After reading Nine Losses and One Win, I found that Wang Xing is really a charming entrepreneur. His democratic and free family environment has made him curious and studious, and his keen business sense similar to his father has enabled him to step on the wave of Internet innovation many times, while his values of integrity and honesty have attracted and moved a group of outstanding talents around him. Although this book is about the course of his entrepreneurship, what I see more is his surpassing common sense and deep thinking about the nature of things when he is facing the rise of the Internet, the failure of continuous entrepreneurship and the fierce competition of the Thousand Regiments War.

I will talk about my understanding of this book in three parts: Wang Xing's pioneering road, the Meituan under the Thousand Regiments War, Wang Xing and his team.

Intranet is a campus SNS website similar to Facebook. It was tried by Wang Xing and his classmates Wang Huiwen and Lai Binqiang in Tsinghua from 2114 to 2115, with an average frequency of 2 months to change a startup project. At first, it was only promoted in Tsinghua, Peking University and National People's Congress, and nearly 9,111 new users were attracted through the student festival ticket lottery and bus pick-up and drop-off activities. Later, the campus ambassador promotion and video placement advertisements brought more users to the campus network, and the number of users reached one million at the most.

More users means more resources and more funds, but at that time, Wang Xing's entrepreneurial team was all very young science and engineering men. Although there was capital interested in them, they didn't think clearly about how to express the business model of the campus network to investors, resulting in millions of dollars of investment flowing into the hands of competitors.

The products and team of the intranet are excellent, and the break of the capital chain is the biggest reason for the failure of this venture.

Fanfan. com is an acquaintance social networking site similar to Twitter, where users post words within 141 words. Wang Xing thinks that this portable mode may redefine the way of information dissemination on the Internet, so he and his younger brother Mu Rong in Tsinghua both started their second venture. Fanfan.com was launched in May 2117, and Wang Xing accumulated initial users for Fanfan.com through his personal influence.

Wang Xing's team launched hainei at the same time, which is mainly aimed at white-collar workers. Users can post short articles with pictures, music and so on. Hainei was launched in early 2118, with high media attention and good feedback from users. However, competitors sprang up like mushrooms after rain, among which Kaixin.com met the needs of mass users through small games such as grabbing parking spaces and stealing vegetables, and became the hottest social networking site in 2118, which led to the rapid decline of hainei's influence and finally missed this market.

When Wang Xing's team was busy in hainei, Fanfan. com grew naturally and the quality of users was very high, with the number of users exceeding 1 million. Because of its strong real-time characteristics, many group events will spread on the Internet, leading to a large influx of free speech, which will eventually be stopped for some reasons.

hainei has excellent team and sufficient funds, but its products are holding back.

Fanfan. com has excellent products and team and sufficient funds, but it was suspended due to sensitive issues.

With many previous failures, the accumulation of quantity on Wang Xing's entrepreneurial road has triggered a qualitative leap-the theoretical level has advanced by leaps and bounds. He put forward the theory of "four verticals and three horizontals" and the theory of "three highs and three lows", which laid the tone of the strategic direction of Meituan. At the same time, he always adhered to the principle of "consumers first" in the Thousand Regiments War, and finally survived the capital winter and became one of the few group buying websites that survived. Now Meituan has developed into a comprehensive group buying platform integrating eating, drinking and having fun, and its business covers catering, take-away, shop arrival, wine travel, cycling, grocery shopping, movies and other fields.

The success of Meituan is inseparable from Wang Xing's correct understanding of the nature of group buying and the cooperation of the elite team behind it. On the premise of excellent products, excellent team and sufficient funds, the success of Meituan is inevitable.

The launch of Groupon, a group buying website in 2118, inspired Wang Xing's next entrepreneurial direction. Groupon believes that merchants are the first and consumers are the second, but Wang Xing believes that consumers are the first and merchants are the second, and it is necessary to rely on a large number of consumers to buy in order to maintain the group buying model.

his initial understanding of group buying websites was based on the theory of "four verticals and three horizontals". He put group buying at the intersection of social and business, and thought that the profit of group buying came from the reduced advertising investment of merchants, which was also the theoretical foundation of Meituan's operation. Because of this theory, Meituan.com has always been on a correct development path.

from 2111 to the first half of 2111, group buying was the hottest business field. Meituan was launched on March 4, 2111, and competitors Wowotuan, Handan.com and 24 Voucher.com were also launched in the same month, which shows how competitive the Meituan is. ?

In 2112, based on the "four verticals and three horizontals" theory, Wang Xing put forward the "three highs and three lows" theory of group buying websites. This theory is the fundamental reason why Meituan.com is different from other websites. It is like a basic principle. When the development of Meituan encounters problems, everything is handled on the basis of this principle.

In this theory, customers come first. Merchants and consumers are customers of Meituan, but when their interests conflict, they must put the interests of consumers first, because without consumers, merchants will not use Meituan. Under the guidance of this theory, Meituan introduced the policy of "refund for overdue consumption", established a "call center" and launched a "semi-automatic payment system for merchants". These things that now seem to be taken for granted are innovative measures made by Meituan at that time to promote the development of the industry in the direction of low cost and high efficiency under the guidance of the values of "consumers first, merchants second".

although meituan has correct values and innovative ability, the initial stage of the "Thousand Regiments War" was driven by capital strength. Without the ability to open sub-stations in major cities, even the best products could not be promoted. Therefore, compared with Handan.com, which received 51 million financing and burned money everywhere, the expansion pace of Meituan is relatively slow. In addition to Handan. com, the Wowo Group's strategy of digging people with heavy money has also brought great pressure to the US Mission.

