导读：2012年4月18日，2012(第五届)中国教育产业创投发展时代峰会在北京举行。中公教育集团总裁李永新在本次会议上发表讲话。

reading:On April 18, 2012,2012(The fifth)China's education industry venture development era summit held in Beijing.In public education group President LiYongXin speech on the meeting.

　　2012年4月18日，2012(第五届)中国教育产业创投发展时代峰会在北京举行。中公教育集团总裁李永新在本次会议上发表讲话。

On April 18, 2012,2012(The fifth)China's education industry venture development era summit held in Beijing.In public education group President LiYongXin speech on the meeting.

　　中公教育集团总裁李永新：

In public education group President LiYongXin:

　　尊敬的各位朋友们，非常高兴能够在这样一个台子上，利用这样一段时间和大家共同分享和交流一下我创业的一些体会。我觉得今天的主办单位其实很有思想，首先邀请了张永琪，其实他讲最合适，他不仅融了资，上了市，而且还退了市。所以其实张永琪在真正的思考创新，中国教育发展的一种新的模式，所以我觉得是非常了不起的，这实际上是一个非常好的正面典型。

Respect of my friends,Very happy to be in such a stage,Using such a period of time with all of you to share and discuss some of my business.I think today's organizer is actually a thought,First invited ZhangYongQi,In fact he speaks the most appropriate,He not only combines the information,In the city,But also from the city.So actually ZhangYongQi in real thinking innovation,A new mode of China's education development,So I think it is very great,This is actually a very good positive.

　　对于中国教育而言，其实恰恰相反，我们既没融资，也没上市，更没考虑过退市的问题，所以从这个意义上来看，我觉得我们是不是反面典型，主办方是不是希望通过这样一个正反的，有鲜明反差和对比，希望得出一种结论，中国的教育企业到底应该走一条什么样的道路?我觉得这可能是主办方的想法。当然对于我而言，我大胆猜测了。

In terms of education in China,In fact, on the contrary,We have not financing,Didn't also listed,More not considered retreat city problems,So in this sense,I think we are opposite model,Sponsor is hope that through such a positive and negative,A distinct contrast and comparison,Hope to come to a conclusion,China's education enterprise should go a what kind of road?I think this may be a host of ideas.Of course for me,I am bold guess.

　　就这样的一个话题，创业投资，我怎么看?我的观点基本是这样子的，我觉得道德经有一句话说得非常好，天下皆之美之为美，斯恶也，当我们都觉得是不错的时候，其实这个事从某种程度和意义上来讲，可能也不咋的了。当我们很多教育企业更多的去关注投融资的事情的时候，我个人觉得可能也不见得是一件非常好的事情。我也很清楚，作为一个企业，哪怕是教育企业，虽然教育企业本质是做人的产品，和一般的传统工业企业还是有不同的，但是教育企业仍然无法脱离现代企业发展的思路和现代企业发展的基本模式。所以总体上来讲，我觉得即使是一个教育企业，也无法避免融资下市这种大的企业。我今天想在这个场合，结合我1999年创业到现在十多年的感受和体会，觉得这么多年，和很多投资机构做了深入交流之后的体会，谈谈我的想法，我觉得对于我们现在的很多企业，在投融资上市的这个事情上，一定要非常地谨慎，我们不要看别人红红火火，迷失了自己的方向，到底我们应该如何发展?我觉得这是摆在每一个创业企业，每一个真正想把这个企业做好的人面前的一个非常重要的问题。

On such a topic,Venture capital investment,How do I see?My point of view of basic is like this,I think the moral of there is a word very well,The world is the beauty of beauty,Evil, also,When we all think it is good,Actually this matter in a certain degree and sense,May be not.When we have a lot of education enterprise more to pay attention to the investment and financing,Personally, I think may not is a very good thing.I am also very clear,As an enterprise,Even the education enterprise,Although the education enterprise essence is the product of being human,And general traditional industrial enterprises are different,But education enterprise cannot be separated from the thinking of the modern enterprise development and the basic mode of modern enterprise development.So in general,I think that even if is a education enterprise,Also is unable to avoid financing sample of this kind of big enterprises.I want to in this situation today,With my business in 1999 to the present feelings and experience for more than ten years,Think for so many years,And a lot of investment institutions do a further communication later,Talk about my ideas,I think for us is now a lot of enterprise,Listed on the investment and financing of this things,Must be very careful,We don't look at the others',Lost your direction,What we should be how to development?I think this is a business enterprise,Every true front of the person you want to do this business a very important problem.

