Salted Fish’s Self-help Strategy

Latest website: Chu Yuanxi immediately knew that she might have made some common sense mistakes. In the circle around her, even Xu Xin is not qualified to care for the mentally retarded, but Elizabeth has one thing, except that she is not working well in other aspects of the product.

Just listen to Elizabeth said: "Lijiapo's transportation system is too efficient. There are not too many applicable scenarios for shared travel. Do you understand? You can understand it by looking at it on the spot. And you have too many shared bicycles, which is just the past. Now, your cycling stars Xiaohong and Xiaohuang have already retired from Lijiapo.

And Graby, whom you regard as an imaginary enemy, has also stopped sharing bicycles in Lijiapo. It was their brave attempt that verified that Li Jiapo did not have a shared travel market. I am very grateful to them, there is no need to spend extra money to die. "

Chu Yuanxi remembers that she met Elizabeth on a dirt road in Wang Qingtuo at the beginning. This shows that she herself has the determination to make shared travel, and she may also have some research and insights into this industry. However, shared travel is an indispensable part of the entire business chain of Xiaokang. If Lijiapo has no soil for shared travel at all, should he abandon this high-quality market or find alternatives to make up for the business process? The problem is not easy to find!

He couldn't help but feel a little at a loss, because he suddenly found that his thinking mode was too deep into the well-off system, and he was also limited by this complicated and huge process, so he couldn't easily jump out. The danger is that once a certain link in this system fails to land, he doesn't know how to make it up.

The problem of landing is not business logic, it is better than business logic, just like in a precision instrument, the raw materials needed for a certain process are suddenly out of stock. It is not a technical problem, but how to solve it? Too sophisticated is not easy to find alternatives.

I am afraid that this is also the reason why people in the U.S. daily accuse the country of engaging in rare earth monopoly. There are also many types of rare earths. Only a certain place in Ganzhou produces a certain type of heavy rare earth, which is a necessity to the sea of ​​stars. Once the stock is out of stock, it is like a rat falling into a hot pot. I don't know how to get out.

This danger is not only reflected in the small question of whether to go to Lijiapo to drive shared electric scooters, but also includes the possibility of a certain step in the future of domestic well-off, and sudden changes in the market or policy changes make a certain link impossible.

At that time, it will be numb. For example, what if the policy suddenly prohibits the sale of mobile payment licenses?

At this moment, after listening to the report very often, Chu Yuanxi felt the unpredictable fate for the first time in the two years since she started her business. This kind of feeling is really long-lost. In the original world, crossing the river by touching the stones in the storm, I have a similar feeling every day.

This long-lost feeling made Chu Yuanxi smile softly, saying in her heart that she had surpassed countless winds and waves, and let the unknown be handed over to fate! There is always a certain amount of luck in starting a business.

For example, the problem of Li Jiapo, I didn't think about it. Anyway, Southeast Asia has grown larger, and the degree of economic development between different regions is also very different, but this problem only exists in the four little dragons like Li Jiapo. Chu Yuanxi took out Elizabeth's business plan, prepared to break the communication with her, and finally sort out the current situation and possible situations.

"First of all, why use Vietnam as the starting map?" He asked: "A well-off society will inevitably be labelled as Chinese. Although you are a U.S. native. It is quite unfriendly to the country, you know? And Vietnam's. The economic level is far worse than that of Li Jiapo, even if it is far worse than Malaysia."

"You have to give me some confidence, Chu. I can handle this kind of thing, and their friendliness to me is the most important." Elizabeth smiled slightly and put out a set of statistics: "Before 2012, there were only 400 startups in Vietnam. Last year, there were already 3,000. What does it mean? The environment for entrepreneurship is very good. I understand that there are indeed many regions with very good policies, which are more friendly to entrepreneurs than yours, and more friendly than Li Jiapo. And financing is also Relatively convenient."

As she said, she showed a thoughtful look, and finally said: "I contacted people over there, and there was a little unpleasantness in the process, but I learned that the investment environment over there has been growing last year and this year. This is relatively rare. At present, investment in Southeast Asia as a whole is also tightening. Just like yours, the focus on profitability rather than growth may have a lot to do with the collapse of WeWork."

