1. Successful venture capitalists will consciously avoid and overcome their preference for certain technologies and industries when auditing investment projects, because this preference is likely to lead them to make wrong decisions. I know a famous venture capitalist, and seven funds have been named after him. He made many very successful investments and earned high returns for investors. A few years ago, the old man had great enthusiasm for producing fuel with water as raw material, and ignored the opinions of other partners to invest in this project. It turned out to be a failed investment a few years later. In China, I have had contact with some colleagues in the investment field. I benefited a lot from their factory understanding and experience of China's unique situation. But the same problem also appeared in the death of domestic investors. Once, a friend showed me a project with world-class cutting-edge technology. My friend is very excited, and I am proud that China has such technical talents. But I want to tell him that as a venture capitalist, I won't choose this project, because the market where this technology can be applied is very limited and can be counted all over the world, so the economic benefits can be imagined. I give these two examples to show that as a venture capitalist, we should have enough knowledge of technical risks and market risks. 2. Venture capitalists must pay attention to personnel management. Generally speaking, entrepreneurs and technical talents are very talented and often have different personalities. How to give full play to their talents, make them aware of their limitations, and thus effectively guide them into the track designed by venture capitalists is the key to the success of the company. Therefore, American venture capitalists attach great importance to communication with entrepreneurs and fight side by side with them, so that entrepreneurs feel that venture capitalists are starting businesses with them. If you ask venture capitalists what is important in the investment process, you will get the answer: "People are important". Sort out all the factors that can be thought of for the success of shadow pottery, and most venture capitalists will put people first and money last. This is why venture capitalists talk to entrepreneurs repeatedly when analyzing projects, and sometimes talk about topics that are not directly related to technology. From the fact that 50% of the company's founders have left when the company went public, we can also see the importance of people and the difficulty of managers. Economic means is also an important way to manage and retain talents. Initially, the founders naturally have original shares, and venture capitalists should formulate economic incentive systems for other technical and management personnel. For example, the incentive system of segment options. In my opinion, competition among many small-scale enterprises in China is one of the reasons. Apart from the consciousness of "being the head of a chicken rather than the tail of a wind", there is not enough economic means to increase the cohesion of enterprises. 3. Venture capitalists must act as strategic planners and market pioneers. Venture capitalists pay attention not only to the products and markets of their own investment companies, but also to the development of the whole industry and even other related industries. They always look for strategic partners for the company one step ahead of time. If we look back on the growth process of high-tech companies, every company will have one or several acquisitions or mergers, almost without exception. Venture capitalists are also responsible for market development. They invest in more than one enterprise in one industry, so they have a wide network of contacts and it is easy to find the best users for their products. When talking about their own experiences, many entrepreneurs said that if excellent venture capitalists participate, they only need to concentrate on producing the best products and will not be too bound by other things. I don't know how many times life is better, and the time to produce products will be shortened a lot. However, a worrying trend is worth noting: because of the attractive return of venture capital, too much capital has been attracted into the venture capital industry. Many venture capital companies do not have the qualities that successful venture capitalists should have, and often leave the projects they invest behind, thinking that they can always reap in fertile soil. Their expectations for the return string are not high, and the 2% management fee is also good. I believe that venture capitalists will become more and more calm and selective after their enthusiasm, and fewer and fewer people will be willing to invest in such venture capital companies. Moreover, entrepreneurs are demanding more and more venture capitalists, and unqualified venture capital companies can't get good projects. 4. On the issue of realizing investment, venture capitalists should have enough patience and toughness. They need to adjust the capital structure of enterprises in time and plan the appropriate time for listing. The growth of enterprises follows the S-shaped dynamic curve, and the best time to go public is when enterprises are about to enter the logarithmic growth period. In addition, we should also consider the environment of the capital market and the business cycle of the industry in which the enterprise is located. At this point, venture capitalists and investment bankers have different purposes and operations. Venture capitalists tend to be more patient, and they definitely choose investment companies that are consistent with their views and operation methods to go public. Generally speaking, those investment banks that have cooperated happily with venture capital for many times have the opportunity to intervene in the last round of financing before the company goes public. This kind of financing is characterized by short payback period and high success rate. Its purpose is to clean up the balance sheet and optimize the capital structure of enterprises. In detail, there are more than these factors for the success of venture capitalists. Here I just make a general summary of different investment stages. What is financial consulting business? Financial consulting business is to provide customers with medium and long-term financial planning, and it is an intermediary service to achieve the expected goal of maximizing income and minimizing risk through reasonable arrangement and application of asset trading activities. Financial consulting business includes enterprise restructuring (including MBO), investment and financing (public offering and private placement), merger and acquisition and supporting financing arrangements, financial product design and operation, management consulting, etc. Financial consulting business is a very important kind of non-channel business of securities companies.