　　结合我的创业体会，一家之言，对也好，错也好，大家仅做一个参考，我大概谈几个我的想法：

The combination of my business,totally,To all right,wrongly,You only make a reference,I probably talk about some of my idea:

　　我的第一个想法，我觉得对于很多的创业型的教育企业，你千万不要引入风险投资，你引得越早，你死得越快，这是我的切身体会。我1999年北大毕业，没去选择中直机关党委，没进政府机关，没去企业，选择自己创业，那个时候没有任何的资金支持，和我们形成鲜明对比的是清华的创业团队，他们有融资。对一个初创企业，尤其是主要的创业团队，还处在一种对创业试水的状态下，如果你有很多钱的话，最后的结果只能是你会以最快的速度，最心跳的感觉，把这个钱全烧光。而且我认为这个创业本质上它的成功，是被逼出来的，如果你总有资金在帐面上晃，你总觉得自己有底气，你是不可能把自己逼入绝境的，人不置于死地，就不可能有后生，就不可能取得巨大的成就。我那时候创业，我们家里四个孩子，我是老四，爸爸妈妈都是工人，每个月的工资两百块钱，我要创业的时候，没一分钱，每天吃饭，一块钱的炒饼能不能解决都成问题，作为一个男孩子，25岁，五块钱的伙食标准，所以你说我们怎么生存?那个时候我们很严峻，又不能靠家里，你只能想办法解决生存问题，那可不就是什么都干。咱们目前教育行业里面的这些事我基本都干了，只是我没干下去而已，比如说像学大的前身就是做家教，做中介辅导。学而思前身就是做奥数，这些事我们通通全都做过，而且像学大，我们当时在一个楼里。所以我的深刻体会，我走到今天，中国教育，我去年看了一下在美国上市企业的销售收入，我看除了新东方四五十亿的盘子遥遥领先，剩下的企业，没有哪个企业收入很高。所以你会发现，其实你引不引入投资，上不上市，从本质上对这个企业没有什么太大影响。你如果能够真正把这个问题想清楚，尤其在创业初期，你能够经历过把一件事情做成功，把两件事情做成功，不断积累一个人的创业的感觉，创业的能力，形成一个比较有效的团队，我觉得这个其实比这个钱要重要得多。我特别坚信一句话，上帝想要一个人死，首先要你疯狂，所以我对很多创业企业，尤其是教育行业的创业企业第一个忠告，如果你还没什么规模，没有体验过创业的话，没有一个比较好的创业团队和比较稳定的盈利模式的前提下，相对规模五百万，一千万都没有的话，我建议你好好的做你的事情，也不要引入什么风险投资，引得越早，你死得越快，这是我的第一个观点。

My first idea,I think for many of the business of education enterprise,You don't introduce risk investment,The sooner you that,The faster you die,This is my experience.I graduated from Peking University in 1999,Didn't go to choose 中直 authority of party committees,Not in the government,Didn't go to company,Choose their own business,Don't have any financial support at that time,And we contrast the tsinghua university of entrepreneurial teams,They have the financing.For a start-up enterprise,Especially in the main business team,Is also a kind of try to venture under the condition of the water,If you have a lot of money,The final result can only be you will with the fastest speed,The feeling of the heart,Put the money to burn.And I think this business is essentially the success of it,Be forced out,If you have funds in book butt,You always feel that you have bottom spirit,You are impossible to put himself into disrepute,People don't,There is no later,It is impossible to achieve great achievements.I venture that time,We four children at home,I am old four,Father and mother are all workers,The salary of two hundred dollars each month,I'm going to the business,Not a penny,Every day to eat,A dollar of Fried bread can solve a problem,As a boy,25 years old,Five dollars of food standards,So you said how do we survive?We are very serious at that time,Can't rely on home,You can only think of some way to solve the problem of survival,That's not is do what.Let's current education industry in these things I've done,Just I didn't go on,Like to learn major is the predecessor of tutor,Do intermediary counseling.To learn and think predecessor is to do it,We all have done all these things,And like to learn the,We were in a building.So I deeply appreciate,I go today,China's education,Last year I took a look at in the United States market sales income of the enterprise,I see in addition to the new Oriental 45 billion far ahead of the plate,The rest of the enterprise,No enterprise income is very high.So you will find,In fact you not introduce investment,Not listed,From the essence of the enterprise did not too much influence.If you can actually put this question to clear,Especially in the early part of the business,You can experience the succeed in doing one thing,Do two things,Accumulate the feeling of a person's business,The ability of the business,To form a more effective team,Actually I think this is more important than the money.I firmly believe that a word,God wants a man to death,First make you crazy,So I for many enterprises,Especially in the education industry enterprises first advice,If you have no size,Not yet experienced business,Don't have a good business team and under the premise of the profit pattern of relatively stable,Relative size of five million,Ten million all have no,I suggest you good do you,Don't introduce risk investment,That the earlier,The faster you die,This is my first point.

