Duan Yongping’s thoughts are actually very straightforward truths, but there are simple truths hidden in them.

After careful study, we analyzed and selected each item one by one, and reclassified it into 7 themes, namely entrepreneur, duty, culture and values, focus, long-termism, management, learning, ***Plan 98 Article, share it here, hope it can inspire you.

01 Entrepreneur

001. An entrepreneur should put 80% of his energy into 20% of things. These 20% of things can bring you 80% of benefits.

002. When I was CEO, I didn’t have a time allocation schedule, but I roughly knew what was important.

In short, don’t let important things become urgent.

003. When I was studying at CEIBS, I once read that the most important quality of an entrepreneur is integrity, so violating the quality of integrity may be fatal if it lasts long enough.

004. If a person can not only achieve success, but also control success for a long time, then this must be quality.

An American university president once said this: The characteristics of successful CEOs of all Fortune 500 companies are integrity and integrity. Character is very important.

005. In fact, for a manager, the most important thing is to establish the company's systems and set the company's service charter. Get the important things done, and employees can take care of the rest themselves.

006. The entrepreneur must bear the main responsibility for the failure of an enterprise; the credit for the success of an enterprise must belong to everyone.

007. I am an opponent in the company, and I will raise objections to almost anything I do. If no one is afraid of my objections, I will feel more at ease in whatever I do. What I fear most is when everyone says "yes" to whatever the boss says.

008. I have always thought that there is something wrong with the management level of the department head who is always forced to work overtime, and there is something wrong with the management level of the boss of the company who is always forced to work overtime.

010. The most critical thing in delegating authority is to be able to tolerate mistakes made in the process of "getting things right."

My personal understanding is that I make mistakes when I do the same thing, so why can’t others make mistakes?

011. In some companies, if the boss loses money due to his own fault, he will feel normal; but if the loss is caused by his subordinates, he will often feel very distressed.

I am a person who can equate the money lost by others with the money lost by myself. This kind of tolerance is very important for establishing a healthy corporate culture.

012. As the maker of game rules, the most important thing is to be fair. Fairness does not mean equality, nor is it egalitarianism.

013. Any company where employees are trembling when they see their leaders will have problems over time.

Because most employees in this kind of company will gradually become less responsible (responsible) and want to leave everything to their superiors to decide, and their efficiency will gradually decrease. Unless the products of this kind of company are very focused and the big boss can really take care of all major aspects, problems will occur sooner or later. I think this is the reason why Japanese companies have had problems in some industries in recent years.

014. Regarding the issue of delegation, there are really not many people who can understand or do it better than me.

The process of authorization is generally: instruction, guidance, consultation, authorization, delegation, and the last one is never out of control (only a good culture can achieve this).

The most important thing here is to "do the right thing and do it right."

015. No matter how good a driver is, it is difficult to drive a bad car well. (Author’s note: A company that lacks rules and mechanisms is like a dinged car without brakes.)

016. It is difficult for people who don’t understand a company to understand a company, just like they don’t understand this It’s hard for people who don’t understand this sentence to understand it.

017.? "Time is the friend of excellent companies and the enemy of mediocre companies." (Quoted from: Warren Buffett), you may think this principle is ordinary, but I learned it through profound lessons. of.

02 Duty

018. Duty, my personal understanding is “doing the right thing, doing the right thing”.

Doing something you know is wrong is not your duty. Duty is a very good tool for examining yourself.

019. Many people forget what they want to do most in the end, and forget it as they go.

Really, don’t spend all your life on the accumulation of fame, power or money. You must not just use your life without enjoying it.

To be a human being, one must first sweep a house leisurely, and then sweep the world calmly.

020. The most important thing is to make any choice with a sense of right and wrong, rather than following interests. If you do this, things will get much better in a few years.

021. Ordinary people insist on doing the right things, and the results can be very extraordinary!

022. It is often difficult for ordinary people to have a normal mind. A normal mind is actually an unusual mind, because it is not easy to have.

