本文章刊登在CHINA DAILY-艾问专栏

过去的一个月,蔚来的创始人李斌又遭遇了新一轮的炮轰,这家中国电动汽车初创企业的股价从2月底的9.57美元/股下跌到3月底的5.10美元/股,几近腰斩。但李斌依然平静,他在内部信中写道,“世界并不欠我们一个理解,对于质疑和批评,我们需要客观冷静对待,有则改之,无则加勉。”

In the past month, William Li, the founder of NIO, endured another round of criticism. The share price of the Chinese electric vehicle start-up fell from US$9.57 per share at the end of February to US$5.10 per share at the end of March, almost halved. But William Li remained calm. “The world does not owe us an understanding, ” he wrote in an internal letter, “in the face of skepticism and criticism, we need to stay calm and take it objectively, rectify if any wrongdoing, or celebrate if none. ”

李斌是《艾问企投家》第一季的收官嘉宾,对于“烧钱”和亏损,他有着非常清晰的解读,亚马逊亏损了十几年,特斯拉亏了十几年,如果静态地去看待一个事物,那么孩子永远长不大,真正重要的是谁能赢得未来。

William Li was the last guest of the first season of iAsk Entrepreneurial Investors. He has a very clear interpretation of “burning cash” and losses. Amazon was in a loss for more than a decade, and same with Tesla. If you fixate at the baby only in its current form, it will never grow. What is really important is who wins the future.

易车、易鑫和蔚来,企业接二连三的上市成就了李斌,但他也依然深陷在资本这个漩涡难以自拔。是谁在渴望成为企投家?亦企亦投是这个时代成功的必然选择吗?我想找到答案。

BitAutocom, Yixin and NIO, the companies’ successive listings have consummated William Li’s success, but he is also still deeply mired in the whirl pool of capital. Who is longing to become an Entrepreneurial Investor? Is it also an inevitable choice to be both an entrepreneur and an investor in order to succeed in this era? I want to find the answer.

企业家被赋予了什么新的使命?

《艾问企投家》节目还在策划的时候,我就找到傅盛,说我和吴晓波老师想做一档新节目,聚焦在企投家这个群体,你愿不愿意做嘉宾。傅盛很快就答应了,他说自己见过的企业家大部分都成为了企投家,时代变了,以前大家只要做好自己这一块就行了,隔行如隔山,但今天行业在迅速融合,你要保持对不同行业的关注,然后站在更高的维度上去思考整个行业的变化。

When the IAsk Entrepreneurial Investors program was still in the planning, I turned to Sheng Fu and said that Xiaobo Wu and I wanted to start a new program focusing on the Entrepreneurial Investors group, and asked him if he would like to be a guest. Sheng Fu soon agreed. He said that the majority of the entrepreneurs he has seen have become Entrepreneurial Investors. The times have changed. In the past, youjust needed to focus on your own thing and different professions were worlds apart, but today the industries are rapidly integrating. You need to keep up with the developments in different industries and think about the changes across the board at a higher dimension.

这和我们策划这档节目的初衷是一致的,当时最先思考的一个问题,就是“企业家在这个时代被赋予了什么新的使命?”

This is in line with the original intention why we planned this program. A first question was “What new mission has entrepreneurs been given in this era?”

吴晓波老师说,每一个做商业的人,一定会在某一个时间点,以某一种方式来进行角色的重构。经营者、资本家、革新者,这些身份都是企业家在过去几个世纪被时代所不断赋予的。而当下,企投家是一种更符合今天中国商业世界现状和未来的生存状态。

Xiaobo Wu said that every person who does business will definitely restructure his or her role in a certain way at a certain point in time. Operators, capitalists, innovators, all these identities were progressively given to the entrepreneurs by the times over the past few centuries. At the moment, Entrepreneurial Investor is a living status that is more consistent with the current state and the future of the business world in China.

经营着巴九灵这家新媒体公司,又做着头头是道基金,吴晓波自然也是节目的嘉宾之一。巴九灵位于杭州的办公室藏在了并购金融街,周围不是基金公司,就是信托机构。吴老师说他很不认同所谓的脱实入虚,“你看这些基金,它募来钱干嘛呢?它还要去投企业,企业就是实业。”两年多的时间,头头是道基金投了80多家企业,也正是通过这80多次投资,他真正完成了对中国新兴产业和文化消费产业的理解。

Managing Bajiuling, a new media company, and working on TouTou Shidao New Media Fund, Xiaobo Wu naturally became one of the guests of this program. Bajiuling’s office in Hangzhou is hidden on the M&A Financial Street, surrounded by either funds or trusts. Wu said he disapproves the so-called “steering from real industry to financial industry” approach. “Look at these funds. What do they raise money for? The money still goes to investing in enterprises, and enterprises are real industries.” In a little more than two years, TouTou Shidao Fund has invested in over 80 companies, and it is through these 80 plus investments that Wu truely completed his understanding of China’s emerging industries and cultural and consumer industries.