　　第二个观点，结合我的体会，2008年左右，我们那个时候的销售收入大概在七千万到八千万，那个时候我看到周围的很多企业开始引入风险投资，所以我也开始频繁的跟很多风险机构接触和交流，大概用了三个月的时间，当然后来我很后悔，其实人生也没什么后悔的，但是总的来看，我的时间花多了，一会儿我会讲。花了三个月时间跟投资机构接触和交流。我的第二个观点是什么?我在接触和交流过程当中，我深刻体会到，作为一个创业者，一个做企业的人，和风险投资在进行合作的时候，实际上你是处于一种不对等的状态，不对等的根源，是由于你对投融资这块的很多东西太不熟悉了。所以我的第二个建议是什么?如果你要想进行投融资方面的事的话，你必须好好学习学习、了解了解投融资方面的一些基本规则，比如说这个企业的估值到底是怎么估的，是根据发展速度来估，还是根据销售收入来估，还是综合来估，到底怎么样的一种方式估算这个企业的价值，对团队是最有利的，最投资人是最有利的，平衡点和均衡点在哪个地方上?我觉得作为企业的主要创始人，必须要清楚，要不要签对成协议，你看对称协议的时候觉得很公平，看似很公平，但这背后是不是隐藏着很多不公平?是不是一定要签对等协议呢?我觉得类似像这样的问题，在这个领域你不得不承认你是新手。从这个意义上来看，你如果真的不学点东西，你不仅是对自己的不负责任，对企业的不负责任，从某种程度上也是对投资人的不负责任。 2008年我们就这么干了，最后我们跟业内的一家机构，也是比较有名的，谈得非常好，最后就在企业的估值上我们产生了很大的分歧，他认为我们值一个亿，我认为我们至少应该值两个亿，大家无法达成最后的妥协，最后不了了之。当然对中公教育来讲是一件好事情，因为你看现在，我们每年以百分之一百的增长速度，那个时候将近一个亿，现在是多少了。从这个意义上来看，投资人的损失非常大，但是我坦诚地讲，如果那个时候我对投融资的很多支持掌握得、学习得再多一点，对投资人很多关系的问题能够做更加认真的调研的话，其实很多事客观上都是很清楚的，但是如果那个时候再做更多的调研的话，我会把很多问题说得更加清楚和透彻，比如说这个行业的发展到底是什么样子?规模是什么样子?市场容量有多大?我们每年会培训多少人，我们每年平均的消费是多少?我们的盈利模式真正的创新在什么地方?有价值和差异化的地方在什么地方?我觉得我们那个时候真的做很多很认真的学习和研究的话，我会给投资人更好的答案，或者让他们更满意。我现在回想起来，那个时候我要真的把这些功课都做了，我们就非常有可能跟投资人达成2亿，或者1亿8这样的共识。虽然从最后的结果来看，对中公教育也非常有利，但我仍然觉得，毕竟在2008年，我们那个时候为此付出了，我的初衷和愿望还是希望把这个事做成，但是仍然没做成。

