Silicon Valley Investor Steve Hoffman: When Entrepreneurship Becomes a Capability

[World Wide Web Reporter Zhang Zhiying] Whether it must rely on luck to win an earthshaking success? “Great people are 'continuously' changing the world. Sometimes luck goes hand in hand, sometimes bad luck happens, even if fortune kills you to nothing, if you don’t kill you, you can use it to reshape you and become you The greatest energy and ability, this is my faith." Steve Hoffman said. Hoffman founded Founder Space and called himself "Captain" Steve Hoffman is one of the hottest startup mentors in the world. He created three start-up companies, one to be acquired, two to continue operations and profits. The Founder Space he founded was selected by Forbes as the top 10 incubators in Silicon Valley. In the venture capital industry in China, no one should think of his name soon. Entrepreneurship is only part of his legendary story. Hoffman once produced television programs in Hollywood, opened mobile entertainment companies, interactive media companies, software development companies, and so on. He designed games in Japan and also wrote cartoon screenwriters. He writes books, does business, makes movies, and is full of story-like colors throughout his life. Hoffman is now visiting China and is the first adventurer to bring Silicon Valley experience to various parts of the country. Now he accepts an exclusive interview with Global Network Technology. In this report, World Wide Web will invite Huffman to share his secrets of success in a continuous venture. Is entrepreneurship an ability? Who is eligible for it? The failed credits have been repaired. All this goes back to ten years ago. When the first venture failed, he completely collapsed. "I doubted myself, thinking that I was a complete loser. How do I let myself fall into this field!" Steve Hoffman remembered the struggle that year. "I asked myself how to go back to the past. How do I get up again? How can I re-accumulate power? I want to find ways to help myself from the bottom." At the bottom of the failure, Hoffman was forced to think about how an entrepreneur should defeat him. He found that if you want to succeed, you need methods, and in the face of failure you need skills. For entrepreneurship, both are indispensable. Hoffman found that "setting ideas" is the key to success. He said: "You can set your own story." When Huffman set out to train his thinking, he discovered that everything started to change bit by bit. Human nature is thinking negatively, but "in your head, you decide the story of this world, you decide what you think. You have to tell yourself: how my ideas failed, and I want to make this an interesting experience." Hoffman smiled and said, "Your business is paralyzed, but you are not embarrassed. It's just you are trying. Think about it. If a scientist experiences an experiment failure, he will say that I will not experiment again in my life?" Will continue to try, as entrepreneurs also have to do this. Entrepreneurs often carry huge pressure. Huffman had experienced the same situation, but he is not the same now. Huffman revealed that he still learns to relax even if he does not have any vacation time in his full-time home stay. “You must train yourself to make your work fun and enjoyable. Travel and vacation are not the keys to rest. If you don’t change your mind, even if you are lying on the beach and are constantly thinking that my company is not working, you are still under pressure. Your thinking is changing. Even if you are working, you are on vacation every day.” Hoffman set his own story. The realization of all this comes from Huffman's need to "save himself." From struggling, struggling, standing up to a successful flight, he found that the way of thinking is the real key. In the face of entrepreneurship, he used to give himself tremendous pressure and even self-doubt. He has experienced all the thoughts that ordinary people have. It can be said that his experiences and suggestions in his entrepreneurial experience today are a summary of his mental history after many trials. Hoffman gradually discovered how to change the downturn in the trough and turned it into victory. "A lot of people say it's luck. It's not just luck." Hoffman couldn't help but exclaim with this conversation. "I should write another book to talk about this." “Great people are 'continuously' changing the world. Sometimes luck goes hand in hand, sometimes bad luck happens, even if fortune kills you to nothing, if you don’t kill you, you can use it to reshape you and become you The greatest energy and ability, this is my faith." Steve Hoffman said. In the face of entrepreneurial fears, Hoffman understands this: Any innovation has a high risk. Since it has never appeared in the world and no one has tried it, I am afraid it will fail many times before you solve the problem. In other words, failure and innovation are an entire process. You must understand this process. Without the risk of failure, you are not innovating; if you want to innovate, you will fail many times. Of course, failure to innovate may also fail, but the cost is relatively small. In order to innovate, you must propose ideas that you have not proposed, because no one has done so, so if you do not know whether you can succeed, whether you can make money, whether you can operate, you can only fumble in the dark to see if this idea works. terror. It takes time. "So, I would suggest Chinese entrepreneurs this way: If you really want innovation, want to positively change the world, change people's lives and businesses, and bring new things into this world, you can do so. ". Huffman said that not every entrepreneur has to do this. "Copy" still has its own living space, and it must have its existence necessary. Replication is the rapid development of the company and the best business model in Silicon Valley. Just as globalization has intensified, innovation is absolutely the key to differentiation. This kind of innovative company that can create more than one billion US dollars is what VCs are looking for. In the hands-on experiment of continuous entrepreneurship, Hoffman found the key to reversal and success. So he wrote these experiences as articles and placed them in blogs. I did not expect that the problems and messages that were overshadowed by the sea had almost drowned out the website and allowed the “net red” to become an army again, hoping to help each entrepreneur successfully start a business. He said that if he is lucky enough to start a business once he is successful, he will not understand it all. "I think I must share with entrepreneurs around the world," Huffman said. Huffman's two-minute MBA: Why can others succeed? Talking with this entrepreneurial tutor from Silicon Valley, the highlight is, of course, the secret to asking the master to benefit from entrepreneurship. Hoffman said that an excellent business model is emerging when it is not yet obvious, because it is a new model and you have to go one step ahead of others. In other words, if everyone stops here, you need to take