定位：新创或企业家
English summary available ↓
Chatting with the boss of a listed company about how failure is the norm for startups, he cut in with a question: why position yourself as a startup at all, and not as an entrepreneur? The two are fundamentally different. Startups chase fast growth, raise money often and use disruptive shortcuts. In apparel retail that means going online to reach users quickly, or paying expensive rent for high-exposure malls. It can work, but in a bad market it is like a house built of leaves that the wind blows away. Entrepreneurs care about steady, long-term development. They pick locations where rent is reasonable and the customer experience fits, like IKEA and Decathlon. Growth is slow and needs more CapEx and OpEx, but it builds a solid base for the brand. Then came the news that Buffett had trimmed positions again and was holding about US$325 billion in cash. At 4.35% interest that would earn around US$14 billion a year, roughly a year of Tesla's net profit, for doing nothing. In today's economy, do you chase a startup's fast expansion or an entrepreneur's lasting, steady growth? Buffett answered in his own way.
Read full English version →今天与一位上市公司老板（没得到同意就不说名了）闲聊，谈到新创公司失败是常态的议题。
他忽然打断我，提出他的看法：“为什么要把自己定位成新创？为什么不把自己定位成企业家？”
这番话有点意思。他指出新创与企业家有着本质的不同。
新创公司往往追求快速增长，倾向于频繁融资，通过破坏性创新用最快的手段达到目的。在服装零售行业，许多新创公司会选择通过线上电商平台快速触达用户，或者如果开设实体店铺，就会选择高曝光的大型商场，即使需要支付昂贵的租金也在所不惜。这种快速增长的做法在某些时候确实有效，但若遇上不利的市场环境，就如同用树叶建房，风一吹便不堪一击。
而企业家则更加关注长期稳健的发展，追求细水长流。他们不会盲目追求快速增长，而是站在“屹立不倒”的位置上前进。从零售的角度来看，企业家会仔细挑选位置，既要租金合理又符合客户体验，类似于 IKEA 和 Decathlon 的策略。这种做法增长非常慢，但稳健扎实。虽然需要更高的资本支出（CapEx）和运营支出（OpEx），却在长期能为品牌带来稳固的基础，追求长期主义。
原本这段对话只是随便聊聊，可是刚刚看到巴菲特的新闻时，脑袋内直接放烟花。
巴菲特刚刚又减仓，现在持有现金高达 3,250 亿美元，如果是放在美国银行按 4.35% 的年利息计算，每年就能产生 140 亿美元的利息收益。
140 亿美元是什么概念？
大约相当于 Tesla 一年的净利润。换句话说，巴菲特什么都不做，仅凭银行定期利息就能达到 Tesla 一整年的盈利。
在当前的经济环境中，是要追求新创公司的快速扩张，还是如企业家持久而稳健地发展？
巴菲特用了另外一个方式告诉我们答案。