思呢？以及区块链技术开发费用有多少呢？

区块链KPI，全称为Key Performance Indicators，是指关键绩效指标，是用来衡量区块链技术应用的有效性和效率的指标。它可以用来衡量区块链系统的性能，以及用户的满意度等。

区块链技术开发费用是指用来开发区块链项目的费用，具体的费用取决于项目的规模和复杂度。一般情况下，开发一个区块链项目的费用在800元以上，但是如果项目的规模较大，那么费用可能会超过1000元。

总的来说，区块链KPI可以用来衡量区块链技术应用的有效性和效率，而开发一个区块链项目的费用一般在800元以上，具体的费用取决于项目的规模和复杂度。只有把握好这些指标，才能更好地开发出高质量的区块链项目。

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㈠ How to be a project developer in the currency circle

A reporter from China Securities News recently obtained a market value management plan for a blockchain project, which is claimed to be used to guide the project in planning. Currency value management within the validity period includes the release of phased results of project development work, public relations strategies and behaviors, selection of exchanges, market making, price increase or suppression, and project party arbitrage.
Industry insiders pointed out that market value management plans are common in the industry and are just the tip of the iceberg of the chaos in the currency circle. In the blockchain ecological chain, participants such as exchanges, project parties, and institutions all have irregularities to varying degrees, and many investors have basically become "lambs waiting to be slaughtered." Blockchain technology should be a powerful tool to serve economic development, but many people use the banner of blockchain to actually engage in illegal fund-raising activities such as currency issuance. The industry is in chaos and requires regulatory intervention and regulation.
Fooling into the market
According to the above-mentioned market value management plan, the main goal of the first phase is to attract traffic to the project through a series of actions. The plan lists corresponding indicators, including 5 media publications, 2-3 online live broadcasts, 3-5 offline roadshows, 2-3 KOL (opinion leaders) speaking out, and a 50,000-person Telegram group. WeChat group of 2,000 people, community cooperation without KPI requirements, strategic cooperation with 5-10 companies, statistical list of the top 20 token holders; signed concerted action agreement with the top 20 private equity parties with token holders, Lasts for 1 month.
Blockchain media is the first to be affected in attracting traffic. The mushrooming development of blockchain media at the beginning of this year shows how hot the market is.
“You can get many project tokens for free by posting a soft article. And the cost of media in the currency circle is extremely low. You don’t need too many people, even one or two.” Chen Song, head of a blockchain media in Shenzhen (pseudonym) told a reporter from China Securities Journal that the popularity of the “3 O’clock Blockchain” community during the Spring Festival this year led to the emergence of a large number of blockchain media. During this period, blockchain media raised funds quickly, and several leading media companies obtained high valuations.
According to incomplete statistics from Zhilian Finance, in the first quarter of 2018 alone, 15 blockchain media received financing, including well-known names such as Babbitt, Bishijie, and Shenlian Finance, with a total financing amount of 245 million yuan. Among them, Babbitt received 100 million yuan in Series A financing in March.
A reporter from China Securities Journal noticed that a technology media originally announced its transition to blockchain reporting, and some even hired blockchain content editors with a monthly salary of more than 60,000 yuan. Ordinary blockchain conference exhibition boards can List hundreds of media outlets. "Many people don't understand the media at all, they just think it's a quick way to make money. They don't verify a lot of the information, they just repost it and plagiarize it, causing rumors to fly all over the market." Chen Song said that behind many blockchain media is actually the project party. You can not only promote your own projects, but also make money by posting soft articles.
Zhang Yun (pseudonym), who previously worked for a blockchain media, said that blockchain media mainly attracts investors through content and then converts them intoDirect traffic to community operators. Analysts conduct "coin diagnosis" and analyze the market conditions of tokens. He won't sing too much explicitly, but will induce it in a subtle way. “Most of the analysts who appear are from the futures and stock trading markets. They are usually new to blockchain and are not professionals.”
Offline road shows and inviting “big V” platforms are indispensable steps. “In the past, when launching a project in the currency circle, we first found two big bosses to stand up for, and then conducted roadshows across the country. There were so-called proxy investors on site, and proxy investing could attract many investors.” Ren Gang, a senior blockchain entrepreneur (pseudonym) introduced that many investors actually do not understand the technology and applications of the project. They mainly depend on who comes to the platform. Usually the project's white paper is "endorsed" by relevant consultants, and these consultants receive benefits from the project side.
The most important result of attracting traffic is the establishment of communities, mainly WeChat groups and Telegram groups based on overseas social software Telegram. A reporter from the China Securities Journal noticed that usually there are five WeChat groups for a currency issuance project, and there are dedicated personnel to maintain them every day, and there are many robots that automatically reply. “In the group, we mainly inculcate to investors that this coin will become a hundred-fold coin or a thousand-fold coin, and randomly post some transaction screenshots in the group to build momentum. In order to increase activity, the project team will also give free tokens to investors. "Ren Gang said that the community not only plays a role in the early stage of the project, but will also help the project side "maintain order" in the later stage. “When the currency price plummets, investors are tricked not to sell, saying that it will be profitable later.”
“Harvest” investors
Once investors enter the market, what awaits them will be carefully planned by the project team "Harvest" plan.
The above-mentioned market value management plan shows that the second stage is the first month of being listed on the exchange. The main goal is to achieve a three-fold increase in the token price, and the project party sells about 10% of the number of tokens it controls. At this stage, it is still necessary to divert traffic, maintain the popularity of the previous period, and maintain the KPI of the previous stage. On the first day the project was listed on the exchange, the token price was 1.5 times the private placement price. The private placement price is defined as P, and the price fluctuates between 1.5P-2P in the first week. It is expected that some private equity parties and airdrops that have not signed an agreement will sell off at this time, and the retail investors attracted will digest this band. The quantitative team maintained the price between 1.5P and 2P, and the trading volume remained in the top three projects on the exchange; the price fluctuated between 1P and 2.5P in the second week; and the price in the third week was between 0.75P and 2.5P. The price fluctuates between 0.75P and 2P in the fourth week; the price fluctuates between 1.5P and 3P in the fifth week.
The third stage is the second month after listing on the exchange. The main goal is to list on one more exchange and two small exchanges, with the price fluctuating between 0.5P-2P. This stage allows the contracted private equity parties to ship goods and then absorb the goods at a price slightly lower than the private placement price on average. The fourth stage is the third month after being listed on the exchange. The purchase of goods has been roughly completed. A series of good news has been released. In cooperation with public relations, communities, and strategic partners, the price has begun to rise, and the price has fluctuated between 1P and 5P. Approximately 400 million tokens are shipped, the average shipping price is 3P, and approximately 30 million yuan can be obtained from sales.
Ren Gang introduced that the project team will hire a market value management team before the token is listed on the exchange. “First, you need to pay the equivalent of ETH (Ethereum) ranging from 2 million yuan to 10 million yuan, and promise to guarantee the minimum fee, as well as the income sharing, either 37% or 50%. If a project does not have a market value management team, The currency price will be smashed to nothing." He said that market value management generally adopts quantitative strategies, and the team makes buying and selling actions based on corresponding indicators on the market.
"At night, retail investors have gone to bed, and then the bankers can pull the market. When retail investors wake up in the morning and see the rise, if they follow up, the bankers will cut when they see the trend." Ren Gang said that another way to play is to smash the currency value to After two points, private equity and institutions continued to throw away their chips. “Continue to accumulate funds at low levels, start to pull up after taking complete control of the market, attract retail investors after pulling up, and then harvest retail investors at high levels, and so on.”
A reporter from China Securities News noticed that the manipulation mentioned by Ren Gang The trading strategy is basically supported by the aforementioned market value management plan.
Because the digital currency market is currently in a bear market, the prices of many tokens continue to fall, and investors have left the market in large numbers. Industry insiders joked that there are not enough "leeks". At this time, private equity institutions have become the "prey" of the project side.

㈡ What is Responsibility Informatics? What is its relationship with management? What is its relationship with Responsibility Network

Responsibility Informatics is a theoretical and practical system that studies responsibility information management. It is the continuation of management and the innovative expansion of the digital intelligence era, and it is also the innovation of the Chinese people themselves. The implementation is the "Internet of Responsibilities", which is equivalent to an upgraded version of the Internet of Things. See below for details.

Suitable for: all types of managers and researchers

Third points are technology and seven points are management. Technology serves management. The author puts forward that "management is to manage responsibility. "Governance is to manage risks", better apply technology to management from the perspective of responsibility, and gradually improve:

The first step: the system framework of "everyone is responsible, everyone fulfills their responsibilities, and everyone enjoys"

First be applied in safety production, and cooperate with the "Safety Production Law" of the all-employee safety production responsibility system to formulate corresponding norms and standards.

Second step: Application in digital transformation and digital reform

The starting point of digital transformation and digital reform is to optimize and reconstruct the connotation and relationship of "responsibility and rights", which is also the responsibility network and the focus of responsible informatics. Therefore, it is necessary to use this book to optimize organizations, enhance competitiveness, and strengthen innovation, especially cognitive innovation and business innovation.

