 Beijing News reporter Guo Yan Bing photo In the late autumn afternoon, Yu Minhong sat in the conference room on the top floor of the New Oriental North Building. He spoke very quickly of the plight of starting a business this year. It was as if Mr. Yu was still in his podium. 24 years ago, Yu Minhong founded New Oriental and brought China's first education company to the US market. Three years ago, he co-founded Hongtai Fund with Sheng Xitai and began to make an ideal bet for a new generation of young people. In his view, some of the "vents" that subvert the business model are left handbags down to the right handbag, it is difficult to be regarded as innovation.Real power of innovation should focus on SMEs who can look at the current capital returns and benefits, Who will support these people? Yu Minhong also entered the 'middle-aged anxiety', in a self-torture Pakistan he thought of the life of Lonely Yehe, want to try to refuse more human activities and dinner, focus on career. 'But my heart is not so hard This is a lifetime regret. ' 1 The Internet can never subvert education like a subversion of e-commerce Looking for a Chinese Maker: After the rise of online education in 2013, science and technology have been used to subvert the education industry. Four years later, do you think subversion is a false proposition? Yu Minhong: Yes, but they are more absolute, a bit like the online bookstore subverts the ground floor bookstore and the e-commerce subversive retail line, but in the field of education does not occur absolute subversion .I think pure subversion does not exist, participate in each other Is inevitable. Looking for China Maker: Why Education is not Subversive? Yu Minhong: The education of undergraduates and working people has now been moved online. Children's education will go online only for a certain amount of knowledge. In my opinion, artificial intelligence may be better. But a large part of education is the development of children's whole body The impact of face-to-face communication with teachers on children is beyond the reach of online education and artificial intelligence. Looking for China Maker: The future of the new Oriental focus is online or offline? Yu Minhong: We are amalgamating, and only a combination of both sides can form a complete closed-loop education.Researchers thought that last year opened more than 200 teaching points, New Oriental also opened more than 200 teaching points this year.Although everyone shouted online education , But the speed of teaching point did not slow down, no one will be stupid to give up all the lines to do online, including us. Looking for China Maker: This year's education entrepreneurship children's English one-on-one is running on the vents, such as VIPKID, why do you think they suddenly arise? Yu Min Hung: VIPKID was discovered because of the new needs of parents. We used to think that this demand exists, but did not expect so strong! Chinese parents are very interested in teaching English, which may be compared with the Chinese parents Psychological, so demand has been rapid expansion. Looking for China Maker: Will this type of online education threaten traditional offline education? Yu Minhong: I think it will not affect the development of the ground.China want to learn a lot of children foreign language.Almost 100 million children to go to school, have the ability to pay for training courses at least one or two ten million.Market is too big. Looking for a Chinese maker: that the future of this online education company will encounter bottlenecks? Yu Minhong: Without any organization, it is very difficult to manage foreign teachers to more than 100,000. Looking for China Maker: That model long-term development, is it feasible? Yu Minhong: To tell the truth whether this model can be long-term development, in fact, determined by the strength of the real robust profit model, it takes a long time to explore. 2 running the original sin: cold thinking of the education industry Looking for a Chinese maker: Sky Pianist deficit 200 million, the founder disappeared, failed to run more and more educational entrepreneurs, do you think the reason is? Yu Minhong: Well, it is not a concept that the start-up of education and the collapse of other start-up companies are closed.Other start-ups closed down the investors' money, but there is a pre-payment in the field of education. He does not spend the money, certainly do not give up. Looking for China Maker: You are also an education entrepreneur, the temptation to pre-pay for education entrepreneurs so much? Yu Minhong: Before I repeatedly stressed that entrepreneurs in the field of education, if the parents received the money in advance, do not spend the advance! After spending you a dead end in this life you want to mix in any. Time out of the mix, can not find anyone to support you again, why? Because you are a liar. Looking for China Maker: Any good advice on prepayment regulation? Yu Minhong: I do not have good advice, really rely entirely on self-conscious .If the advance payment of all countries to receive, there will be more troublesome problems. The last field of education must be the brand to win .Parents to the big brand education institutions, he did not Worry, so integration in the field of education is such a process that small institutions are constantly integrating with larger institutions.  