从第一期的《艾问企投家》开始，我们分享了太多企投家们的故事。

Since the first issue of " iAsk Entrepreneurial Investors", we have shared the stories of too many entrepreneurial investors. 

不论是乐百氏创始人何伯权，还是阿里巴巴前CEO卫哲，抑或是国内网约车的鼻祖周航，他们无一例外从做企业转向做投资。

Whether it is Boquan He, Founder of Robust, or Zhe Wei, Former CEO of Alibaba, or Hang Zhou, the pioneer of the domestic car-hailing services, they all switched from running businesses to making investments.

同为企投家，身为80后的姬连强，却好像走了一条恰好相反的路径，他借投资之机转向实体产业。

As an entrepreneurial investor, Lianqiang Ji, who was born after 1980s, seems to have taken a path that is exactly the opposite. He shifted to operating a business entity through investing.

2015年，时任北京市文化中心建设发展基金管理有限公司总经理的姬连强以21亿元收购了航美传媒75%的股份，很多人质疑收购价格是否偏高，质疑传统传媒产业灰暗的前景，质疑投资人经营一家企业的能力。

In 2015, Lianqiang Ji, General Manager of Beijing Cultural Center Fund (BCCF) then, acquired 75% of the shares of AirMedia at the cost of RMB 2.1 billion yuan. Many people questioned the high acquisition cost, the gloomy prospects of the traditional media industry and the ability of an investor to run a business.

一年后，航美传媒用打破历史纪录的业绩回应质疑；三年后，航美传媒覆盖范围遍及国内30多个机场，掌控全国90%的机场数字媒体资源。姬连强掌管下的航美传媒，已然成为国内航空传媒业名副其实的老大。

A year later, AirMedia responded with a record-high business performance. Three years later, AirMedia covered more than 30 airports in China and controlled 90% of the domestic digital media resources. Under the management of Lianqiang Ji, AirMedia has become a veritable leader in the domestic aviation media industry. 

 “当时21亿收购75%的股权，现在给我100亿也不卖。” 经营企业的智慧，借助资本的力量，独特的企投格局，姬连强正在成为航空传媒领域的引领者与整合者。

 "At that time, I acquired 75% of the shares at RMB 2.1 billion. Nowadays I won`t even sell it for RMB 10 billion yuan." With the wisdom of operating enterprises, the power of capital and a unique entrepreneurial investment layout, Lianqiang Ji is becoming a leader and integrator in the field of aviation media.

故事一：

Story No. 1:

从事投资十余年的姬连强，因收购航美传媒75%的股份而摇身一变，转行做起了企业。

Lianqiang Ji, who has been engaged in investing for more than ten years, shifted to running a business because of the acquisition of 75% of the shares of AirMedia.

“收购是我们所有投资人做的共同决策。但因为我们是操盘式收购，把企业几乎就买掉了，那我们肯定就要去实际管理这个企业，因为我觉得这才是对你的投资人、对钱最负责任的态度。”

"The acquisition was a decision jointly made by all of the investors of BCCF. But because it was a trading acquisition, we basically bought out the company, meaning we must actually manage the business, which I think should be the most responsible attitude towards the investors and investments. "

“中国第一代企业家可能搞一个技术，创立一个企业，第二代企业家，因为中国市场足够大，内需足够的释放，然后就搞营销，那第三代企业家，可能就需要有很强的财务知识，从财务变成了一个企业家。”

"The first generation of Chinese entrepreneurs may start a business solely based on a technology. The second-generation entrepreneurs focused on marketing due to the large market size in China and the need to meet the demand. The third-generation entrepreneurs may need to be well-versed in financial knowledge so as to transform into an entrepreneur."

收购航美时，正值传统媒体落寞，新兴媒体尚未成熟之际，商家的广告费将投到何处？“我们做了一个大胆的赌注，就是有可能会到稀缺的户外广告上。”

At the time of the acquisition of AirMedia, the traditional media was falling, and the emerging media was not yet mature. Where should merchants invest their money in advertising? "We made a bold bet that they might invest in scarce outdoor advertising."