The third step: intelligence

From the interpretability of artificial intelligence algorithms to the responsible evaluation of algorithms, it is a leap.

The current book "Responsible Informatics" is published by Dalian University of Technology Press.

Content Introduction

The history of human progress is a history of responsibility. This book systematically combines responsibilities and information, turning seemingly abstract responsibilities into something achievable.The objects of management provide a management mechanism for everyone to perform their duties in order to improve operational capabilities such as goals.

1) A simple and easy-to-understand description of responsibility informatics: the process and scope of responsibility research are systematically elaborated; then the responsibility information space is proposed from the perspective of information access control and a responsibility information model is established; through Constructing responsibility big data realizes the process and results of quantified responsibility closed loop; the responsibility knowledge composed of responsibility big data forms more systematic big data results; and then through responsibility intelligent computing, all-round refined management of responsibility can be better realized.

2) Responsibility networking practice: various responsibility tools have been constructed for meeting responsibility management, rapid motivation or accountability of subordinates, personal due diligence management, etc.; a corresponding safety responsibility management method is used to achieve Application scenarios; and improved risk responsibility management in applications; carried out platform design through the responsibility network, and conducted responsibility-linked design of products.

3) Expanded application of new infrastructure and new economy: Combining responsibility management from the aspects of big data, blockchain, artificial intelligence, and cultural management, overcoming the risks of these aspects in practical applications, making it possible to implement More valuable.

Contents

1. Introduction

1.1 Why do we need to do research on responsibility?

1.2 Gradually deepen the research on responsibility

1.3 The relationship between a society ruled by law and responsible government

1.4 The scope of responsible informatics

2. Responsible information space

2.1 From information-level access control to recognition Knowledge Level

2.2 Equivalence of Rights and Responsibilities

2.3 Equivalence of Responsibilities and Benefits

2.4 Responsibility Classification

2.5 Informatization of Responsibility Levels

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2.6 Comprehensive comparison with KPIs and OKRs

3. Responsibility big data

3.1 Responsibility set mathematics

3.2 Responsibility boundaries

3.3 Quantify responsibilities

3.4 Quantify responsibility

3.5 Quantify accountability and accountability

3.6 Quantify responsibility reduction

4. Responsibility knowledge mining

4.1 Personalized job evaluation

4.2 Interest chain knowledge level

5. Responsibility intelligent computing

5.1 Responsibility Comprehensive assessment

5.2 Responsibility boundary calculation

5.3 Responsibility knowledge mining

5.4 Responsibility goal decomposition

6. Responsibility management tools

6.1 Meeting Responsibilities

6.2 Responsible Management Communication

6.3 Diligent Treasure

6.4 Job Responsibilities Big Data Management

7. Safety responsibility management

7.1 Problems to be solved

7.2 Safety subject responsibility

7.3 Supervision responsibility

7.4 Leadership responsibility

7.5 Fire safety as an example of comprehensive management

7.6 Safety responsibility culture

8. Risk responsibility management

8.1 Risk causes

8.2 Various Risks

8.3 Risk Responsibility Assessment

8.4 Risk Responsibility Management of the Internet of Things

9. Responsibility Network and Responsibility Design

9.1 Overview of Accountability Network

9.2 Overall Structure of Accountability Network

9.3 Levels of Accountability Network

9.4 Comprehensive Accountability Network Platform

9.5 Accountability Network Application Architecture

9.6 Responsibility Comprehensive Design

10. Big Data Governance Responsibility

10.1 Big Data Governance

10.2 Big Data Governance Risk

10.3 Job responsibility management and control system for big data governance

10.4 Job responsibility management and control system for digital twins

10.5 Big data governance in smart cities

10.6 Big Data Governance of Smart Enterprises

10.7 Responsible Big Data for Big Data Governance

11. Responsible Blockchain

11.1 Blockchain and responsibility management

11.2 Responsibility blockchain between people

11.3 Responsibility blockchain between people and organizations

11.4 Responsibility of people and equipment Blockchain

12. Artificial Intelligence Responsible Computing

12.1 Artificial Intelligence and Machine Intelligence

12.2 Artificial Intelligence Robots with Responsible Behavior

12.3 Human-machine collaboration and responsible intelligence

12.4 Intelligent awareness of responsibility

12.5 Intelligent cognition and strong artificial intelligence

13. Responsible culture and cultural intelligence

13.1 Quantifiable responsibility culture

13.2 Responsibility evaluation boundaries and training courses for cadres and employees

13.3 Basis for comprehensive responsibility scoring

13.4 Human Resources Level Evaluation Form

13.5 Assessment and Improvement

13.6 Cultural Intelligence

Appendix 1: Provisions on the Safety Production Responsibility System of a certain unit

Chapter 1 General Principles

Chapter 2 Management System

Chapter 3 Organizational Structure

Chapter 4 Safety Production Responsibility

Fifth Chapter Process Management, Assessment, Accountability, Rewards and Punishments

Chapter Six Emergency Response Plans and Drills

Chapter Seven Education, Training and Culture

Chapter Eight Supplementary Provisions

Appendix 2 Implementation Rules for Promoting the Application of Fire Supervision Responsibility Network

Chapter 1 General Provisions

Chapter 2 Sources of Responsibilityand responsibility list

Chapter 3: Responsibilities of key positions in social units

Chapter 4: Law enforcement responsibilities

Chapter 5: Information integration

Chapter Chapter 6 Supplementary Provisions

Appendix 3 Introduction to Huizui Software

Appendix 4: Introduction to Jizuobao Software

㈢ If you don’t know what to write, just write about the current situation

The title of the article seems inaccurate. In fact, there is a lot of material to write about. I just feel that there are more important things to do. Writing is always postponed to the last day, which is not a good mood.

Let’s write about the current situation in this slightly short period of time, and let’s continue posting. To be honest, I have been wanting to restart the official account recently, but I have too many things to do. This matter Being delayed again and again is quite unpleasant.

I stayed in Beijing for five days this week and arranged two gatherings. On Wednesday and Thursday nights, I met several friends I hadn’t seen for a long time, as well as friends I had known online for a long time but had never seen each other. .

Wednesday night is about a three-hour party, Haidian Huangzhuang, eight people.

Sister Na, I want to talk to her every time I come to Beijing. This time I found an opportunity to meet her. She is still so interesting and interesting. Now she is working in a blockchain company and is doing media operations. As soon as I went to get the job, I talked a lot about some things she felt during the get.

Xiaowei, I have chatted online, and I am a friend in Sister Na’s group. I had a hunch that he was a good friend to talk to, and when we met, we found that we got along very well. She has been working in the party and government for five or six years, but I really can’t tell. Then she refused to be content with the status quo and jumped to an Internet company to become a product manager. She is a person with a lot of stories. She really only has limited time for gatherings. Next time Talk to her again if you have a chance.

Ye Chaoqun, a friend I have known online for a long time but never had the chance to meet, met up in Beijing this time, which was very interesting. He is now at Socket Academy to study the underlying logic of writing and how to write popular articles. His KPI is actually to write two articles worth 100,000+ in a month (of course on the platform of Socket Academy). He recently I wrote an article worth over 360,000 yuan, which is quite impressive. The growth rate is astonishing.

Zhao Qiru, Ye Chaoqun’s friend, should also be an alumnus. Now at Mars Finance, I work with Wang Feng. Due to time constraints, he didn’t talk much, but it was very interesting.

Wang Ligang, an expert I met on mind mapping, last chatted on the phone for almost half an hour and made me sure to talk to him in person when I go to Beijing. He is still in graduate school, but he is involved in many aspects and hopes to develop in the direction of education in the future.

Su Yi, a blockchain master who met at Su Lei’s party, has strong learning ability and has come from the insurance industry.It took about a year to enter the blockchain industry. Now I have arrived at Inb and participated in the 0th phase of the university. This time I met him again in person, and I found that he was a very interesting person, and I felt comfortable chatting with him. His experience also showed that if you want to achieve self-breakthrough and have the support of action, nothing is impossible.

Cheng Jun is a friend who I met at Sister Na’s birthday party. I met him again at the 2007 annual meeting. This is the third time I have met him. This time I have the opportunity to get to know him in depth. He gives people the impression of a calm and persistent person. Like Su Yi, he is also at INB and has also attended the 0th phase of the university. He is also an expert who has crossed over from traditional industries to blockchain and has extremely strong learning ability. , his writing ability is also very good, I will follow his official account later.

Thursday’s party was also a three-hour party, again at Haidian Huangzhuang, with five people.

Zhang Sen, I have known him for a long time. I have met him many times and spent the most time chatting with him. I think he probably has the most time in common among the people I know, because he and I have a lot in common. Recently, he has embarked on a new journey. He is already in a high-speed industry, and he seeks faster growth through his own efforts. I think how can such a friend not be outstanding?