The second point of view,The combination of my experience,2008 years or so,At the time of our sales income in seventy million to about seventy million,Around that time I see a lot of enterprises begin to introduce risk investment,So I also began to frequent contact with many risk institutions and communication,Probably spent three months 'time,Of course I regret later,In fact life is no regret,But in general,I spend much more time,I speak for a while.Spent three months time to investment agency contact and communication.My second point is what?I am in contact and communication process,I deeply appreciate,As a beginner,A man do the enterprise,And risk investment at the time of cooperation,In fact you are in a state of unequal,The root of unequal,Is due to you for investment and financing of the many things it is not familiar with.So what is my second suggestion?If you want to want to investment and financing of things,You must study hard to learn/About the investment and financing of some basic rules,Such as the enterprise's valuation is how it,Is it according to the development speed,Or according to the sales revenue,Or comprehensive,Exactly how a way to estimate the value of the enterprise,Is the most favorable to the team,The investor is the most favorable,On balance, and equilibrium in which place?I think as the main founder of the enterprise,Must be clear,Do you want to sign in into agreement,You see symmetrical agreement of time feel very fair,Seems to be very fair,But it is hidden behind a lot of unfair?Is it equal to sign agreement?I think similar problems like this,You have to admit that you are new in this field.In this sense,If you don't really learn something,You not only for his own irresponsible,Of the enterprise shall not be held responsible,To some extent is also irresponsible of investors. In 2008, we will do that,Finally, we with the institution,Is more famous,Talk very well,Finally on the enterprise's valuation we produced a lot of differences,He think we value a she,I think we should value at least a couple of hundred million,We can't reach a final compromise,Finally disappear.Of course is a good thing for the public education,Because you see now,We are at the growth rate of one hundred percent a year,At that time nearly a she,How much is it now.In this sense,Investors, the loss is very big,But I speak candidly,If at that time I a lot of investment and financing support to master/Learn a little more,To investors, many problems can do more of the relationship between serious investigation,In fact many things objectively is very clear,But if the time to do more research,I said a lot of problems more clearly and thoroughly,For example the development of the industry what look like?What is size?How much capacity of the market?How many people we will training every year,We how much is the average consumption per year?We of the profit model of the real innovation in what place?There is value and the difference in what place?I think we really do a lot of very serious at that time of the study and research,I'll give investors a better answer,Or make them more satisfied.I now in retrospect,At that time I will really do all the homework,We are very likely to investors to reach 200 million,Or 100 million so the consensus.Although judging from the final result,In public education is very good also,But I still feel,After all, in 2008,We pay for it at that time,My original intention and wishes or hopes about this matter,But I still didn't make it.

　　所以我今天在这个场合上，我跟很多也有这种想法，想去投融资的这些企业的伙伴们、朋友们做一个反思和总结的话，我们真的要从投融资的角度来讲，要多去学一点东西，这是我的第二个观点。

So I today on this occasion,I talked to a lot of also have this idea,Want to go to investment and financing of the partners of the enterprise/Friends do a reflection and summary,We really want to in terms of investment and financing,Want to learn more things,This is my second point.

　　第三个观点，到目前我其实有点后悔，但是我本质上我也没觉得有什么后悔。但是我觉得2008年的中公教育花三个月的时间去谈投融资的事情，是一件非常得不偿失的事情。我觉得一个企业，作为企业家而言，主要的精力仍然要放在企业的运营和发展上，如果一个企业真正做好投融资，很可能是一刹那的事情，就是半天的事情。就像现在，如果中公教育愿意引入投资的话，你这个价格还要像以前那样大家做那么细致的净值调查，还要花很长时间吗?你的账是清楚的，那还谈什么，基本明天就可以签协议了。所以作为企业家而言，我觉得什么时候你都要永远把自己的这种强项，你最强的地方发挥出来，无疑你最强的地方就是运营这个企业，把这个企业建设成中国最好的教育企业，建设成世界一流的企业。在这个方面，你能发挥的作用太大了，我举个简单的例子，我记得我们2009年在上一套工资系统，我们特别喜欢用互联网的技术，来解决我们整体连锁化的管理问题，现在中公教育有270家分校，我们如何管理?就一个工资发放，大家总得要看看，钱到了当然比较方便，但是大家总得要看，我通过什么样的方式?我们传统做法就是工资条的办法，但是现在都是用信息化的手段来实现。你要做好这样的一件事情，我们参考了很多企业，比如施奈德，宝洁，阿里巴巴，你能想到的世界级的企业，它是怎么发放工资的，我们全部学习一遍，最后在这个基础之上，根据中公教育的特点，建构一个符合我们企业，又是在最先进的平台技术之上开发出来的一套工资发放系统。后来我们做出来的，现在这套系统我敢说，不仅是中国教育企业，中国所有的企业，是全球最好的。

