Chu Yuanxi immediately knew that she might have made some common sense mistakes. In the circle around her, even Xu Xin was not qualified to care for mental retardation, but Elizabeth had one thing: except that she was not effective in making products.

Elizabeth said: "Lijiapo's transportation system is too efficient. There are not many applicable scenarios for shared travel. Do you understand? You can find out by going to the spot. Moreover, you have too many shared bicycles, which is just a thing of the past. Your bicycle stars Xiaohong and Xiaohuang have long retreated from Lijiapo.

And Grabi, who you consider as an imaginary enemy, has also stopped operating shared bicycles in Lijiapo. It is their brave attempt that verified that Lijiapo has no market for shared travel. I am very grateful to them, and they do not need to spend an extra amount of money to die."

Chu Yuanxi remembers that she met Elizabeth at the beginning on a dirt road in Wang Qingtuo, which shows that she has the determination to do shared travel, and she is likely to have some research and insights on this industry. However, shared travel is an indispensable part of the entire business chain of Xiaokang. If Li Jiapo has no soil for shared travel at all, should she abandon this high-quality market or find a replacement to make up for the business process? The problem is that it is difficult to find!

He couldn't help but feel a little confused because he suddenly realized that his thinking model was too deep into the well-off system, and was limited by this complex and huge process and could not easily jump out. The danger was that once a certain link in this system could not be implemented, he didn't know how to find a supplement.

The problem of implementation is not business logic, it is better than business logic. Just like in a sophisticated instrument, the raw materials required for a certain process suddenly run out of stock. It is not a technical problem, but how to solve it? If it is too precise, it is not easy to find a substitute.

I'm afraid this is also the reason why the Americans accused the State of China of the monopoly on rare earths every day. There are many types of rare earths. Only a certain heavy rare earth is produced in Ganzhou in the world, which is a necessity for the sea of ​​stars. Once the stock is out of stock, it is like a mouse falling into a hot pot. I don't know how to climb out.

This danger is not only reflected in the small issue of whether to drive a shared electric scooter in Lijiapo, but also includes the possibility that the domestic well-off society may be implemented to a certain point in the future. Suddenly, the market changes suddenly, or the policy changes, making a certain link unable to continue.

At that time, it would be irritating. For example, what if the policy suddenly bans the purchase and sale of mobile payment licenses?

At this moment, I listened to the report in a very ordinary way. Chu Yuanxi felt that his fate was unpredictable for the first time in two years since he started his business. This feeling has been so long since I had been missing. In the original world, I felt a similar feeling every day.

This long-lost feeling made Chu Yuanxi smile gently, thinking that he had passed through countless storms and waves. Even if the unknown is left to fate, it is better to have a fate! There is no way to achieve success in starting a business, it always requires a certain amount of luck.

For example, if you don’t think about Li Jiapo’s problem, you won’t think about it. Anyway, Southeast Asia has grown, and the economic development levels between regions are very different. However, only the four little dragon-level four-headed people like Li Jiapo have this problem. Chu Yuanxi came up with Elizabeth’s business plan and prepared to break up the communication with her, and finally sort out the current situation and possible situations.

"First of all, why use Vietnam as the starting map?" He asked: "A well-off society is inevitably labeled as Chinese capital. Although you are from the American country, it is quite unfriendly to the country and the DPRK, do you know? Moreover, Vietnam's economic level is far worse than that of Li Jiapo, even if it is far inferior to Malaysia."

"You have to give me some confidence, Chu. If I can handle this kind of thing well, they are most important to be friendly to me." Elizabeth smiled slightly and put forward a set of data: "Before 2012, there were only 400 startups in Vietnam, and by last year there were 3,000. What does it mean? The entrepreneurial environment is very good. I learned that there are indeed many areas with very good policies, which are more friendly to entrepreneurs than you, and are more friendly to Li Jiapo. And financing is relatively convenient."