但投资,远不是我们听到的那么简单。易到创始人周航是我们第四期的嘉宾,他说做企业的时候,以为做投资很容易,就是看看PPT、Excel和报表。投资就是花钱,花钱谁不会,剩下的时间就可以很潇洒地去度假。等他做了顺为资本的投资合伙人,找deal source,考察项目,做投资方案,投融管退做下来,他只对我说了一个字,难。

But investment is far from being as simple as it sounds. Hang Zhou, the founder of Yidao Yongche, was our guest in the fourth episode. He said, when he was managing a company, he thought it was easy to make investments. You just look at PowerPoints, Excels and reports. Investing is to spend money, and everyone knows how to spend money. The remaining time can be spent going on care-free vacations. When he became an investment partner of Shunwei Capital and started looking for deal source, inspecting projects, formulating investment plans, going through the entire invest-finance-manage-exit process, the only word he said to me was: difficult.

我自己在做投资之前,看过一篇美国VC的投资报告。Foundry Group的董事Seth Levine统计了2004-2013十年间超过20000个投资案例,有65%的投资回报为0-1倍,也就是亏本(1倍相当于保本),能够达到10倍以上的投资项目,仅占总投资项目的4%。

Before I started doing investments myself, I had read an investment report on VC in the US. Seth Levine, director of Foundry Group, has consolidated the results of more than 20,000 investment cases in the decade 2004-2013, showing that 65% of the caseshad a return on investment of 0-1 time, meaning they were at loss (ROI of 1 time means mere capital preservation), and only 4% of the all investmentprojects were able to achieve a return of over ten fold.

有一个笑话在投资圈很有意思,俩投资人比,说你比我勤奋所以你厉害,还是说你比我专业所以你厉害,最后谁最厉害呢,运气好的最厉害。

There is this joke in the investment world that is quite funny. Two investors were comparing with each other, saying things like why you are better off than me, is it because you work harder or because you are more professional. As it turned out, it is luck that determines.

我把这个问题抛给卫哲,他提出了一个概念“Sustainable Luck”,投资中有打猎的成分,但投资是一个农民活,勤奋和专业是获取可持续运气的前提。离开阿里巴巴之后的卫哲,很快就成立了嘉御基金,通过咨询服务先行、投资服务跟进的方式,开创了自己的一套投资体系。

I put the same question to David Wei, and he proposed a concept of “Sustainable Luck”. There is this “hunting” element in investment, but investing comes down to the actual “farming”, and diligence and professionalism are prerequisites for sustainable luck. David Wei established Vision Knight Capital soon after leaving Alibaba and developed his an entire investment system of starting with consulting service then following up with investment service.

但他也犯过错,一个企投家极易犯的错误——不够专注。“企投家容易犯的错误是什么,是我们在中学已经证明教得挺好了,要不也试试小学看?我们曾经拿出大几千万美元试过所谓的VC类项目,一半一半来投资,结果失败的项目越来越多。所以我们现在也决定不再做早期阶段,坚守我们中学阶段、成长期阶段的企业。“

But he also made a mistake, one that Entrepreneurial Investors are prone to make – not being focused enough. “A mistake that Entrepreneurial Investors prone to make is to think that since the results proved very good with projects in the ‘middle-school stage’,maybe we shall also try the projects in the ‘primary-school stage’. We tried investing tens of millions of dollars in the so-called VC projects with a half-half approach, but project failures just continued to mount. So, we have now decided not to do the early stages but to stick with enterprises in the middle-school growth stage.”

