Ji Qi: Excellence should be a hybrid model of entrepreneurial

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December 1-2, by the "entrepreneurial state" business in the state will host the 2010 annual meeting and the second "start state 100" at the annual awards ceremony. Han Ting Ji Qi, founder and CEO, said that if China has done a relatively good, good business, shareholders and professional managers to be combined. He pointed out that a good business for both a charismatic entrepreneur, and had to have professional management. Outstanding entrepreneurs an ideal model should be a hybrid, you need to run through Western, while the same as the common people, to food stalls for dinner. Following is the text Record: Ji Qi: I think the business is the hardest state to get this award, the most interesting, and I worked hard for ten years before they got me such a Person of the Year, very easy. In fact the representatives of the so-called dream is Silicon Valley, Silicon Valley's most exciting when a lot of serial entrepreneurs who are returning from the United States, a lot of very famous people, like Steve Jobs is also a serial entrepreneur, I am probably the first group of continuous time in recent years made quite a few companies, I would like to take this opportunity to put my years of business experience, more could be learned or the experience of my own experience to share with you, I hope some people who are entrepreneurs There are some inspired, if we can say that I learned to give you some ideas or help would be very happy. Let me start by three of my talk about my point of view. Course, the most famous and most ancient is the Ctrip, 60 after four of us, now on the rivers and lakes are famous, like Mr. Neil Shen, Ctrip do with us, when in fact the four poor young man , would like to make a fortune by doing the wave of the Internet dream, and did not anticipate the situation today, confused to the ranks into where to start. We are very fortunate, as the experience of the Internet bubble, but we are very fortunate to erase the foam to melt before we have enough money, let us live, we are listed in 2003, Ctrip's market value of the current 70 billion U.S. dollars. We had a lot more money to finance our investments to wondering what else to do, because we are doing the hotel, so we see the entire hotel industry is very clear, when to see a budget hotel, then only one Jinjiang, Later, after our investigation, I came as a representative, the risks and take the money from Ctrip to go into business for the company as family. Home was not good, by the way, or praise about IDG, IDG is the time to do IT portfolio companies, including investment and a number of publishing, basically did not cast a small hotel like ours, small restaurants, but I think IDG guts relatively large, see so far. They say the line you guys to do anything more hopeful, I guess it is based on human reason, they have such long-term investment in our vision. IDG old club so that the support of these, virtually all of the people can not see the future, when the economic crisis, from 2007, I was concerned about the information each Buffett, I think he is not sure of the future The. The world's most successful people like this, we are ordinary people, do not expect us to have a very positive future predictions, it is doing God thing, God we have not met a few people, so most people do not expect to see very clear . So after all the great not to say that the vision is basically bragging. Mentioned such as home, it is very fortunate when we are the most difficult, investors in a very good start under the expansion. Home and Ctrip is actually like, and everyone more money, fearing dilution of shares, with a greater value for money, so the design is the beginning of the company's venture capital market, basically are designed this way, so this work Soon, very smoothly, and in 2006 three years after the travel market, the current market value of around 20 billion U.S. dollars. Ctrip is the management of four of us started, I was the first CEO, we are basically four founders and professional managers to the role of one, both, largely from the introduction of the so-called professional managers outside the years, recruited a lot of industry elite, basically are our subordinates. But not the same as at home, from the beginning to do, such as home, my role is increasingly being tagged, and became the founder of the. Home about for three years or so, I left Home, our board of directors hired a professional manager over management, such as home, called the Sun Jian, he came in the second year such as the home is listed, it should be said has done is very good, very good. We see a lot of entrepreneurs in the bigger, the founders and professional managers have many conflicts and problems between, I would like to talk about my own point of view at home. Founder and professional manager usually is not the same as two qualities of two people, today I was suit and tie shirt, usually I'm basically a very casual, dress shoes, outdoor shoes, jeans, summer, I was wearing T-shirts. But professional managers are not the same suit and tie, people feel very professional. I think these two traits were not the same, the biggest problems is that the two kinds of people in many enterprises in China, there is a problem, a problem of trust, many founders think that this child is my support, I with a two years old, looking out over the management of people, he can for my children well? If you had a child of the woman's experience may be more profound than we experience in a number of men, with their children to a nanny may not be assured. Many enterprises that would be difficult to establish trust. The second is a professional manager is not good as their own this business to a new level, and even some people may have done quite over, kidnapping the enterprise, in which case many Chinese. I think most of them do not respect each other, see each other's advantages, in this world there are many large companies, more is a small