As she said that, she showed a thoughtful look and finally said: "I contacted people who are related there, and there was a little unpleasantness in the process, but I learned that the investment environment there was growing last year and this year, which is rare. Now, the overall investment in Southeast Asia is also tightening. Just like your country, we pay more attention to profit rather than growth, which may have a lot to do with the collapse of wework."

Chu Yuanxi felt that Elizabeth should make contributions before leaving, and provided the first-hand information she could get, and at least update her database. For example, the investment trends in Southeast Asia, and the investment trends in certain regions such as Vietnam, are not easy to collect, but they are very meaningful.

For example, he didn't expect wework to harm people so miserably, and even the entrepreneurial environment in Southeast Asia changed. However, the impact of this incident is indeed thought-provoking, and the global environment may change.

Mr. Yu Suzuki said that Masashi Yanai, who had strongly opposed Sun Dasheng and fell into the Wework pit like a reckless man, has recently decided to withdraw from the SoftBank board. Masashi Yanai is the CEO of Uniqlo and has been a director of SoftBank for 18 years. He is currently the richest man in the island country and a person who can be called Jack Ma. His every move has an impact on the world economy. Now he has to watch Sun Dasheng travel through the tsunami from afar.

"By the way, I remember you mentioned last time that when you went there to promote shared electric scooters, you didn't plan to follow the domestic method, and you didn't plan to use 'free' and 'deposit' as highlights to attract users. Did you think it through in the end?"

"Yes, Chu, I've thought it very clearly." Elizabeth has prepared all the answers for today's report. "First of all, the business logic of shared scooters is fine. It has been verified in the United States, and it is more profitable than shared bicycles. There is no big problem in pushing according to the normal business model. Secondly, the laws over there, as well as the user's mind, are very different from those in the United States and here, and free is not necessarily a good strategy."

Chu Yuanxi thought that this is Xiami’s meaning? The users over there are greener? They look down on free ones, and those who pay the deposit will feel happy?

Elizabeth asked: "Chu, I have a new idea now, should I push a shared moped with an electric scooter?"

"Hiss..." Chu Yuanxi couldn't help but breathe a sigh of relief when he heard the five words "shared moped car", because in the original world, Xiaokang almost caught a fucking spot.

The so-called moped cars are electric bicycles, not new things. When the enthusiasm for shared bicycles in China is rising, many people find that the market is too popular and cannot be killed. They also find that power cars are more profitable, so some of them get into the trap of shared moped cars.

Why is it called a trap? Because moped cars, like electric scooters, violate domestic traffic laws and are not allowed to go on the road. Not only is it illegal, but in 2017, the relevant departments also issued documents to guide the entrepreneurship of shared bicycles, clarifying the fact that shared moped cars are discouraged.

When this document was released, Xiaokang just regarded shared mopeds as his new goal, and also formulated KPIs, iterated the team, and was preparing to sneak into the market quietly.

So when he learned that such a critical document was issued, Chu Yuanxi's first reaction was to shout that he would cheat his father, and then immediately reacted that this was not cheating his father but to save his life. Fortunately, the document was issued in time, and if it was released one month later, Xiaokang would have spent the money...

In fact, the most embarrassing thing in the logic of the moped car is the user. The Traffic Law stipulates that any live-operated car must be licensed, and driving without a license is a violation. There is nothing wrong with sharing bicycles, but as long as the user of the moped car dares to ride, theoretically, the traffic police dare to punish you. Who can bear it if you leave for fifty yuan per person?

Xiaohong, who doesn't believe in evil, and Hello, who later entered the market, are both very courageous. They pay more attention to helping the car to improve their own business, and even illegal and irregular activities. They have made a lot of noise, and even used resources to obtain special approval from local governments, one by one, and it is not difficult to push Minhang, Songjiang, and Zhabei.

However, there is no similar embarrassment in Southeast Asia at all, so you can push it at will. At this time, when I heard Elizabeth's question, Chu Yuanxi pondered for a moment: "You can push the scooter first to see the situation. The scooter feels stable. There are successful precedents to refer to. The pricing of the moped is a big problem. By the way, do you know Go?"

