CZ's principles of conduct can be examined from seven aspects, including mindset, team, and product.

Binance founder Changpeng Zhao (CZ) documents some of his principles and methods in his new book, *The Binance Life*. Zhao elaborates on these principles in seven key areas: mindset, team, business and collaboration, communication, product, public relations, and leisure. The following is the original text: Mindset 1. Don't Waste Time Time is the most limited resource and must be used wisely. The key to time management is not what to do, but what not to do. You don't need to make a to-do list; truly important things will naturally emerge. You need a "don't do" list, otherwise time will be wasted unknowingly. Avoid long meetings and superficial introductions like "get to know each other" or "explore collaborations." 80% of human communication is gossip; cut it out. No fluff, no need for "I'll get straight to the point," get to the heart of the matter. No small talk, get to the point. Every meeting should have a clear purpose: What do you want? Meetings should ideally last only five minutes. No long documents, no PowerPoint presentations; a few key points and a bar chart are enough (like this document). The principle of time management applies to many other principles. Don't chase after seemingly high-level collaborations; focus on easily implementable ones first. Say no early to save time for both parties. I'm more passive in my business dealings; things usually go more quickly when others approach me. Minimize socializing; prioritize quality over quantity in friendships. I don't watch TV, news, or sports, and I don't listen to music. I'm extremely time-conscious; some even call me impolite. That's okay; I value efficiency, not politeness. Time is far more precious than money. When you truly begin to cherish time, success and wealth will naturally follow. Small changes, consistently maintained, can lead to enormous differences. 2. Don't just focus on money. Too many people desperately chase money, but end up with nothing. Don't chase money; create value. If you can create 10 points of value, only take 8. If you persist in this long-term, your wealth will be unimaginable. If you can grow your business while only taking 5 points, the money will come even faster. Making money isn't about maximizing profits from a single deal, but about leaving some room for maneuver each time, so that others are willing to continue cooperating with you. This is how you earn more in the long run. 3. Make the most of limited resources. Many things in the world are finite: health, energy, connections (team, friends, family), and time. Most cannot be infinitely expanded. You can only conserve your time and health. Regarding connections, amplify value by building a strong team; this is usually the core competency of a leader. You don't need many friends; a few close confidants are enough. I'm not a network center, and I can't maintain too many relationships—it's too time-consuming. I'll keep a few "hub-type" friends; they have extensive networks, and I can contact them when I need connections. You might notice that money isn't on this list. Money isn't a finite resource, so don't take it too seriously. Build a good reputation, and money will naturally come. 4. Uphold the Bottom Line. Moral red lines must never be crossed. If you do, you'll pay the price sooner or later. When dealing with users, always do the right thing, not the easy thing. Protect your users, and your success (and wealth) will be beyond imagination. 5. Treat People Fairly. This principle has a wide scope, covering personal relationships, interactions with colleagues, and business collaborations. I firmly believe in treating people fairly—not taking advantage of others, nor letting others take advantage of you. Easier said than done. People have subjective biases and will favor themselves. You must exercise restraint and strive for objectivity. Conversely, don't be overly weak when facing powerful individuals. If you can't maintain this balance, you won't go far, so you must learn it. 6. Establishing Long-Term, Win-Win Relationships and Cooperation "Long-term" and "win-win" have been overused, but I firmly believe in them. Success comes from long-term accumulation; to maintain healthy long-term relationships, you must achieve a win-win situation. A reasonable transaction must benefit both parties. Always be clear about what the other party wants. One-sided cooperation cannot last; you'll only be constantly seeking weaker new partners, resulting in a negative return on investment. Short-term gains are usually small; I oppose pursuing only short-term wins, as it negates long-term value, distracts your energy, and prevents you from focusing on the long term. Short-term projects themselves are time-consuming, with extremely high hidden opportunity costs. Focus on the long term and strive for greater victories. Play the "infinite game" (I recommend reading Simon Sinek's *Infinite Games*). By "short-term wins," I mean one-off gains, not small victories accumulated step by step that ultimately lead to great achievements. The latter is crucial. 7. Focus Success isn't about how much you do, but how well you do a few chosen things. Only with focus can you delve deep and thoroughly, eliminating all distractions. I have few hobbies, exercise for 30 minutes daily, and don't have many things to manage; I focus only on things with low time costs. Aside from Binance, I do almost nothing else (this was written in 2022). Unlike some extremely successful people who are CEOs of several companies, I generally don't engage in other businesses or diversify my investments (this might not work for most people, but it works for me). The risk of this is a narrow perspective and missed opportunities, but in today's information-saturated world, this is unlikely. 8. Stay Away from "Toxic" Relationships Those who are immoral, difficult, clash with your values ​​and mission, or are extremely time-consuming should be decisively removed from your life. Time-consuming individuals are the easiest to overlook. There's also a type of person with "high maintenance costs"—those who always need your attention, get upset over trivial matters, seek your chats, and repeatedly ask for approval. These people aren't inherently wrong, but I (CZ) can't handle them. I only deal with people who are easy to manage and confident. There are also talkative, gossipy people, which isn't wrong either, but I don't have time to chat, so I avoid these people as well. This will be discussed further in the communication section. 9. Positive Mindset Everyone encounters setbacks in life, whether with family, friends, or work. A positive mindset often leads to better results. I can't explain the specific reasons, but that's how the world works. There's a saying I've remembered for many years that has always been very helpful: Q: "What should I do when I hit rock bottom in life?" A: "Keep going, and you'll get out." Furthermore, as long as you firmly believe you're doing the right thing, negative voices will naturally fade, and you'll possess a positive force. This is also a major benefit of upholding your principles.

