01. 网友：请教大道：什么是商业模式和企业文化？
01. Netizen: I would like to ask Mr.Duan what's business model and corporate culture.
段永平：商业模式简单讲就是公司赚钱的模式。好的商业模式是有护城河的，举个极端的例子就是海关（虽然这不是通常意义的商业模式）。企业文化就是企业里这帮人的使命，愿景和核心价值观的东西。（2019－03－14）
Duan Yongping: Simply put, a business model is the way a company makes money. A good business model has a competitive advantage and an extreme example would be customs (although this is not the usual meaning of a business model). Corporate culture refers to the mission, vision, and core values of the people within the company. (2019-03-14)
02. 网友：对于投资者来讲，“商业模式”与“经营者的品德”哪个更重要？
02. Netizen: For investors, which is more important, "business model" or "the character of the operator"?
段永平：right business，right people这两者都很重要。如果不是right people，多数情况下无法维持right business。（2013－04－24）
Duan Yongping: Both "right business" and "right people" are important. If you don't have the right people, it's difficult to sustain the right business in most cases. (2013-04-24)
网友：我过去没有想得这么长远，又学到宝贵的知识了。请问维持right business主要是靠right people建立的“好的企业文化”吗？
Netizen: I haven't thought about it from such a long-term perspective before, and I've learned valuable knowledge. Is it mainly through establishing a "good corporate culture" with the right people that a right business can be maintained?
段永平：没有好的企业文化很难维持，但有好的企业文化也未必就一定能维持住的，因为也可能会有战略错误导致企业完蛋的，尤其是小企业。（2013－04－20）
Duan Yongping: It's difficult to sustain without a good corporate culture, but even with a good corporate culture, it doesn't necessarily guarantee sustainability because strategic mistakes can also lead to the downfall of a company, especially for small businesses. (2013-04-20)
03. 网友：一直以为护城河是确定未来现金流的唯一办法，现在看来似乎并不是唯一，或者说只是确定未来现金流的一部分而已，企业文化是另外一部分。我想问一个问题，如果企业现在不错但原来的CEO（首席执行官）退休了，换了新的最高决策层，您是否会卖出或者随时准备卖出来谨慎的观察一下新的决策层的表现呢？又或者认为企业文化跟这个新的CEO关系不大呢？
03. Netizen: I always thought that a competitive advantage is the only way to determine future cash flow, but now it seems that it's not the only way, or maybe it's just a part of determining future cash flow, and corporate culture is another part. I have a question: if a company is doing well but the original CEO retires and a new top decision-making layer takes over, would you consider selling or be prepared to sell and cautiously observe the performance of the new decision-making layer? Or do you think that corporate culture has little to do with the new CEO?
段永平：企业文化可以看成是护城河的一部分。换CEO对任何公司都是会有影响的，但企业文化强大的公司往往能选出好的CEO，从而能让公司继续好下去。
Duan Yongping: Corporate culture can be seen as a part of the competitive advantage. Changing CEOs will have an impact on every company, but companies with strong corporate cultures tend to select good CEOs, which enables the company to continue thriving.
04. 网友：认识步步高是从“步步高”那首歌开始的，现在都还记得，15年了，步步高在家电这个几乎没有护城河的行业里生存并一步步走的更高，真的很不错。恭喜了！祝福步步高早日找到一个好的盈利产品，成为“有能力且走运”的公司。
04. Netizen: My awareness of BBK started with the song "Bu Bu Gao," and I still remember it after 15 years. BBK has survived and achieved higher levels in the home appliance industry, which is an industry that hardly has a competitive advantage. It's really impressive. Congratulations! I hope Bu Bu Gao will find a profitable product soon and become a "capable and lucky" company.
段永平：其实我们是有一条看不见的“护城河”的🤫。（2010－09－21）
Duan Yongping: Actually, we have an invisible "moat". 🤫 (2010-09-21)
网友：步步高广告中的视听享受、对产品高品质的执着追求、对消费者需求的不断满足，本分专注，在别人不屑一顾中坚持不懈。所有这些是构成“护城河”的要素吗？
Netizen: The audio-visual enjoyment in BBK's advertisements, the persistent pursuit of high product quality, the continuous satisfaction of consumer demands, staying focused and persevering when others overlook it— are all these elements that make up the "moat"?
段永平：最重要的是正直和诚信。广告应该不算吧？（2010－09－22）
Duan Yongping: The most important factors are integrity and honesty. Does advertising count? (2010-09-22)
05. One apple a day keeps the doctor away.
段永平：个人观点，巴菲特说的 the right kind of business, with right people, at right place 这三点在苹果上体现的非常充分，拿着能睡好觉。
05. One apple a day keeps the doctor away.
Duan Yongping: In my personal opinion, the three points that Buffett mentioned - the right kind of business, with right people, at right place - are fully reflected in Apple. Holding their stock can help you sleep well at night.
the right kind of business 指的就是好的生意模式，好的生意模式建立在强大的企业文化上。
The "right kind of business" refers to a good business model, which is built on a strong corporate culture.