让我感受最深的是过去这一年,2018年我成立了艾问资本,对团队的第一要求就是专注,我们希望能用投资的方式辅佐更多的“媒体+科技”领域的创始人。于是我们的投资版图里就有了越来越多这样的公司:今日头条、喜马拉雅、影谱科技、地平线…

What touched me the most is that over the past year of 2018 I established iAsk Capital, and my first requirement for the team is to stay focused. We wish to facilitate more founders in the field of “Media+ Technology” via investment. Therefore, there are more and more of these companies across our portfolio map of investment: Toutiao, Ximalaya, Moviebook, Horizon Robotics…

对于专注,乐百氏创始人何伯权有另一种理解,“对于企投家来说的话,边做企业,边做投资,这个是不是最好的选择,那我这个是打问号的”。乐百氏,这个属于80后记忆的中国品牌,曾经只属于何伯权,他的财富、名望、地位都曾来自于此。再后来很长一段时间,我们很难再看到媒体对他的报道,但大家不知道的是,七天连锁酒店是他投资并辅佐上市的,诺亚财富带给他的投资回报超过3000倍,喜茶也是他众多投资项目之一。

In terms of staying focused, Robust founder Boquan He has a different understanding. “For Entrepreneurial Investors, is it really the best choice to do business and investment at the same time – on that, I put a question mark.”

Robust, the Chinese brand that lives in the memory of those born in the 1980s, once belonged to Boquan He only. His wealth, fame and socialstatus have all come from it. For a long time afterwards, however, we hardly saw any media report on him again, but what no one knows is that he invested in 7 Days Group and assisted it with its listing, gained more than 3,000 times of return on investment in Noah Holdings, and HeyTea is also among his many investment projects.

他把企业留给了自己30岁起的那十年,又用随后的十年完成了投资人应有的成就。另一位企投家姬连强,则是从投资人转身成为了企业家。

He ran business in the decade after he turned 30, and achieved an investor’s due success in the following decade. Unsimilarly, Lianqiang Ji, another Entrepreneurial Investor, transformed from an investor to an entrepreneur.

从北京文化中心基金的总经理,到航美传媒集团董事长,姬连强在快速的蜕变。他说自己有意地放下了一些理性,过去别人拿来一件事情,拿来一个预算、一个项目的时候,他会很理性地讨论这件事情的投入产出比,但做企业之后,更在意感性和理性之间的平衡,在意爱和责任。

From General Manager of Beijing Cultural Center Fund to chairman of AirMedia Group, Lianqiang Ji experienced rapid transformation. He said heintentionally let go of some rationality in him. In the past, when some one presented a subject, a budget or a project, he would reasonably discuss the input-output ratio of the subject matter. But ever since he started doing business, he is more concerned with the balance between sensibility and rationality, and with love and responsibility.

我和姬连强有过不止一次对话,很明显的感受是,他的格局变了,责任重了。他办公室里有一幅字我很喜欢,“成己达人,美好旅程”。如他说的那样,一个优秀的企业家把自己的企业做好,把他的经验用投资的方式分享给他的上下游产业,或者分享给后来者,帮助大家共同把一个产业、一件事情做繁荣,这才是企投家真正的使命,这才是企投家真正的精神。

I have had multiple conversations with Lianqiang Ji, and I felt it strongly that the landscape in his world has changed and his responsibilities grew heavier. There is a piece of calligraphy work in his office that I really like, which says “Together, achieve and enjoy”. As he said, a good entrepreneur will do his own business well, and share his experience with upstream and downstream industries via investment, or share it with the latecomers, so as to help collectively prosper an industry or a cause. That is the true mission and the true spirit of an Entrepreneurial Investor.

做完12期节目,我也问自己,时代需要什么样的企投家?以前大部分人会想着什么都自己做,有一个想法就一定自己要做,但时代突然在过去十年发生巨变,一方面财富增长得很快,很多企业家有钱之后不知道自己要干什么;另一方面结构挑战又来了,自己做了几十年觉得很不错,结果突然发现一下子所有风头都被互联网企业和独角兽抢跑了,心有不甘。

After finishing all 12 episodes, I also asked myself the question: what kind of Entrepreneurial Investor does this era need? In the past, most people would go about doing everything themselves. If you have an idea, you must do it yourself. But the times changed suddenly and drastically in the past decade. On the one hand, wealth accumulated fast, and many entrepreneurs didn’t know what to do with the money. On the other hand, the structural challenge came. They might feel good for their success over the decades, but all of a sudden, much to their reluctance, they realized that the limelight has been stolen by the Internet companies and the unicorns.

格局、远见和卓越,是12位企投家给我的答案。时代不需要小富即安的企业家和急功近利的投资人,时代需要的是“既谋全局又谋一域”和“撸起袖子加油干”的企投家。

Landscape, vision and excellence – these are the answers given to me by the 12 Entrepreneurial Investors. Our time does not need those easily-content entrepreneurs or the impatient profit-driveninvestors. Instead, it needs Entrepreneurial Investors who “strategize both generally and specifically”, who “roll up their sleeves and power through”.

是谁在坚守梦想?

Who is holding on to the dream?