023. A normal mind is the mentality of returning to the origin of things, that is, trying to recognize what is right and the essence of things.

If what you care about is not the essence of things, it is normal to have no normal mind. Same thing the other way around. If you only focus on the essence of things, your normal mind will naturally be there.

024. Mentality is the most important. When you can't surpass others, you can only surpass yourself first.

025. No matter how good a golfer is, he will still play poorly when he loses his normalcy.

Like golf, neither investment nor life is perfect. Most of the time, there is not much difference between a good golfer and an average golfer. The only difference is whether they can maintain a normal mind for a long time.

026. The greatest success in life is to be a person with a goal. All happiness lies in achieving this goal, not in getting a result.

027. People must first correct their mentality, be convinced, and learn to give in. Just like a farmer who has just come to the city from the fields, he can only work as a wage earner first.

028. There should be no compromise on issues of principle, it is not a question of cost.

029. No one is absolutely perfect, but duty and integrity make me calm.

In fact, the choices you make do not leave you with comfort. They only temporarily escape the problem or get a little immediate benefit, but you may lose your inner peace as a result.

030. It is really not easy to understand that "simple is not easy". "Simple" refers to the big principles, "right and wrong."

"Not easy" refers to skills, which actually means "doing the right thing, doing things right".

031. If there are rules in an organization that everyone does not implement, in the long run it will encourage everyone not to implement the rules set by everyone, and everyone will be in big trouble in the future - such as the common absence of traffic police and traffic lights at the intersection.

The way to deal with it is actually very simple, that is, enforce your rules or abolish the rules that cannot be enforced. It is best not to have a middle ground, otherwise everyone will be very busy.

032. Integrity and integrity--Integrity, is the essence of all great companies, and it is also the biggest "funnel" for companies with problems.

033. "Keeping integrity and not surprising" means "keeping integrity" is not to "surprise surprise".

When many people say "keeping upright and surprising", they are thinking of "surprisingly winning", "overtaking in corners" and so on. Most of the "wonders" of good companies are made through hard work, otherwise they would not be "wonderful" for long.

034. Being impatient is a sign of lack of rationality.

035. The circle of competence is not to draw a circle on the ground with a golden cudgel and say stay in it and don’t go out, there are monsters outside.

The circle of competence is: be honest with yourself, know what you know, and don’t know what you don’t know.

With this attitude, if I can understand something, then it is within my circle of competence, otherwise it is not.

036. Don’t give up just to gain.

I once used the phrase "If you borrow something, you must repay it, and it is not difficult to borrow again." to explain the meaning of duty. Among them, "repaying what you borrow" is your duty, but "it's not difficult to borrow again" is actually utilitarian. When you no longer think about "it's not difficult to borrow again," you're really doing your duty.

03 Culture and Values ??

037. If I think a company is dishonest, I will not touch it. There are probably two restricted areas: poor business model and poor corporate culture.

The most typical characteristic of a bad corporate culture is that he often tells lies. You only need to see how many lies he has told before to understand.

038. If you persist in doing the right things (or insist not to do the wrong things) for decades, and at the same time work hard to do the right things, it is a high probability event that there will be a good result.

039. It’s never too late to realize that you have to do the right thing. However, it is indeed difficult for people who only have interests in mind and no right or wrong to get out of the original pit.

040. The two words culture can basically explain the "things" that are easy to expose.

041. I often see reports that some people give out any amount of money to motivate employees. It is even said that some people carry the money to the side of the stadium to supervise the battle. I don’t know if it is true that a brave man must be rewarded, but in business management, relying on more money has no motivating effect on employees.

Money is actually a "health factor" rather than a "motivating factor". It is useless if you have too much, and it is useless if you have too little.

For example, if employees are already working hard, paying more money will not make them work harder, but paying less money will not make them retain people and will have significant "destructive power." Therefore, how much you pay actually reflects fairness.