Ma Jian, the first time I met him, he is a very promising doctor. He had dinner with Mr. Wu Jun and fought with me in the currency circle for a long time. His record was better than mine. He is a person with a restless heart and is definitely not a person who is content with the status quo. He seeks many changes. Recently, he hopes to be more focused. I believe he will have unlimited possibilities in the future.

Liao Kunpeng, a senior player in blockchain media, happens to have experience in the cryptocurrency industry at this gathering, so he also told a lot of unknown insider information, giving us all kinds of surprises. I really admire him for making these things about the currency circle so interesting and interesting. I think he can do a show in the future where Kunpeng talks about blockchain, which will be very interesting.

Zhao Yu, a friend who has worked hard in a state-owned enterprise for several years, has similar experience to me and is very interested in the latest technology. Many of our Shaoyin activities were held by him and Zhang Sen in Beijing. Organized together. I have a deep interest in the robotics industry, which I didn't expect. I think no matter what environment we are in now, there is no way to limit the independence of our thoughts. I think it's only a matter of time before he crosses over.

Communicating with people is an interesting and meaningful thing. Different people will use different eyes to describe the differences in the world. This world is wonderful because there are so many wonderful people.

㈣ Alibaba and Tencent fell out of the top ten Internet centers but bucked the trend and moved into the top four

After a rush in 2018, blockchain patents in the first half of 2019 Application is somewhat cooling.

Interlink pulse queryiAccording to the nnojoy patent platform, the number of blockchain patent applications in China in the first half of 2019 was 909, which was only 16.2% of the 5,606 applications in the whole of last year.

It is worth noting that although Alibaba still occupies the first position in the total number of blockchain patents, it has ranked outside the 10th place in terms of new blockchain patent applications in the first half of 2019. Xunlei Group’s Netcenter Technology jumped into fourth place.

Patent indicators have multiple meanings for blockchain companies, such as investment in R&D, quality of talents, emphasis on innovation, etc. From this, you can understand the other side of blockchain development.

Industry technology investment is cooling down?

Regardless of China or foreign countries, the number of blockchain-related patent applications fell off a cliff in the first half of 2019.

Interchain Pulse searched for the keyword "blockchain" through the patent query system innojoy. Half of 2019 has passed, and the number of blockchain patent applications is only 909, which is 16.2% of last year. It can be expected , this year it will be difficult to reach the number in 2018.

The situation in other global markets is not optimistic either. Searching for "blockchain", there were only 158 patent applications in the first half of this year, accounting for only 7% of last year's total.

This decline is caused, on the one hand, because the development of blockchain technology may have entered a plateau period, and the patent layout in the blockchain field has entered the final stage, and all patents in this application have been applied for. , naturally reducing investment; on the other hand, the effectiveness of blockchain implementation is insufficient and no short-term effects can be seen. Enterprises that use KPIs as assessment targets naturally reduce blockchain investment; finally, it may be due to market reasons. In the second half of 2018, The price collapse of crypto assets in half a year has affected the financing, production and other activities of block companies, which in turn has affected patent applications.

Where have Alibaba and Tencent gone?

The most surprising thing is that Alibaba was not so "progressive" in terms of blockchain patents in 2019. He won the "championship" for two consecutive years in 2017 and 2018, but he was missing from the top ten this year.

According to data obtained by interlink pulse query innojoy, Alibaba Group applied for 12 patents in the first half of 2019, ranking only 12th.

In addition, Tencent, another major Internet company, has also significantly slowed down the pace of blockchain research and development. There were only 7 related patent applications in the first half of the year, ranking 22nd.

In the first half of the year, China Unicom had the largest number of applications, with 50 applications. Ping An Technology, Complex Beauty, Wangxin Technology, and Network ranked 2-5 with 27, 25, 23, and 20 applications respectively.

Similar to the previous two years, there are two native blockchain companies in the top ten - Complex Beauty and Qulian Technology.

The evolution of China’s top ten blockchain patents

Native blockchain companies initially occupied a dominant position in related patents.

In 2015, China’s blockchain patent applications began to take off, with a total of 30 applications. The earliest batch of native blockchain companies have become the main force in blockchain patent applications. Bubi Blockchain, established in 2015, has applied for 8 related patents.

In 2016, the world continues to be dominated by native blockchain companies. In addition to Bubi Blockchain, there are also Hangzhou Yunxiang Blockchain, Hangzhou Complex Beauty, Beijing Tiande Technology, and Beijing Zhongxiang Bit Technology. Batch blockchain patent applications. The number of blockchain patent applications jumped to 470 that year.

It is worth noting that in 2016, Internet and financial technology companies joined the research on blockchain. The patent applications of Alibaba (7 cases) and China UnionPay (8 cases) showed that they are in the region. Blockchain business layout.

In 2017, more companies and organizations joined in blockchain research, and the number of patent applications that year was 1,478, more than three times that of 2016. In that year, Alibaba’s number of blockchain patent applications exploded (57), becoming the number one blockchain patent application.

It can be seen from the patent list that year that a group of traditional large companies poured into blockchain research, including Tencent, China Merchants Bank, China Unicom, Inspur Technology, Dianrong, etc., which all applied for more than 10 patents that year. More than 100 blockchain patents. However, native blockchain companies such as Zhonglian, VeChain, Ouluian, Qulian, etc. all ranked in the top ten in terms of patent applications that year.

In 2018, the number of blockchain patent applications was as high as 5,606. Traditional technology companies are accelerating their deployment in the blockchain field. Ping An Technology, Internet, Tencent, ZhongAn and Xunlei Group's Netcenter Technology entered the top ten in terms of patent applications that year, squeezing out native blockchain companies. Among the top ten, there are only two native blockchain companies, Complex America and Zhonglian.

Traditional technology companies and financial companies have advantages in technology, talent, and market, and most of them are trying to seize the market for blockchain patents.

The three poles of blockchain

As of the end of the first half of 2019, the number of blockchain applications in China exceeded 8,440. Alibaba still tops the list with 257 items. Complex Beauty and Zhonglian Technology are two native blockchain companies.

Interchain Pulse selected the top 30 companies with the highest number of blockchain patent applications and further subdivided them into Internet companies, financial technology companies, and blockchain companies according to their fields. companies, communication companies, Internet of Things companies, universities and computer companies.

Currently there is a situation of "three parts of the world". Top 30 applicants in total2,431 blockchain patents. Among them, Internet companies applied for 722 patents, accounting for 29.66%, including Alibaba, Internet, Tencent, Netcenter Technology, etc.; followed by blockchain companies, applied for 547 patents, accounting for 22.5%, including Complex Beauty , Zhonglian, Yunxiang, Ouluan, etc.; fintech applied for 541 applications, accounting for 22.2%, including Ping An Technology, Dianrong.com, Taikang Life, WeBank, etc.

The regional distribution of the top 30 blockchain patents also shows a trend of one-third of the world. Companies registered in Beijing applied for 845 patents, accounting for 34.7%, including China Unicom, China Network, Zhonglian, Qihoo, etc.; companies registered in Shenzhen applied for 830 patents, accounting for 34.1%, including Ping An Group, Tencent, Wangxin Technology, Launch Technology, etc.; there were 510 applications from companies registered in Hangzhou, accounting for 21%, including Alibaba, Complex Beauty, Yunxiang, Miyuan, etc. The performance of blockchain company clusters such as Guangzhou and Shanghai is not outstanding.

㈤ Zheng Xiangzhou was invited to teach at Peking University

Domestic famous PE advantage capital management partner, chief executive of "Business Review" Economist and famous business model expert Mr. Zheng Xiangzhou was invited to teach at Peking University today to teach "New Capital Business Model Innovation" to young entrepreneurial students of Peking University.

Dear classmates of Peking University Young Entrepreneurs, hello everyone, I am very happy to pursue confusion, seek chaos, and discover patterns with you here. A first-class entrepreneur must start from his ideals, start from himself, and always pursue himself. He must be led by emotion and return to rationality.

Today, entrepreneurs are both the best and the most miserable, the loveliest and the most pitiful. Because we are not athletes, we are referees, sellers of fresh fish, not salted fish. We need to grow and mature.

1. The basic logic of capital investment

I have two identities, one is the chief economist of "Business Review", and the other is a partner of Advantage Capital. "Business Review" has always been a high-end magazine, and has been running publications for more than ten years from 2006 to now. Advantage Capital has been doing private equity investment. From 2002 to now, in 18 years, the cumulative investment has been about 18 billion. Among the invested companies, as of last week, 57 had successfully IPOed and exited through mergers and acquisitions.

Today, from the perspective of capital, I will talk about what kind of companies can obtain financing? What kind of companies are worth investing in? How do companies connect with the capital market?

1. Do it fast and do it big

Generally, capital favors two types of companies: first, companies that can do things quickly; second, companies that can do things big. It took Jingdong Mall 10 years to go from 0 to 100 billion in turnover, while Pinduoduo only took two years. Enterprises that can grow bigger through capital investment can grow bigger through addition, multiplication, stairs, elevators, online and offline.

