How did Dangdang do it?

As long as you are good at thinking, you will understand that many thoughts are actually hidden in your mind. As long as you are good at stimulating and using, you can generate countless sparks. For example, the idea of Dangdang.com originated from a plate of salted duck eggs

----Zhuge Changqing

Men dominate the outside and women dominate the inside. It should be standard between husband and wife. However, Li Guoqing and Yu Yu just fell out. As two co-presidents of Dangdang.com, an online bookstore, Li Guoqing, the husband, is fully responsible for the company's internal management, while Yu Yu, the wife, is mainly responsible for the capital market. Therefore, "Dangdang is our child!" Li Guoqing's sentence has been widely recognized.

Now, the Dangdang.com of Li Guoqing and his wife has gone through five years. Surprisingly, the sales volume of Dangdang is comparable to that of Xidan Book Building. What's more surprising is that Dangdang maintains an annual growth rate of 80%, while traditional bookstores grow at an annual growth rate of 5% at most. With rapid development, Dangdang has been built into the world's largest online Chinese book audiovisual city in just five years, accounting for 9% of the book varieties in the mainland book market. Li Guoqing also realized the transformation from a bookseller to a "digital hero".

90000 books almost hit my hand

"Li Guoqing is going to the sea." This news has caused a great response in the Rural Policy Research Office of the Ministry of Agriculture. A kind leader and some elders who care about him have come to persuade you that you have done a good job and have a good foundation. You should continue to learn and do research. Because, in their eyes, this young man from the Development Research Center of the State Council has the talent and ability.

In fact, Li Guoqing himself did not want to do learning and research. As the vice chairman of the Student Union of Peking University, Li Guoqing graduated from the Department of Sociology of Peking University and entered the Development Research Center of the State Council, the most popular government agency at that time. It is known as the "think tank" of China's development policy. At the Development Research Center of the State Council, Li Guoqing found a sense of achievement - part of his survey report was quoted to the leaders of the State Council. This made him very proud. However, after the restructuring of the organization, Li Guoqing was assigned to the Rural Policy Research Office of the Ministry of Agriculture, where the working environment of the organization made him very uncomfortable. After several years of work experience, Li Guoqing felt that policy research is to study the interests of all? It is not learning at all. It is too far to achieve political participation through policy research, and it is too slow to change society through think tank research. So he chose to leave. Li Guoqing told the reporter: "At that time, I wanted to be an official, but I didn't like to endure years. Go to a big company, and I didn't want to listen to others. At that time, I wanted to do something I wanted to do, because only you do it yourself, you can say something you want to say, do something you want to do, and be your own boss, which may make a great contribution to society."

Li Guoqing once sold books for others, and knew that it was a small business. So he began to think of books. However, publishing books also requires funds. Li Guoqing did not save much money after sitting in the office for many years. Finally, his parents gave him 6000 yuan of savings. At that time, Li Guoqing rented a basement and wanted to work with several colleagues and friends. However, his colleagues and friends who had promised to support his entrepreneurship had all backed out at this time. Later, Li Guoqing's sister couldn't bear it and reluctantly came to help her brother with his affairs. In this way, Li Guoqing hired several retired editors and printers, and the company opened.

Li Guoqing's first book sale was a set of 9 inspirational books. At that time, he was so confident that he printed 100000 copies in one breath. However, the agent came and reluctantly agreed to take 10000 copies after reading the book. The 90000 copies fell into the hands of Li Guoqing. When all the expenses were added up, he was suddenly saddled with a debt of 1 million yuan. Many people think that Li Guoqing is over now. However, Li Guoqing did not admit defeat. He carefully analyzed the market. With so many people in the country, couldn't he find 90000 readers? Li Guoqing took the initiative of student activities at Peking University and organized a "reading and essay solicitation" activity. He contacted the magazine as the organizer of the activity and invited social celebrities as judges. In a year and a half, nearly all of the 90000 books that fell into the hands were sold. This time, the "tuition" was not paid in vain. Li Guoqing had a clear understanding of the domestic book industry.