Some so-called bosses giving "red envelopes" to employees are actually problematic, because this "red envelope" is actually what the employees deserve. I really don't like that feeling of "gift".

I remember that in the early days when I was still a member of Xiaobawang, because there were only a few people in the company, I handed out the year-end bonuses to many of my colleagues one by one. Sometimes someone will say "Thank you, boss", and I will seriously say that it is the company that thanks everyone for their efforts over the year. This is really not polite.

042. An enterprise must first establish its core values, and the people it recruits must conform to these core values.

043. Only by staying in a reliable place can you know what unreliability is, and the converse is not true.

044. The so-called corporate culture talks about what is the right thing (or what is wrong) and how to do the right thing right.

045. Corporate culture is very powerful as a "filter" and has helped me avoid many mistakes. How to choose the right company is a matter of ability, and not choosing the wrong company is a matter of right and wrong.

046. The big waves wash away the sand, in China, and ultimately in the world, those who can truly become bigger and stronger must be entrepreneurs who strictly follow corporate rules. This is just like how only a nine-dan chess player can play professional nine-dan Go.

047. Corporate culture is the mission, vision and core values ??of the people in the company.

048. Many companies have problems with their own values, so it is naturally difficult to select people.

049. The risks of unsuitable people managing a company are often difficult to control, and the company is likely to collapse as a result.

050. Companies with better corporate cultures tend to discover problems faster, so the chances of correction are much greater and the probability of survival is much greater.

051.? I don’t think I’m harsh on others, but if someone messes up something, I’ll tell them to their face.

Honesty is my responsibility. I know what I'm talking about, and it turns out I'm usually right. That's the culture I'm trying to create.

We are brutally honest with each other. Anyone can tell me they think I’m a piece of shit and I can say the same about them. We had some heated arguments, yelling at each other, and it was probably some of my best times.

052. Wolf culture will eventually lose to human culture.

053. Without a strong culture, there would be no great company.

054. The "Tao" is indeed difficult to teach and must be understood by oneself. It's useless no matter what you say to people who are innocent in their hearts.

04 Focus

055. Someone asked, how to avoid thinking that you understand the actual problem but being wrong?

Personal opinion: Mistakes are inevitable, but staying within the circle of competence, focusing and studying can greatly reduce the chance of making mistakes.

056. The so-called doing the right thing is actually achieved by not doing the wrong thing.

This is why there is a stop doing list, which means "don't do wrong things" or stop doing wrong things immediately.

Maybe every person or company should accumulate their own stop doing list. If you can try not to do wrong things and at the same time try to do things right, the difference will be huge over a long period of time (10 years, 20 years).

057. The longer the time, the smaller the proportion of luck.

058. Sometimes someone asks me if I am interested in a certain project, but I just say that I am not interested without even asking.

I know that I and my company only have such limited capabilities and scale, and it is impossible to spread resources any further. I am not pursuing pie-in-the-sky things at all.

059. Generally speaking, I always try to remind people what not to do, but most people always end up asking me "What should I do?" Probably only a few people understand that what we have done will not be of much help to what you can do.

060. Running a business is like a diver, the fewer moves the better. What do big companies compare to? Make fewer mistakes than anyone else.

061. Not knowing what to do (circle of competence) is a necessary prerequisite (not sufficient) for a person to judge the intrinsic value of a company.

062. If you can do one thing well, why do you make many bad things?

Like how to change Maotai’s status in the hearts of Chinese people?

Recommend more cheap non-53% alcohol, including Moutai beer and red wine, even Moutai rice wine, as well as Moutai mineral water, Moutai hotels, Moutai mobile phones, and Moutai air conditioners, speed up the launch, 5 There is no need for the rules of production in the year, and there is no need to worry about fake wine... In 10 years, Moutai's status should be completely different.

063. Be cautious when expanding. I call this "sufficient minimum development speed", which means taking into account both sufficiency and safety.