10. Take Responsibility

A correct mindset is a prerequisite for success. Be responsible for your work and have pride in it. Don't just "complete the task," treat it as your own responsibility. Don't just think about building walls; think about building a cathedral. If you don't feel like you're "building a cathedral," then you should change jobs. Think one step further about things that no one mentions but that you can proactively improve, and do things better. Take full responsibility for the results, accepting both success and failure. Truly having this mindset will lead to exceptionally excellent work performance and faster promotions. 11. Keep Learning

The world is constantly changing, and you must keep learning. Read books, live in different cities, and build a complete worldview. I rarely read news or short articles. I feel that ten-minute articles are easy to skim through and forget as soon as you finish reading. Books are more profound, logical, and have case studies. Reading for eight hours straight will leave you with truly new knowledge. I believe reading is the most rewarding way to improve yourself. I buy about three hundred books a year, but I don't read them all; I usually finish about eighty in a year. I try to write something every day, a blog post or an article (like this one). Writing helps me organize my thoughts and make my ideas clearer; writing itself is a form of thinking.

12. Be an Early Participant

I'm willing to try new things, download new apps and tools, and often push Binance to use new tools. I read books and constantly apply new principles to Binance.

This is why I entered the blockchain field early – it's a new technology related to money. Early participants often reap exponential returns while only bearing limited risk. As long as downside risk is controlled, exponential returns can be realized. Be a pioneer. Everyone can be an early participant in a certain field. For example, some people like to watch movies as soon as they are released; they are early adopters in the film industry. I usually wait for friends to recommend movies. Obviously, watching movies early doesn't mean much in life. Choose an influential field and become a pioneer there.