他赌对了。

He was right on the bet.

姬连强接掌航美的第一年，成为航美历史上业绩最高、利润最高的一年，市值从28亿上升到40亿。目前全国90%以上的机场数字媒体资源已归入航美门下，广告收入跃至全球第二，但他还要再往前冲一冲。

AirMedia reached its record-high business performance and profits during the first year under the management of Lianqiang Ji, with the market value rising from RMB 2.8 billion to 4 billion. At present, more than 90% of the airport digital media resources in the country have been controlled by AirMedia; the company`s advertising revenue jumped to the second place in the world. However, Lianqiang Li aimed higher.

艾问姬连强：投资人做企业，有什么不一样？

What`s the difference for an investor to run a business?

艾诚：过去三年，你从投资人变成董事长、企业的管理人，你自己个人最大的一个变化是什么？

Gloria Ai: In the past three years, you have changed from an investor to a chairman and a leader of a company. What is the biggest change personally?

姬连强：就是感性和理性。比如过去别人拿来一件事情，拿来一个预算、一个项目的时候，我会很理性地讨论这件事情的投入产出比，我投入多少钱，要赚多少钱，要干吗。

Lianqiang Ji: It is sensibility and rationality. For example, when someone presented a subject, a budget or a project, I would reasonably discuss the input-output ratio of this subject matter. How much do I have to invest? how much money can I make? What to do with the project?

但做企业，你要在感性和理性之间做一个平衡，不能纯理性地来做。因为企业管理，你要投入爱和责任，跟你做基金、做金融完全不一样。

But to run a business, you have to strike a balance between sensibility and rationality, and you can`t do it purely rationally. For business management, you have to invest love and responsibility, which is totally different from operating funds or managing finance.

做企业家你付出的东西更多，而且有时候你会觉得内心不平等、不平衡，觉得我得到的其实没有付出多。但是第二天早上起来，你会发现你又打了鸡血，你又接着去付出，因为做企业你需要责任，你需要付出你的义务，更需要付出你的爱。这三件事情可能都是没有回报的，干企业可能就是需要这样。

As an entrepreneur, you need to contribute more. Sometimes you feel like it`s unfair because you don`t get paid pack in return as much. But when you get up the next morning, you will feel pumped again and continue to contribute, because you need to have a sense of responsibility to run a business, fulfill your obligations, and share your love. These three things may all be unrequited, but they`re required for running a business.

做投资不一样，投资80%的时间你还是甲方。但做企业不一样，你看我的朋友圈里有一句话，“弯腰并不影响你的身高”，做企业要时刻做好“弯腰”的准备。

Investing is different. You are still Party A when you devote 80% of your time. But running a business is not the same. There is a saying in my WeChat feeds that goes "Bending down does not shorten your height". Operating a business needs you to be prepared to "bend down."

故事二：

Story No. 2:

姬连强在传媒领域发展得顺风顺水，但他也没有丢弃自己的老本行，除了航美传媒的董事长，他还有另外一张名片——北京文化中心基金的总经理。“只不过时间分配由原来的5:5，变成了1:9，10%的时间留给投资，90%给航美。”

Lianqiang Ji has achieved success smoothly in the media sector, but he has not abandoned his old business. In addition to being Chairman of AirMedia, he has another identity, i.e. General Manager of the Beijing Cultural Center Fund. "It`s just that the time allocation has changed from the previous 5:5 to 1:9. 10% of the time is reserved for investing; 90% for AirMedia."

传媒的价值究竟有多大？和企业家相比，投资人的答案显然是不同的，姬连强正在用投资人的思维逻辑改造着航美。

How much value does the media industry have? Compared with entrepreneurs, investors have obviously different answers. Lianqiang Ji is transforming AirMedia with the mentality of investors. 

接管航美第二年，姬连强公开表示航美不想做独狼，希望有更多的企业加入进来，带来新的模式和思维，让机场媒体这一领域更加有活力。

In the second year of taking over AirMedia, Lianqiang Ji publicly stated that the company did not want to be a lone wolf. He hoped that more companies would join, bring in new patterns and mentality, and make the field of airport media more dynamic.

