Errors in the online ride-hailing business？
本文章刊登在CHINA DAILY-艾問專欄
有感於自己在上海機場打車的不方便，周航在2010年5月成立易到，通過網約車解決用車痛點，重新定義城市出行。當年一位開邁騰的司機稱，在易到一個月2萬元的凈收入是保底基數。
Finding it hard to get a Taxi from Shanghai Airport, Zhou Hang founded Yongche in May 2010. It is an online ride-hailing service that solves the fundamental pain of taxi-hailing and redefines urbanmobility. According to a VW Magotan driver, the minimum net income back then asa Yongche driver was 20.000 RMB.
無奈在殘酷競爭和資本裹挾下，易到被滴滴、Uber等後來者反超，形勢急轉直下。在經歷過與樂視魚死網破的鬥爭後，周航也被迫告別由他自己開創的國內網約車市場。
However, successors such as DiDi and Uber overtook Yongche through brutal competitions supported by capitals. After extended and heated fights with its investor Letv, Zhou Hang was forced to leave the online ride-hailing business which he initiated first in China.
2017年4月，離開易到的周航成為順位資本的合伙人。他曾經羨慕投資人輕鬆的生活，幻想自己有朝一日不再創業，也去做個投資人。如今夢想成真。
On April 2017, after leaving Yongche, Zhou Hang became a partner at Shunwei Capital. He used to envy investor"s relaxing lifestyle and wished to become one when he has no longer has his own company. Now his dream come true.
故事一：
Story No.1：
曾經的網約車賽道中，只有周航一人獨自奔跑。2013年底的時候，易到手裡還掌握著80%的市場份額。轉折點出現在2014年，滴滴進攻，Uber入局，就在兩家補貼大戰正酣之際，周航依舊寄希望於「在正確的商業規則下打贏」。他覺得易到收支平衡沒有問題，並一度拒絕超3億美元的投資.
In the past, Zhou Hang was the only participant in the race of online ride-hailing businesses. By the end of 2013, Yongche still had 80% of market share. The turning point was in 2014, when DiDi initiated the heated battle, followed by Uber. As the two were competing and gave huge subsidies to recruit new users, Zhou Hang believed "he could win fairand square." He believed Yongche had a positive revenue stream and oncer ejected an investment exceeding 300 million Dollars.
然而資本還是戰勝了理想，最終易到轉手他人，周航黯然離場。
However, the power of capital defeated the idealism. In the end, Yongche belonged to someone else, and Zhou Hang left with disappointment.
對於易到來說，原本「只緣身在此山中」的周航，此時的他已然是個局外人。他承認，「人在局中，你是非常不願意否定自己的，總是想要維護自己的觀點；只有把自己放在局外，才有可能看到過去的自己，幹得實在有點蠢。」
Nowadays, Zhou Hang gains a new perspective as an outsider of Yongche. He admits:"When you are in the game, you are unwilling to admit your mistakes, and always want to defend your opinion. Only when you are out of the game, it is possible to see your old self and realize maybe some things you did in the past were silly."
面對曾經的失意與不堪，如今他試著坦然接受：「如果要讓我放棄這些東西，那就不是我了，我做別人也做不好。」
Looking back on the failures and disappoints from the past, he tries to accept them with an open mind: "If you want me to give up those things, then I am not me any more. I can"t be someone else."
艾問周航：什麼才是正確的事？
What is the right thing to do?
周航：一個企業家，一個投資者，哪怕是一個普通人，我們容易犯的最大的一個錯誤，就是總要維護自己的觀點，總要試圖證明自己是對的耗費了很大精力。其實你正不正確，毫不重要。我們每個人在那個時刻都有自己對一個事情的觀點、看法、判斷、決策、選擇。你回過頭來看的時候，從得失上來說，有可能是對的，也可能是錯的。核心是你要認，錯了就得認，要低頭。我的反思，不是為了指責自己，而是為了學習，為了重新理解這件事情，自己能夠有從中吸取養分，有所成長，不管投資還是創業，讓以後走得更好。
Zhou Hang:As an entrepreneur, an investor, or even a person, the biggest mistake we are prone to make is that we always want to defend ourselves. We spend lots of time trying to prove that we are right. Whether your opinion is right or wrong does not matter at all. At those moments, everyone has his or her own perspective, judgement, decision, and choices. When you look back, from a cost-benefit perspective, you could be right or wrong.But the key is to be able to admit your wrong-doing and then back off.I am reflecting on this not to blame myself, but to learn, tore-understand this thing. I am learning and growing for my future career no matter as an investor or an entrepreneur.