13. Understand the World

If you want to achieve something, you must understand how the world works. To understand how human society works, you can read "Sapiens: A Brief History of Humankind". We live in a man-made world, and everyone's world is different, equivalent to living in different dimensions. You must understand other people's perceptions. Don't look at problems in black and white; the world is rarely a binary opposition. Many people think the world is too simple and find it difficult to succeed. Look deeper; most things in reality are gradual. Finding a balance is often key, more effective than a simple "yes/no" answer. For example, some people naively believe all rules are good. Rules are made by people, and not all of them are correct. Read books like *On Laws* (1850) or *Economics in One Lesson*. Dare to question the world. The world is built by those who don't blindly believe in "common sense" or "rules." Yes, rockets aren't necessarily discarded after use; they can return and be recovered. Cars are still useful even if they can only travel on paved roads. The Earth isn't flat; money shouldn't be an asset with an unlimited supply. At the same time, understand the limitations of the world. We don't live in a perfect world. Don't fight battles you can't win; go around them, change direction, do something else. There are many things you can do in this world; focus on the positive contributions you can make. 14. Don't be fooled by labels. People like to label things to understand and adapt to the world, but labels often mislead us and limit our thinking. You need to see beyond the labels and understand the first principles—the essence and operating logic of things. For example, when you hear "company," you might think of busy office workers in a busy building. But what exactly is a company? Is it that registration document? Is it the office? Is it the employees? Is it the product? Today, a group of people can work collaboratively without registering a company, without a physical office, or even a central command, yet still cooperate efficiently and have a reasonable incentive mechanism. Another example: what is money? I've seen countless debates about "what is money." "Only government-issued money is money," "If you can't pay your bills, it's not money," "Bitcoin isn't money." I don't care whether Bitcoin can be called "money"; I only care if it's useful, valuable, and liquid. 99% of what we talk about are labels. Job titles, rankings, companies, even countries—these are all concepts (or labels) invented by humans. See through them and grasp the essence.

15. Hard Rules

There are some hard rules in the world.

Team

17. Team Over Individual

In a poor team, even the most talented individual will find it difficult to achieve satisfactory results. Conversely, in a good team, even if individual members struggle, the overall results are usually quite good. Prioritizing team interests is also the optimal choice for each member in the long run. In the short term, you may need to "sacrifice for the team," but in the long run, you will definitely benefit. 18. Rotate Teams Regularly. Don't let the organization become rigid. Give new managers more opportunities to grow and quickly replace "misplaced people" (this may bring new problems, but it's still necessary). Team structure determines system architecture; read "Team Topology." We don't want software to become rigid, and team structure needs to be adjusted regularly. 19. Internal Competition Isn't a Bad Thing. External competition always exists, and moderate internal competition is a good thing, as long as professionalism is maintained. 20. Orderly Chaos is Also a Kind of Order. This is somewhat counterintuitive and difficult to explain simply. Look at the two extremes of "chaos" and "order." Complete chaos is definitely not good, which is easy to understand. Many people believe that the more orderly the organization, the better; I disagree. Clear order certainly has many benefits: clear division of responsibilities, reduced overlap and waste, and generally higher efficiency. However, most people don't realize that excessive order often only allows an organization to efficiently accomplish one thing. Overly rigid order can be detrimental. The world is changing, and rigidly structured organizations face higher adaptation costs. Our industry is still young, and the world is changing rapidly. Rigidly structured organizations experience less innovation, less internal competition, and fewer opportunities for advancement. This doesn't mean that "chaos" is always good. Where is the balance? We operate in a constantly changing world and emerging industries, redefining traditional concepts like headquarters, companies, teams, and even money. We work remotely globally, and many traditional structures are no longer suitable. At the same time, we must maintain strict control in many areas. We handle user assets, and security, compliance, ethics, and neutrality must be strictly adhered to. We operate in a regulated environment, where compliance is paramount. An "orderly chaos" environment requires the best, most passionate, and responsible talent. Finding the balance is an ongoing challenge. The key is: chaos can sometimes be a characteristic. 21. Prioritize Local Team Building

Aim for at least one team building activity per month, but in practice, it's usually every two months due to scheduling conflicts. Having a meal together is the best way to build team—simple and effective. Organize locally, even across departments. I don't approve of flying around for team building; travel costs are high, and time costs are even greater. I don't want people to think we're just taking people around to "play." For small, geographically dispersed teams, a large team building event every 18 months can be an exception, ideally combined with existing business trips or events.