A plate of salted duck eggs evolved into Dangdang net

One day in 1996, Li Guoqing received a phone call: "Hey, are you finished when you pick someone up?" He just remembered that he once had an appointment with an expert who was familiar with the laws of American investment. This expert is Yu Yu. Yu Yu called Li Guoqing the first thing after getting off the plane. This phone call made Li Guoqing and Yu Yu's first date.

In the evening, Li Guoqing took Yu Yu to a small restaurant in the snack street near Peking University and asked Yu Yu, "What do you want to eat?" Yu Yu said, "Salted duck eggs." "Do you like it very much?" "Yes, and especially like egg yolk." So, Li Guoqing said to the aunt who ordered the dishes, "Today is the fate of my young man. Please try to help me get a plate of salted duck eggs." The aunt winked at Li Guoqing and said, "OK, I'll find it for you." Finally, the aunt ran to three stores and got a plate of salted duck eggs.

Before eating salted duck eggs together this time, Li Guoqing and Yu Yu didn't know each other for a few days. However, Yu Yu did leave a deep impression on him. At that time, Li Guoqing, together with Peking University, the Chinese Academy of Social Sciences and the Ministry of Agriculture, founded the Beijing Kewen Economic and Trade Corporation. He served as the general manager and president. For Li Guoqing, the profit of several million yuan per year should be small. However, a friend said to him, "Although your company has millions of profits every year, it is not as good as the salary of Americans for a year." Li Guoqing was so angry that he went to the United States to see how they do business?

In the United States, Li Guoqing really felt how weak his company was. Because it is really worthless to value our company according to the profit and growth rate based on the American algorithm. Moreover, Americans also have a specific name for his identity - small owner, which means entrepreneurial entrepreneur. Although the business scale is small, he is the founder and owner of the company. Li Guoqing was in the mood that it would be better to be the chief representative of China for a large American company. Taking the opportunity of coming to the United States, Li Guoqing began to contact some investors.

Once, at a gathering of friends in New York, Li Guoqing met Yu Yu through an introduction. At that time, Yu Yu founded TRIPOD International in New York, specializing in financial advisory services. She told Li Guoqing how to attract enterprise investment, and she said five points in total. Li Guoqing, like a student, also wrote down on paper. Now, he still keeps these records. Among them, Yu Yu warned him that "money is not the most important thing, but the main thing is control." So Li Guoqing sent an invitation to Yu Yu to consult his company. So Yu Yufei returned to Beijing. Shortly after eating the salted duck eggs, two people in their 30s who "appreciate each other's talents, are also very mature, and have done many unit exercises in love" got married. It only took them three months to meet and get married.

Li Guoqing brought back not only a bride from the United States, but also an online bookstore "Amazon" model. Li Guoqing immediately realized the mystery of online bookstores: the most valuable thing about books is the direct connection between publishers and readers, and Amazon has achieved this connection through the network. Using the existing resources of the publishing industry, Li Guoqing first thought of establishing a Chinese "Amazon". So Li Guoqing and Yu Yu founded Dangdang online bookstore. Li Guoqing told reporters: "I chose the Internet because it is too special. I have run a traditional enterprise for eight years, including taxi companies, advertising companies and audio and video companies, but no industry has seen orders grow as fast as Dangdang, with an annual growth rate of 200% to 300%, and that of traditional enterprises is 5% to 10%. Dangdang now has an annual growth rate of more than 180%."

Your own children or your own management

At 9:00 p.m. on August 19, 2004, American e-commerce giant Amazon offered $75 million to acquire Excellence. After the transaction is completed, Amazon will account for 80% of the shares of Excellence. According to the original acquisition plan, Amazon chose to purchase Dangdang and Excellence. However, Dangdang rejected Amazon's acquisition.