The third point of view,I was actually a bit regret so far,But I I don't think it is essentially what regrets.But I think the 2008 in the public education take three months of time to talk about investment and financing,Is a very not worth the cost.I think that an enterprise,As an entrepreneur,The main energy will still on the operation and development of the enterprise,If an enterprise real investment,Is likely to be a moment of things,Is the along while of things.Just like now,If investment in public education would like to introduce,The price you want to like before we do net so meticulous research,It will take a long time?Your account is clear,It also talk about what,Basic can sign the agreement tomorrow.So as an entrepreneur,I think when you are always their own the strengths,You are the best place to play,There is no doubt that the place you most is the operation of the enterprise,To build this company into a the best education in China,Construction into a world-class enterprise.In this respect,Can you play the role is too big,I give a simple example,I remember we a wage system in 2009,We like to use the Internet technology,To solve the management problems of our overall international chain,Now the government has 270 branch,How do we manage?As a salary,You have to want to see,Money, of course, is more convenient,But you have to want to see,I through the what kind of way?Our tradition is salary to the article,But now is achieved by means of the information.Do you want to do such a thing,We refer to a lot of enterprise,Such as schneider,Procter & gamble,alibaba,You can think of a world-class enterprise,It is how payroll,We all learn it again,Finally, in the basis,According to the characteristics of public education,Construct a accord with our enterprise,Is on the most advanced technology platform developed a set of salary system.Then we make,Now the system I dare say,Not only is China's education enterprise,All the enterprises in China,Is the world's best.

　　那么对于一个企业而言，小的问题太多了，我们不要说战略层面，文化层面，价值层面，运营管理层面的，都不要说这些问题。就这样的一个问题，就值得你去好好的研究，真正的把一个企业的管理水平做到极致。所以我觉得企业家，你的主要任务应该放在这儿，当你把这个企业真正做好的时候，投资人他其实就是跟你简单喝个茶，简单定一下，不需要做那么复杂的流程上的准备和安排。这是我说的第三个，我希望所有的创业类的企业家们，教育企业的创始人们，你们仍然要把主要精力放在真正把这个企业做好上，做好了，一切都是水到渠成的，结果成功你想回避，你想不要都不可能。

As for an enterprise,The problem of small too much,We don't say the strategic level,Cultural level,The value level,Operation management level,Don't say these problems.So one of the problems,Is worth you to good study,The real to make the management level of an enterprise.So I think entrepreneurs,Your main task should be here,When you do the enterprise really well,Investors he is actually a simple drink a tea with you,Simple for sometime,Don't need to do so complex on the process of preparation and arrangement.This is I said the third,I hope that all of the business of entrepreneurs,Education enterprise the founding of the people,You still want to focus on the enterprise real well,Ready to,Everything is ripe,The success you want to avoid,You don't want is impossible.

　　我想说的第四个观点是什么?国内国外，我们主要的投资机构，有的找我们，大部分都是找我们的，我们基本上都接触遍了，这里面所有的投资人在见到你的时候都给你讲一段话，说李总，我们这个基金，我们这个投资机构带给你们的不仅仅是金钱，我们还会带给你金钱之外的很多东西，比如说政府资源，比如说我们的理念，比如说我们的标准，比如说我们很多其他方面专业的东西。所以在投资领域，大家经常在讲，投资和投资间的区别，不简单是金钱上的区别，最主要来看投资机构的差别，就看除了金钱之外，它能带给你什么?能带给企业什么?这是一个行业普遍的共识，也是很多企业家在和投资人接触的时候，上的第一堂课。

The fourth point is I want to say what?Domestic and international,Our main investment institutions,Some find us,Most of them are looking for us,We basically all contact with times,It all of the investors when they meet you tell you a word,Say when,Our funds,Our investment institutions to you is not only the money,We will bring you money outside of a lot of things,Such as the government resources,Such as our idea,Such as our standard,For us a lot of other aspects of professional things.So in the field of investment,You often speak,The difference between the investment and investment,Not simple is the difference on the money,The most important to see the difference between investment institutions,See besides money,It can bring you?Can bring the enterprise?This is an industry common consensus,Is also a lot of entrepreneurs when contact with investors,On the first lesson.