22. Provide Feedback

I provide feedback anytime, anywhere, privately or in large group chats. This is a lesson I learned from the Netflix book *Independent*. Actually, I prefer providing feedback in large group chats so others can learn from it without me having to repeat myself. Many people are surprised to receive this feedback at first, but they quickly get used to it. My feedback is always well-intentioned, aimed at solving problems and improving things. I hope to build a culture of honest feedback at Binance. I believe 99% of people don't provide enough feedback to others. In remote work, we can't see the body language of in-person meetings, so we must rely on direct, honest feedback to compensate. I really like Bridgewater Associates' DOT feedback system, and we will find a way to implement it in the future. 23. Not Much Verbal Praise If you do a great job, you might hear people say, "Well done, fantastic!" I rarely say that. Conversely, if you do poorly and I see it, you'll most likely hear my criticism. My reasoning is: We have high standards and strive for excellence; good results should be the norm. Publicizing every "small" achievement is equivalent to lowering our standards. In remote work, I can't see the performance of all teams, and I can't be comprehensive. Praising only some while ignoring others can easily lead to psychological imbalance or feelings of bias. The sense of accomplishment comes from within. The internal reward I feel when I do something well is enough. It's not efficient enough. After completing one task, I should focus on the next goal. I'm not saying this is the best method, just my habit. I think a "carrot and stick" approach is better, but I haven't figured out how to efficiently give the "carrot" in a distributed environment. Different cultures have different expectations. The *Culture Map* clearly states that Americans are generally in a "praise culture," Asians are more in a "criticism culture," and Europeans are somewhere in between. A more efficient way is to adjust compensation during the next performance review. So I also give "carrots," just less verbally. Since the first version was released, I've received a lot of feedback saying this approach is bad, and I don't object. 24. Reporting Problems vs. Spreading Gossip Reporting problems is normal, but the method matters. Spreading gossip means you complain to me privately, one-on-one, about someone without informing the person involved. Spreading gossip is unacceptable; I won't handle it and will simply ignore it. In fact, doing so will leave me with a negative impression of you (rather than the person being complained about). Reporting problems should be done in a three-person meeting: me, you, and the person you want to report. This way, I can hear from both sides simultaneously. More importantly, this forces you to have an honest conversation with the other party before contacting me. Reporting a problem only requires one meeting, while dealing with gossip requires multiple one-on-one conversations. You know my attitude towards time. Please report problems, don't spread gossip. This is difficult, but being able to express dissatisfaction with someone or something professionally is one of the key skills for success. Finding a balance—neither weak nor strong—is crucial. 25. Recruiting The team is crucial to success. In fact, for most successful people, their greatest contribution is attracting a group of talented, passionate individuals and getting them to collaborate effectively. I believe this is my greatest value to Binance. Recruiting is clearly crucial in this process. Recruit passionate people. Passion is one of the qualities I value most. We work remotely and cannot (and should not) micromanage. People without passion will slack off and eventually be eliminated. Hire people with a mission, people who want to "build a church." Mission is more important than money. Don't hire people who are overly concerned with salary and benefits. Such people are rarely driven by a mission. Compensation should be fair and reasonable. People who haggle excessively during the recruitment phase are usually "high-maintenance" employees. You know my opinion on this type of person. Hire ambitious people. Hire people who can grow in the role, not just those who "have done it before and know the ropes." Past experience is helpful in many situations, even a prerequisite in compliance positions, but the latter can easily lead to fixed mindsets and be bound by past experience. Hire doers, not talkers. Hire people who are both capable and articulate, not just talkers. Capable but not articulate doers also have limitations; they might work in narrow technical fields, but there shouldn't be too many of them in a team. Don't value titles. Don't hire people who are overly concerned with titles. This isn't a veto, but it's definitely not a good sign. Hire someone who can be your boss. Always hire the best. To win, you must be part of a strong team. Hire people who are better than you, equal to you, or even better than you. Hiring someone who can be your boss is one of the best ways to advance your career and demonstrates your maturity. If you have any doubts, don't hire them. Small doubts during the interview will always become big problems in the future. 