In fact, people who know Li Guoqing have long predicted that he will not surrender pawn to others. On October 28, 2003, an e-mail entitled "My thanks and tenure" was sent to the mailbox of Dangdang employees and some shareholders. This is Li Guoqing's resignation letter, which said: "Because the two shareholders of the board of directors misled and bullied me on the venture equity, I had to choose to resign. At this moment, I am filled with emotion. What I miss most is not the equity of Dangdang, but the colleagues who fought with me! My choice will make you uneasy. But I can say responsibly: Welcome to join the new e-commerce company I will establish."

It turns out that in addition to Li Guoqing and his wife, Dangdang also has several shareholders such as IDG Venture Capital Fund, China Venture Capital Fund (formerly Softbank China Venture Capital Fund) and Luxembourg Asia Holding Company. In June 2003, Li Guoqing proposed that shareholders should reward entrepreneurial shares, hoping to give half of the value-added part to the management team as a reward. However, this requirement was opposed by shareholders on the grounds that the asking price was too high. Li Guoqing realized that although he was the founder of Dangdang.com, he was still a hired worker in the view of shareholders. There was no progress in this stalemate. Li Guoqing met Tiger Science and Technology Fund in August. When he took Tiger Technology Fund's valuation of US $65 million as proof again, he hoped that shareholders would give entrepreneurial stock awards, and the attitude of shareholders remained firm. Therefore, Li Guoqing proposed to resign and break up amicably, meaning to cash in and leave.

However, Li Guoqing was still reluctant to give up his pawn. His trip to the United States also brought a turnaround to the deadlock. Tiger Technology Fund, one of the largest venture capital companies in the world, plans to invest in Dangdang and negotiate with the old shareholders of Dangdang. Finally, the three parties reached an agreement, and Tiger Technology Fund came forward to buy some shares from the old shareholders, and then gave them to the management team. On the last day of December 2003, the financing agreement was officially signed, and the three parties gained their respective interests. That is to say, the final result was that Dangdang was valued at 70 million US dollars, Tiger Technology Fund invested 11 million US dollars, the management of Dangdang obtained 51% of the absolute control right, and the old shareholders obtained partial realization and released some shares. Li Guoqing won the capital duel with his courage, intelligence and strength.

At the beginning of this year, when Amazon Vice President Bezos visited China and contacted Dangdang, he issued the condition of full control. This naturally made Li Guoqing difficult to accept. He said: "Amazon is welcome to take a stake in Dangdang, but it must not be fully controlled. Because I am not optimistic about the wholly owned subsidiaries of foreign companies, the cooperation between AOL and Lenovo broke up in a bad way, which itself proves this. On the contrary, some local companies represented by Sina and Ctrip have developed very smoothly because they are familiar with and understand the Chinese market." Up to now, Li Guoqing still believes that his judgment is correct. Because the latest sales statistics of Dangdang in the third quarter show that Dangdang achieved quarterly profit.

Li Guoqing told the reporter: "The success of Dangdang in the past five years is to make low prices. The cheapest one will sell the best, the best one will sell at a small profit and sell quickly, the capital turnover will be fast, the sufficient capital will purchase a large amount, the discount will be low, the scale benefit will be good, forming a virtuous circle and forming the basis of low prices. So the next step is to continue to expand the scale and price advantage, which is also the business idea we will always adhere to in the future."

当当网究竟是如何办起来的？

     只要善于思考，你就会明白，一个道理，很多思想其实就隐藏在你的脑海里，只要你善于激发、善于运用，就能产生无数火花。譬如，当当网的构思最初来源于一盘咸鸭蛋。......