新发展思路的背后是姬连强在文化中心基金践行的从A到O（OPI）的投资理论：

Behind the new development ideas is the investment theory from A to O (OPI) practiced by Lianqiang Ji at BCCF: 

文化中心基金根据项目孵化、发展的不同阶段，联合各方资本，打造从A轮到O轮投资的覆盖企业发展全阶段的基金生态圈，以被投资企业为圆心，完成产业资源的整合与产业结构的再造。

based on the different stages of project incubation and development, BCCF integrates the capital of all parties to build a funding ecosystem covering the whole stage of enterprise development investment from Round A to Round O, with the invested enterprise as the center, completing the integration of industry resources and the re-engineering of industry structure.

截止目前，文化中心基金联合华策影视、莱茵体育、奇虎360等多家国内优秀产业公司，主导投资了花椒直播、可为互娱等十余个文化产业项目公司，推出十余支“从A到O”型基金，合计管理资本规模超过1000亿元。

Up to now, BCCF has cooperated with many domestic excellent business entities such as Zhejiang Huace Film & TV, Lander Sports Development and Qihoo 360, and has invested in more than ten cultural industry projects such as Huajiao Live Video and Canwell. BCCF has managed over 10 funds with the "A-to-O" funding pattern, with a total management capital of more than RMB 100 billion yuan.

艾问姬连强：如何用10%的精力打理基金？

How to manage the fund with 10% of energy?

艾诚：你现在还做投资的事吗？怎么分配自己在航美和投资基金的时间？

Gloria Ai: Do you still invest now? How do you allocate your time in AirMedia and investment funds?

姬连强：过去是5:5，现在是1:9，现在90%的时间都在航美，10%的时间在投资。

Lianqiang Ji: It used to be 5:5, but now it is 1:9. Now 90% of the time is devoted to AirMedia; 10% to investing.

艾诚：你所兼任的北京文化中心基金的总经理，所承载的基金规模是相当大的，有千亿规模之大，但是真的很难想象你用十分之一的精力，怎么平衡千亿规模的基金？

Gloria Ai: As General Manager of BCCF, you need to manage a large-scale fund with RMB 100 billion. It is really hard to imagine that you use one-tenth of the energy to manage a hundred-billion-yuan fund.

姬连强：我们把基金做了一个逻辑，把它变成了一个母子基金，我们有13支子基金，每个子基金都有固定的商业逻辑和商业方向，有做内容的、并购的、游戏投资的、股权类的、新媒体的等等。

Lianqiang Ji: We created a system for the fund and turned it into a parent-and-subsidiary fund. We have 13 subsidiary funds. Each has a fixed business logic and direction. It covers content, mergers and acquisitions, game investments, equity, new media and so on.

艾诚：你认为企业家能从投资人那学到什么？

Gloria Ai: What do you think entrepreneurs can learn from investors?

姬连强：企业除了社会责任、社会义务、社会担当之外，还是要赚钱的。我们看到很多企业家，比如现在看到去杠杆危机，企业有时候过于盲目了。企业家要从投资人那里学到理性，学到什么时候知止，因为扩张谁都会，但我知道什么时候需要停下来。

Lianqiang Ji: In addition to social responsibility, social obligations, and social contributions, enterprises still have to make profits. For a lot of entrepreneurs, during the current deleveraging crisis for example, they are sometimes too blind. Entrepreneurs must learn rationality from investors and learn when to stop, because everyone knows about business expansion, but I know when to stop.

我可以喊“我要第一”的目标，但我达到第一的过程中，我一定是理性健康奔着目标去的，我觉得这是企业家能从投资人那学的东西，不能盲目。这是企业家一定要警醒的，一定要理性。

I can yell out the goal of "I want to be at the top", but in the process of reaching the goal, I must strive rationally. I think this is something that entrepreneurs can learn from investors --- don’t be blind. This is what entrepreneurs must be alert and rational of.