26. Don't try to motivate people who lack self-motivation. This is like dragging a dead horse—impossible and pointless. You can't motivate people who clash with your mission and values, don't respect your leadership, or are simply lazy. People are either self-motivated or not; only work with self-motivated people. We've implemented remote work, and lazy people are prone to slacking off because there's no one constantly supervising them. But this is also a good thing. People can slack off for a day, a week, or even a month, but if they can't produce results after several months, they'll naturally be exposed. Remote work makes it easier to spot these kinds of people, and once discovered, they should be removed as soon as possible. I don't give motivational speeches; I believe those only provide short-term stimulation and cannot drive long-term motivation. 27. Lead by Example. Work hard, uphold your values, and lead by example. People see what you do, not what you say. 28. Never Micromanage. Micromanagement takes more time than doing it yourself. If you need to micromanage someone, then let them go. 29. Hire based on qualifications first, then on results. Use "years of work experience" to screen applicants, and once hired, measure performance by results. 30. Eliminate the bottom performers. I believe in "bottom-ranking elimination." I've seen many arguments against forced distribution and internal competition, but I don't agree. In my experience, high performers enjoy working with other high performers. A group of high performers working together seamlessly can be addictive. If low performers are mixed in, overall efficiency will be dragged down. Get rid of the bottom performers. I also agree with the statement in the book *Unconventional* that "a team is not a family." It may sound uncomfortable, but organizations are indeed different from families. We care about each other, but we won't carry low performers along; that would be irresponsible to the other team members. 31. Use output as the goal. Measure with output metrics (users, revenue, market share), not input metrics (tasks, features, meetings, working hours). 32. Don't take goals too seriously. Goals and goal setting have many potential flaws, which many have discussed, so I won't elaborate. These include the frustration of not achieving them, the lack of motivation after easily achieving them, and rigidity in direction. My biggest criticism of goals is: Goals are never precise or scientific enough; they are basically based on estimation. The market in our industry changes extremely rapidly. Discussing goals is too time-consuming (and extremely costly). Therefore, set a goal, work towards it, and set a new goal after achieving it. Don't be overly serious or get stuck on minor details. For example, when Binance was founded, we set a goal: to become a top ten global exchange within three years. We became number one globally in just five months, and we still didn't stop. 33. Tolerate Failure, But Not All Failure You often hear "We tolerate failure," and we also emphasize "accountability." What is the relationship between the two? Are they conflicting? I believe accountability is key to any successful team. So during debriefings, I often ask "Who is responsible?" and it must be a specific name, not the team or group. This can easily be misunderstood as "intolerant of failure," or even a "passing the buck culture." My view on failure is more nuanced: I can accept certain types of mistakes, but not all. I can accept mistakes made honestly, diligently, and proactively. I rarely punish those who take responsibility for honest mistakes. I cannot accept cover-ups, half-hearted approaches, or passing the buck to the team or departing employees. The more you cover it up, the more I will investigate. I also cannot accept complete negligence, indifference, ignorance of the situation, or inaction; I cannot accept mistakes made out of laziness. Work hard, give your all, be transparent and responsible, and there's nothing to fear.