Nowadays, listing is an opportunity that companies will not encounter in 10 years; mergers and acquisitions are an opportunity that companies will not encounter in 30 years; Internet + is an opportunity that is not encountered in a century; artificial intelligence is an opportunity that is not encountered in 500 years; blockchain is an opportunity that is not encountered in a thousand years opportunities.

Artificial intelligence has improved productivity, and blockchain has changed production relations. In the same way, 4G has improved productivity, and 5G has changed production relations. We want to do things that should be done but have not been done. Maybe in the 5G era, we will complete it in the blockchain era. In the past, it was overtaking in corners, but now it is overtaking in changing lanes. This is an era of vacating the cage and changing the bird.

To expand the industry, the track is particularly important, as the rising tide makes money.

There have been six opportunities in human history for a rising tide to lift all boats: the first time, the United Kingdom 240 years ago; the second time, the United States 120 years ago; the third time, the Four Asian Tigers 60 years ago; The fourth time was in India and Indonesia 30 years ago; the fifth time was in India, Indonesia and Cambodia today; and the sixth time was in Africa 50 years later.

In China, the biggest opportunity is to work hard for 3 to 5 years. If you build a listed company, you can make three generations rich. In Europe, if you work hard for 30 years and build three listed companies, you will not be able to make three generations rich. Because there is no such opportunity in Europe, only in mainland China.

2. Making money and value

The new capital business model is to create an industrial value chain so that our upstream makes money, our downstream makes money, and our partners make money. When employees make money, they must be able to make money in the end; they must be able to make both short-term and long-term money, both one-time and more sustainable gains.

There are many companies that make money upstream, make money downstream, and partners make money, but the companies themselves do not make money, such as Group Buying Network, JD.com, Didi Taxi, Ping An Good Doctor, and NIO. Upstream, downstream, and partners all make money, but the enterprises do not make money, and these unprofitable enterprises have received billions or tens of billions of financing.

After enterprises connect with capital, they must subvert the concept: a profitable enterprise may not necessarily be valuable, and a valuable enterprise may not necessarily make money. Making money is in the present tense, and being valuable is in the future tense.

Investment is the time difference between the present tense and the future tense. Capital will not invest in a profitable enterprise, capital will only invest in a valuable enterprise.

WhatWhat kind of business is very profitable but not valuable? Real estate companies, some engineering companies, and mining companies. If these companies do not open for three years and open for three years, they can get a piece of land this year and a piece of land next year. Can they guarantee that they will get it every year?

Jingdong has never made money, but it has only recently made money. Before Jingdong went public, it had a turnover of 25 billion, but the company was losing money. However, the capital market priced it at three times that of 25 billion, and the entire company was priced at 750. billion, 1% of the equity is 750 million.

Why is JD.com’s equity valuable? Because JD.com is the online version of Gome and Suning, and is the largest, online e-commerce has had a particularly large impact on offline stores.

1919, which sells alcohol directly, received an investment of 50 million yuan in 2017. In January 2019, Alibaba invested 2 billion yuan in its strategy. Why? Liquor is in demand within four hours. It is impossible to buy it online. Online cannot replicate offline. This is called new retail.

2. Elements of a sustainable business model

A truly sustainable business model is today’s core focus. You may have heard countless courses on business models, but what kind of business model meets the requirements for capital?

1. Corporate brand

Case: Peak Sports

Sports shoes can be made bigger, but leather shoes are difficult to make big, because sports shoes can resist cycles , It is difficult for leather shoes to resist the cycle. We have never heard of any leather shoe company receiving investment from mainstream capital.

There are 55 listed apparel companies in China, and there is a rule: 95% of listed apparel companies are engaged in men's clothing. Why can men's clothing be made larger, but women's clothing is difficult to make big? Because men's clothing can be standardized, women's clothing is difficult to standardize. The styles of men's clothing are the same every year, and the styles of women's clothing are different every year. This means that men's clothing can obtain financing, but it is difficult for women's clothing to obtain financing. Therefore, men's clothing companies can use other people's money to develop, while women's clothing companies can only use their own profits to develop.

Therefore, the track is particularly important, and the company must not make the wrong direction from the beginning. When it invested in Peak, it had 800 chain stores across the country and reached 12,000 chain stores in three years. Advantage Capital invested US$6 million in the first round, Sequoia Capital came in to invest US$40 million in the second round, and CCB International invested US$60 million in the third round. In the fourth year, Peak Sports was listed on the Hong Kong Main Board.

Peak has made several differences: positioning differentiation, channel differentiation, and capital operation differentiation. That’s why we invested in this company. Later, it was listed on the Hong Kong Main Board and made us US$78 million.

Peak has changed from a profitable enterprise to a valuable enterprise, and from an unsustainably profitable enterprise to a profitable and sustainable enterprise. Why are OEM (designated production) and OEM products never sustainable?

Because the first element of corporate sustainability is brand. No product or technology can support a company for a lifetime. Only a brand can support a company for a lifetime. And where does the money for building a brand come from? ? ——From financing! How can I get financing? ——Business model. A business model with sustainable profits and sustainable growth can naturally attract investment.

Brand strategy must meet the requirements of capital. Peak has grown from 800 stores to 12,000 stores. In three years, it has opened an average of 3,000 stores a year, and an average of about 10 stores a day.

When your human resources meet the requirements of capital, your KPI indicators meet the requirements of capital, when your brand meets the requirements of capital, and when your channels meet the requirements of capital, the future of the company may be completely different. Same. In just a few years, it will be on the market. This is the power of branding.

How does a brand make money?

German Volkswagen’s money-making model is: first, make money selling Volkswagen cars; second, license Shanghai Volkswagen with a licensing fee of 1 billion euros; third, collect 4% of the brand from Shanghai Volkswagen every year management fee. You can’t make money by selling products, you can make money by selling brands.

In the future, Chinese companies must learn three models: learn business models from American companies, learn management models from Japanese companies, and learn brand models from German companies, so that they can grow faster.

The first element of corporate sustainability is a sustainable brand.

2. Do business for a lifetime

Case: Yuyin Technology

Yuyin Technology makes bank ATM machines. If you sell an ATM machine to a bank, you will have one less machine. If it does not open for half a year, it will take half a year to open. The profit will not be sustainable, and the growth will not be sustainable. At that time, Sequoia Capital did not invest, and Dachen Venture Capital did not invest. However, Advantage Capital chose to invest, but there was a prerequisite - changing its business model.

Selling ATM machines is unsustainable, what should I do? Giving an ATM machine to a bank costs RMB 200,000 per ATM, and purchasing 5 of them for a branch is RMB 1 million. Now this 1 million ATM is given to you. It makes money by relying on bank customers. When bank customers deposit 100 yuan, they charge 3 cents. When withdrawing 100 yuan, they still charge 3 cents. They only charge the first 50 transactions each day. In the past, they earned 3 cents. The bank's money is now made from bank customers' money.

It used to be a once-in-a-lifetime business, now it’s a once-in-a-lifetime business, and a once-in-a-lifetime business makes yourThe company makes money, and a lifetime of business makes your company valuable. One year after changing the business model, the number of outlets increased tenfold.

Before changing this business model, Advantage quietly invested in him for a year, investing 12.6 million yuan, and it was listed on the small and medium-sized board in the second year. The success of investing in Yuyin is not so much the success of the investment as the success of the improvement of the business model after the investment.

The same business model, especially after the new 5G infrastructure is built, is to change the face of many large B-side customers from a once-in-a-lifetime business to a lifetime business. Hengfeng Information, Digital Zhengtong, and Da'an Shares are all facing the B-side, and they have all changed from a once-in-a-lifetime business to a lifetime business. From selling hardware to selling software, once it changes from a once-in-a-lifetime business to a lifetime business, the stock price will skyrocket.

Business people

Case: Yunfang Tea Garden

Traditional companies operate products, future business people will, traditional companies flock together. In the future, companies will be divided into groups. Operating products will make you make money, and operating people will make your equity valuable. With the same turnover, a company that operates products grows into a company that operates people, and at the same time, the entire industry is also growing. It took 21 years for Starbucks to go public, and it only took a year and a half for Luckin Coffee to go public. In the future, there will be Luckin models in many industries. This is a value generated among business people. The company that Luckin Coffee is targeting is not Starbucks. The company that Luckin is targeting is the online version of 7-11 convenience stores. Coffee is just an entrance, selling new products to old customers and selling new products to old channels. Yunfang Tea Garden invested in Bamboo Leaf Green Tea Garden in Mount Emei and Pu'er Tea Garden in rural Yunnan. First of all, it is not about selling tea, but about managing the people who want to drink tea. How to manage it? Don’t sell tea, sell tea gardens! It costs 50,000 yuan to buy an acre of land, and the property rights are clear for 40 years. One acre of land can produce 200 kilograms of tea every year, but without paying rent, 100 kilograms of tea worth 15,000 yuan will be returned every year for 40 consecutive years, with a total value of 600,000 yuan of authentic bamboo leaf green. Now you only need 50,000 to buy it, either individually or for a company, and it can be customized for the company or for individuals. One mu is 50,000, and 10,000 mu is 500 million. These 10,000 mu are 10,000 consumers, 10,000 landowners, and 10,000 salesmen, and they are free salesmen.