故事三：

Story No. 3:

依托“产业+资本”的转型思路，姬连强为航美制定了“三步走”战略：

Based on the transformation mentality of "industry + capital", Lianqiang Ji has formulated a "three-step" strategy for AirMedia: 

第一，战略转型，从广告公司转型为媒体公司，经营思路由原来的供给垄断转型到用户价值的挖掘；

Firstly, strategic transformation. From an advertising company to a media company, the company changed its business idea from the previous supply monopoly to the mining of user value. 

第二，明确定位，航美传媒深耕市场、挖掘用户价值、整合商业资源、输送专业人才；

Secondly, clear positioning. AirMedia deeply cultivates the market, taps the value of users, integrates commercial resources, and promotes professional talents. 

第三，联合多方资本发起成立基金，以航美传媒为核心GP，力促其以市场原则并购整合资源，加速转型发展。

Thirdly, it has jointly established a fund with integrated capital from multiple parties, with AirMedia as the core GP, promoting its resources integration based on market principles and accelerating transformation and development.

企投家要守住一方阵地，更要懂得攻城掠地。

Entrepreneurial investors must hold onto their market, but also should know how to expand the market. 

在自己所处的领域中做大做强，能以投资的方式将自身的资金、经验反哺整个行业，促进整个行业的繁荣。这是姬连强为航美规划的未来图景，也体现着他作为一名企投家的格局。

They should grow bigger and stronger in their own fields and invest their own funds and experience in the industry so as to promote the prosperity of the whole industry. This is the blueprint envisioned by Lianqiang Ji for AirMedia, which also reflects his vision as an entrepreneurial investor.

艾问姬连强：企投家的真正使命是什么？

What the true mission for entrepreneurial investors?

艾诚：你怎么理解企投家？Business plus investment，企业和投资相结合，你是吗？

Gloria Ai: What`s your understanding of the concept of entrepreneurial investors? Business plus investment. Are you an entrepreneurial investor?

姬连强：我也算。不能说字面意思，你先做投资，再做企业，先做企业，再做投资，其实你做的是同样一件事。可能有人说企投家是新物种，但我觉得是下一步发展的必然。

Lianqiang Ji: I count. You can`t interpret the concept literally. Investing first running businesses later or the opposite are actually the same thing. Some people may say that entrepreneurial investors are new species, but I think it is inevitable for the next step.

第一，你要理解企业家，企业家都是一群善于挑战的人。如果企业做得很成功、自己积累了物质财富之后，去发现新的企业，投资他，帮助他，然后会发现新的行业，新的物种，我觉得这是企业家天生的使命。

First of all, you need to understand entrepreneurs. Entrepreneurs are a group of people who enjoy challenges. If the company is successful and the entrepreneur accumulates wealth from it, discovering new businesses, investing in them, helping them, and then discovering new industries and new species are the inborn mission of entrepreneurs.

第二，这也可能是企业家下一个要挑战的地方。但不是所有企业家投资做得都很好，也不是所有的投资家企业搞得很好，所以能把这件事情做好的人少之又少，但就是因为少之又少，所以大家才应该花力气去研究、去学习它。

Secondly, this may also be the next challenge for entrepreneurs. Not all entrepreneurs are good at investment, and not all investors are doing good at running a business, so there are very few people who can do both well. Because of the scarcity, people should put in hard work to study it and learn.

艾诚：我在接触企投家的过程中，发现优秀的企投家相比于投纯粹的投资家而言，是有明确的方向和使命的。

Gloria Ai: After getting in touch with entrepreneurial investors, I found out that outstanding entrepreneurial investors have a clearer direction and mission compared to pure investors.

姬连强：一个优秀的企业家把自己的企业做好，做得很精很专，把他的经验用投资的方式，分享给他的上下游产业，或者分享给后来者，帮助大家共同把一个产业、一件事情做繁荣，我觉得这是企投家真正的使命，这才是企投家真正的精神。

Lianqiang Ji:  An excellent entrepreneur should do a good job in his own business, and drill in deeply. He shares his experience with his upstream and downstream industries, or shares it with latecomers to help everyone jointly develop a prosperous industry. I think this is the true mission for entrepreneurial investors. This is the true spirit of entrepreneurial investors.

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