Chu Yuanxi felt that Elizabeth should be allowed to make a contribution before leaving, provide first-hand information that she can get, or update her database anyway. For example, the investment trend in Southeast Asia, and the investment trend in a certain region such as Vietnam, are not easy to collect, but they are very meaningful.

For example, he didn't expect WeWork to harm people so badly that even the entrepreneurial environment in Southeast Asia has changed. However, the far-reaching impact of this incident is indeed thought-provoking, and the global environment may change.

I heard from Mr. Yu Suzuki that Masaru Yanai, who was strongly opposed to Sun Dasheng’s planting into the WeWork pit, has recently decided to withdraw from the SoftBank board of directors. Masaki Yanai is the CEO of Uniqlo. He has been a director of SoftBank for 18 years. He is currently the richest man in the island country. He is a figure who can be called together with Jack Ma. His every move has an impact on the world economy. Now we have to wait and see Sun Dasheng from afar. Cross the tsunami.

"By the way, last time I remember you mentioned that when you push shared electric scooters there, you don’t plan to follow the domestic method, and don’t plan to use'free' and'deposit-free' as the highlight of attracting users. Finally, you Have you figured it out yet?"

"Yes, Chu, I have already thought very clearly." Elizabeth has prepared all the answers for today's report. "First of all, there is no problem with the business logic of shared scooters. It has been verified in the United States and is better than shared bicycles. It’s more profitable, and it’s not a big problem to push it according to the normal business model. Secondly, the laws and users' minds over there are very different from those in the United States and here. Free is not necessarily a good strategy. ."

Chu Yuan Xixin said that this is what Xiami means? The users over there are greener? Don't look down on those who are free, but those who pay a deposit will have a sense of happiness?

Just listen to Elizabeth's question: "Chu, I have a new idea now, should I push a shared moped with an electric scooter?"

"Hi..." Chu Yuanxi could not help but breathe a sigh of relief when she heard the five words "sharing a moped", because Xiaokang in the original world almost carried her head.

The so-called moped is an electric bicycle, which is nothing new. When the enthusiasm for shared bicycles in China is high, many people find that the market is too popular to enter, and they find that powered vehicles are more profitable, so some of them fall into the trap of sharing mopeds.

Why is it called a trap? Because mopeds, like electric scooters, violate the domestic traffic law and are not allowed on the road. Not only is it illegal, but in 2017, the relevant departments also issued a document to guide the entrepreneurship of shared bicycles, clarifying that shared bicycles are not encouraged.

The release of this document coincided with Xiaokang's new goal of sharing mopeds. He also formulated KPIs, iterated the team, and was preparing to sneak into the market quietly.

So after learning that such a critical document was released, Chu Yuanxi's first reaction was to scream cheating, and then immediately reacted, this is not cheating but helping. Fortunately, the documents were issued in a timely manner. If they were released a month later, the money for Xiaokang would be scattered...

In fact, the most embarrassing part of the logic of the moped is the user. The traffic law stipulates that any vehicle with electricity must be licensed, and driving without a license is illegal. At this point, there is nothing wrong with sharing bicycles, but as long as users of mopeds dare to ride, the traffic police dare to punish them in theory, and walk you for fifty yuan per person. Who can stand this?

Xiaohong, who does not believe in evil, and Hello, who enters the market afterwards, are very courageous. They pay more attention to the improvement of their own business when the moped enters the market. Moreover, there was a lot of news, even using resources to obtain special approval from the local government. It was a district-by-district gnawing, and Minhang, Songjiang, and Zhabei pushed it like this. It was so difficult.

However, there is no similar embarrassment in Southeast Asia, you can push it casually. Hearing Elizabeth’s question at this time, Chu Yuanxi pondered for a moment: "You can push the scooter to see the situation. The scooter feels more stable. There are successful precedents for reference. The pricing of the scooter is a big problem. By the way, do you know Go? ?"

"Go?"