　　但是我想说的观点是什么?你就当听听就完了，我觉得作为投资人，这样讲是非常有机可乘。但是他所说的投资之外的这些作用和价值是非常有限的，说美丽的谎言有点不合适，我们要互相理解。但是你千万别把这个事当真，你要把金钱之外的事当真，你就是天下最傻的了。投资这个事你要想明白，其实也不是钱的事，一个真正好的企业，一个投资机构愿意投的企业，我觉得他肯定不缺钱，像我们这种企业，我们自己的现金流太充分了，我们现在今年要增加120个分校，投资两个亿，我们需要投资人的钱吗?不需要。所以真正好的企业，它是不缺钱的，当然我认为真正好的企业没多少。这里面就说到品质问题，你为什么还要选投资机构?还要在一起做事情?作为教育行业的企业家，应该对问题有一个穿透的认识，我觉得做企业，你要想清楚一个问题，你做了，将来就一定是要把它做成社会企业，你赚的再多的钱都是需要和社会来共同分享，我特别喜欢比尔盖茨的那句话，说我的财富不是属于我的，某种程度和意义上，是上帝让我作为一个它的财富的管理者。所以作为企业家，你一定要想清楚，你无论赚再多的钱，与其等到你六十岁再去建慈善机构，再去分享，你不如从现在开始就分享。你和投资人在一起，你们共同赚点钱你当然可以赚很多钱，投资人和你在一起也能赚很多钱，这不就两个人，三个人，更多的人赚到钱了吗?这不是更有意义的事情吗?现在看一个人的影响力，不是看你自己有多少钱，是看你能带周围的人共同赚多少钱。所以我们共产党，我们的社会主义政权讲共同富裕，所以你要能带着全中国人民富裕，你比胡锦涛还牛，就是这个道理。

But I want to say what is point of view?When you listen to it,I think as a sole proprietor,So speak is very dishonest.But he said the investment outside the function and the value is very limited,Said the beautiful lie a bit inappropriate,We need to understand each other.But you don't take it seriously,Do you want to the thing out of the money really,You are the world the most silly of.Investment the things you want to understand,In fact also is not money,A really good business,An investment institutions willing to vote for the enterprise,I don't think he must be lack of money,As we this kind of enterprise,Our cash flow is too full,Now we want to increase this year, 120,Investment in two easy,We need to investors' money?Don't need.So really good enterprise,It is not lack of money,Of course I think really good enterprise didn't how much.There he said to the quality problem,Why did you choose investment institutions?To do things together?As in the education industry entrepreneurs,Should have a through understanding of the problem,I think to do,If you want to know a problem,You have done,Must be in the future to make it a social enterprise,You earn the more money is needed and to share in society,I especially like Bill Gates of that sentence,Say my wealth is not belong to me,To some degree and sense,Is god let me as a the wealth managers.So as an entrepreneur,You must want to clear,Whatever you make more money,Rather than wait until you sixty years old again to build charity,To share,You might as well share from now on.You with investors,You earn money together of course you can make a lot of money,Investors can make a lot of money with you,It's not just two people,Three people,More and more people make money?This is not something more meaningful?Now see a person's influence,Not to see how much money you have,The people around is to see you take how much money together.So our communist party,Our socialist regime speak common prosperity,So you want to take the whole Chinese people rich,You are hu also,It is for this reason.

　　所以我的体会是，你也别把这个事看得多重，你实际上选一帮伙伴，你也不要在意他到底能说什么，你要觉得这个投资人不错，人品很好，不会在里面为了股权的问题，把你干掉，没有这些想法，是真的想帮你，共同把这个事做大，大家都赚到钱了，各得其所，这是一件好事情。所以你其他事情，不要太拘禁，所以选投资人，我觉得核心是选人品比较好的，这一点就足够了。从某种程度和意义上我喜欢，那种能够一生做朋友的投资人，因为赚点钱，我相信今天在这个场合上出席的人，再过三四十年，大家都非常有钱，说几个亿，十几亿都很正常，那个时候你会发现，钱在天空飘一样，你根本都不想抓，对你都没有意义了。关键现在，你能够在这个时候，把未来的很多东西看透，你就会扎扎实实的做很多事情，你也不会纠结于跟投资人之间的很多纷争。这是我想说的第四点。

So my experience is,You don't put this thing to see multiple,You actually choose a help,You don't care about what he can say,Do you want to feel the investors,Personality is very good,Not in it for the sake of equity,To kill you,Without these ideas,Really want to help you,Together to do this,We all make money,Each is in his proper place,This is a good thing.So you other things,Don't be detained,So investors,I think that the core is to choose is better,It is enough.I like in some degree and sense,That can do a lifetime friend of investors,Because to earn some money,I believe today to attend on this occasion,In another three hundred and forty years,Everybody is very rich,Said a few hundred million,More than is normal,You will find at that time,Money floating in the sky,You do not want to catch,You would have no meaning.The key now,You will be able to at this time,The future of a lot of things through,You will be required to do a lot of things,You don't tangle in with a lot of disputes between the investors.This is the first four. I want to say.