restaurant. As a large enterprise, a large company, we will not speak of a great company, I think most people, most entrepreneurs do not have all the talent, you may be very technical, you may be the team's ability to integrate strong, you Perhaps the Government public relations are strong, but very few people is a comprehensive talent and become the company from small to large, he needs someone to help, need someone to help. For people like me, be labeled, I need to include more people, including professional managers to do things with me, made a big company, and then have the potential to become a big business. So I think we brought in the so-called money, and even invited to spend a lot of money the management of the elite, and I respect them very much, I did not think of himself as my shareholders, did not consider it as my child, My mentality is to look at relatively equal, so I see him very clearly the advantages of his characteristics. Business people will look professional managers, a lot of people have their own subjective desire, love, hate, name, Lee biases are removed, so that Man is very clear. I'm with you here today, said Sun Jian was very good from the heart to say. Han court, including our current system, is not the daily operational work is to do what I love to do, take a look at the project, with the company's high-level communications, I have a lot of time to enjoy my own life. So no matter if no one is home or the Han court, not so smoothly, is the industry leader, is the operator of these people, and join us, make business smooth, stable and healthy go now. We now have more than 400 the Han court, seven or eight hundred such as home, like the Han court multiplied by 10, which I see very clear, this job is not one person, if all of you have the ambition and the impact of wanted a world-class enterprises and Chinese-class companies, you need the team, needs partners, including the need to include partners of professional teams come together with you. This is what I would like to share a very important point, I hope that these two types of people can respect each other, respect each other on the basis of trust, learn from each other to form a good team, from small to big enterprises, done by the great great. China will have a lot of world-class enterprise, if such relationships are not properly handled, I think there will be problems. If you are the founder and management team are well organized, in fact, have several roles change slowly, I probably summed up the five founders of the direction of the future may face, some stay in the company, nothing quit, from small to something big, there are many people doing so well, there are many such companies around, like Tencent, Baidu, Ma is the founder of some very successful, from a small company started, a few people a few ten started, and today one of the largest companies in the world, his own doing. There is also a class to sell the company, venture a new company, I done anything like that, I withdraw from, such as home, and sold the Han court, of course, will each sell the same as the steps to make you better. Many have resigned, as I said above, the company, many business people left, the founder may not be a person, is a team, is a combination, had left to do his own company, but also very successful. A fourth option is the founder and chairman of the board to do, I'm also studying, mainly managed by professional management companies, this way I also tried in the Han court. There is also a founder to new ways to develop new skills and new patterns of behavior, like Steve Jobs, I think it is a very typical, including Oracle's Larry Ellison, the two of them are very typical, help companies to set up a new model. So is the founder of a small to large enterprises, this role may also have very many changes, not just once or twice. This is what I was doing, such as home, such as when the family would like to share some thoughts. I do by these enterprises, the Chinese have an ideal business model? I think that is there, I concluded that, if made in China, an ideal, good business, shareholders and professional managers to be combined, what does that mean? Is the founder and majority shareholder have a person of a good business for both a charismatic entrepreneur, although I'm not attractive at the same time have to have professional management. Founder of itself is not necessarily a good business with these two conditions the same time, if I sum up in China to do an excellent entrepreneur, I see what kind of people? Of course, my views may be associated with my experiences. In China to do a very good entrepreneur should be an excellent hybrid models, need through East and West, many returnees to China to start the beginning we stumble, China from the bottom up grass-roots entrepreneurs who have encountered many problems Therefore, entrepreneurs should be through as a premier West, West's problem with China's business environment, have to know Chinese characteristics, they have to understand the rules of the West, many of our listed companies are in foreign countries, if the words will not understand the rules of a foreign big thing. Entrepreneurs like us to wear a suit and tie a cup of coffee in Paris, if not let me wear jeans that go in. At the same time, but also as the common people as to where to eat great food stalls, then is not the same clothes, food stalls where you mix with other people, can not tell you is the entrepreneur or founder. Chinese entrepreneurs on both sides need it, and that both sides had strong, get through, not just the fur. If after I left home, the hotel did not want to do when I have two options, one option is to make investments, with most of today's VC and PE, I own a fund to finance or participate in a fund, such as the IDG to do their partners, I wanted to have this thing. Another option is what I do some other business, when I thought find many business, but also thought to be a resort hotel, thought about doing boutique hotel, a strong design concept hotel, and even thought