The essence of Internet+ is crowdfunding, crowdsourcing, crowdselling, and crowdcreation. Goods are crowdsourced, funds are crowdfunded, ideas are crowd-created, and channels are crowd-sold. Internet+ allows companies to shift from operating products to operating people. This enterprise made five amounts of money: first, land; second, the price difference of tea; third, the price difference of equity appreciation; fourth, agricultural tourism; fifth, government subsidies. There is both one-time income and ongoing income. One-time income makes money, and ongoing income is valuable. Using the same business model, we invested in two wineries in Bordeaux, France and Spain.The same business model, not selling alcohol, but catering to people who want to drink. French wineries buy one acre of land (10,000 euros) and do not pay rent after buying it. One acre of land can produce 400 bottles of red wine a year, and you will get 100 bottles back every year for 200 or 300 consecutive years (Foreign forest rights certificates are indefinitely). Many people ask whether the winery can operate for 200-300 years? The winery with the shortest operating history in France is 170 years old. The owner told me that their winery has experienced five empires and two republics. Abroad, private property is sacrosanct. Tea must be invested domestically, and wine must be invested abroad. The tea industry has a characteristic: the ones that taste good cannot be made big, and the ones that can be made big are not tasty but they are not bad either. The largest tea company in the world is Lipton Black Tea, and the largest tea company in China is Xiangpiaopiao Milk Tea. If you invite someone to drink tea, who will drink fragrant milk tea? But it is the largest tea company in China. There is no listed organic agricultural enterprise in China. When everyone is investing in organic agriculture, Linong International’s off-season vegetables invested by Advantage Capital and Sequoia Capital have been launched in the United States. Organic vegetables are nutritious products. Good products without nutrition are not good companies. Good products plus A good business model is a good company. Two steps ahead becomes a martyr, one step ahead becomes a pioneer, and half a step ahead can lead to success.

Either become a super product, or become a super channel, or become a shareholder of a super product, or become a shareholder of a super channel. American entrepreneurs are better at operating super products, while Chinese entrepreneurs are better at operating super channels. Meituan, Alibaba, and Tencent are all super channels. American venture capital likes to invest in super products, and Chinese venture capital likes to invest in super channels. Therefore, it is easier to succeed in making super products in the United States. In China, it is easier to succeed in super channels. The current competition in China is also the competition of business models. But in 15 years, competition in business models will turn into competition in technology. This is a trend in future development.

3. Control the entire industry chain

Case: Mengniu

Through Trout’s positioning, Dong’e Ejiao’s profit increased to 2.2 billion, and The stock price has not increased much, but with extra money, it has purchased all the donkey skins in the upstream and made money from resources. 90% of China's donkey skins are in Dong'e Ejiao. This is the capital value generated by Dong'e Ejiao.

The originator of China’s entire industrial chain is Mengniu, and Mengniu’s success is the success of the entire industrial chain. Mengniu has four 98%: 98% of resources are integration, 98% of management is human nature, 98% of brand is culture, and 98% of contradictions are misunderstandings. Mengniu relies on three things: great wisdom relies on learning, great brands rely on innovation, and great success relies on ethics. Mengniu's employment culture is: those with virtue and talent will be hired out of the norm; those with virtue but without talent will be cultivated and used; those with talent but without virtue will be restricted in hiring; those without talent and virtue will not be employed. Mengniu's ability to reach today's scale is definitely not accidental, but inevitable. Mengniu does not raise a single cow. It relies on loans from farmers to raise cows, but farmers do not need to borrow money.Instead of using a guaranteed loan, Mengniu signs an underwriting agreement, and farmers will continue to go to the bank to repay the loan. Three million farmers have at least 3 million cattle. In this way, Mengniu transfers all costs to farmers, and farmers transfer costs to banks.

After this epidemic, entrepreneurs should not be afraid of increasing costs, but must know how to transfer costs, transfer costs to upstream, downstream, partners, and transfer costs to employees. Enterprise transfer costs will become Asset-light model. In China, the primary industry is cattle raising (agriculture); the secondary industry is cattle killing (industry); and the tertiary industry is bragging (service industry). Agriculture is what the whole industry does, so agriculture must get rid of dependence on: first, dependence on people; second, dependence on water; third, dependence on the environment; fourth, dependence on disease prevention and control. Only by getting rid of dependence can we become bigger. The leading agricultural companies in the United States together account for 34% of the market share in the United States, while the leading agricultural companies in China only account for 2%-3%. Therefore, the Chinese market is huge, companies are large and small, and there are huge opportunities for investment and financing. The opportunity for growth is huge. Singapore, Europe, and Hong Kong do not have such opportunities. Only mainland China has such opportunities. American venture capital opportunities are all in high-tech, while Chinese venture capital is mostly in traditional enterprises.

3. Criteria for a good company

There are 5 criteria for a good company. If a company has these five elements, it can immediately obtain financing.

1. Scale of advantages There are two ways to make a company bigger: adding can make it bigger, and doing multiplication can make it bigger. The richest man in Russia is now worth 60 billion U.S. dollars, and the richest men in China, Jack Ma and Ma Huateng, are both worth more than 40 billion U.S. dollars. Russia's reform and opening up was 10 years later than China's, but the richest man in Russia is worth more than the richest man in China. Why? The industries are different. Russia's upstream industries, energy infrastructure construction, communications, power and oil, are all owned by private enterprises. In China, these industries are all in the hands of state-owned enterprises. People are born well, and enterprises are good industries.

Therefore, the industry is very important. There are five major tracks to choose from in the 21st century: first, artificial intelligence; second, blockchain; third; gene editing; fourth, general health; fifth ,new energy. The battlefield for artificial intelligence is in Silicon Valley, the battlefield for blockchain is on Wall Street, the battlefield for gene editing is in Boston, and the battlefield for new energy and big health is in China.

2. Core competitiveness The core competitiveness of an enterprise is not its products, and its products are not its moat. There are four core competitiveness of an enterprise: first, brand; second, lifetime business; third, business people; fourth, control of the entire industry chain. Ctrip’s high profits come from cancellations and changes. The first-class ticket to and from Tel Aviv, Israel, costs 45,000 yuan. If you cancel the purchase one hour before departure, Ctrip will charge a 45% handling fee. However, cancellations and changes did not increase Ctrip's stock price, but continued users increased Ctrip's stock price. Made by CarXi.comTrain tickets, the market capacity of train tickets is 8 times that of air tickets. Train tickets are the first in China. Ctrip continues to sell bus tickets and is also the first in China. The biggest fear of the platform model is that buyers and sellers meet. The first time the buyer and seller pass you, they may skip the order the second time. Under the Internet + platform model, buyers and sellers still have core competitiveness when they meet. When you get to the hotel, you can call Ctrip for 30 to 40 yuan cheaper and still have core competitiveness. This is a good platform model.

3. Advantage model The model is completely different from the perspective of capital and the perspective of enterprises. The model is also different from the perspective of investment and investment banking. In the process of looking at other people's patterns, you need to find your own opportunities.

4. Growth of advantages: As enterprises grow, the industry is also growing, and the upstream and downstream sectors of the industry will also grow. The country's GDP is also growing, and so is the per capita GDP. These companies bring together the power of China's growth. Investing in these companies means investing in China's trends in the next 15 years. At the end of a company's publicity, there are two points: first, the advertiser's advertisement to consumers; second, the publicity to investors, called a prospectus. Advertisements prove that your product is valuable, and prospectuses prove that your equity is valuable. However, the vast majority of companies may only promote their products but not the appreciation of their equity.

5. The advantageous team There is no perfect individual, only a perfect team. Angel round investment invests in people, Series A investment invests in products, Series B investment invests in data, Series C investment invests in income, Series D investment invests in profit, each round is different.

Finally, I wish the young entrepreneurial students of Peking University to make further progress. thank you all.

㈥ Teacher Liu Run’s classic sentences

In this classic course of Teacher Liu Run, what are some of his classic sayings? Here I have selected 145 items for readers’ enjoyment. If you resonate with it, remember to click "Looking"~~

The thinking of our predecessors is our ladder.

Whether you like it or not, you have been involved in an era where "anything can be done" and "one person is a company". However, those companies registered with the Industrial and Commercial Bureau have "limited liability", while your "own" company has unlimited liability.

You have to run yourself like a company: build your collaborations, shape your products and services, protect your reputation, and focus your attention where you can be more productive.

When people decide whether to do something, they not only look at whether it will be beneficial to them in the future, but also pay attention to whether they have been involved in this matter in the past. There has been investment. ——Sunk costs

The joy gained cannot alleviate the pain of loss. ——Loss aversion

In fact, consumers do not really pay for the cost of the goods, they pay for the value of the goods.

The basic logic of retail is traffic cost.

The more users, the more valuable it is; the more valuable it is, the more users it has.

Structural changes in marginal costs are the most important impact of the Internet economy on the traditional economy.

Behind everything, there is a business logic.

