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前言：做一个草根投资人和创业者的变形金刚
为什么要创业？
创业是一个非常艰难和孤独的过程
我有一个梦想
第一部分 天使投资的本色
第1章 真正的天使投资都是Fools 天使投资，创业者的3F “商业天使”与“亲友天使”的区别
【附录1】美国风险投资人的九大谎言
第2章 天使投资的本色之一：创新 要创新，但不要太空级的创新 创意摧毁 中国人缺乏创新，还是在赚辛苦钱 专利不等于保险，但没有也不行 C2C (Copy-to-China) 山寨来中国，未必可行 山寨和盗版横行霸道，严重同质化 创新路漫漫，投资人与创业者需共同努力
【附录2】美国创业者的十大谎言
第3章 天使投资的本色之二：识人
创业者和投资人要具备高情商 创业者和投资人要具备高财商 创业者的学历、性别、年龄与成功与否有关吗？ 吃苦耐劳，勇于克服先天或自身不足 善用时间，注意身体，知足者常乐
【附录3】中国投资人的六大谎言
第4章 天使投资的本色之三：避险，不是冒险
不要做“伪”天使和“傻”天使 要提防泡沫，要慎防投资纯概念项目 借鉴巴菲特的传统投资理念 天使投资六大理念
【附录4】中国创业者的十二大谎言
第二部分 融资前的准备期
第5章 融资的选择与时机 早期公司不应依赖融资，自己赚钱才是硬道理 比融资更重要的是建立可靠的商业模式 了解自己所处的融资阶段，了解投资人需求
第6章 种子或启动阶段的融资选择
天使投资人 孵化器和民间第三方创投平台 当地政府高科技园区的政策扶持和奖励计划
第7章 获得投资人的青睐
选择合适的投资人进行融资 创业者要想方设法吸引投资人 创业者要主动融入投资人的“圈子”
第三部分 投融资中的经营期
第8章 投融资1：项目准备、接触投资人和持续沟通
写给创业者融资前的工作安排：前期项目包装 写给投资人投资前的工作安排：前期尽职调查
第9章 投融资2：谈判和草拟投资意向书或投资条款清单
准备投资意向书或投资条款清单的目的 投资意向书或投资条款清单 资本工具 a：可换优先股 (Convertible Preferred Stock) 资本工具 b：普通股 (Common Stock) 资本工具 c：可换股债券 (Convertible Debt) 资本工具 d：借贷 (Loan) 投资人权益
第10章 投融资3：早期公司的估值概念
你可以融到多少钱？ 创业者对早期公司估值的概念 投资人对早期公司估值的概念
第11章 投融资4：传统公司和早期公司的估值方法
估值基础认识 传统估值方法 早期公司的估值方法 估值上市和非上市公司的比较 估值终结
第12章 投融资5：谈判、尽职调查和执行投资协议
投资协议条款的谈判 尽职调查 财务尽职调查 尽职调查完毕，给出结论建议 尽职调查要特别留意诚信和道德的缺失 投资协议 签订和执行投资协议，成交
第四部分 投融资后的退出期
第13章 保持良好的协作
珍惜投资人的钱 遵从诚信义务 要自信，但不要自负 融资后要完善公司制度，激励员工 创业者和投资人要尽可能发挥双方的最大潜能 保持谦卑心态，避免专横跋扈 双方要具备开放的胸怀，善于合作与分享 双方要具备持久的耐力和执行力，勇于承担和挑战 双方要提高素质，树立良好形象 双方共同进退，避免出现分歧 创业团队要避免分裂，要长期保持激情
第14章 上市、收购兼并和破产等退出机制
当项目成功时的退出 当项目尚未成功时，等待退出机会 当项目失败时的退出 寻找下一个大机遇
【附录5】美国和日本天使投资市场概况 【附录6】网佳创投的使命 【附录7】投资协议模板
Preface: To Be a Grassroots Investor and Entrepreneur Transformer
Why Start a Business?
Building a Business is a Very Difficult and Lonely Process
I Have a Dream
The First Part: The True Nature of Angel Investment
Chapter 1 True Angel Investors are Fools
Angel Investment, Entrepreneurs' 3F
Differences between "Business Angels" and "Friends and Family Angels"
[ Appendix 1] Top 9 Lies of American VCs
Chapter 2 The True Nature of Angel Investors -- First: Innovation
Be Innovative, but Not Space-Grade Innovation
Creative Destruction
Chinese Lack Innovation. Still Make Hard-Earned Money
Patent is not Insurance, but Cannot Do Without it
Copy-To-China (C2C) Concept May Not Be Feasible
Knockoff and Piracy in China is Widespread, Homogenization Problem is Serious
Innovation is a Long Road Ahead, Investors, and Entrepreneurs Need to Work Together
[ Appendix 2] Top 10 Lies of American Entrepreneurs
Chapter 3 The True Nature of Angel Investors -- Second: Know People
Entrepreneurs and Investors Need to Have High Emotional Intelligence (EQ)
Entrepreneurs and Investors Need to Have High Fortune Quotient (FQ)
Education, Gender, Age of Entrepreneurs Related to Success ?