about doing television. But the final decision or in the hotel industry, because I do in the hotel industry, six or seven years, and very understanding, I feel like I know so much about China, not many people, very emotional. Later we made a mid-range hotel, then we done a mid-range hotels Han court. This attempt is a failure, failed because I was too ahead of the market too quickly into the market segments, not quickly grow my own, so in 2007, I just said to run through East and West, 2007 I told Home agreement, is that you can not do within two years, competition in the industry, more than two years, after the first day, when the decision was expiration of a contract, I began to declare the field of economy hotels. Many people think that if I competed, in fact not the case, then I have a lot of home equity, I am almost the largest individual shareholder, I want to like the stock market crash of thing at home, certainly is a big loss for me . I think China's hotel market is so huge, not to say that one such as home, there are five or six, seven or eight, ten, such as home, the U.S. top ten hotel groups accounted for the entire brand the hotel less than 60%, meaning that it Home may also, when 200, 07 more than the time such as the family is not. So I feel like at home in this market is large enough to allow other unrelated people do, not as we compete with their own brothers, not that cruel and bloody. Secondly, I think I can do better than they, after so many years because of his attempt, I fail, Ye Hao lessons can be very direct reach where we want, the fact is true. So do the Han court in 2007, listed in March this year, I should say that in ten years is probably the fastest in the most skilled, which also experienced an economic crisis. So I think the Han court scrapping over is very timely and correct. A few days ago to chat with the Sun Jian, we found a law, if the Han court to open a side effect such as the home is not great, if, as home next to open a big impact on the Han court. Han court, and I did not like the two is not the same as ownership structure, including institutional investors, including the combined risk can not be controlled, so as I said earlier, in China to do a good business, large shareholders and managers combined, so as to maintain a relatively long direction of the enterprise. I do not speak out for the stock higher, up one point, I was able to cash in, I basically do not think so, I now consider the issue at least three to five years after the matter is the CEO within three years of consideration. I thought of the longer-term five years, if that do acquisitions, I have also considered more durable. I think that all the shareholders on the company's most root structure, VC / PE accounted for 70% of the company and accounted for 70% of the company founder, I think the two companies is very different nature, of course, I do not analyze, here are the very top smart people, my plan you can understand. Doing business in China, or want to maintain a relatively large shares of the founder of this enterprise will be more lasting. Although the latest listing of the Han court, the scale is also the smallest, but our PE value is the highest, also means money for us to pay investors a higher premium. I do find many similarities there are three companies, namely the actual profit model and the original to the PE, VC does not see the same, when Ctrip do an online travel agencies, travel agencies such as the high cost of the line, black-box operation is very large, we want a transparent, low cost cheap travel, later turned into reservation center, and then later became a big ticket resellers, and now we begin to want to return to integrated services company. Home start is a hotel alliance is to make a sign, we hang my sign, suddenly engage in a lot of home, and later found that this form does not work in China, the Chinese owners of the owners than the U.S. so well managed, then we change the mode. Han court, too, began to do a mid-range market segments, then the marketing department is large enough, not nourish my business, you turn into a very familiar, even if it is a blue ocean-based economy hotel, was successful, this is that you can learn from and reference. Second, we are basically three companies in three years to complete the firm's major growth, like growth, as the framework of the enterprise for three years, bone, character, traits, and cultural foundation is good, the back is to further growth, is basically three years, three years of start-up companies in China, is a bucket, three years to reach a certain level of hope in this business is relatively large. Of course, I may say that with the tourism, hotel industry-related, I have not exhausted all of the industry. Three years may be a bucket. Third, our three companies have experienced three tests, engage in Ctrip hit the Internet bubble, engage in, such as SARS hit home, do the economic crisis hit the Han court, in fact, it now appears that because of these big events makes us more of these enterprises powerful, these big events killed many people, the many opponents start off, after they finished off turned into fertilizer, into Chunni, make you more powerful, and you think the team itself, there is nothing on the market than this thing the more difficult. So we have gone through these three companies these things, let us 烈火中永生. For me, it made three companies, to sum up ten years, could be so smooth, so lucky, first to thank the party, thanks to state that this is the truth, we are Mao, the state is the skin, so many years of economic stability in China development, because development of the Chinese economy is so fast, so a stable environment, so we have the opportunity to do business. This environment is very important with the Chinese, the Chinese have a personal dry in ten years if the listed company into four, I think it is very difficult, to challenge me. Second, we help the capital market is very large, there is no such support is not possible to dry the three companies in a