The more labor or emotion is invested in an item, the easier it is to overestimate its value.

Being expensive is not the purpose, being able to show off is.

What is more scarce than functions is experience, and what is more scarce than experience is personalization.

For an enterprise, the opportunity cost of the optimal solution is the benefit that the suboptimal solution may bring.

Every choice you make has an opportunity cost. There is no free lunch in the world.

The comparison of transaction costs and management costs determines the boundaries of the enterprise.

The lower the transaction cost, the more it should be externalized; the lower the management cost, the more it should be internalized.

In the future, the scale of enterprises will become smaller and smaller.

The real debate is not shouting slogans, but beautiful logical reasoning.

To maintain today's total social wealth and average living standards, the social value created by one of them must be twice what it is today.

Learning business logic can make people rational. But we must also be in awe of human nature.

When your rhythm is not in line with investors’ expectations, you may wonder who is the boss. But also remember that once you get financing, the company is no longer entirely yours.

In the information age, especially the Internet age, talent has increasingly become the decisive factor in value creation.

The game between capital and talent is constantly tilting towards talent.

The value of a commodity has a rational use value part and a perceptual emotional value part. For the rational value part, the proportion of raw material costs will be very high, while for the perceptual value part, it can be considered a virtual product, so the "marginal cost" is very low.

Be wary of all projects that claim to be risk-free but have annual returns exceeding 8%.

The world of finance is exciting, but also dangerous. What you are interested in is the return on money, but what the scammer is interested in is your principal.

The more we live in an era of rapid change, the more we need to return to our roots.quality.

The essence of finance has never changed, but more and more people are arrogant enough to think they can despise the essence.

To make a product is to push this critical stone to the top of the mountain, gain as much potential energy as possible, and then push it down from the highest point, using marketing and channels to reduce resistance. Convert potential energy into maximum kinetic energy and obtain the most profound user coverage possible.

The creativity, uniqueness, and quality of a product, or its accumulated potential, determine the highest sales level it can achieve.

Products without potential energy cannot be sold. Even if you can sell a few pieces, what you are selling is not the product, but the favor.

A brand is a container, a container that contains consumers’ “understanding, trust, and preference”.

What cannot be prioritized by consumers is not called a brand, but a trademark.

Category value, that is, I am different from others;

Taste value, I think you are more classy than others;

Quality value, My quality is the best.

In the Internet era, the marginal cost of product production and sales has dropped dramatically, resulting in the best leading product being a winner-take-all in the market it covers.

Meet the most common pain points among the longest tail needs.

You have to really solve a problem, and solve it the best.

The passing of the era of product and channel being king has led to users beginning to truly have the power to control the life and death of enterprises. To move from B2C thinking to C2B is to become a “user spokesperson”.

Never be so arrogant as to think you understand your consumers. You just know yourself and think you can represent consumers. Faced with ever-changing users, you have to believe that your product will definitely be wrong.

Continuously interact, collect feedback, and quickly iterate to make the product "grow" into what users need.

A very big taboo in starting a business is to fall in love with your own ideas instead of falling in love with the needs of users.

Knowing that you will make mistakes, using the lowest cost to keep falling down with a small number of people, and then getting up based on real feedback from users, will you have the opportunity to make a truly popular product.

Low price can make the product accepted by the market as soon as possible, reduce costs through mass sales, and gain a long-term stable market position.

Give low prices to those with low opportunity costs, and set high prices to travelers with high opportunity costs.

Price is the cost of the product, measured in the middle of your psychological price range.Degree, which end is closer in the end, is a business game about positioning, crowds, psychology, etc.

You cannot create a new category by becoming the first in a category.

Only when there is a rival can the category be established, and they will jointly educate the market and make the pie bigger.

Positioning is a differentiated competitive strategy based on consumers’ minds.

Find a hugely persuasive benefit to consumers from your product that your competitors don’t have. (Unique Selling Proposition)

Although 20% of consumers today are accustomed to online shopping, and more and more, there are still 80% of consumers in the capillaries who are accustomed to offline shopping. Collecting these flows is the practical significance of in-depth distribution.

From the motivational questions to the end, they are all math questions.

Use the ratio of new customers to old customers to measure whether you are expanding into new markets;

Use profit indicators to measure whether you are selling heavily;

Use customer satisfaction to measure whether you only care about short-term profits;

Use sales staff turnover rate to measure whether the team can operate sustainably.

The closer you are to consumers, the greater your competitive advantage.

The match between your products and customer needs greatly affects the conversion rate.

The word-of-mouth economy is the dividend of truly good products in the mobile Internet era.

The direct criterion for a good product is: it is so good that users can’t help but post it on WeChat Moments.

Repeat purchases are the dream goal of every entrepreneur. (Customer Lifetime Value)

Although everyone may be rational, once an individual is integrated into the group, his personality will be obliterated, and the group's thoughts will occupy an absolute dominant position. At the same time, group behavior will also show characteristics such as rejection of dissent, extremism, emotion, and low IQ.

Information that captures public hot spots and emotions is particularly easy to spread.

The advancement of technology will eventually change all solid business models.

Policy changes are an important variable in business changes.

Changes in exchange rates may affect foreign trade;

Changes in demographic structure may affect manufacturing costs;

Adjustments in interest rates, It may affect fixed asset investment;

The investment of four trillion yuan may bring prosperity to infrastructure construction.

If you pay attention to changes in people's consumption habits, you will have the opportunity to capture the dividends of consumption trends.

After seizing the dividends, if you want to achieve long-term success, you must ultimately return to your core competitiveness. Don’t regard dividends as a business model, let alone core competitiveness. You must have the ability to seize dividends, and you must have the wisdom to distinguish between dividends and core competitiveness.

When management costs are greater than transaction costs, this matter should be left to the market and completed outside the enterprise rather than done by oneself.

If you want customers to make repeat purchases, you must rely on excellent products and excellent services from the heart to continuously improve customer experience and gain customer lifetime value.

Business can not only make you richer, but also make the world a better place. This is the social responsibility of every entrepreneur.

In an era when connection efficiency was not high, the centralized "star structure" was the most effective structure for organizing resources. However, in the Internet era when connection efficiency is improving by leaps and bounds, the decentralized "mesh structure" ”, gradually becoming more efficient.

More and more business models are based on decentralized architecture or even philosophy, such as blockchain and Bitcoin.

When physical labor and mental labor are replaced, a zero-marginal-cost society with extremely abundant materials may really come. By then, humans will not need to work, and your work will only cause chaos and be too inefficient. Just consume.

Most of the things that humans need to think about for less than 5 seconds can be done by artificial intelligence. -- Kaifu Lee

In the future, you are likely to have multiple lives. Study for a while, work for a while, study for a while, and work for a while. --Andrew

The life cycle of human beings is getting longer and longer; the life cycle of industries is getting shorter and shorter.

A multi-stage life will leave those who are afraid of change or unwilling to change with nowhere to escape. Only continuous learning is the only correct strategy.

People think they are rational enough, but in fact, people are easily influenced. Most decisions made by the human brain are made in a short period of time by driving mechanisms such as intuition, emotion, and inertia.

Microeconomics analyzes business behavior from the perspective of individuals and enterprises, while macroeconomics analyzes and discusses business behavior from the national level. Learning to look at problems from a higher perspective will allow you to see things early. Clarify the future direction and grasp the development direction of yourself and the company more accurately. Learning to look at problems from a macroeconomic perspective and knowing future trends in advance is an important way to seize the opportunities of the times and make big money.

In essence, the prerequisite for all entrepreneurship, it was you who innovatively used better methods to help customers solve their problems. Entrepreneurship without innovation is just rogue.

The creativity, uniqueness and quality of a product determine the highest sales level it can achieve. Marketing is about increasing the probability that customers will give you priority. Channels allow consumers to buy when they want to buy.

Running a business is like pushing a boulder up a mountain. Making products is to push this precious stone to the top. The creativity, uniqueness and quality of the product determine the highest sales level it can achieve. Then push it down at the highest point, use marketing and channels to reduce resistance, convert potential energy into maximum kinetic energy, and obtain as far-reaching user coverage as possible.

In this world, there is never "you get what you pay for". Price is a game between the cost of goods and the psychological price of consumers.

The external world is exciting, and the internal world is equally exciting, even more complex, because the subjects we have to face are no longer just pieces of verified business logic. The subject is extremely unstandardized and as complex as the universe: human beings.

Although methodology is important, before using methodology to make employees “able”, the key is to make them “want to do”. To make them "want to do it", we need to "inspire goodwill". --Drucker. To inspire goodwill is to “employ the whole person.” You can never really inspire a person, you can only give him a reason to inspire himself.

The essence of management is to inspire goodwill. What we hire is not a person's hands, but the whole person, including his brain and his heart. --Peter Drucker

A company is a system composed of various elements. People, like other means of production, are elements in this system. System management is to build the best relationship between people, people and money, and people and things by designing systems, and ultimately improve management efficiency. Let key resources and key links be in the hands of key people.

