Failure as Sequential Bread Building

“After eating the fifth bread, your stomach is full. However, without the first four pieces of bread, eating the fifth one alone wouldn’t satisfy you. Those scientists, inventors, and entrepreneurs who left records in history all went through a treacherous road of failures before succeeding. These failures led them to success. Take Wang Xing, for instance— Before Xiaonei, nearly ten projects failed because the direction was wrong. Xiaonei, the team was good, the direction was correct, but there was a lack of funds. Fanfou, no lack of funds, the team was fine, the product was decent, the timing was right, but there was a lack of political understanding. Hainei, no lack of funds, the direction was correct, the team was fine, the politics were in order, but the product was poor. Meituan, no lack of funds, the direction was correct, the team was fine, and the product was good. Thus, Meituan succeeded.”

“In March 2011, Meituan was still vying for third place in the group-buying industry. A Meituan employee asked me, “Do you think there’s a chance with Wang Xing?” I replied, “I have confidence in Wang Xing, as he has made almost all the mistakes an entrepreneur can make. First, he has foresight; second, he will no longer be short of money; third, his team is still there.””