decade, and the size is relatively high. Third, the focus, in fact I was within a certain time, very focused, very specific, do not bother, I was very involved, and invested enough to do the basement. I did this three companies, ten years, my summary of why the line, the line is not Ji Qi, Ji Qi is not a genius, is the market good. For me, it might be a lot of money, but earn more money, not investors. For me to do the three companies within the whole life thing is quite big changes, and I was done Ctrip, with the first money in my account on time to see the first money, wealth on , and state of mind is very calm, in fact, had long been calm, and have financial freedom for their life after no longer worry about a thing, do not worry about housing prices rose. Entrepreneurs will have this mentality, encountered many problems, you know, or have enough bottom line will be very good. Also, I do like home, the Home is very interesting to do, very undulating, and through these ups and downs, the struggles, I have an open mind with the past than many, many things, many people do not really care about, will not be angry . Home to let myself by very tolerant, very broad minded. When I do, when a third company, the biggest gain for me is I know what I ever want to, see a very clear, just in front of the two companies do not see in front of the two companies more desire, Some of the urge, the desire of some fame, personal achievement, but in the Han court to know what they want. Time is limited today, leaving after the talk to share. Moderator: General season make investment recommendations to the presence of the three entrepreneurs the opportunity to ask questions. Question: quarter of the total Hi, I admire you, I would like to ask a question, you just said that the Han court I know what I want, my question is do you think you are now? What you want? You want to go? Ji Qi: Beijing North sea, I made a show, I told the founder of Asian high, 70-year-old, two of us riding in Beijing, I learned a lot of things with him, I asked him a question, I say you have any regrets in this life off it? He said the first one regret is that politicians should not have to waste time on, the second is the family is not clear, married three times divorced twice. Later, I was thinking, if I was a 70-year-old old man, sitting in the North sea, people ask me the same question, so if I answer, I am very sad in this life, I feel I should not have been. As my predecessors can tell me that he regrets this road, I am 44 years old, is not able to do better? Now my goal is very clear, first I want to make the Han court is the best the world's largest hotel group, we fully have this hope. China Mobile, insurance, banking, many companies have such ideas, including a small hotel like ours, as in the next 30 years will become the world's largest, is probably the best hotel. The second thing to do, I should have a life, really had their own life is more important, I want to treasure God has given my life, I want to live very interesting in this life. When I have more than 70 years of age sitting on the beach when a young young man asked me, I calmly told him flat that I'm very interesting in this life, after I thought about life. This is done by the Han court in this thing I learned and realized the truth. Thank you. Question: As an entrepreneur, I would like to ask, you get to build the hotel at the time, and the government have any tips for a good relationship? Ji Qi: This is a good question to answer, the Chinese entrepreneurs is not easy, you need a variety of skills needs will drink liquor, you need to know how investor accounts, the complexity of skills in the world is unparalleled. But I basically do not socialize, I basically do not come forward to talk about the project, I do not meet with the owners, so I do not need to see the Government's face. Our relationship with the Government, the Government ignore our best, but I do not hope and rent-seeking game with the Government to achieve our growth, this growth is very dangerous, I suggest that if that business, pondering pondering how to free from government restrictions, otherwise it is not good. Question: I was reading the students, I ask you to do the first time because of business reasons for what? Ctrip's business by the time you feel? What is the next consecutive business experience? Ji Qi: I have talked about this issue, and then re-review. Ctrip my first business when the four of us there are two reasons, first is the dream of wealth, when four of us are poor young man, no money, just graduated from university work is not long, and we want through entrepreneurship realize their dream of wealth. However, four of us were still a little heart idealism, that we do go to school when he was a child of the PLA, a big good scientists, want to influence the lives for the country, but later found not very good, but good still, I was 89 years University graduation, a lot of failed ideals, the ideal is still, always wanted to have the opportunity to do something in this life for the country, four of us are level 85 or so, want to do something, this ideal is still there, I can not say three Seven open, forty-six open, this is when we start the two motives. Ctrip's business to achieve through our expectations, the four of us have achieved growth in wealth, basically my family and I lived a life of middle-and middle-level or above is no problem. So calm so that we can more easily to choose, there is a saying that goes, "life is precious, and love even more, if it is free, both can throw," I find this tendency to write the value of life, human freedom is very important, just talk about freedom in writing poetry in prison is unrealistic. When you financial freedom, then really get to the free state, do not look at other people face, you can do a lot of people do not want to do the thing. In addition to the money brought base, do you still have that out of a sense of calm, this is the first time I Ctrip and three other business partners to bring the biggest change.