                              ---- 诸葛长青

   男主外，女主内。应该是夫妻间的标配。但是，李国庆、俞渝夫妇却正好掉了个个儿。作为网上书店——当当网的两位联合总裁，丈夫李国庆全面负责公司内部管理，而妻子俞渝主要负责资本市场。所以，“当当是我们的孩子！”李国庆的这句话得到了广泛的认同。
    现在，李国庆夫妇的当当网已经走过了5个年头。令人想不到的是，当当网的销售额竟然与西单图书大厦不相上下。而且更令人吃惊的是，当当网每年保持着80%的增长速度，而传统书店却至多以5%的年增长率增长。当当飞速发展，短短的5年时间，就被缔造为全球最大中文网上图书音像城，占大陆图书市场图书品种的9%。李国庆也实现了从一个书商向“数字英雄”的转变。
   9万册图书差点砸手里
   “李国庆要下海。”这个消息在农业部农村政策研究室引起了很大反响。好心的领导和一些关心他的前辈都来劝，你工作得不错，基础很好，应该继续做学问、做研究。因为，在他们眼里，这个从国务院发展研究中心来的小伙子有来头，有能力。
    其实，李国庆自己何尝不想做学问、做研究。作为北京大学学生会副主席，李国庆从北大社会学系毕业进入当时最热门的政府机关——国务院发展研究中心。这里号称是中国发展政策的“智囊团”。在国务院发展研究中心，李国庆找到了成就感——他的调查报告有部分引用给了国务院领导。这让他很自豪。可是，后来机构重组，李国庆被分到农业部农村政策研究室，那里机关工作环境让他很不适应。几年的工作经验，李国庆感觉到，政策研究不就是研究利益全体吗？根本不是做学问。人微言轻，要想通过政策研究达到参政距离太远，做智囊研究改变社会太慢。于是，他选择了离开。李国庆告诉记者：“那时候，我想过当官，但我又不喜欢熬年头。进大公司吧，又不愿意听别人指挥。那时候，就想做点自己想做的，因为只有你自己做，才能说点自己想说的话，做点自己想做的事情，自己当老板，这样可能对社会贡献也大。”
    李国庆曾经帮别人卖过书，知道这是个本小利大的买卖。于是，他就打起书的主意。但是，出书同样需要资金。坐了许多年机关，李国庆并没有攒下多少钱。最后，还是父母拿出6000元的积蓄交给了他。当时，李国庆租了一个地下室，就想着拉着几个同事、朋友一块干。可是，原先信誓旦旦支持他创业的同事、朋友，到这个时候都打了退堂鼓。后来，还是李国庆的姐姐心里不落忍，勉强过来帮着弟弟打理事务。这样，李国庆才又雇了几个退休编辑和印刷工人，公司就这么开张了。
   李国庆做的第一笔图书买卖，是一套9本的励志书。当时，他真是充满信心，一气儿就印刷了10万册。可是，代理商来了，看完书只勉强答应带走了1万册。那9万册全砸在了李国庆手里，各种费用一合计，他一下子背上了100万元的债。许多人都觉得，李国庆这下子完了。但是，李国庆不服输。他仔细分析了一下市场，全国那么多人，难道就找不到9万个读者？李国庆又拿出当初在北京大学搞学生活动的劲儿，搞了个“读书征文”活动，联系了杂志做活动承办人，邀请了社会名人做评委。一年半时间，砸在手里的9万册书，几乎全部销售了出去。这次的“学费”没白交，李国庆把国内图书行业摸了个一清二楚。
    一盘咸鸭蛋演变出当当网
     1996年的一天，李国庆接到一个电话：“喂，你把人接来了就完事了吗？”他这才想起来，曾经约过一位深谙美国投资规律的专家。这个专家就是俞渝。俞渝下飞机后的第一件事就是给李国庆打了这个电话。而这个电话成就了李国庆和俞渝的第一次约会。
     晚上，李国庆带着俞渝来到北京大学附近小吃街的一家小饭馆，问俞渝：“你想吃什么？”俞渝说：“咸鸭蛋。”“你很喜欢吃吗？”“是，而且特别喜欢吃蛋黄。”于是，李国庆对点菜的大妈说：“今天我这个小伙子的命运就交给您了，您想想办法帮我弄盘咸鸭蛋吧。”大妈冲李国庆一挤眼说：“好，我去给你找。”最后，大妈跑了三家店，弄来了一盘咸鸭蛋。
