English translation of the Chinese post originally published 2020-10-09. Translated 2026-11-05 with AI assistance. Historical figures and claims have not been updated or independently verified. 中文原文
Full text — English translation
Source and Verification Limitations (November 2, 2026):
The post identifies 春澗資本 and 陳慶森. Its WeChat link currently indicates account migration, and the same original text was not obtained for comparison. Other articles by the same author cannot substitute for this source. The 3% willingness figure is hypothetical or rhetorical, not a statistic; the applicable scope of legal generalizations such as fiduciary duty has not been verified.
Sources and reference links (subject to the scope explained above):
https://mp.weixin.qq.com/s/ZnKpiNW 4 a 7 Uj-7 uI 39 R 5 fQ
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Explain your project’s value clearly so investors understand the size of the opportunity.
Many founders feel misunderstood while fundraising, thinking, “Ignore me today and tomorrow I will be out of your reach.” Entrepreneurship is hard, particularly early on, when you have nothing. Work to earn recognition, belief, and support rather than set yourself against investors and refuse communication.
Investors’ money does not come from nowhere, and investing is not charity. They bear fiduciary duties to limited partners and responsibility for their fund’s survival. From their perspective, missing an investment is preferable to making the wrong one.
Investors do not yet know whether they will earn a return, but founders immediately gain control of the capital. Investors can easily end up paying for someone else’s mistake.
Their caution and defensiveness make patient explanation essential. Help them understand the scale of the opportunity and become interested. If they do not understand, that is our failure, not theirs.
At a minimum, explaining the opportunity requires the following.
First, understand what changes and what does not. Identify external opportunities, judge trends and timing accurately, and connect them to industry characteristics and competitive dynamics.
Second, explain why your team can capture the opportunity: its background, available resources, and fit with the task.
Third, validate demand for the product.
Fourth, validate growth. Analyze the company’s unit-level business model and design it as simply and efficiently as possible. Only after refining that model can spending be effective: funding scales it. A flawed model creates enormous downstream risk and may cause the company to collapse.
Fifth, examine core competitiveness and barriers. Is time the company’s friend or enemy?
Sixth, consider where the company or industry will end up in three or five years.
The projects offer tremendous imaginative potential. We are willing to support them with capital to overcome the cold-start stage quickly, recruit strong talent, develop better technology and products, strengthen marketing, capture markets, and build advantages and barriers. A powerful positive cycle can help them seize the opportunities of their era.
In the darkest period, first believe in yourself, your business model, and the company’s capacity to grow. Without that belief, you cannot persuade investors across the table. Second, make every effort. An investor may have only 3% willingness to invest—or may refuse a meeting. Still, arrange every possible meeting and give 100% effort to persuade them in each one.
Original: 春澗資本; author: 陳慶森
https://mp.weixin.qq.com/s/ZnKpiNW 4 a 7 Uj-7 uI 39 R 5 fQ
These articles are personal notes, book excerpts, and collected reprints. Figures and events reflect the time of the original publication, are not current information, and do not constitute investment advice.
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