Business and Partnerships

34. Keep Business Simple

Complex partnerships with too many variables are prone to failure, and even signed contracts are difficult to implement. Complex partnerships are hard to understand, easily leading to misunderstandings, and one party always feels they are being taken advantage of and wants to make changes. Keep partnerships simple and clear: What Party A contributes and what Party B receives; what Party B contributes and what Party B receives.

35. Say "No" to Useless Partnerships Early Too many people waste time on useless discussions about "partnerships." When your mind is occupied with these things, you don't have time to think about truly valuable collaborations. 36. Move Forward Quickly, or Abandon Either move forward quickly or reject it early; both options are viable. The worst is procrastination. The opportunity cost of procrastination is ridiculously high; it occupies your mind and prevents you from doing anything else. If things are moving too slowly, abandon them; it's not worth continuing, move on. This is especially true for business partnerships. If the other party is moving too slowly, or the partnership is too complex to finalize, it's best to stop in time to avoid future troubles. 37. Reject Exclusivity Long-term, win-win partnerships don't need exclusive clauses. People who demand exclusivity often lack confidence in their own competitiveness or the long-term value they can provide. Such collaborations might be suitable for short-term (or one-off) compensation packages, but you know my point: don't spend too much time on short-term partnerships. The world changes too fast; don't lock yourself in, you can't predict the future. Don't sign exclusive contracts; don't bind yourself, and don't expect to bind others. 38. Always Include a Termination Clause. Contracts must always include a termination clause, providing a way to exit a non-win relationship, and always retaining an option. Many people only consider optimistic scenarios when signing contracts, which is a mistake; consider the worst-case scenario—that's the meaning of a contract. 39. Always Limit Liability. Never sign contracts that could lead to enormous or "unlimited" liability. When signing contracts, consider extreme worst-case scenarios, not "normal/best-case" scenarios. 40. No Exceptions Never give any client special treatment that no one else has; always treat all clients equally. 41. Passive Business Development, Successful Partnerships I (CZ) am generally passive in business development, and this applies to my life in general. People often don't understand this or know how it works. Don't confuse this with passion. I'm passionate about what I do, but I take a passive approach to proactively reaching out to others and establishing business partnerships. I don't chase glamorous collaborations. When doing business, I usually don't actively seek out large clients or partners, spending a lot of energy teaching them about the crypto industry, personally guiding them through internal legal and board approval processes—the conversion cycle is too long. They also often demand unequal terms, resulting in a low return on investment. Instead, I prefer to partner with top companies that proactively approach me. They were already interested in entering the crypto space and wanted to collaborate with us. We just needed to finalize the methods and conditions, resulting in a much higher return on investment. Even if they aren't giants like Apple or Google, as long as we continue to accumulate small victories, larger partners will eventually come knocking on our door; it's mostly a natural progression. Other examples: I won't waste time trying to persuade people with prejudices against crypto, like Warren Buffett. I choose to communicate with people who want to learn, even if they aren't that famous. I won't go to countries or regions with negative attitudes towards crypto; I will help places willing to embrace crypto, even small countries. The core principle is: focus on collaborations that we can finalize and implement. Don't confuse this with "short-term thinking." These easily implemented collaborations, even if the partners aren't among the world's ten most famous companies, are still long-term partnerships. There are a few things to keep in mind with this approach: We must be good enough for others to actively seek us out. Fortunately, Binance currently possesses this quality, and we must maintain it. I had this mindset before Binance's success, and naturally, the results were even better after its success. We need to be good at filtering. Nowadays, many collaborations come our way, especially given Binance's current status. Choosing the best collaboration isn't as easy as it seems. Similarly, quickly grasping the core of a collaboration is a method I often use. Even so, we sometimes need to take the initiative to prevent the other party from having a "passive" mindset. When proactively contacting them, be specific and clear; if they don't respond, you know they're not interested. This is also true in life; I don't deliberately seek out celebrities, I only interact with people who proactively reach out to me. Communication 42. Say "no" early and frequently to save time. The most effective tool for saving time is refusal. Someone wants to discuss an "important" but vague collaboration, I refuse. Someone invites me to meet a big shot, but without a clear purpose, I refuse. Someone invites me to an art exhibition, I refuse. Someone invites me to F1, I refuse. A football match, I refuse… I might attend these kinds of events with friends, but the default answer is no. This saves me time for more important things, even if it's just staying in a hotel room. I can think and focus on more important things, like writing this article. 43. Communicate Concisely and Directly Always clearly state your intentions or goals: What do you want? Before explaining the background, say "I want…". The other party might agree immediately, and you won't need to explain further. 44. Write Concisely Read "The Art of Writing". I hate it when people either don't write or write too much, which means they either haven't spent time or lack the ability to organize their thoughts. For me, I don't want to see meetings longer than:

• 15-minute meetings: 3-5 key points

• 30-60 minute team meetings: half a page to a full page

• Monthly or quarterly business reviews: a maximum of 5 pages

• No PPT, no fancy slides, just text and simple bar charts

• Blogs, articles, or books can be appropriately longer

I'm still practicing writing good content.