　　我最后特别想说的是什么呢?这个创投发展论坛，我们很多企业家来，其实都在寻求一种快速发展之路，我这么多年的体会是什么?要想真正的快速，或者说我们总想着走上某种捷径，其实这是非常可怕的一件事情。我在1999年创业之初的时候，我总觉得人成功的发展是有捷径的，做了七年，突然感悟到成功没有任何捷径，不走弯路就已经很好。到现在十多年过去了，我的体会又变了，什么叫捷径?走弯路才叫捷径，你吃的亏，受的挫折，受的灾难越多，将来你可能获得成功越了不起，越伟大。

I finally want to say is what?The venture capital development BBS,Us a lot of entrepreneurs,Actually are looking for a fast development,What is me so many years of experience?To really fast,Or we always want to some shortcuts,In fact this is a very terrible thing.When I at the beginning of the business in 1999,I always think people development is the success of a shortcut,For seven years,Suddenly feeling to no shortcut to success,Don't waste too much efforts has been very good.To the past more than ten years now,My experience and changed,What is the shortcut?Detour was a shortcut,You eat a deficit,By the setback,By the more of the disaster,You may be the great success in the future,The greater the.

　　所以我想跟各位企业家说的一个意思是什么?你别希望走什么捷径，你就踏踏实实的，认认真真的去失败一次，接下来那次就很可能是非常了不起的成功。

So I want to talk to fellow entrepreneurs say one of the mean?What you don't want to go to,You are dependable,Serious really failed again,Then that is likely to be very great success.

　　我还想说最后一个观点，在创业过程当中经常会出现这种情况，一个企业的发展到底什么样是对，什么样是错，很纠结，包括如果有投资人在里面的时候，投资人会给你非常多的建议，大家有的时候很可能会纷争得很厉害，我创业的感受，我也看了很多创业企业的成长历程，我的体会是什么?创业这个东西是很悬的，没有对和错之分。错了，从以后来看，很可能是对的，对的，从以后来看，很可能是错的。所以我最后的一个建议是什么呢?我一直认为，每个人都是宇宙当中不朽的唯一，所以我最后想说的一句话，我要告诫所有的创业者，你要学会永远的追随我心，跟着你自己内心深处的感觉和直觉，不要管什么对和错，就像朱镕基所说的，不管前面是地雷阵还是万丈深渊，在创业这条道路上，我一定会坚持到底。我相信如果对于一个创业企业，对于一个这样的企业家而言，能有这样的意识和精神，你想不成功都很难。

I also want to say the last one,In the entrepreneurial process often will appear this kind of circumstance,The development of an enterprise of is what,What is wrong,Very entanglements,Including if investors in the inside of the time,Investors will give you more Suggestions,We sometimes very badly may conflict,I start feeling,I also see a lot of business enterprise growth process,What is my feel?Business it is suspended,There is no right and wrong.In the wrong,From the point of view after,Is likely to be right,To the,From the point of view after,Is likely to be wrong.So what is my last a suggestion?I've always thought,Everyone is the only immortality of the universe,So I finally want to say a word,I want to warn all the entrepreneurs,You have to learn how to always follow my heart,Follow your own inner feelings and intuition,Don't tube what right and wrong,As zhu rongji said,Whatever is in front of landmines or the abyss,In the path,I'll hold on to the end.I believe that if for a business enterprise,For such a entrepreneur,Had the consciousness and spirit,You don't think it is difficult to success.

　　我最后再一次祝愿我们各位企业家都能够在今天这样的论坛上吸取到自己人生的发展的好的经验和知识，真诚的祝愿我们每一位创业者、创业企业家们，都能够追随吾心，实现自己的理想，实现自己的梦想，实现自己人生真正的成功，谢谢大家。

Finally, once again, I wish we all entrepreneurs are able to draw on the BBS today to your life experience and knowledge of the development of the good,Sincere wish we each entrepreneurs/Business entrepreneurs,To be able to follow my heart,To achieve their ideal,To achieve their dreams,To achieve their life of true success,Thank you all.