An ordinary woman controls the income of $1 billion through her own efforts. She is a cool mother, an elegant and intellectual woman, and a good boss who requires employees to work from home because of smog. She is also the first board member of Stanford Chinese mainland, the first director of Coach in China, and the founding and managing partner of BAI.

but she doesn't like to put any labels on herself, which will solidify herself. She said that the best thing in life is the fascinating unknown:

When she was in the second grade of primary school, Yu Long's father suddenly decided to let her go back to her hometown of Chengdu to study when she grew up. Later, under the pressure of her father, she failed in physics and was admitted to the University of Electronic Science and Technology of China, where the ratio of boys to girls was 8: 1. Suffering for four years, she lost half of her hair, which is still a minimum price, and at a greater price, she completely lost her confidence.

After graduating from college, she got a job as a radio DJ after crying in front of her mother. So she became the person who introduced a band like NIRVANA over a second-tier city in southwest China in 1995, which was very famous in Sichuan at that time.

In 1996, she became the host of "Various Provinces and Cities", and she was the youngest member of the column group. She had a mellow voice, elegant language, and was able to write poetry, prose and melody. Later, she became a producer, and her TV and radio programs won many awards and honors.

？ However, in the process of being a host, she found that she really didn't like the job without real creativity, control, freedom and challenge. She made a decision, and she tried to change her life course by studying in America.

how to apply for studying in the United States? She didn't know that with the practice mentality of giving it a try, she applied for the business school of Top7. As a result, she was given an offer, which she never dreamed of, and it was the most difficult to enter Stanford Business School in all provinces and cities.

After graduating from Stanford, she is eager to prove that she is not a vase that is underestimated by others. Being good at exams, she got the most popular offer from various investment banking consulting companies in that era.

In 25, she went to new york for a free air ticket, but she mistakenly joined Bertelsmann, worked in the enterprise development department of Random House, and later served as the director of Bertelsmann Digital Media Investment Fund (BDMI).

in 27, Yu Long returned to China from the United States to take charge of the strategic development planning of Bertelsmann's China market.

in January 28, BAI (Bertelsmann Asia Investment Fund) was formally established.

since 28, she has led BAI to invest in more than 7 star companies and funds, such as Easy Car, Phoenix Net, Mushroom Street, Youxin, Yixin Finance, Aunt Ma, Lagou Net, Douban, Keep, Detective, Bigo Live and Instant.

on March 9th, 211, Yu Long was selected as the "Youth of All Places" in the Economic Forum of Davos Provinces and Cities in 211.

In 214, Yu Long was invited to join the Board of Directors of Stanford Business School, and was also the first board member from Chinese mainland.

in 214, BAI was selected as one of the 1 most VC-established "VC alliances" in the 36Kr United Nations.

in 215, BAI won the "TOP1 Best VC Investment Institution in Internet Industry in China in 215".

in 215, she was named "TOP1 Best Internet Industry Investor in China in 215" by China Investment Group for her outstanding investment performance.

in 216, Yu Long was invited to join the board of directors of the fashion giant Coach Group, becoming the first China director.

in the past few years, BAI led by Yu Long has created a good reputation among domestic entrepreneurs and entrepreneurs: make a quick decision and make no regrets.

1. How can a fund with money and willfulness make a quick decision without regret?

Yu Long said that this is because "BAI can tell only one true story, one that maximizes profits". Generally speaking, they can have more time to look at projects, invest in projects and manage projects than other funds, and have more endurance to wait for a startup to grow up slowly and quit at the node where its profit is maximized.

why is this possible? Yu Long explained that this is closely related to their background. As a wholly-owned holding fund of Bertelsmann Group, BAI has a relatively simple capital structure and a flexible market-oriented management framework. As we all know, many domestic institutions usually use the method of left-handed investment and right-handed financing, and the first-phase fund investment needs to be rolled in the business model. In this case, investors often have to take care of both ends and try to figure it out in many ways, so it will not be so smooth between gestures.

But for Yu Long and them, there is only one LP to manage, that is, a Bertelsmann Evergreen Fund, and there is no need to spend time on financing. "This is a very important thing in the investment circle, and it is a liberation of productivity for our team." They are more focused on investing, which brings about efficiency improvement.

The so-called no regrets also means that the gold content of judgment is higher. If they want to invest in a company, they "basically think about it, do their homework before talking", rather than the routine of holding many companies to chat wildly, slowly verifying in the process, and finally only investing in two or three companies.

For the invested enterprises, they show a "very persistent attitude". They usually don't simply and opportunistically invest in a round, but follow every position (A, B, C, D, E) when entrepreneurs need it. For example, when investing in the women's shopping e-commerce platform "Mushroom Street", their "five positions" were constantly added, becoming the largest institutional investor in Mushroom Street.

second, Yu Long: value partnership instead of impulsive investment.

