Such hard work allowed her to earn 20,000 US dollars in less than 2 years, which also became the capital for her future fortune.

The market is full of fakes. "I was particularly impressed. At that time, Zhou Xingchi's "Yangtze River No. 7", the seven sons, we had to cooperate with the genuine version for more than 700 yuan, and the stall at our door sold more than 7 yuan, which was exactly the same."“At this time, if it sounds good, find some like-minded people, if it sounds bad, just fool a group of people first.

Because Bi Sheng's "real warehouse consignment model" does not occupy funds, the supply chain he has established has been highly recognized by the capital market.For example, the 8,000 pairs of shoes that Aokang placed in Letao's warehouse were sold out in two days, and they will be given as much as they want.In the same year, Lin Chen, a Spanish supplier of clothing giant Zara, joined Letao as the vice president of the supply chain, which further strengthened Letao's supply chain system.

Bi Sheng said, it's not that I don't have passion, it's that I don't know what to do.” With a business model without inventory, solid operations, and strong support from capital, everything looks perfect... Driven by the external environment and capital, Letao moved forward in January 2011. Letao released the third round of financing information, Lianchuang Ceyuan, Tiger Fund, and DT Capital injected an additional US$30 million.

In Bi Sheng’s opinion, the most important thing about Letao’s success without building inventory depends on speed. If the business develops fast enough, the larger the plate, the higher the efficiency, and the speed can be exchanged for zero inventory.

But later he understood that price comparison is a very simple thing on the Internet, and it can be done by moving the mouse. As long as there is a competitor with a lower price than Letao, the so-called profit margin may not exist unless it is possible to combine all The opponents are exhausted, but if we really have to wait until that day, Le Tao will need another 10 years and burn another 1 billion US dollars.To put it bluntly, business mergers are carried out before the "blood" of both competing parties is drained, which forms industry barriers and protects the investor returns of both parties.

Projects that meet these three characteristics will generally become the investment targets of venture capital institutions, and venture capital institutions that rely on these three characteristics to select targets will have four reasonably expected sources of income: First, industry excess profit income.Based on the above definitions of investment stages and investment objects, the income mechanism of angel investment can be understood as a victory of probability distribution.

Second, changes in the driving factors of competition in the industry where the project is located.Therefore, effective exit channels are extremely critical for venture capital institutions. In order to protect their own rights and interests, venture capital institutions will become increasingly strict in the management of target companies. They will continue to appear in the future.