There is never "what should you do" in management, let alone "what should he do", only "what should I do". If others do not do well, you must ask yourself whether there is a management problem.

The ability to reduce complexity into simplicity is the ability of organizations and managers, not the ability of engineers.

As managers, we need to understand that we should applaud hard work, but pay for merit.

When living is not a problem, living is a means and meaning is the purpose. However, when living is a problem, living is the purpose itself. When making money is not a problem, making money is a means and dreams are the goal. However, when making money is a problem, making money is the purpose itself.

Drucker said, Management is first of all practice. What is useful is good. New and beautiful are not necessarily good.

Entrepreneurs can be oriented toward dreams, but managers must be oriented toward performance.

Motivation level = Likelihood x Desire.

A goal that is fairly easy is not enough to arouse great interest and effort; a goal that is moderately difficult can sustain high effort and generate satisfaction by completing the goal, while a goal that exceeds what is achieved by the individual will Produce disappointment and reduce motivation. --Albert Bandura

Performance is the company's goal, and rewards are the employees' goal.

Lax working conditions and easy performance indicators can easily make employees slack.

When a company moves from the start-up stage to the mature stage, and managers begin to be unable to judge each person’s ability and contribution, it is time to establish a professional salary and welfare system as soon as possible. Match wages with responsibilities, and Match bonuses with performance, match equity with potential, and get rid of patting on the head.

Mature managers must know how to keep their power in a cage and use strict rules to give employees a sense of fairness and security.

It would be better to have a mediocre general lead an army than two geniuses to lead an army at the same time. --Napoleon

Today, the importance of talent has increased significantly. Corresponding to the management perspective, our logic of "selecting people" must also change from a "recruiting" mentality to "begging for people" or even "robbing people."

A CEO, in the mature stage of the company, is actually a COO. The O in the middle is Operation, which is mainly responsible for operations. During the company's transformation period, he is actually a CSO, and the S in the middle is Strategy, which is mainly responsible for strategy. In the entrepreneurial period of the company, he is actually a CHO, and the H in the middle is Human Resource, which is mainly responsible for talents.

There are two types of people who are easier to dig: those who have less money, and those who are wronged.

More training and independent opportunities can give managers confidence, allowing them to accommodate better subordinates.

The highest level of wanting to do something is "doing it until you are reduced to ashes", and the highest level of ability is "doing it until your opponent is reduced to ashes".

The quality of integrity and responsible attitude are cultivated through repeated interactions with others. Please take good care of them and do not overdraw.

Instead of treating your employees as consumer goods, try treating them as investment goods. Work is consumption, training is investment. Warren Benes said: Employee training is a strategic investment with minimum risk and maximum return for an enterprise.

Enterprises inWhen employing people, we should not only choose "hard-working ants" who are down-to-earth and hardworking, but also appoint "lazy ants" who are strategists and have a clear mind about major events and directions. We cannot just emphasize "pragmatism", or we cannot equate "working hard" with "pragmatism".

Lei Jun: Don’t use tactical diligence to cover up strategic laziness.

Being lazy is because you are too diligent to have time.

Don’t say easily: If you fail, it’s mine. It can be half or most of it, but it’s all yours. Employees tend to underestimate problems and ignore risks.

British behavioral scientist L.W. Porter said: Always focusing on the mistakes of subordinates is the biggest mistake of a leader.

Jack Weir of General Electric Qi believes that if managers pay too much attention to employees' mistakes, no one will have the courage to try. And no one who has the courage to try is more terrible than making mistakes. It makes employees rest on their laurels, stick to what they have, and dare not make the slightest breakthrough or transcendence.

Excellent managers must communicate with employees frequently. Support those who are outstanding, help those who are average, and point out those who are at the bottom, so that employees can receive timely feedback on their performance. You cannot say you are good all year round and say you are bad in assessment. Avoid surprise.

The result of effective communication is: if an excellent employee voluntarily leaves the company, you are not surprised; if you ask a bottom employee to resign, he is not surprised.

Managers who have never fired employees are not good managers. It is a rite of passage for managers to personally fire the last employee who does not improve.

Employees are an exquisite part of your management system; but if you can look at them from their perspective, career may be just a wonderful part of their life journey. When he walks into your company, in fact, your company walks into his life.

If your company can give him the match of his dreams, that's the best; if not, he will definitely continue to look outside.

The greater the possibility of internal mobility, the smaller the possibility of external mobility.

For new employees, we should help them familiarize themselves with their positions and acquire new knowledge;

For employees who are overly stressed, we should help them find the best balance;< br />
For employees who are full of curiosity, you can give them a certain amount of free time to explore new project opportunities; Transfer positions across departments and accept new challenges;

Give vertical promotion rewards to employees with outstanding performance and high expectations;

For those whose career dreams cannot be met by the company, employee, take the initiative to write a letter of recommendation for him, I wish him better development externally.

Friends with negative energy are like black holes, taking away your energy little by little, but giving you no energy at all.

The purpose of communication is to change the relationship between you from a superior and a subordinate to a friend. There is an "alliance" relationship between employees and the company.

Birds of a feather flock together, and people flock together. Good people are usually surrounded by good people.

Don’t be a tired supervisor. Management is the art of making others do work.

Power is not given by positions, power is given by employees.

Worship is motivation, fear is pressure. Power is essentially a kind of influence, the ability to make others voluntarily accept your influence.

How many goals your team scores is how many goals you score; if your team always fails to win, no matter who you think is not good, it is you who is not good in the first place.

After becoming a manager from an employee, in addition to "don't take jobs from employees", "understand that power is given by employees", and "learn to translate goals into tasks", there is also a basic practice, which is: You go and fight the monsters, I'll take the blame.

In addition to coaching, managers must loudly and publicly pass on all credit to all employees who have made contributions.

Not being indifferent and loving your team and colleagues are the essential attitudes and abilities of an excellent manager.

It is a compulsory course for managers to maintain an appropriate distance from employees and not be indifferent, indifferent or partial.

How strong your ability to direct yourself is, how good an individual you can be; how strong your ability to influence others is, how powerful a manager you can become.

It is a lifelong practice to reduce complexity into simplicity.

Grasp the big ones, let go of the small ones, and manage the fine ones.

In order to improve efficiency and control the overall situation, superiors only retain the decision-making and control rights to deal with exceptional and non-routine events, while routine and conventional powers are shared with subordinates. --Taylor

When subordinates have problems, you can let them come up with their own solutions. Criticize the plan, not answer the question.

Only when the top management of an enterprise does nothing, the middle level does something, and the grassroots level does everything, can an enterprise achieve great things.

Start-up companies are in the strategic exploration period, and using KPIs too early will lead to behavioral distortions because the KPIs cannot reflect the changing strategy.

Management by objectives precedes performance management.

The mission and tasks of an enterprise must be transformed into goals.

Many companies think about "how to make money" from beginning to end, but rarely think about "why to make money".

Only by treating dreams as the goal and making money as the result can this enterprise be a great enterprise with unity and combat effectiveness.

Vision is a dream; mission is a career; values ​​are ethics.

The stronger the image, the more it can inspire longing.

Passion without commitment is impulse; commitment without passion is responsibility; thinking without action is fantasy; action without thinking is recklessness.

CEOs must have a prediction of the future of the industry.

Follow-up strategy, differentiation strategy, protracted war strategy, etc. are all based on your understanding of the map, your knowledge of the enemy and ourselves, and the curve path you choose.

The challenges encountered in the next step are all tactical issues. Your choice to walk through the jungle is a strategy, and to overcome obstacles is a tactic. Having a good strategy does not prevent you from overcoming obstacles, but it allows you to know why you must overcome obstacles. Then, go all out, ALL-IN, and win every local battle.

㈦ Case - Learn Digital Transformation with the Annual Report of China Merchants Bank

China Merchants Bank released its 2019 annual report on the evening of March 20. Putting aside the figures of assets, liabilities, and profit performance, let’s Through its annual report, we learn how this leading domestic joint-stock bank carries out digital transformation.

The figure below is an overview of China Merchants Bank’s digital transformation based on its annual report. It can be seen from this that both the top-level company-level strategies, direction goals, and the specific implementation paths at the bottom are very clear, which lays a good foundation for the success of digital transformation.

Next, I will dismantle and analyze point by point to learn more about China Merchants Bank’s digital transformation path and results.

1 Strategy

Strategy formulation is the starting point for digital transformation. Top managers of enterprises need to set strategic goals based on the external macro environment and their own business development needs. Strategy is not illusory, but can be implemented, achievable, and beneficial to the development of the enterprise.

In 2014, China Merchants Bank clarified the strategic direction of “light banking” and the strategic positioning of “one body, two wings”.

1.1 Light Bank

- Background

From 2014 to 2016, capital shortage, asset shortage, and strong supervision were superimposed, and NPLs were overwhelmed, and anxiety about financial technology innovation began. Appear. Commercial banks are facing dual pressures on capital and profits, while the downturn in the real economy and macro-prudential constraints have made both subjective and objectiveGrowth models that rely on scale are unsustainable.