“go?”

"Yes, it's a dog. There is a proverb in Go called "Entering the world should be slow." You don't need to be too anxious, at least you don't have to be as anxious as I am. I can just leave yourself three years to achieve your goal. To be realistic, there are funds restrictions for you, and you are most taboo to think of what is now."

Chu Yuanxi said slowly. In fact, what he was most worried about was not Elizabeth's ability or Elizabeth's resources. She was so confident that she obviously had enough resources. What she should worry about was that she was too big and consumed too quickly.

You should know that the money for Southeast Asia's well-off society must be filled in at the beginning, which is equivalent to the tens of millions of A+ rounds made by the Baren was actually prepared for Elizabeth. This money needs to be carefully calculated, mainly used to do a good job in supply chain and logistics, store layout, and the location must be accurate, so as to strive to quickly achieve single-store profits.

In fact, there are still many people on Baren’s account, which have always been on overseas accounts, but how to enter it into Xiaokang Bridge is actually a problem. In other words, Elizabeth’s rhythm of spending money must not be wrong.

However, she made it clear today that she identified Vietnam as the starting map, which reduced the financial pressure a lot. This factor is more popular with Chu Yuanxi. Vietnam's per capita GDP is not high, but its growth has exceeded 7 for two consecutive years, and the cost is also low. Moreover, Vietnam's population density is large and its area is smaller than that of southern Yunnan Province, but its population is twice that of southern Yunnan, which is another good advantage. So if you think about it carefully, it seems that it is good to start with Vietnam?

Elizabeth understood the "going into the world should be relaxed" and knew that there was financial pressure, but she had already investigated the moped car round after round, and now she had to step on the brakes, so she was a little unwilling to accept it.

Chu Yuanxi got her mood and explained very bluntly: "The shared travel tool in the well-off model, no matter what car it is, the principle is enough. You must not be excited and get lost. What you have to remember is that we are not doing a well-off to become the overlord of shared travel, nor to make money by car. It is not an industry, cars are just our auxiliary tools."

After hearing this, Elizabeth looked strange: "This... makes me feel, how do you say it? I have always watched what you do, very sharp, very...decisive. But is it not to trust my ability when you ask me to do what you are careful about now?"

Chu Yuanxi said that you have learned a lot of idioms? "No, no, no, it's not that you don't trust you, but, let's put it this way, some people have used two forms to compare the style of startups, one is the bamboo type and the other is the poplar type.

The bamboo has been rooted in the soil for the first four years, and there is no sign on the ground, but the root system of the bamboo can extend dozens of meters away. In the fifth year, the bamboo broke out of the ground and immediately grew to 20 meters high at a crazy speed.

The poplar trees grow rapidly from the beginning, quickly reaching 20 meters, and see sunlight upwards. But at this time, they must stop and take root, and then a long time is used to ensure the stability of the root system."

Elizabeth thoughtfully: "So, Xiaokang belongs to... poplar type?"

"No, a well-off society belongs to a compound type. Baren Group is a bamboo, and a well-off society is a poplar tree growing on a bamboo, and a well-off society in Southeast Asia has become a bamboo that grows on a well-off society. So you don't need to be fast. I do things quickly but fast is not my pursuit, success is. For me, in order to succeed, I must be fast, and if I slow down, I will lose opportunities. But you are not. I have already done the fast for you. You just need to make good use of my achievements and take root first."

If you want to do things well, you must be stingy one problem after another. Chu Yuanxi and Elizabeth were stumbled until the afternoon before they stumbled on their own and rushed to the forum.

Xu Xin and Hu Shiheng were both here. Yuan Jing was made an appointment by him in the morning. The four of them got together and knew the reason for the meeting. Chu Yuanxi said his solution in the first sentence: "I plan to use Baren to provide pre_b financing for Xiaokang."

The term pre_b is very rare. Pre_prefixed with pre_ is usually pre_a or pre_ipo. Other rounds of financing are rarely equivalent to pre_.