"Yes, it's a dog. There is a proverb in Go, "You should be slow to enter the boundary." You don't need to be too anxious, at least you don't need to be as anxious as I am. I think it is fine to set aside three years for yourself to achieve your goals. I said To be realistic, funding is limited to you, and you are most taboo about thinking about what is now."

Chu Yuanxi spoke unhurriedly. In fact, what he worries most is not Elizabeth's ability, nor Elizabeth's resources. She is so confident that it is obviously enough resources. What should be worried is that she moves too much and consumes funds too quickly.

You must know that the money for the well-off in Southeast Asia must be filled in by the well-off headquarters at the beginning, which is equivalent to the tens of millions of dollars for the A+ round that the Pakistani people actually prepared for Elizabeth. She needs to make careful calculations of this money, mainly for supply chain and logistics, and store layout. The location must be accurate, and she strives to quickly realize single store profitability.

In fact, there are still a lot of $ in Pakistani accounts, which have always been stored in overseas accounts, but there are actually problems with how to enter them into the well-off bridge. In other words, the rhythm of Elizabeth's spending cannot be wrong.

However, she made it clear today that Vietnam is the starting map, which has reduced the pressure on funds a lot. This factor is more welcomed by Chu Yuanxi. Vietnam’s per capita GDP is not high, but its growth rate has exceeded 7 for two consecutive years, and its costs are also low. Moreover, Vietnam has a large population density, with an area smaller than Southern Yunnan Province, but the population is twice that of Southern Yunnan, which is another good advantage. So if you think about it, it seems that it’s good to start with Vietnam?

Elizabeth understands the "slow entry into the world" and knows that there is financial pressure, but she has researched the moped lap after lap, and now she has to step on the brakes, which is somewhat unwilling.

Chu Yuanxi got her emotions, so she explained very frankly: "No matter what the car is, the principle of sharing travel tools in the well-off mode is that it is enough. You need as many shots as you need. Don't get excited. What you must always keep in mind is that we are not doing well-off to become the overlord of shared travel, nor are we making money from cars. It is not an industry, and cars are just our auxiliary tools."

Elizabeth looked strange after hearing this: "This...makes me feel, how should I say? I have been watching what you do. It is very sharp, very...definitely. But what you are asking me to do now is not careful. Do you trust my ability?"

Chu Yuanxixin said that your idioms have not been studied less? "No, no, it's not that I don't trust you, but, let's put it this way, some people have compared the style of start-ups in two ways, one is the bamboo type and the other is the poplar tree type.

Phyllostachys pubescens has been rooting in the soil for the first 4 years, and no signs can be seen on the ground, but the root system of Phyllostachys pubescens can extend dozens of meters. In the fifth year, the bamboo broke out of the ground and immediately grew to a height of 20 meters at a crazy speed.

The poplar tree grows sharply from the beginning, and quickly grows to 20 meters, and you can see the sun upward. But you must stop and take root at this time, and then a long time will be used to ensure the stability of the root system. "

Elizabeth thoughtfully: "So, Xiaokang belongs to... a poplar tree?"

"No, well-off is a compound type. Ba people group is bamboo, and well-off is poplar tree growing on bamboo, and the well-off in Southeast Asia has become bamboo growing on well-off bamboo. So you don’t have to do everything fast. I do things. Fast but fast is not my pursuit, success is. For me, in order to succeed, you must be fast. If you are slow, you will lose the opportunity. But you are not. I have done it for you where I need to be fast. You just need to make good use of me The results of this, first take root."

If you want to do things well, you have to deal with each question one by one. Chu Yuanxi and Elizabeth had to deal with them all the way into the afternoon, and then they ran around and slurped their food, and then rushed to the forum.

Xu Xin and Hu Shiheng were both here. Yuan Jing was appointed by him this morning. The four of them got together and all knew the reason for the meeting. Chu Yuanxi put out his solution in the first sentence: "I plan to use the Pakistani people to make a Pre_B financing for Xiaokang."

The term Pre_B is very, very unusual. The prefixes with Pre_ are usually Pre_A or Pre_IPO. Other rounds of financing rarely match Pre_.