Yu Long said that investment has never been decided in a moment, but will be presented dramatically after careful consideration. "Everyone will exaggerate the moment when VC made the final decision, saying that a phone call was made to get the investor, which was actually just an instant presentation."

Yu Long explained that, in fact, when investors decided to meet entrepreneurs, they had already obtained basic information about their team and business. When it comes to the on-site dialogue, the information retelling of entrepreneurs only judges their logical thinking and ability to resist pressure.

"I often ask a series of questions. About half of the CEOs have forgotten other contents after answering a question on the spot, and about 1% of them can clearly remember all my questions and allocate time to answer them reasonably and appropriately one by one. "

On the other hand, the interaction between team partners also plays a decisive role in the success of investment. Investors don't want to see an impromptu and unreal resume.

Third, these are the three criteria for investment. If you fail, don't talk about style first.

Yu Long believes that VC is an empirical science, and it takes a long time. It needs to see enough cases and hand over a report card for 1 to 2 years, not just to see whether one or two large cases have been submitted. "judging whether you have the quality as an investor, your investors will look at your accuracy and Consistency, whether you can maintain such stability for a long time and have a sustained and stable return."

investing in this industry is not so complicated, and in the end there are three criteria:

the first one is the amount of return on investment,

the second one is the annualized rate of return, and

the third one is whether you can.

If these three points are achieved, then evaluate what style it is. If it fails, don't talk about style first.

fourth, you can't be a good investor without the entrepreneur's mentality.

Yu Long said that Bertelsmann's fund in China was made by an entrepreneurial team and entrepreneurial mentality, and it was "an idea written down on paper" and made by a small team. At present, it manages a fund of $1 billion, including no more than 8 people, including themselves and post-investment management. In 27, the two places began to do some research, and in 28, they began to invest, which was lucky enough. In the past seven years, the stories that happened in China were wonderful and rich enough, and more than 5 enterprises invested.

leading BAI along the way, Yu Long is both an investor and an entrepreneur. She said: "investors should have the mentality of entrepreneurs, and never say that they take very little risks and pay some money." Entrepreneurs have to accompany their lives and irreparable youth, so they invest a lot. If you don't have the mentality of an entrepreneur, you can't be a good investor. We are definitely entrepreneurs, just another form of entrepreneurs. "

For entrepreneurs, you are a person who can provide resources. You don't panic when you encounter difficulties, and you are more mature, calm and detached than him in times of crisis.

fifth, "post-9s": the most absurd proposition I have ever heard.

I have a point that I particularly want to vomit. Some people are talking about the post-9s generation, which I think is the most absurd proposition I have ever heard. Where can people nowadays be distinguished by age? Everyone is a complex, vague, rich and unpredictable individual.

if I sum up the so-called "post-9s generation", what are their characteristics? Is "normal". They are happy, independent and normal children. They are just normal children, teenagers, teenagers, rebellious adults. Youth Culture is ever-changing, but like fashion, the trend circulates and the style lasts forever. I think the boundaries of age separated by age will be erased from now on. What you want is a return to the original heart and a curious understanding of real individuals, and the portrait of corpses will become more and more distorted.

Anyone who thinks that only the post-9s generation can understand the post-9s thinking is the established thinking branded by the previous generation. Because they have a huge lack of the times. I think anyone who is sensitive to the sensibility of products in the future should embrace the greatest human nature, not exaggerate the differences. What investors are looking for is the deep human nature law under the phenomenon.

6. Starting a business is an extremely lonely thing. Don't insist on paranoia.

"Entrepreneurship is an extremely lonely thing, a small probability event, and a thing that is likely to fail. Remember, don't insist on paranoia. " For entrepreneurship, Yu Long gave a very literary definition. She said that the conductor karajan would tell the musicians before the performance that you should start when you can't hold back any longer and have to play. The same is true of starting a business. Don't start a business until you can't restrain it and other options are not options.

When talking about what kind of entrepreneurs she favors, Yu Long said that she has no preference for entrepreneurs in terms of gender, age and industry. "On the whole, she must have super high personal qualities. For starting a business, she is not following the trend, not a small agitation in her heart. She must have firm determination." Yu Long believes that successful entrepreneurs should have very firm determination and temperament to inspire others, as well as persistent and self-renewing learning ability and execution. "I think what entrepreneurs do should be meaningful in itself, which is the basis of everything. Otherwise, I don't think it is worth starting."

Yu Long's financing advice to entrepreneurs: You must remember that everything in the financing process is rich on paper, and all the past can only be called financing history. Finally, whether you can succeed, whether you can make a solid enterprise, and whether you can explain to investors and capitalists, this is the last lesson. But in the middle, it is the best thing to get less money and do big things. Competitive financing ability will become one of the CEO skills, not the most important skill.