     在这次一起吃咸鸭蛋之前，李国庆和俞渝认识没几天。但是，俞渝确实给他留下了非常深的印象。当时，李国庆联合北京大学、中国社会科学院、农业部等创办北京科文经贸总公司，他任总经理、总裁。每年几百万元的利润，对于李国庆来说应该小有所成了。但是，一个朋友对他说：“别看你这公司每年有几百万的利润，其实还不如美国人一年的工资。”李国庆气不过，就去了美国，看看人家是怎么做的企业？
   到了美国，李国庆才真正感觉到自己的公司是多么弱小。因为以美国人的算法，按利润和增长速度给自己的公司估值，算下来确实很不值钱。而且，对于他的身份，美国人也有一个特定的叫法——小业主，意思是创业企业家，经营规模虽小，但却是公司的创办人和拥有者。李国庆当时的心情就是，倒不如给美国的大公司当中国的首席代表好了。借着来美国的机会，李国庆开始接触一些投资商。
    一次，在纽约的一个朋友聚会上，李国庆通过别人的引见认识了俞渝。当时，俞渝在纽约创办TRIPOD国际公司，专门做金融咨询顾问业务。她给李国庆讲如何吸引企业投资方面的问题，一共讲了五点，李国庆像学生一样还用纸记了下来。现在，这些记录他还留着。其中，俞渝告诫他，“钱不是最重要的，主要的是控制权。”于是，李国庆向俞渝发出邀请，顾问一下自己的公司。于是，俞渝飞回到北京。在吃过那次咸鸭蛋后不久，两个30多岁“欣赏彼此的才干、也很成熟、在爱情方面做过许多单元练习”的人结婚了。从相遇到结婚，他们只用了三个月的时间。
   李国庆从美国不仅带回来一个新娘，而且还带回来一个网上书店的“亚马逊”模式。李国庆立刻感悟到网上书店的奥妙：书，最值钱的就是出版社和读者的直接联系，而亚马逊通过网络实现了这种联系。利用手里已有的出版界资源，李国庆首先想到创办一家中国的“亚马逊”。于是，李国庆和俞渝创办了当当网上书店。李国庆告诉记者：“我之所以选择互联网，是因为互联网太特殊了。我办了八年的传统企业，办过出租车公司、广告公司、音像公司，但是没有一个行业的订单增长速度像当当这样快，年增长达200%到300%，传统企业也就是5%到10%。当当网现在年增长率超过180%。”
   自己的孩子还是自己管
    2004年8月19日晚上9时，美国电子商务巨头亚马逊出价7500万美元收购卓越。交易完成后，亚马逊将占到卓越80%的股份。按照最初的收购计划，亚马逊选择的收购对象是当当、卓越二选一。但是，当当却拒绝了亚马逊的收购。
    其实，了解李国庆的人早就预见到，他不会将当当拱手让人。2003年10月28日，一封题为《我的感谢以及任期》的E-Mail发到当当员工和部分股东的信箱。这是李国庆的辞职信，信中说：“由于董事会二位股东在创业股权上对我的误导和无赖，我只好选择辞职。此时此刻，我心潮澎湃，最令我挂念的不是当当的股权，而是跟随我一起战斗的同事！我的选择会令你们不安。但我可以负责地讲：欢迎大家加入我将创办的新的电子商务公司。”
   原来，除了李国庆夫妇外，当当网还有IDG风险投资基金、中国创业投资基金原软银中国创业基金、卢森堡亚洲控股公司等几个股东。2003年6月，李国庆提出，股东应奖励创业股份，希望将增值部分分一半给管理团队作为奖励。但是，这一要求遭到了股东的反对，理由是要价太高。李国庆意识到，尽管自己是当当网的创办者，但是在股东的观念中依然是雇来的打工者。这种僵持没有任何进展。李国庆8月份遇到了老虎科技基金。当他再次以老虎科技基金6500万美元估值为证明，希望股东给予创业股份奖励时，股东态度依然坚决。于是，李国庆提出辞职并且友好分手，意思就是变现走人。
   但是，李国庆终归还是舍不得自己的当当。他去了一趟美国，也给这场僵局带来了转机。全球最大的风险投资公司之一——老虎科技基金计划投资当当网，并出面与当当老股东谈判。最后三方达成了一致，由老虎科技基金出面，向老股东买走了一些股份，再送给管理团队。2003年12月最后一天，这个融资的协议正式签署，三方获得各自利益，也就是最后结果是当当被估值7000万美元，老虎科技基金投资1100万美元，当当管理层获得51%的绝对控股权，老股东获得部分变现，腾出了部分股份。李国庆以他的勇气、才智和实力在这场资本的对决中获得了胜利。
       