Hu Shiheng reacted for a while before grasping Chu Yuanxi's starting point, "In other words, do you plan to raise Xiaokang financing at a valuation of more than tens of billions?"

"Tentatively set 10 billion, and 550 million will be used to buy licenses. In fact, in my mind, Xiaokang's B round valuation should be around 20 billion, so I have to discuss it with you." Chu Yuanxi said calmly, in fact I felt a little unnatural. At the beginning, when calculating during the Spring Festival this year, he did not expect the number of membership card members to be so difficult, so he estimated the well-off round B more optimistically.

Yuan Jing's face was solemn: "How did you calculate this 20 billion?"

"It's very simple. Calculated on the basis of 200 stores, with an average sales of 30,000 per day, the valuation of 20 billion is less than ten times the market-sales rate. Now in fact, it can open more than 300 before the B round, and the estimated 20 billion Shouldn't it be considered restraint?"

"The problem is that Ali bought RT-Mart for only 22.4 billion!"

Chu Yuan Xixin said how can this kind of forward wave be compared with Xiaokang? My guilty conscience is not here! If all goes well, the 20 billion valuation should be crazy sought after by investors, because after the B round, what will the well-off do? In the re-engraving of the Imperial Capital model in several other major first-tier cities, the valuation should be more than 4 times after the completion of the engraving, which is only a lot more. That investor must not die?

The problem was that it was not going well, and the number of core members was not as expected, so Chu Yuanxi had no confidence to speak. At this time, Xiaokang is like waiting for Chunlei before the sting. As soon as Chunlei sounds, massive amounts of data will be collected, and then it will become a company with a data moat, which will inevitably improve the absorbing ability of core members.

It's just worse compared to the original world. In the original world, there hasn't been a large-scale run-off competition in the country, so there are already a large number of core members without a moat. How can you be aggrieved now!

Xu Xin’s consideration of the problem is not that complicated. Xiaokang’s B round will definitely not have a low valuation, because by the time of Pre_A, it has been calculated based on the 3.6 billion before the vote. The B round’s tens of billions are fixed and the only thing that can make the coffin What the board is scrapped is the collapse of Xiaokang, and it is impossible to make a B round of financing, but it seems absolutely impossible for now.

Therefore, she is more concerned about the specific valuation. In particular, Chu Yuanxi said that the ideal valuation for round B should not be less than 20 billion, but Pre_B should go at 10 billion.

"This way the Pakistani people have made a lot of money! Are you planning to raise it to 20 billion when the B round is officially integrated?"

Chu Yuanxi smiled: "It's better to make a lot of money based on the valuation of A++~www.wuxiaspot.com~ Xu Xin still wants to talk, but Hu Shiheng pulls her: "Now I definitely can't go by 20 billion. Xiao Chu is too dangerous. "

Chu Yuanxi said that Hu Shiheng still understands me! This financing plan has fully taken care of the interests of new and old shareholders. It has raised 500 million at a valuation of 10 billion, fully retaining the room for future valuation. If it suddenly rises to 200...Of course, the valuation is also a thing. It’s not that it can rise or fall, but even if the people doing Pre_B are Pakistani, if they raise 550 million at a valuation of 20 billion, and then drop to 15 billion to fund round B for others, there is a huge problem. It is not possible to ignore the 50 100 million price difference.

At least Chu Yuanxi did not allow herself to ignore it. It’s okay to let Pakistani people pay, but it’s not a problem to pay more and less. The main purpose of being a Pakistani is to solve the funding problem. But it must be reasonable, so that people can't fault it, otherwise it will be black history.

Of course, Hu Shiheng might not have considered it so deeply. Chu Yuanxi did not fully express his integrity to the Ba people to investors. But he would not like to see Xiaokang's valuation fluctuating high and low according to his habitual thinking, because all the way up is the good state of the initial stage. Even if it goes flat, it is not impossible. Once it drops, WeWork’s entrepreneurial accident is a lesson for the past, and it has too much psychological impact on early investors.