- Essence

Maintain profit growth while managing risks

- Features

1.2 Light transformation with one body and two wings

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Light banking mainly includes two points: light assets and light thinking.

Asset-light

Bank assets are divided into two categories: asset-heavy corporate loans (high profits and high risks) and asset-light retail banking, corporate finance, and interbank financial services (risk low profit).

It is precisely for the light-asset business that China Merchants Bank has clarified the strategic positioning of "one body and two wings" and carried out light-asset transformation.

- All in one: retail bank

As the "King of Retail", China Merchants Bank has a large number of individual users. Based on the two major App platforms of "China Merchants Bank" and "Pocket Life", personal consumption finance is expanded in multiple dimensions through customer big data analysis and intelligent risk control. At the same time, based on big data and artificial intelligence, we will rapidly expand our financial investment business based on customers’ financial needs and risk preferences.

- Two wings: corporate finance & inter-bank finance

Under the general trend of financial disintermediation, banks need to develop and innovate corporate finance models and deepen their understanding of regional markets, advantageous industries and high-quality customers. We will focus on core customers, implement the "direct sales + industry franchise" model, and build a customer hierarchical and classified management system. Use financial technology to improve the financing efficiency of small and micro enterprises, vigorously develop supply chain finance, and effectively integrate peer resources.

Light thinking

President Tian Huiyu said in the annual report that "the deepest transformation of light banking is light culture." Organizational structure is the key to enterprise digital transformation, so the digital transformation of culture and structure must be completed first.

At the same time, banks should actively create an efficient and light business model, learn from excellent Internet companies, integrate online and offline channels in channel construction, and be customer-centric and insightful in product research and development. Customer needs, provide products and services around customers, and achieve digital precision marketing.

2 Goals

Defining goals means defining the battlefield. Facing a highly uncertain environment, banks need to find and lock targets to form their own core competitiveness.

Focusing on the goal of building the “best customer experience bank”, China Merchants Bank focuses on forming business control capabilities, insists on optimizing customer base and asset structure, strengthens technological empowerment construction, continues to explore multi-dimensional business models, and accelerates the creation of a comprehensive The customer base, full product, and full channel service system will further promote the digital transformation of retail finance 3.0 and seize the commanding heights of future development strategies.

3 Thoughts

3.1Openness and integration

President Tian Huiyu described these two points quite brilliantly in the annual report:

3.2 Taking "creating value for customers" as the starting point to promote customer experience upgrade

Banks need to be "customer-centric" and "create value for customers" in digital transformation:

- Starting from customer needs

Banks have a large amount of customer historical transaction data and online customer service records, these data should be fully utilized for data analysis, to explore the real needs of customers, meet their personalized needs, and shape a value-driven customer process.

- Customer value driver

Banks need to re-examine whether products and services are valuable to customers from the perspective of customers, whether they are indispensable, and whether they are attractive enough. Only by continuing to provide value to customers can banks maintain customer loyalty and enhance customer stickiness.

- Innovative customer experience

Customers have been spoiled by Internet companies and financial technology companies (such as Ant Financial, WeChat Pay, etc.) and have begun to put forward higher requirements for banking experience. China Merchants Bank has built a professional user experience team to carry out experience innovation, pay attention to the emotional connection with customers, and continuously provide customers with the ultimate experience.

- Connecting the customer ecosystem

China Merchants Bank has built a relatively complete open banking model, focusing on transportation, government convenience, education and training, supermarkets and restaurants, culture and entertainment, express logistics, and tourism Nine high-frequency scenarios of services, real estate services, and life services create more contact points with customers and provide customers with more comprehensive services.

4 Paths

4.1 Reshape the retail financial digital system with the "North Star" indicator MAU as a guide

Many banks have set too many rules for themselves in their digital transformation. The indicators are different. China Merchants Bank has clearly pointed out the only important indicator (Polaris indicator) at this stage - MAU, and has achieved very good results.

At the same time, China Merchants Bank has improved the digital system of retail finance from three aspects:

- Digital customer acquisition

Using the two Apps of China Merchants Bank and Palm Life as platforms , explore and build digital customer acquisition models, and create new customer acquisition growth points through joint marketing, linkage marketing, scene marketing, brand advertising marketing, self-media fan marketing, MGM (customer recommended customers) social marketing and other methods to create new customer acquisition growth points.

- Digital operation

- Digital risk control

4.2 Reshape the wholesale business professional service system from an ecological perspectiveDepartment

- Continuously improve the hierarchical and classified customer management system

Deepen the understanding of regional markets, advantageous industries, and high-quality customers, focus on core customers, and implement "direct sales + industry franchise" model to build a hierarchical and classified customer management system. Provide collaborative services to strategic customers, institutional customers, industry customers, and small and medium-sized enterprise customers in the supply chain, and achieve a comprehensive improvement in customer service experience from aspects such as credit strategy, product strategy, service strategy, and resource allocation.

- Strengthen professional service capabilities through digital transformation

- Achieve ecological management based on the industrial Internet

Focus on the digitization of accounts and payment systems, and digital financing The three major directions of exporting fintech capabilities and fintech capabilities are opening up the industry.

4.3 Focus on process optimization to continue to create the best customer experience bank

- Reconstruct the retail customer experience monitoring system

The monitoring system is connected to 20 banks The system monitors 923 customer experience indicators, realizes real-time monitoring and digital presentation of retail customer experience, and initially builds an experience vane and service upgrade engine for retail customers.

The entire process of retail credit loan approval is digitalized, shortening the time required for approval.

Adopting the "end-to-end customer journey methodology", focusing on reshaping the entire process experience of retail customers' first-hand business journey, MGM (customer recommended customer) journey, agency business journey and credit card bill installment journey. It shortens the total time for opening an account at the first branch, solves the pain points of many breakpoints in the MGM process, reduces the steps in the agency business signing process, and improves customer satisfaction.

- Comprehensive diagnosis of key corporate customer journeys

Continuously open up online approval, risk, compliance, and operational processes, and continue to promote the reshaping of various service processes

< p> 4.4 With openness and intelligence as the core, continue to improve basic scientific and technological capabilities

In the process of digital transformation of banks, it is necessary to clarify that financial technology is the core driving force and strengthen the construction of scientific and technological empowerment. Bank technology construction needs to abandon the original traditional closed development environment and build an open technology ecosystem.

China Merchants Bank has improved its technological strength in the following aspects, which I will elaborate on one by one in the following articles:

- Based on cloud

Accelerate the construction of cloud Computing capabilities, accelerate the progress of applications on the cloud, accelerate the transformation of system architecture, and create an open IT architecture.

- Big Data

- Artificial Intelligence

Increase the research and application of AI technology and build three major AI cloud services: intelligent customer service, risk public opinion, and computer vision. Launched three major AI solutions: knowledge management, digital marketing, and risk management and control to support business intelligenceEnergy development.

- Blockchain

Improve and develop standard chain and BaaS (Blockchain as a Service) platform ecology

- Open API

< p> Continuously enhance open banking capabilities and unify the "Open API platform" for external services across the bank, support safe and fast output of APIs, serve different scenarios such as financial payment, AI, smart parking, smart medical care, etc., and empower cooperative enterprises

< p> 4.5 Focus on breaking down silos, empowering and reducing burdens, and optimize the organizational form and cultural atmosphere

- Breaking down silos, empowering and reducing burdens

The biggest resistance to digital transformation is not technology, but Organization wall. Each department works around KPI assessment indicators and interests, resulting in problems such as difficulty in resource coordination, poor cross-department collaboration, poor organizational flow, and duplication and waste of resources. Without a complete set of internal ecological mechanisms as a guarantee, digital transformation is impossible.

China Merchants Bank promotes task-oriented project teams that integrate across lines to promote talent flow, break traditional organizational boundaries, and stimulate organizational vitality. Deeply promote the work of "breaking silos, empowering and reducing burdens", integrating management into service. Promote a new corporate culture of "tolerating failure and rewarding success", allowing every employee to do the right thing from the bottom of his heart, rather than just focusing on KPIs.

- Lean Agile Organization

The ultimate goal of a Lean Agile organization is to achieve business agility. Business agility refers to the ability to quickly respond to market changes and emerging opportunities through innovative business solutions, thereby gaining the ability to compete and develop in the digital era.

When building a lean and agile organization, banks can refer to the seven core capabilities and implementation roadmap abstracted by SAFe (later articles will write about SAFe in detail):

China Merchants Bank continues Deepen the integration of business and technology and comprehensively promote value-driven lean R&D transformation. Technical personnel should form cross-functional teams with business departments to achieve lean and agile transformation and continuously improve delivery quality and speed.

5 Summary

Traditional banks are facing huge challenges from financial technology and challenger banks, and they need to formulate digital transformation strategies and goals that are consistent with their own realities as soon as possible.

Banks should be customer-centric and build a three-dimensional business ecosystem of "internal ecology + customer ecology + cooperation ecology".

5.1 Internal Ecology

5.2 Customer Ecology

5.3 Cooperation Ecology

Reference articles