064. Logically speaking, the sum of two turkeys will not turn into an eagle.

065. Learning to be simple is actually not simple.

I know very little about business. The difference from many people is that I admit that I know little, so it becomes simpler.

05 Long-termism

066. I think no one is born with savvy. The enlightened people I see are generally very enlightened and are used to thinking about the essence and the long term.

067. The opinions of my elders are often right, and they are often not right. If I had to always act according to the opinions of my elders, I would definitely not be where I am today.

Personally, I think the most important thing is that you have a sense of right and wrong and a long-term perspective. If you can think about everything in 10 or 20 years, you probably won't be so confused.

068. “Doing the right thing” was first said by management guru Peter Drucker. This is the most beneficial sentence in my life.

069. The right thing is often related to long-term success, especially in investment.

The so-called wrong things are not always easy to judge.

Some things are relatively easy to judge, such as not lying to others. Some are not so easy, such as whether you should go to bed early and get up early. There are many things that I feel are wrong, and they are all learned through long-term thinking and the experience and lessons of others and myself. For example, our company does not OEM for other companies.

070. If you think what you are doing is wrong, you should stop as soon as possible. It has nothing to do with how important it is to you and how much effort you have spent. It also has nothing to do with whether you can find a better one. matter has nothing to do with it.

071. I am indeed an ordinary person.

Although he was considered the top scorer in the minor test area in the college entrance examination, he ranked 18th out of 35 students in the class when he entered Zhejiang University, and ranked 25th out of 25 students in the class when he was admitted to Renmin University for graduate school.

The reason why I am where I am today is definitely not because of my extreme intelligence, but because of some other factors. For example, rationality, long-term thinking, stop doing list (taboo list, or not list, refers to things that cannot be done)...

072. "The stock market is a voting machine in the short term, and a weighing machine in the long term. "Machine" (from Buffett's teacher Benjamin Graham), which one do you want to obey? If you don’t understand this sentence, it’s best not to touch the stock market.

073. Loneliness is indeed priceless sometimes.

06 Management

074. Konosuke Matsushita once said that it is a sin for a company not to make a profit, but the purpose of a company is not to make a profit.

075. For a business that does not make money, no amount of turnover is useless.

A good business model is very simple, that is, profits and net cash flow are always leveraged, and it is difficult for competitors to steal even for a long time. You can think about whose business is difficult to grab? Then think about why?

076. I think the so-called "good companies" should be companies with principles, not companies that are purely profit-oriented; they are companies that know what to do right (or, in other words, what kind of things are not right). should be done), and then go for a company that pursues high efficiency and does things right.

The process of doing things right is a learning process. Everyone makes mistakes, and good companies are no exception.

077. Does a company act based on interests or right and wrong? If everything is based on profit, I don't like it very much.

078. In running a business, just like investing, it is important to make fewer mistakes.

But the so-called making fewer mistakes is not achieved by not daring to do anything. That is called holding back. Making fewer mistakes is achieved by consistently doing the right things.

The so-called insistence on doing the right thing is to stop it immediately when you find it is wrong. No matter how big the price is, it will be the minimum price. Stop doing list is also very important.

079. Unless absolutely necessary, it is always wrong to use price as a weapon.

Few people understand that low prices will not expand market share, but forced price cuts will only have a chance to maintain market share.

080. Companies that pursue “cost-effectiveness” are mostly looking for excuses for their low prices.

Changshou Company probably doesn’t emphasize the concept of “cost-effectiveness”. The common people have a strong belief in their hearts: Good goods are not cheap.

081. This is a self-narration in the last chapter of "The Biography of Steve Jobs: Legacy: A Paradise of Incomparably Brilliant Innovation". I have read it many times, and what emerges between the lines is a man with a dark side. A soul that always shines.

Jim Collins once summarized in "Built to Last" that one of the characteristics of a great company is "the pursuit of profits." Jobs and his Apple gave this characteristic the most perfect Interpretation.

