Last week, I went back to China and visited five cities, held two parties, and met with five to six founders and investors on average every day. I talked to many friends and summarized my thoughts and experiences:
1. AI should be done in a short, flat and fast manner. It is essential to tell the sentiment and story of long-termism, but the opportunity to seize AI must be short, flat and fast. AI is indeed the most explosive outlet in recent years, but the long-termism established at the top of the industry hype is likely to fail. For ordinary founders, don't blindly do AI projects for more than 8 months. 8-12 months is enough for the technology to innovate for the next generation. Make money first before you can step on the next wave. Be careful not to be crushed by the giants.
2. Do Crypto and see the cycle. No matter how good the team background and technology are, it is not as good as seeing the cycle accurately. The current crypto circle is still a small casino full of fame and fortune. The industry's plate and user base can't actually support big projects (of course, it should be boasted). When doing a project, you can accurately see the hot spots of each cycle and invest at the right time to be lifted up by everyone. As a founder, you must firmly believe in the concept of decentralization, but don't move yourself.
3. Do business instead of start a business Unfortunately, the next two years are not suitable for the entrepreneurial model we are used to in the past 20 years, but more suitable for "doing business". High interest rates, low economic growth, and deteriorating investment environment all mean that the cost of capital is rising, investment is difficult to obtain, and exit is difficult to handle. Now is not the time to get money in rounds with C-end registrations and B-end letters of intent. Cash flow must be managed well, which is safe for both companies and individuals.
4. Make addictive products When the economy is in a downturn, it is better to start a business on the itch point than on the pain point. You must not touch pornography, gambling, or drugs, but you must think about the addictive needs behind them. Almost all of the best Chinese Internet projects going overseas are related to soft pornography (dating/live broadcast/short video) and games. In essence, they are dopamine businesses rather than technology businesses. The online articles and hyaluronic acid that you look down on are also addictive businesses that make a lot of money quietly.
5. Seize the window period without internal consumption Young people around me who make a lot of money are mostly of two types: thinkers who truly understand the underlying rules of the industry and doers who can seize the window period and core resources. The former are early layout, the latter are bold and quick, and those who can't make money are those "smart people" who see the signs of opportunity, think and discuss more, and hesitate to act. Don't waste time when doing things. Ordinary people are not that smart and don't have information sources. It's actually not bad to do it first and think later.
6. A good stomach + good sleep are very important. The good founders and investors around you may not have good family resources, or a good background in famous schools and famous companies, or even be so hardworking, but they must have a good digestive system and sleep system, and they can work hard when encountering problems. Make sure to take good care of yourself, otherwise you will not be able to seize opportunities, and you will not make money if you seize opportunities, and you will not be able to enjoy the money you make.
7. Make your name valuable. Opportunities change rapidly, and talents in the industry flow rapidly. The importance of personal brand is increasing. You must think clearly about what kind of business you want to do and what kind of personal brand can help you the most. Doing 2C to increase traffic and build a community is also a personal brand. Doing 2B/2G/investment to open up core relationships and leave a good reputation is also a personal brand. However, making your name valuable can make it much easier for you to raise funds, get orders, and engage in cooperation in the future.