Hu Shiheng reacted for a moment before grasping Chu Yuanxi's starting point, "That is, do you plan to raise funds for Xiaokang with a valuation of more than 10 billion yuan?"

"It is tentatively set to be 10 billion, and 550 million yuan will be used to buy a license. In fact, in my mind, Xiaokang's round B valuation should be around 20 billion, so I have to discuss it with you." Chu Yuanxi said very calmly, but in fact he felt a little unnatural. At the beginning, when he was calculating during the Spring Festival this year, he did not expect that the number of membership card members was so difficult to increase, so he estimated Xiaokang's round B valuation more optimistically.

Yuan Jing looked solemn: "How did you calculate the 20 billion?"

"It's very simple. Based on the average sales of 200 stores, the average daily sales volume is 30,000, and the valuation of 20 billion is less than ten times the price-to-sales ratio. Now, it can actually be opened to more than 300 stores before the B round. The valuation of 20 billion should be considered restrained, right?"

"The problem is that Alibaba only bought RT-Mart 22.4 billion!"

Chu Yuanxi said how can such a former wave be compared with Xiaokang? I am guilty but not guilty! If everything goes well, then the valuation of 20 billion should be sought after by investors, because what should Xiaokang do after investing in the B round? In other first-tier cities, the valuation should be more than 4 times after the reproduction is completed, and only the greater or less. Then investors should be very happy?

The problem is that it is not going well, and the number of core members is not as expected, so Chu Yuanxi has no confidence in speaking. At this time, Xiaokang is like waiting for the spring thunder before Jingzhe. When the spring thunder sounds, a large amount of data will be gathered, and at that time it will become a company with a data moat, which will inevitably improve the ability of core members to absorb.

But compared to the original world, it is more miserable. In the original world, the national dynasty has not yet had a large-scale runaway competition, so there are already a large number of core members without a moat. How can they be so frustrated now!

Xu Xin’s consideration is not that complicated. Xiaokang’s valuation will definitely not be low when he conducts a B round B, because by the time of pre_a, he had already calculated based on the 3.6 billion yuan in the first investment. The B round B breaking 10 billion is a foregone conclusion. The only thing that can make the coffin board ruined is that Xiaokang fell down and could not make a B round financing, but it seems impossible at the moment.

Therefore, she is more concerned about the specific valuation. In particular, Chu Yuanxi said that the ideal valuation round B is not less than 20 billion, but pre_b must be based on 10 billion.

"This way, Baren is making a lot of money! Are you planning to raise it to 20 billion when the official round of financing is officially launched?"

Chu Yuanxi smiled and said, "It's better to make a lot of money based on the valuation of a++."

Xu Xin still wanted to speak, but Hu Shiheng pulled her: "Now you can't go at 20 billion. It's too dangerous to go at 20 billion Xiao Chu."

Chu Yuanxi said that Hu Shiheng understood me! This financing plan fully takes care of the interests of new and old shareholders, and raises 500 million yuan at a valuation of 10 billion yuan, fully retaining room for valuation in the future. If it suddenly rises to 200 yuan... Of course, valuation is not something that can rise or fall, but even if the pre_b is Baren, if he raises 550 million yuan at a valuation of 20 billion yuan and then reduces it to 15 billion yuan to others for round B financing, there is still a huge problem, and it is not possible to ignore the 5 billion price difference.

At least Chu Yuanxi did not allow himself to ignore it. It is okay to ask the Ba people to pay, but it is not a problem to pay more or less. The main purpose of being a Ba people was to solve the problem of funds. However, the ones that must be paid reasonably will make people unable to find faults, otherwise it will be black history.

Of course, Hu Shiheng may not have considered it so deeply. Chu Yuanxi did not fully express his ethics of Baren to investors. However, according to inertial thinking, he would not be happy to see the valuation of Xiaokang's fluctuations and downs, because the upward trend is the best state in the early stage. Even if it is flat, it is not impossible. Once it falls, wework's entrepreneurial accident is a lesson from the past and has a great psychological impact on early investors.
Chapter completed!