當然結合到具體創業，我可能首先很關注他的初心，他為什麼要做這個事？不是聽他表面的口號，我就想解決一個什麼問題。我認為很多創業，尤其是在中國的創業，並不是一開始就有初心的，但不要緊，一個好的人，初心是可以長出來的，哪怕就是一個敏銳的嗅覺，我嗅到了要去，然後它會長出一個東西。
Of course, when we talk about how to evaluate a specific founder or business, I might first focus on the original intentions to start the business. Why does the founder want to do this? It is not about listening to the pitch to know what problems to solve. I think many people, especially in China do not always have a good original intention. But it is okay, a good person can foster his positive originalintentions. Sometimes, it is not something concrete, but I can sensethe original intention, and something nice will blossom out of it.
第二，本心，這個人到底是什麼樣的人？我舉個自己的例子。當初有一個A輪的投資者，曾經想投資我們，後來沒投。很久以後，我看到一段他的訪談，談到了這一段，他很客氣地說，這個創始人（就是指我）和這個業務本身，人的個性和業務不是那麼匹配，我當時聽起來心裡不舒服，就不服。就是說什麼意思啊？怎麼了？意思就是對我的不認可。
Second is about evaluating the founder"s true self and true personality. Let me give a personal example. There was an investor who wanted to invest for Series A, but he didn"t. After a longtime, I saw an interview, in which he talked about this experience. In that interview, he politely mentioned that: "This founder (me), and his personality does not fit his business." I felt very uncomfortable hearing that. What does it mean? It means he does not believe me as a person.
但我其實冷靜下來仔細想，其實我是認的。因為我的個性，回頭來看網約車這盤事情，它就是個強運營的事情，它可能就是要很嗜血、很敢拼，對規模效應有了足夠的認識以後，你要敢打，敢拼，然後又有大量的線下。就算我後來知道了這是一把明牌，我行為肯定跟當初是有所不同的，但是我是不是就能做到足夠好？我也問過自己，說實話，我不認為我能做得足夠的好。因為我的個性就不願意去那麼血腥，去捅刀子。
But then when I thought more about it, he was right about my personality.The online ride-hailing business is an operation-heavy business. After reaching an economic-of-scale, it needs someone who is belligerent and tough to run it.And it also has a lot of offline operations. Even if I knew about it back then and adapt my behavior, would it be good enough? To be honest, I also asked myself that question, and I do not think I can do well enough.Because my personality is not as belligerent, and I do not like to pick up fights.
有人就是嗜血，但我不是那樣的。這就是我的本心和這個業務本身不是那麼的匹配。當我想到這一點，其實我還是放下了很多的。
Some people are belligerent, but I am not. Therefore, my true self is not fitting well with this business. When I think of this, it also took a lot of weight off my shoulder.
故事二：
Story No.2:
離開易到的周航經歷著一個gap year，他不再急於證明自己和維護自己。自我更新、重新思考、重新建立，是他這一階段的三大主題。與此同時，他希望通過做投資來保持對新事物的敏感。
After leaving Yongche, Zhou Hang had a gap year. He no longer needs to work hard to prove himself. Self-renewal, rethinking and reestablishing are three main themes during that time. Meanwhile, he wants to maintain his sensitivity to new things through investing.
2017年4月，周航成為順為資本的合伙人。他印象中的投資者生活簡直不要太輕鬆，他們的朋友圈「不是在度假，就是在前往度假的路上，因為所謂投資不過就是花錢，而花錢誰都會。」
On April 2017, Zhou Hang became a partnerat Shunwei Capital. Under his previous impression, an investor"s life is supereasy. If you check their posts on Wechat Moments, they are"either having avacation, or on their way to a vacation. The so-called investing is just spending money, and everyone can do that."