3 Many so-called vents are pockets left to the right pocket Looking for China Maker: This year's small outlet is the share of cycling and new retail, do you think there will be any small outlet next year? Yu Minhong: I think most of the so-called outlets in China are concepts of play. The so-called new business model that is produced actually means that it has been poured from the left pocket into the right pocket and it is hard to say that it has promoted social progress. Looking for a Chinese maker: Why did that happen? Yu Minhong: Nowadays, as we all call for innovation and entrepreneurship, most of them are imitating the existing business model and technological revolution of the original business model. However, this technological subversion itself has nothing to do with innovation. Looking for a Chinese maker: Scientific and technological subversion and innovation has nothing to do, what kind of entrepreneurship is really innovative? Yu Minhong: China's biggest problem now is that civil innovation forces simply can not get together. The real basis for the development should be China's private small and medium enterprises, but they do not have this ability now, and there is no this fund. SMEs, might as well buy a house. Looking for China Maker: Why SMEs do not have the ability to innovate? Yu Minhong: Now that the funds continue to focus on real estate, while real estate is only unable to enter, the funds can not flow 'iron cock' money are set in. The underlying fund to support innovation and entrepreneurship is not much, just the momentum. Looking for a Chinese maker: how to solve this problem? Yu Minhong: can not be resolved temporarily.Capital is impatient, most of the capital investment money is fast, eager to go on the market, two or three years may be successful.How may there be innovation? Innovative R & D is the need of five years Year, or even twenty years of accumulation.Msd, after the country paid taxes have no money .Where there is energy to engage in innovation? Looking for China Maker: In your opinion, the tide of entrepreneurship is gradually declining? Yu Minhong: This is the real upsurge in 2015 and 2016. The private capital has gone up, and the owners in the traditional industries are aware of the prospect of investment and many of them are entering private capital. Looking for a Chinese maker: So in fact, the core of the problem is still capital? Yu Minhong: Yes, capital is everything. Looking for China Maker: This year the entire venture capital circle as a whole what changes? Yu Minhong: funds in the future to move.Angel angel, seed less and less, even after the D round of investment and more and more .2015, investment failure in 2016 when the failure rate is too high, causing everyone scared, but the seeds Capital reduction of rounds and angel rounds will bring greater harm to innovation and entrepreneurship. Looking for China Maker: What advice is there for current entrepreneurs? Yu Minhong: In addition to capital, let the business model mature, mature yourself.Many people have not reached the mature state that the entrepreneur should have.Business model pondering out, the internal hit a missing company is also a small number. 4 I also have middle age anxiety Looking for China Maker: In September last year, you announced the withdrawal from the position of the new Oriental CEO, the focus of life has changed this year? Yu Minhong: more and more external activities, this is a retreat unconsciously planted into a trouble .Investment and the New Oriental things will account for me about five or six hours, in fact, are not too much time to waste every day too much It's over five to six hours. Looking for China Maker: Now everyone is discussing a topic, that is, middle-aged anxiety, you have middle-aged anxiety it? Yu Minhong: Yes ah. The first is that they think the pattern of updating can not keep up. When young is easy to understand, to follow things become more difficult. Second, the energy will decline, the original fight for the New Oriental to two or three at night It is a common occurrence. Middle-aged anxiety makes me think about what I really want to do. To be honest, the result of thinking is desperate, that is, New Oriental and investment are not what I want to do. Obviously middle-aged and elderly syndrome. Looking for a Maker in China: Why New Oriental and Investing Are Not Real Things to Do? Yu Minhong: I really want to enter a more spiritual level to live.This is exactly the opposite of doing the new East and investment, because to do New Oriental and investment are to go reality, are going to capital, are going to business model .I want to go More spiritual, more spiritual level to go. Looking for China Maker: Have you ever wanted to retire? Yu Minhong: When I interviewed last year, I said that I will retire within five years and now it will be four years later. Actually, it is very hard to let go. I am 55 years old this year. I have to give myself a limit. Before the age of 60, I must live my spiritual life. Looking for China Maker: What to do after retirement? Yu Minhong: I would not come out to tell you what moral classics, analects, that is a special thing to do. Is to drink tea, chatting, nothing backpack to go to distant places to find friends .Now only can Looking for friends in Beijing, maybe then, I can go to Tibet to find friends tomorrow, the day after tomorrow went to Belgium to drink, maybe this is what I want. Looking for a Chinese maker: This may not be the way you look outside workaholics do not match? Yu Minhong: reading, thinking, walking, leisure.I do not want to fall headlong in the work above, and finally we say that Yu Minhong is a person who tried their best to die!  Beijing News reporter Wu Jiang photo The same question and answer Looking for a Chinese Maker: What are your disappointments with your career in 2017 or are you reaping it? Yu Minhong: Unfortunately for business in 2017, I wasted too much time on non-career. My heart is not as hard as it is, and it is also a lifetime regret. It is hard to refuse everything because of human nature. The greatest achievement is that, I do not drink drunk. A pound is the critical point of my drunk, and now can be controlled in any liquor within a half a catty. Looking for China Maker: Message to 2018? Yu Minhong: I hope more patient, more creative entrepreneurs appear.
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