one more step than them. “Uber is the case. People used to call or beckon to taxi in the street. But now we have a new thing in our life. It's a cell phone. If we make it very simple, just press the screen and you'll find the closest thing.” My taxi, it can serve me immediately. And I can see the driver's message: How are their services? How much money is needed? All information can be known in advance, then make a decision, this is a breakthrough.". This is a new business model that provides value between the driver and the customer. Uber did the same thing, and Lyft was the company that actually invented the model. Google did similar things at a similar time and found that Lyft's model was better, so it was a good invention to switch over. A successful business model needs to have a trait: you have to enter new areas and go into places that others have not yet discovered - the Blue Ocean, an open field, so that there is profit. If everyone is already doing it, and the competitors, everyone offers the same product. The only difference is the price, and your profit is reduced. Don't let prices be the only thing you can compete with, so all you can do is cut prices and you can't build a fast-growing company. In general, what you want to do is a combination of new technologies, new business models, new products, or new elements; otherwise, you can do 10 times better than others so that others can use your products. You have to provide customers with distinct values ​​that users do not see in any other product. If you meet one of the two above, you will succeed. At this point, you can start testing your business model. Hoffman quipped: "You don't have to go to the MBA for two years. I use two minutes to give you a quick MBA. There are only two business models: one is the customer pays me directly, and the other is the advertiser pays me. Any type of business is based on these two types." Hoffman said that the model of direct customer payment is to allow customers to pay me a lot of money during the life cycle. "There are two modes to make money: one is like selling a car, you can make a lot of money by selling it only once, because he is an expensive commodity. Or I only get some money from you, but it takes a long time; if I am from you There is enough money in the body. If this money is much more than I can make a product, more money than I can sell, and I can continue to get new customers, I will have a very good profit." "As long as there is profit, my business model is effective. If there is no huge profit, if I spend more on providing services, the marketing cost for acquiring customers is also more, this model will collapse; because it will never Earning money will never work effectively. Many start-ups launch large-scale promotions during festivals. Once they raise the price to a normal level, customers are no longer willing to pay, and the start-up company has failed.” said Hoffman. . The second business model is advertising. The advertising company will pay you a little money, but you need a lot of users. Because the cost is not high, what you really need is not just the number of users. It is to make users deeply involved in your application. It means high frequency, long time, and users will keep coming back. The amount paid by advertisers is not large, but money can accumulate over time, so the key is that users can always come back to use it. For applications such as WeChat, Google, and Baidu, you are always using them constantly. In other words, for the advertising model, if you do not have these three things: deep involvement and immersion, often come back to use, advertising sponsorship, then your business model will collapse. “The business model is the easiest place for start-up companies. Surprisingly, the average person usually does not spend time making his business model effective.” When Huffman talks about this, he can't help but say, “They put money Investing like OFO, Mobike, but not knowing whether this business model can be achieved or not, I questioned the current mode of sharing bicycles, I still have not been persuaded, I am not sure that this model is absolutely successful and brings a high degree of profit.Although now we see everyone It's very exciting, but I call it a mode of profit reduction because it doesn't get in the way." Hoffman explained that good models can build commercial barriers that others cannot easily access. Take Uber as an example. Drivers are fast and fast, and they can attract more users. Once such advantages are established, other manufacturers cannot replace them. Airbnb, eBay, Alibaba, Jingdong, etc. These are all models with high barriers. The same applies to Facebook, Twitter, and WeChat. In the end, regardless of whether the product is good or bad, you will never leave it because your friends are there. After interview Steve Hoffman is one of the very few interviewees who has never asked me questions in advance. He is always ready to answer any questions and welcomes any questions. His body language is full of dramatic tension and he laughs at the camera. Hoffman admits that he now does not need to work for money. He only chooses to do things that he finds interesting. When different job opportunities come to his eyes, Hoffman will eliminate special energy and passionate projects. This is one of the secrets of his enthusiasm. He said, "I work for fun." He humorously pointed out, "If you want to be fun, learn from me; but if you want to make money, don't learn from me. Entrepreneurs are not only curious but must also be focused and focused, as are Warren Buffett and Bill Gates." . In addition, he revealed that he will pay for the cost and cost of learning. If things are interesting enough, he is willing to sacrifice some business considerations. And this trait makes him more suitable to become an entrepreneurial teacher. Hoffman's speech is full of insightful insights, and the chat process is often surprising. In the face-to-face conversation, you will directly feel that he is a very smart person. His active thinking and clear viewpoint are absolutely profound. When he feels that he has encountered a good problem, he will be very happy to know it without exception. What impressed me most during the interview was Hoffman's emphasis on thinking and thinking. I found that he repeatedly mentioned the impact and changes that changed his mind on him. In the end I asked him, what made you start to discover that this matter (mindset) was so important, he told me that it was from failure to stand up in the experience. In fact, in the West, there are quite a lot of discussions about the way of thinking. Such as Stephen Covey and other masters have such findings. This logic is also consistent with the Western Bible. The rumor says that "keeping your heart (mind) is better than keeping everything, because the effect of a lifetime is given by the heart." When entrepreneurship becomes a capability, who is eligible to obtain it? Perhaps it can be said that entrepreneurship is a battle of conviction. If you can conquer yourself, you can conquer the world.