真正成為投資人之後，周航才發現投資人的焦慮比起創業者的焦慮，實在是有過之而無不及。
However, after becoming an investor, ZhouHang found out, comparing with the entrepreneurs, the anxieties of an investorare not fewer, if not more.
「先看賽道，看完賽道後，我會開始擔心真正的好公司在哪裡？項目確定後，我會疑問這個公司靠譜嗎？終於覺得可以了，還要看什麼價格？什麼估值？總共多少錢？第一個反應，一定是太貴了（沒有一個項目例外），而且是匪夷所思的貴……這樣糟心的問題沒有少只會更多。
"First check out the segment, and after understanding this business, I start to worry if we can find the good companiesin this business. After defining the scope, I would question whether this firmis a solid target. After confirming that this is a good company, we need to check the prices, the valuation and the total costs. My first reaction is always that this is too expensive (with almost no exceptions), so ridiculously expensive… Questions like that are not getting less but more than an investor."
跨界做投資，周航有著自己的認知和方法論。
As an interdisciplinary investor who was previously an entrepreneur, Zhou Hang has his own theory and investment thesis.
艾問周航：跨界的價值是什麼？
What is the value of interdisciplinarity?
周航：我剛剛從一個創業者轉了軌道，去做投資，我以為我懂很多、很懂創業者，我以為我能夠很快把創業中的問題看到，看清，看穿，我就用這樣的心態開始了。但雷總提醒說，你要空杯一下，不要抱著這麼多成見。就是對投資而言，你看到企業的問題，不是什麼了不起的事情，沒有什麼價值。
Zhou Hang:I just switched my role from an entrepreneur to an investor. I thought I knew a lot, understood entrepreneurs well and could quickly see their problems and understood the core issues. This was the mindset I started with. However,Mr. Lei reminded me I need tokeep an "empty cup mentality" ,and I shouldn"t hold on to my old experiencesand opinions. As for investing, seeing the problems is not something extraordinary, and does not have much value.
艾誠：每一次你說決定做職業投資人的時候，我都不那麼相信，好像你確實做過一次專門的演講，叫做「如果我再次創業」。
Gloria Ai:Every time you said you decided to become an investor, I couldn"t believe it. You even once made a speech, called "if I found a company again".
周航：我的意思是說，幹什麼都要用創業心態去干，一切從零開始，要追求這種爬坡的感覺，人生就是又開始一次新的出發、新的爬坡。像你說的打怪歷險，處在一種創造的感覺。如果你只是個財務投資者，你就是打獵心態，我希望是創造心態，我始終都在想，應該怎麼去做好投資？怎麼讓我們的機構變成一個偉大的投資機構？應該形成什麼樣的投資的方法論？要什麼樣的投資文化？怎麼讓我們的投資行為幫助社會變得更好？
Zhou Hang:What I meant was we need to do everything with an entrepreneurial mindset - starting from ground zero and enjoy racing uphill with new departures and races in life. Just as you said about having adventures and slaying dragons, it is important to feel that you are creating something great. If you are a financial investor, you have a mindset of a hunter. But I hope to have a mindset of a creator. I am always thinking about how to make a good investment? How to build a great investment intuition? What kind of investment thesis to take? What kind of investment culture should we have? How could we use the power of investment to improve our society?
故事三：
Story No.3:
成為投資人的周航每天都要和四、五個創業者見面。曾經有過兩次創業經歷的周航，與其說在考量創業者，還不如說藉此機會考量曾經作為同類的自己，「他們就像是我的一面鏡子，我可以看到一個創業者的執念、妄念甚至錯誤。」
As an investor, Zhou Hang meets 4 to 5 entrepreneursper day. Zhou Hang has been a founder twice. Therefore, rather than examining the founders, the meetings were also like self-examinations as he used tobe one of them. "They were like mirrors, through them I could see the obsessions, delusions or even mistakes of entrepreneurs."
他甚至有時候會想，如果當時的周航遇見此時的周航，來一場對話該有多好。
Sometimes he even thinks, how great it would be if yesterday"s Zhou Hang meets today"s Zhou Hang and discusses with each other.