    今年年初，亚马逊副总裁贝索斯访华与当当接触时，开出了全权控股的条件。这自然令李国庆难以接受。他提出：“欢迎亚马逊入股当当，但绝不能全权控股。因为我对于外资全资子公司并不看好，AOL和联想的合作不欢而散，本身就证明了这一点。相反，倒是以新浪、携程为代表的一些本土公司，因为熟悉和了解中国市场而发展得很顺利。”到现在，李国庆依然认为自己的判断是对的。因为当当网最新的第三季度销售统计显示，当当实现了季度盈利。
    李国庆告诉记者：“当当网5年来取得的成绩，做低价是成功的关键。谁最便宜谁就卖得最好，卖得好就薄利多销，资金周转就快，资金充足进货量就大，折扣就低，规模效益就好，形成了良性循环，构成低价的基础。所以下一步当当要继续扩大规模、价格优势，这也是以后一直会坚持的经营思路。” 
      

(This article is an original article by Zhuge Changqing, and the pictures are selected from the Internet. Welcome to forward it, and please indicate the source for forwarding)

Introduction to Zhuge Changqing: Zhuge Changqing, the inheritor and promoter of traditional Chinese culture, is willing to "learn from sages, promote virtue, revitalize China and benefit the world" together with people with the same ideals in the world.

(Zhuge Changqing: zhuge8031@163.com ）

Zhuge Changqing mailbox：

zhuge8031@163.com

Zhuge Changqing's Chinese Dream

Learn from sages and carry forward virtue

Revitalizing China for the benefit of the world

 （本文是诸葛长青原创文章，图片选自网络。欢迎转发，转发引用请注明出处）

诸葛长青简介：诸葛长青，中国国学传统文化传承弘扬者，愿与天下志同道合者一起“学习圣贤、弘扬善德、振兴中华、造福世界”。

（诸葛长青：zhuge8031@163.com）

Zhuge Changqing mailbox：

zhuge8031@163.com

  诸葛长青中国梦  

学习圣贤 弘扬善德

振兴中华 造福世界

Selected Articles in Previous Periods

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往期精选文章

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1The wisdom of traditional Chinese culture changes the destiny: filial piety to parents+five in one+self-improvement

1 国学智慧改命运：孝敬父母+五合一+自强不息

2Zhuge Changqing's Three Golden Keys to Changing Destiny

2诸葛长青改命运三把金钥匙诸葛长青施食仪轨 （十五步简洁版）

3Zhuge Changqing's Greeting Ritual (15 Steps Concise Version)

3 诸葛长青施食仪轨 （十五步简洁版）

4How to repent: the ritual of repentance and the method of repentance (full version)

4   如何忏悔：忏悔仪轨忏悔方法（完整版）

5How to read the Dizang Sutra: Methods for reciting Dizang Sutra (complete version)

5 如何念地藏经：念地藏经仪轨方法（完整版）

6How to release? The ritual of releasing life

6怎样放生？放生仪轨

7Zhuge Changqing's Repentance Culture: A Case Study of Repentance Methods for Changing Destiny

7诸葛长青忏悔文化：改变命运忏悔方法案例

8Free Life Culture: Free Life Culture in Ancient China

8放生文化：中国古代的放生文化

9Shocking photo of feeding: Buddha, Bodhisattva and Dharma Protector come to the scene

9施食震撼照片：佛菩萨护法神亲临现场

10Feeding Rite Return: the return is changed to simple return

10施食仪轨回向：回向修改为简洁回向