Xiaonei

"The protagonist of this book—Wang Xing—is precisely a great learning example. Born in 1979, Wang Xing started his entrepreneurial journey early. In 2004, he began a venture with classmates and launched the social network Xiaonei in 2005. In 2007, he founded Fanfou, one of the earliest Twitter-like platforms in China. In 2010, he founded Meituan. Both Xiaonei and Fanfou had regrets in Wang Xing’s entrepreneurial journey, not reaching a perfect conclusion. However, Meituan carved a bloody path out of over 5,000 group-buying websites and has become one of the most watched startups to date. By July 2014, Meituan’s monthly transaction volume exceeded 3.9 billion yuan."

"From Xiaonei, Fanfou to Meituan, Wang Xing’s early entrepreneurial partners remain and are now the backbone of Meituan. On the night of March 1, 2014, Wang Xing and I chatted for four hours in a cafe in Wangjing. I asked Wang Xing, “What is the reason behind your reuniting at Meituan?” Wang Xing replied with four words: Spirit of Contract!"

"Wang Xing’s first breakout entrepreneurship project was Xiaonei, a social networking service (SNS) website for college students, similar to Facebook. Before creating Xiaonei, Wang Xing and his team had explored and abandoned nearly ten projects, one every two months on average. Xiaonei was founded in 2005, but due to Wang Xing’s lack of experience and inadequate financing, the funding chain broke. In this situation, Xiaonei was sold to Chen Yizhou’s Oak Pacific Interactive in 2006, becoming the foundation for what would later become Renren."

"Although Xiaonei did not continue to develop independently under Wang Xing, it allowed Wang Xing and his team to earn their first pot of gold."

"During the wait for Fanfou’s return, to keep the team from dispersing, Wang Xing and his team considered starting another project, which led to Meituan. On March 4, 2010, Meituan went live. This Groupon-like website introduced the concept of group buying to China. This team that had launched Xiaonei and Fanfou turned to build a substantial company."

"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."

"From Xiaonei to Meituan, Wang Xing’s early entrepreneurial partners are still there, and they are now key figures at Meituan. Although some left midway (to start their own businesses or work elsewhere), they eventually reunited at Meituan. Meituan is a story of great reunion; the original entrepreneurs gathered due to ignorance, parted ways due to differing interests, and finally reunited at Meituan. On March 1, 2014, I asked Wang Xing, “What is the reason for your reunion at Meituan?” Wang Xing said four words: contract spirit!"