① If you have the pursuit of "profit above all", it will be easier to see the essence of things, it will be easier to insist on doing the right things or less likely to do the wrong things, and you will not be subject to short-term deviate from the general direction due to temptation.

② If you are a manager who pursues "profit above all", you will find many ideas, but if not, you will be utilitarian no matter what others say. Viewed from an angle.

Additional point: Pursuing "above profits" is not a sufficient condition for a good company, but a company that pursues "above profits" has a much higher probability of becoming a good company than ordinary companies, and the longer it takes The bigger the difference.

082. Let me reveal a little secret here: everything must be priced at the actual price and not negotiate. Negotiating prices is actually a very short-sighted and costly behavior for sellers.

The high cost means that it cannot be authorized and it is easy to cause management loopholes. The short-sightedness means that if you can bargain, it will encourage repeat customers to bargain.

For customers, any bargaining will make them feel that they "may have suffered a loss" because the customer feels that the price is not enough.

So we stopped bargaining more than 20 years ago. There are so many benefits to not bargaining, think about it slowly.

083. Only a very small number of companies are truly "consumer-oriented" in their bones and have the ability to achieve "consumer-oriented". These companies are often called "great" in the end. company".

084. I think the most important thing for an enterprise is safety, not how big it should be as some people say.

Growth is a natural progression, including profits. If a company makes money it shouldn't make, it will hurt your future.

Enterprises should pursue profits above all else. The pursuit of profit over profits refers to putting consumer needs ahead of the company's short-term interests.

085. When most companies encounter problems, they discuss whether they can make money. However, when companies that pursue profits above all encounter problems, they may first ask, "This is the right thing to do." ? Is this money that should be earned...? The difference (seems like) is small now, but in 20 years it will be huge.

086. In fact, we often have slight deformations, and we correct them when we find them.

Profit orientation is like an afterburner when playing ball. It is an inner demon that is not easy to overcome. A good corporate culture plays a big role in overcoming this inner demon.

087. In fact, I don’t have a so-called format or formula to judge a company’s corporate culture. However, I often think of a company from an anthropomorphic perspective. People I don’t want to deal with, and I don’t want to invest in their companies.

088. Consumers are a very smart group in the long run.

The so-called marketing is just one link for a company, equivalent to a plank of a barrel.

Anyone who thinks that a company is good because of good marketing is actually as ridiculous as thinking that a wooden barrel that can hold water is because of a piece of wood called "marketing".

089. If something can increase in price, it means it has a "moat". It is quite talented to realize this.

090. What is the most important thing in investing? Right business, right people, right price (right business model, right corporate culture, right price).

This is what Buffett said. Price is not that important, business and people are the most important.

091. In fact, there is only one real buyer of any stock, and that is the company itself.

092. There are many aspects of golf that are particularly like investing. For example, 1. The swing principle is very simple, but I just can’t learn it; 2. I always forget the principle when playing golf; 3. It is difficult to maintain a normal mind and stick to the principle.

093. As Bob Dylan said, if you're not busy living, you're busy dying.

07 Learning

094. The cost of training is very expensive, but the cost of not training is even more expensive. Companies that don’t understand the second point won’t get far.

095. Although Taoism requires enlightenment and skills can be learned, it is not enough to just read books and ask questions. It requires a lot of practice. For example, it may be difficult for people to learn to play golf by watching TV instructional videos.

096. Reading is one of the ways to learn, but it is not the only way.

I think the most important thing in learning is to be open, which means to have an open mind. I find that most people are very closed-minded, and of course myself may be included here.

097. It must be very interesting to ask an outside consultant to do a strategic assessment of your company.

It’s hard to understand that when you don’t know what strategy to use, someone else can help, no matter who they are.

If the bystander is clear, he may be able to point out the mistake, but it is probably impossible to teach yourself what to do. Also, if you let the problem find itself, you probably won't find the problem.

098. I hope you don’t place your hopes on someone who can make you understand in one sentence. If it took me 20 years to understand something, if you could take 10 years to understand it, you would be at least much better than me.