45. Messages over Meetings There's an old saying I disagree with: "If you can call, don't text; if you can meet, don't call." I advocate the opposite: "If you can call, don't meet; if you can text, don't call." Neither approach is wrong. Meeting is better for difficult conversations, but for most everyday communication, I value efficiency over formality. You need to build sufficient trust (or credibility) with the person you're communicating with, mutual understanding, no suspicion, and a positive outlook. Most of our work is remote, so I use this approach. 46. Avoid Long Communication Chains Don't talk to people who relay information; the information will inevitably be distorted. Communicate directly with the source. In our work, we often use project managers or other managers as intermediaries; avoid overly long communication chains. Bring the source into a group or meeting, while controlling the meeting size. 47. One message, one answer. Sending multiple messages will send the recipient multiple notifications, and my waiting time for a reply may also be longer. One message, everything clear. Yes, I try to optimize my time this way. I don't like chatting with people who have "bad communication habits"; they have plenty of time, I don't. 48. Don't argue in instant messaging. Don't argue or debate in chat software; pick up the phone and communicate via video or voice. 49. Too much communication is also bad. Too little communication is bad, and too much communication is also bad. If you have to constantly over-communicate to move things forward, it means the fundamental problem hasn't been solved, and you need to address the core issue. 50. Ask Questions with Context We work in a remote environment, and many colleagues cannot meet in person, making questions easily misunderstood. When asking a question, be sure to clearly state why you are asking it. 51. Include Your Company Name Good: "We spent 40,000." Bad: "The rent was 40,000." Good: "The rent was 40,000 per year." Don't leave your company name blank and make the other person guess. There are many kinds of currencies in the world, and now there are cryptocurrencies. 52. Keep meetings brief. Meetings should be as short as possible, ideally 5 minutes. If you and your close colleagues can't manage a 5-minute meeting, it means you haven't developed a strong working relationship yet; try to achieve that. 53. Start meetings on time. Enter the meeting 1 minute early. Set your alarm for 3:59 instead of 4:00 to ensure it starts promptly at 4:00. 54. Don't introduce yourself or provide background information; get straight to the point. Avoid the old-fashioned "I'll state the key points first, then elaborate, and finally summarize" approach; get straight to the content. Don't start the meeting with "Today's agenda is...", get straight to the point. Don't ask "Can you hear me? Can you see my screen?", test your equipment beforehand, and start immediately. Don't say "Thank you for attending...", get straight to the point. Use "I/We want..." to begin. For example: We want to hire 10 more people; we need X budget. If the other party agrees, the meeting ends; there's no need for too much background or preamble. 55. Discussions with fewer than 10 people: Discussions should only involve 5-10 people who are most knowledgeable about the topic; more people are less efficient. Meetings with more than 10 people should be short meetings for quick information sharing. 56. Remove those who don't speak. If you attend a discussion and don't say a word, you probably shouldn't have attended in the first place; the meeting minutes are sufficient. 57. Write down key points beforehand. Writing down key points beforehand helps clarify your thinking. I (CZ) am a visual learner; I remember very little from what I hear. Written documents are also easier to forward than spoken content. You can search for "telephone games." Written documents shouldn't be too long; one page is enough for a 30-minute meeting. 58. Don't use PowerPoint. That's a waste of time; use key points and bar charts to show history and trends. 59. Avoid "Introductory" Meetings. I don't attend meetings that are just for getting acquainted, getting to know each other, or exploring. I'm not a hub-and-spoken person, nor am I good at maintaining too many relationships; I prefer meetings with a clear purpose. Some might think this is too "utilitarian," but it's efficient. It might offend some people, but my goal isn't to be friends with everyone, but to get things done. 60. Focus on Users. Having users is the core; nothing else matters as much. Without users, there is no value; treat users well. 61. Only Develop Products That Can Be Scalable. Only develop products that can be scaled. Start with a minimum viable product (MVP), then either shut it down, transform the business, or scale it up completely. If it can't be scaled, don't do it. 62. Everyone is a Product Manager. Everyone is a product manager. At work, you are a product manager; in life, you are your own product manager. Product development involves a lot, I won't elaborate. 63. Don't Make a Big fuss about Launches. If you don't do a big promotion on the first day of launch, problems will always arise. Wait until the system/product is running stably for about a week before doing large-scale promotion. 64. Don't Promote Empty Memos or Letters of Intent. Only promote things with tangible results, unless the promotion itself brings significant benefits. Beware of small partners who just want to use our brand for endorsement. 