我在追问每一位企投家企投之道和创富法则的同时,也有些别样的感动与大家分享。

As I press every Entrepreneurial Investor for the path way to entrepreneurship and investment and the law of wealth creation, I was also touched in ways that I would like to share with you.

在和毛大庆的对话中,他回顾了自己走上工作岗位之后的28年。“我还真是问了问自己,为什么二十几年以来就没有闲过,是什么驱使我这样呢?首先还是我自己内心的动作,因为我一直认为自己是一个相当明确的过程主义者,我要用时间去投资在我的人生的过程中,用时间去投资。前段时间,我很好的朋友,李咏去世了,这事让我很伤感。所有这些事,越来越加深我人生的观念,我们只有一样东西是可以拿来去投资的,而只有这样的东西投完了就不再有了,就是时间。”

In my conversation with Daqing Mao, he reviewed the 28 years of his career. “Once I actually asked myself why I haven’t been idle for even a moment over the past 20+ years. What is driving me? First it comes from within, because I always think that I am obviously process-focused. I have to invest in the process of my life, invest with time. My good friend Yong Li passed away recently, and it saddens me deeply. All these things just deepened my perspective of life. There is only one thing we have that we can use to invest, the only thing you don’t get back once invested: time. ”

今年已经50岁的毛大庆,已经跑了96个马拉松,像他的榜样菲尔·奈特一样,他每次遇到困难就去跑步,跑到最后都告诉自己,好吧,我再试一试。

Daqing Mao turned 50 this year, but he has run 96 marathons. Like his role model Phil Knight, he goes for a run every time difficulty hits, and at the end of the run he tells himself, well, let’s give it another try.

很多时候,比故事更为真实的是,创业就是站在一个悬崖的边上,前面是美丽的花丛,背后退一步就粉身碎骨。毛大庆,守着他的执念,坚持着他的梦想,不顾一切。

Often times a bigger truth to the story is that entrepreneurship is like standing on the edge of a cliff, with beautiful flowers in front, and a fatal fall just a step behind. Daqing Mao stands guarding his obsession, insisting on his dream, despite it all.

拥有同样执念的人还有车建新,他从一个木匠学徒,到管理千亿市值的红星美凯龙,他说自己“永远28岁”,永远心怀梦想。那期节目录制的最后,车建新用他带着一点常州口音的普通话说,这辈子要感谢三个女人:第一是他的妈妈,勤劳、正直、俭朴,让他成为了精神的富二代;第二他的女儿,因为带女儿吃了一顿肯德基,他决定要做红星美凯龙连锁;第三是老婆,一次买香水的经历,让他发现了美,发现了设计的重要性。

Another one with the same obsession is Jianxin Che. From a carpenter apprentice to managing the 100 billion-worth Red Star Macalline, he said that he is “forever 28″and will always dream. At the end of recording that episode, Jianxin Che said, in his Mandarin with a little Changzhou accent, that he would thank hree women for his life: First, his mother, whose hard working, honest and frugal qualities made him a rich kid, mentally; Second, his daughter, whom he took for a meal at KFC during which he decided to start the Red Star Macalline chain; Third, his wife, whom he once bought perfume for and the experience of it led to his discovery of beauty and the importance of design.

我和吴老师在出品这一季《艾问企投家》的时候,他特意强调title要写上“财经作家”。我问他有公司,有基金,为什么还要拼命写书?“它让我很光荣,跟钱没有关系。我希望在未来,无论30年、50年后,仍然会有书架,当一个人想要了解1978年以后的改革史,他需要找三本书,其中有一本是我的,那我就很高兴,不管我在不在世。”

When I and Wu were producing this season of iAsk Entrepreneurial Investors, he specifically emphasized that in his title it should say “financial writer”. I asked him why he is still diligently writing books when he already owns acompany and a fund. “It makes me proud, that’s all, nothing to do with money. I hope that in the future, be it 30 years or 50 years later, there will still be bookshelves. If one wants to understand the history of reforms after 1978, and mine is among the three books he needs to find, then I will be very happy, alive or not. ”

艾问传媒这五年,对话了150多位顶级大咖,记录了1300多位创业者,他们有的生而无畏,有的负重前行,有的初露锋芒,有的苦尽甘来。但无论怎样,我们都愿陪着每一个创始人,记录他们的点滴,助力他们的前行。

Over its five years, iAsk Media has talked to more than 150 top figures and profiled more than 1,300 entrepreneurs. Some of them are born fearless, some stride on under pressure, some are budding stars, and some succeeded after bitter endurance. Regardless, we are here to accompany each founder, to record the trivia of their story, and to lend a hand in their journey forward.