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WORDS OF WISDOM

• Perhaps your lifelong goal is to establish a successful company, but in the end, what will be inscribed on your tombstone are "Kind Father (Mother)," "Beloved Companion," "Generous Friend," rather than "Great CEO." You will discover that what you cannot take away is fame and wealth, while what remains are emotions and memories.

• Everyone is born equal in the societal sense, at least. However, from the very first day of their inception, every company is inherently unequal. The composition of the team, the mission and vision, the strategies and plans, the business model, the management systems, and other elements that make up the "genetic makeup" of a company can vary greatly.

• A competent leader is essential within an entrepreneurial team, and this type of leader is not solely determined by funding, technology, or patents, nor is it based on who came up with the best ideas. This kind of leader is someone who is recognized by team members from the bottom of their hearts through years of studying and working together. Everything else is just empty talk.

• There is an unverified statistic that states within 5 years, 90% of startup companies will fail, and within 10 years, 90% of the remaining 10% will also exit the market. This means that after 10 years, less than 1% of startup companies will survive. Becoming an industry leader among those who survive is even more rare.

• In the investment community, some people say "People, People, and People," while others emphasize "Execution, Execution, and Execution." I believe that "execution capability" is a "default prerequisite" as a management skill. If an entrepreneur lacks even this ability, it would be risky to venture into the business world. However, before discussing "execution capability," it is important to clarify the "strategy" because it is the fundamental source of long-term core competitiveness for a company. If success is solely based on cost or price competition, it represents a lower level of victory. As the saying goes, "Victory is decided in the general's tent before the battle begins."

• The 80/20 principle of entrepreneurial success: 20% is strategy, 80% is execution. A wrong strategy renders execution meaningless. With the right strategy, execution results can vary greatly. Before starting a business, it is important to invest energy in clarifying the strategy, and once formulated, it should be executed for at least 3-5 years. A startup cannot afford the turmoil of changing direction midway, just like turning around a fast horse is difficult and dangerous. There are legends about how entrepreneurs react swiftly, correct mistakes, and turn the tide... However, in most cases, our business transformations are not that fortunate. A more realistic approach is to anticipate errors in advance and be prepared in strategic deployment.