65. Don't Delay Releases, Announce When It's Ready. I disagree with the practice where PR teams sometimes suggest waiting until a certain date to announce prepared news. Reasons might include: it's Friday night, the news effect is poor, wait until Monday; something else was just announced, need to be staggered; wait until Christmas, when there's less news. These only cause unnecessary delays and increase subsequent work efficiency losses, far outweighing the minor optimization of "better news effect." The cost of delaying work is extremely high; postponing a release simply keeps things in people's minds for a little longer, which is unnecessary. Announce when it's ready, then move on to the next thing. The same applies to tweets. Many social media experts suggest posting at the optimal time of day, which might be helpful if you specialize in social media. I post when I have an idea; otherwise, the psychological cost of letting an idea linger in my mind for a few more hours isn't worth the so-called optimal effect. After posting, I go do other things. 66. Responding to Reporters If you don't respond, they'll report the worst-case scenario. Reply to them, keep a record, and publish it yourself if necessary. 67. Responding Quickly to Negative News Otherwise, negative news will spread unless you're certain that the media outlet can't handle the situation. 68. Decision-Making Framework Making good decisions can be practiced. I generally follow this framework: First Principles. If a decision touches on core principles, follow those principles—keep it simple and direct. Small Matters vs. Big Matters. For small decisions, make quick decisions or delegate them, then move on. Examples include where to eat or small investments—things with minimal impact. For big decisions, gather data, discuss in a group, and decide the next day. Examples include large sponsorships and investments. Reversible vs. Irreversible. Some decisions are reversible, such as developing a new feature; they can be stopped at any time, switched to other tasks, or shut down, only wasting limited time and energy. These decisions can be made quickly, with the expectation of trial and error. Some decisions are irreversible, such as large sponsorship advance payments or acquiring a large company and integrating its team; these require more caution. Am I an expert? In areas I'm familiar with (such as technology or products), I make decisions faster; in areas I'm unsure about, such as marketing, I either delegate, consult experts, or make more cautious decisions. Is the information sufficient? Small matters don't require much information; for big matters, try to obtain as much information as possible. But ultimately, we often have to make decisions with limited information. Finally, making and executing a decision is usually better than making no decision. Not making a decision is itself a decision. Rest, stay calm, relax. Someone asked me about sleep duration and jet lag, so I've added this section. 69. Sleep. I suggest finding the sleep pattern that gives you the most energy. I sleep 5-6 hours at night and usually take a 30-45 minute nap in the afternoon. I feel most energetic after a nap, followed by an hour after waking up in the morning. I do intense thinking or difficult decisions during this time, and handle daily tasks the rest of the time. A little secret: naps are also my way of dealing with jet lag. When jet lag is severe, I sleep longer; segmented sleep helps a lot. Also, relax or take a nap when you're tired. 70. Calm Personality I am calm. If others' emotional fluctuations are a 10, mine is probably a 5. I do have strong emotions, but I don't get overly excited or sad. This calm personality is very helpful in high-pressure environments, which we often face as a startup in a fast-paced emerging industry. This personality is partly innate and partly developed. I believe in "simulation theory," which is very helpful in maintaining emotional calm. Upholding high ethical standards also helps; knowing I'm doing the right thing means I don't have much to worry about, which makes me mentally strong. Knowing that I have a positive impact on the world is also very helpful. 71. Not Pursuing Luxurious Offices This might be controversial. I don't believe in the luxury office thing. I've worked in Bloomberg's offices with fish tanks, unlimited food, and massage services, but I don't think these things boost productivity or morale. It's like living in an apartment with a great view—you get used to it in two seconds, and then it's useless. I prefer a fully-equipped "office" (at home or in a hotel) with high-speed internet, an external monitor, a height-adjustable desk, and a phone holder. When traveling, I use my suitcase as a height-adjustable desk. I like to make calls on my phone while simultaneously reading documents on my laptop; it works very well for me.

72. Relaxation and Entertainment

I relax like most people. I exercise daily, do some physical activity, and enjoy snowboarding. I watch movies (usually recommended by others), visit sights in new cities, and relax with friends, eating and drinking. I don't pursue luxury goods, luxury cars, or jewelry, although my lifestyle is considered quite good by most people. I travel frequently, stay in nice hotels, and am sometimes invited to lavish parties (which I usually don't enjoy). I like gadgets: phones, cameras, drones, and even smartwatches with so many functions I don't need them.