Work Hard. Have Courage to Overcome the Congenital Deficiencies and Shortcomings
Make Good Use of Time, Pay Attention to the Body, Contentment Brings Happiness
[ Appendix 3] Top 6 Lies of Chinese Investors
Chapter 4 The True Nature of Angel Investors -- Third: Avoiding Risks, Not Taking Risks
Don't be a "Fake" Angel and "Stupid" Angel
Beware of Bubbles, Beware of Investing into Pure Ideas
Learn From Buffett's Traditional Investment Philosophy
Six Philosophy of Angel Investment
[ Appendix 4] Top 12 Lies of Chinese Entrepreneurs
The Second Part: Preparation Prior to Financing
Chapter 5 Financing Selection and Timing
Early-Stage Companies Should Not Rely on Financing. Making Your Own Money Is the Absolute Truth
Establishing a Reliable Business Model is More Important Than Financing
Understand Your Own Fund Raising Stage. Understand the Needs of Investors
Chapter 6 Seed Or Startup Financing Options
Angel Investors
Incubators and Non-Government Third-Party Venture Capital Platform
Policy Support and Incentive Programs from Chinese Local Government Hi-Tech Parks
Chapter 7 Attract the Investors' Attention
Choose the Right Investors for Financing
Entrepreneurs Should Find Ways to Attract Investors
Entrepreneurs Should Take the Initiative to Integrate Into the Investors' "Circle"
The Third Part: Operating Period of Investment & Financing
Chapter 8 Investment & Financing 1: Company Preparation, Get in Touch with Investors and Ongoing Dialogue
Tasks for Entrepreneurs Before Financing: Initial Deal Packaging
Tasks for Investors Before Investing: Preliminary Due Diligence
Chapter 9 Investment & Financing 2: Negotiation & Drafting of Letters of Intent or Term Sheet
The Purpose of Preparing Letter of Intent or Term Sheet
Investment Letter of Intent or Term Sheet
Capital Instrument A: Convertible Preferred Stock
Capital Instrument B: Common Stock
Capital Instrument C: Convertible Debt
Capital Instrument D: Loan
Investors Rights
Chapter 10 Investment & Financing 3: Early Stage Company Valuation Concepts
How Much Money Can I Raise?
Entrepreneurs' Concept of Valuating Early-Stage Companies
Investors' Concept of Valuating Early-Stage Companies
Chapter 11 Investment & Financing 4: Valuation Methods for Traditional Companies & Early Stage Companies
Understand Valuation Basis
Traditional Valuation Methods
Valuation for Early Stage Companies
Comparison of the Valuation of Publicly Listed and Private Companies
Valuation Summary
Chapter 12 Investment & Financing 5: Negotiations, Due Diligence, & Execution of Investment Agreement
Negotiation of the Terms of the Investment Agreement
Due Diligence
Financial Due Diligence
Completion of Due Diligence. Conclusions and Recommendations
Due Diligence Should Pay Special Attention to the Lack of Integrity and Ethics in China
Investment Agreement
Signing and Executing the Investment Agreement. Transaction
The Third Part: Exit Period after Investment & Financing
Chapter 13 Maintain a Good Collaboration
Treasure Investors' Money
Comply With Fiduciary Duty
Be Confident, Not Conceited
After Funding Should Improve Corporate Governance to Motivate Staff
Entrepreneurs and Investors Should Try to Maximize Potentials of Both Parties
Be Humble. Don't Be Overbearing
Both Sides Should Have Open Mind, Good Cooperation and Sharing
Both Sides Should Persevere, Have Enduring Execution, and Have Courage to Commit & Take On Challenges
Both Sides Should Improve Professional Quality and Establish a Good Image
Both Sides Work Hand in Hand. Avoid Differences
Founding Team Should Avoid Fracture. Should Keep up the Passion
Chapter 14 Going Public, Mergers & Acquisitions, Bankruptcy, etc Exit Mechanism
Exit When Company is Successful
When Company Has Not Been Successful, Wait for Exit Opportunities
Exit When Company Fails
Looking for the Next Big Opportunity
[ Appendix 4] Top 12 Lies of Chinese Entrepreneurs
[ Appendix 5] Overview of the American and Japanese Angel Investment Market
[ Appendix 6] Mission of Webplus Ventures | 
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