The aggressive strategy of competitors has made the morale of Meituan low, but Wang Xing and the senior management team agree that the capital winter is coming, so we should not blindly follow competitors to join this crazy feast of burning money, and insist on doing the right thing: making products well is the most important thing.

Sure enough, as Wang Xing expected, the capital market collapsed more than a month later, and the whole industry entered a cold winter. The blindly expanding handle net began to shrink, and the people's nests dug everywhere also broke out. Although Meituan didn't spread its business quickly, it steadily grinded out a good product. When competitors began to shrink, Meituan blew the slogan of attack and became the first in the industry in less than two months.

As can be seen from Wang Xing's entrepreneurial history above, he is not a genius, nor is he successful in every venture. He has been focusing on studying the Internet for a long time, and likes to learn by reading books, consulting materials and communicating with people. He has established his own methodology by extensively absorbing knowledge and then thinking and analyzing, and then improved his judgment and thinking ability through trial and practice, and finally achieved a great victory for Meituan.com..

The formation of this trait is inseparable from his family environment. Wang Xing's father, Wang Miao, is a man who has accumulated a lot of wealth through business in the east wind of reform and opening up. He was born in an intellectual family, so his attitude towards family education is relaxed and democratic. In this atmosphere, Wang Xing has developed the habit of being independent, thoughtful and curious about the world since he was a child. In the process of growing up, he has formed the values of honesty and integrity, which are projected on his team building, making him attract a group of outstanding talents to gather around him.

Mu Rongjun, the co-founder and vice president of technology of Meituan, is Wang Xing's younger brother in Tsinghua. He said that Wang Xing has a valuable quality and wants to do things that are beneficial to society, partners and himself. This sounds a bit illusory, but it is Wang Xing's attitude that touched Mu Rongjun.

Yang Jun, the co-founder of Meituan and Wang Xing's younger brother in Tsinghua, said that Wang Xing was very persistent in starting a business and did not give up easily. He was the backbone and resisted many storms. He is very trustworthy, believes in freedom and democracy, pays attention to logical analysis, and thinks clearly before starting work.

Fu Dongping, the co-founder of Meituan, said that he always followed Wang Xing because he recognized him and trusted Wang Xing's vision and judgment. Wang Xing is enthusiastic, discerning and capable about the Internet, and can deeply understand the essence of a thing.

Yang Jinfang joined the US delegation in 2111. He thinks that Wang Xing's advantage is foresight. Wang Xing can see what the future will look like for a long time. This foresight and insight are very rare. As long as the time is right, generate will have great strength.

It can be seen that Wang Xing has attracted a large number of outstanding and loyal people to join his entrepreneurial team through his personal charm, and passed on the company's mission, vision and values to the people around him by setting an example. When everyone agrees with his ideas, they will think with one heart and work hard, and the cohesion of the whole team will be enhanced, and they will be full of energy when they do things.

It can be seen that correct values attract people with correct values, and others can't dig them away.

Wang Xing is not only an excellent entrepreneur, but also an excellent product manager. What he is concerned about is not whether the user experience is good or not, but what is promising.

There are many qualities that product managers should learn from him:

(1) Strong curiosity about new things: "His computer often has more than a dozen browsers open at the same time, constantly watching and researching, and dabbling in anything as soon as it comes out". Product managers need to have this curiosity, because the threat of Internet companies is often not from competitors, but a new product, new service or new business model. Product managers need to keep an eye on new things from the outside world and think about the impact of new things on their products, services and industries. As Wang Xing said, "We want to make our own lives".

(2) Extreme requirements for details: For example, when painting the same thing, his requirements for the position of the button are pixel-level, which is somewhat biased towards Jobs-style extreme perfectionism. Product managers should also have such extreme requirements for products, because a bunch of mediocre things together is a mediocre product, and a bunch of extreme things together is an extreme product.

(3) Ability to acquire and integrate information: Wang Xing often meets various bosses and CEOs, communicates with them, acquires information, quickly integrates and judges what the next trend is. Although the product manager doesn't have the opportunity to meet the CEO every day, he needs to meet R&D, operation and designers. In the process of product design and R&D, he often encounters various obstacles. What the product manager needs to do is to integrate information to make the best decision.

(4) Extremely rational: During the Thousand Regiments War in 2111, when all competitors were spending money on advertising and poaching people, only Meituan quietly developed at its own pace, and employees almost thought that the company was going to close down. The reason why the US Mission can stay put is because Wang Xing knows that this method will not work. The winter will come sooner or later, and the most important thing is to ensure the stability of the capital chain. Therefore, he was not led away by his competitors, but rationally developed at his own pace, waiting for the arrival of winter. This kind of extreme rationality is the ability that a product manager needs to learn, because emotion and sensibility are the things that most easily affect decision-making, and these are the appearances of things. The real logic and essence are hidden under the appearances. Only by keeping a rational and calm analysis can we see the essence.

(5) Forward-looking: "Compared with other people in China, Wang Xing's vision is global, not fixed on China". Looking back at the history of his entrepreneurship, no matter whether it is the campus network, Fanfan. com or Meituan, it is not innovative products, but imitates foreign products, but he can observe these potential and promising new products and implement them, which is an ability that many people do not have. A product manager also needs to be forward-looking, which can help us to judge what fields, industries and companies have development potential from a higher perspective. Choosing a potential company when choosing a job can help the product manager have a better development prospect, just as the poem says: "Good winds rely on their strength to send me to Qingyun."

the success of meituan is influenced by the times and people, but the biggest factor is Wang Xing.

Wang Xing found this opportunity, grasped it, figured out the development mode of group buying, and attracted the right people to start a business together. As the backbone of the US delegation, Wang Xing contributed a lot.

Finally, I ended with a sentence from Wang Xing: Have more confidence in the future and more patience with the present.