From "The Lychee Story" to the Training of Entrepreneurial Investors

魏博

Recently, the popular TV series "The Lychee Story" was adapted from Ma Bo's novel of the same name, telling the story of how a small official named Li Shen De transported fresh lychees from Lingnan to Chang'an. This story not only showcases the folk wisdom of ancient cold-chain logistics but also embodies the underlying logic of modern entrepreneurial investment. Li Shen De's experience is akin to the struggles of an entrepreneur, and his success reflects the core abilities that excellent investors need.

Firstly, find "non-consensus" opportunities where others think it's impossible. In the story, transporting fresh lychees was considered a "doomed mission" by many people because the fruit would change color, aroma, and taste within three days, making the distance from Lingnan to Chang'an seem insurmountable. However, Li Shen De didn't give up directly; instead, he started thinking: "If conventional methods don't work, is there a non-conventional solution?" This shows that an excellent entrepreneur has the ability to find opportunities in seemingly impossible markets.

For entrepreneurial investors, many revolutionary innovations were initially considered "utopian" at first, such as e-commerce, new energy cars, and instant delivery. Entrepreneurial investors need to have reverse thinking like Li Shen De, being able to find potential value in areas where the market has not yet formed a consensus or is even skeptical.

Secondly, verify business models using data and experimentation instead of intuition.

Li Shen De's success was largely due to his data-driven approach. He didn't blindly act after receiving Hu Sheng Su's angel investment; instead, he conducted small-scale experiments: testing different lychee preservation methods, trying out various transportation routes, optimizing packaging methods, and so on. This is similar to the MVP (minimum viable product) testing in entrepreneurial investing.

Excellent investors won't just rely on business plans; instead, they'll pay attention to technological feasibility, project implementation, market demand, and cost models. For example, Meituan's Wang Xing tested the group-buy model on a small scale before expanding it widely.

Thirdly, integrate resources – money is just the beginning; empowerment is the key.

Li Shen De couldn't have completed his task alone; he succeeded because he integrated resources: Su's angel investment was equivalent to a venture capitalist's support, and Achan's local support was equivalent to supply chain cooperation. He mobilized various departments, such as the Ministry of Civil Affairs, the Ministry of War, the postal system, and the Commissioner of the South, to coordinate and facilitate transportation. Similarly, entrepreneurial investors need to focus on empowering resources – money is just the starting point.

Fourthly, risk management – reducing uncertainty to a minimum.

Li Shen De's task was full of risks – lychees might spoil, transportation might be delayed, and funds might be exhausted. He reduced these risks by parallel processing, redundant design (testing multiple transportation routes at the same time), and so on. Entrepreneurial investing is also filled with uncertainty, testing investors' vision and ability to navigate risk.

Fifthly, persist in long-term value – beyond short-term fluctuations, focus on intrinsic value.

In the story, Yang Guozhong and other high-ranking officials only cared about whether the lychees could be delivered on time, while Li Shen De thought about how to make transportation sustainable without burdening the common people and how to reuse technology for future benefits. Warren Buffett said, "If you don't want to hold a stock for 10 years, then don't hold it for 10 minutes." Excellent investors should focus on whether an industry has long-term growth potential, whether the team has continued innovation capabilities, and whether the business model can be expanded.

The original author's Li Shen De went through many hardships, successfully transporting fresh lychees from Lingnan to Chang'an, and upon his return, he was granted a imperial gift of fruit by the emperor. Although he was eventually exiled to Lingnan, he returned home safely, making friends with several people who had shared his experiences. The story's conclusion is reminiscent of "the deeds will be forgotten, but the name will remain," but the process itself is worth learning from today's entrepreneurial investors. Today's entrepreneurial environment may be more complex than the setting in the novel, but the underlying logic remains the same – finding value, verifying feasibility, integrating resources, managing risk, and persisting in long-termism. And these are the ultimate training for entrepreneurial investors.

The opinions expressed in this column article are those of the author only