然而做投資僅僅看到問題沒有什麼價值，更重要的是看到問題背後隱藏的機遇。從企業家轉型投資人，周航說「看穿」遠比「看見」難，「思考」比「風口」更重要。
However, it is not valuable to only see the problems. For investments, it is more important to see the opportunities hiding behind the problems. As an entrepreneur-turned-investor, Zhou Hang says "seeingthings through" is harder than "seeing things" , and"thinking and reflecting" is more precious than "chasing the hypes".
艾問周航：如何成為一個真正的企投家？
How to become a real entrepreneur-turned-investor?
周航：對外行來說，第一你應該忘掉風口。第二最重要的就是要獨立思考，慢思考，深思考。這裡面有一個話題，就是看到和看穿的區別。什麼叫看到呢，各路人現在都會說，AR、VR，這叫看到，但看到一點價值都沒有，大媽都能看到。那你有什麼價值呢？核心是要看穿，看穿是一個很難的功力。
Zhou Hang:For an outsider,first, forget about the hypes. Second, it is very important to think independently, slowly, and deeply.This isthe difference between seeing something and seeing something through. What does it mean to see something? Many people nowadays talk about AR and VR. I call this seeing things. However, it has no value, as even the retired grandmas can see that. The key is to see things through, which requires lots of experiences and insights.
就好像你在喜馬拉雅山的北坡，看喜馬拉雅山，你看到了皚皚的白雪，陡峭的山峰，但是你看不穿，你看不到喜馬拉雅山的南麓，就是一片緩慢溫暖濕潤的大坡，看不到尼泊爾露露青蔥的景色。你就以為喜馬拉山就是這樣，但是你需要有一種功力，至少你要努力去思考，山的那一邊究竟是什麼？你至少要想，而不是一個直線思維，你以為你看到的就是全部，你看這個跟大家看得都一樣，有什麼區別？
For instance, this is like you are on the north side of Himalayas. You see shining white snow, steep peaks and slopes, but you cannot see through the mountain. You cannot see that the southside of Himalayas is gentle, warm and moist. You cannot see the greens in Nepal. You would think the Himalayas is just like what you see - white and steep. It requires a different skill set to try to at least think about what it is like on the other side of the mountain. At least you need to think about that, instead of holding a simple mind and believing what you see is all thereis. What difference does it make if what you see is like what other people see?
艾誠：用一個熱詞來套用你的分析，叫認知，所謂認知升級，投資是把認知變現，企業也是把認知變現，這是兩種賺錢辦法，你覺得做什麼最掙錢？
Gloria Ai：We can use a popular term "cognition" to describe your analysis. There are two ways to turn the so-called "deepened cognition" into value, one is through investment, and the other is through entrepreneurship. Which one do you think brings more profit?
周航：做卓越的事情最掙錢。不管什麼事情，你只要去追求卓越，就一定會利益最大化。我一直想要提出一個口號叫「勢能戰略」，當你把一件事情追求卓越，不是優秀，要遠遠超過優秀。在這個領域中，做到最卓越的時候，你所具備的勢能，你所獲取的那個利益、價值是遠遠超過優秀的。比如100分的價值不是只比90分大了10%，可能是百倍90分的價值。但是大多數人是不敢追求卓越的，因為追求卓越這條路太辛苦了。
Zhou Hang:Striving for excellence will bring you the most profit.No matter what youdo, as long as you strive for excellence, you will maximize your benefits. I always want to promote a "potential energy strategy" , which means to leverage all your potential energy and strive for excellence. Not just try todo something well, but far exceeding well. In this business, if you become the most excellent one, then you can gain and leverage a lot of potential energy. The benefit and value you would gain are also far exceeding just doing something well. For instance, the value you create through doing something 100% is not just 10% better than the value created for doing something 90%. However, most people do not dare to strive for excellence, because it is a hard journey.
艾誠：你對想成為企投家的企投會成員，最想說什麼？
Gloria Ai:What do you want to say to someone who wants to become an entrepreneur-turned-investor?
周航：放棄投機，追求卓越。你就一定會成為一位傑出而卓越的企投家。
Zhou Hang:Stop the profit-driven mindset and strive for excellence. Then you will become an outstanding and excellent entrepreneur-turned-investor.
—END—
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