本人喜欢苹果生意模式的很重要的一点来自于自己在消费电子20多年的体验，苹果是我一直梦寐以求但似乎难以达到的生意模式，现在居然可以就这么实现了，why not？
One important factor that I like about Apple's business model comes from my experience in the consumer electronics industry for more than 20 years. Apple's business model is something that I have always dreamed of but seemed difficult to achieve. Now it can be achieved, so why not?
有一个小小的发现：我发现多数关心苹果的投资者（无论多空）都有点太在意苹果眼前的东西了，其实一两个季度的表现没那么重要。（2011－01－22）
One small discovery: I found that most investors who care about Apple (no matter how indifferent) are too concerned about Apple's current situation. In fact, the performance of one or two quarters is not that important. (2011-01-22)
06. 网友：请教：“好的生意模式是建立在强大的企业文化上。”这句话是不是一个关键，不管是企业还是个人，只要能有强大的“文化”好的“生意模式”迟早会到来。是这个意思吗？
06. Netizen: May I ask, does the phrase "a good business model is built on a strong corporate culture" mean that as long as there is a strong "culture," a good "business model" will come sooner or later, whether it is for a company or an individual?
段永平：所谓好的企业文化大概指的就是“利润之上的追求”，但“利润至上”绝不可能成为好的企业文化。好的企业文化未必能形成好的生意模式。个人觉得好的生意模式一定是要有好的企业文化做支撑的，所以是“必要条件”。但好的企业文化不是拥有好的“生意模式”的充分条件。（2013－02－12）
Duan Yongping: The so-called good corporate culture probably refers to the "pursuit beyond profits," but "profits first" can never become a good corporate culture. A good corporate culture may not necessarily form a good business model. Personally, I think that a good business model must be supported by a good corporate culture, so it is a "necessary condition." However, a good corporate culture is not a sufficient condition for having a good business model. (2013-02-12)
07. 网友：好的生意模式需要有好的企业文化，不过只有好的企业文化不一定有好的生意模式，是这样的吗？
07. Netizen: A good business model needs a good corporate culture, but only having a good corporate culture does not necessarily lead to a good business model. Is that correct?
段永平：对，特别好的生意模式也是可遇不可求的，而且机会一旦错过就没了。不过，没有好的生意模式也是有可能成为一家不错的企业的。
Duan Yongping: Yes, especially a very good business model also cannot be easily found, and once the opportunity is missed, it's gone. However, it is still possible for a company to become a good one even without a good business model.
08. 网友：请教一下。东莞步步高从电话机，到家教机，再到手机，都挺成功的。虽然步步高的电子产品经常要持续更新换代，商业模式没有茅台酒好，但是步步高企业一直发展得很好。步步高应该是得益于你构建的特别优秀的企业文化。从这个角度，如果碰见一个拥有优秀企业文化的公司，即使是商业模式一般（比如电子行业，竞争都挺激烈，绝大部分护城河没有白酒高），也是挺值得投资的？或者说企业文化甚至跟商业模式一样重要，甚至更重要？
08. Netizen: I have a question. Dongguan BBK has been quite successful, from landline phones to home tutoring devices, and now smartphones. Although BBK's electronic products often need continuous updates and its business model is not as good as Maotai liquor, the company has been developing very well. BBK should benefit from the excellent corporate culture you have built. From this perspective, if we encounter a company with an excellent corporate culture, even if its business model is average (such as the electronics industry where competition is fierce and most moats are not as strong as liquor), would it still be worth investing in? Or is corporate culture as important as, or even more important than the business model?
段永平：企业文化也非常重要，不然很难维持好的商业模式。我们公司的商业模式过去确实没那么好，直到做了智能手机。（2019－05－05）
Duan Yongping: Corporate culture is also very important; otherwise, it would be difficult to maintain a good business model. Our company's business model was not that great in the past until we started making smartphones. (2019-05-05)
09. 网友：技术可以copy（复制），生意模式可以copy，唯独企业文化不能copy。
09. Netizen: Technology can be copied, business model can be copied, but corporate culture cann't be copied .
段永平：生意模式可以copy吗？copy一下goole或者苹果试试？好的商业模式是包括企业文化在里面的，非常非常难copy。
Duan Yongping: Can you copy a business model? Try copying Google or Apple then. A good business model includes corporate culture; it is very, very difficult to copy.
10. 网友：您对那些生意模式和企业文化能力二缺一的企业怎么看呢？一是比如茅台这样的，生意模式让人叫好，企业文化和能力实在是太蹩脚了；二是像步步高这样的，文化和能力一流，生存的行业竞争激烈。从长期来看，缺失文化和能力的生意模式护城河会逐渐变窄。企业文化和能力应该是最核心最坚固的护城河吧。（2011－05－08）
10. Netizen: How do you view companies that lack either a good business model or strong corporate culture? For example, Maotai has a commendable business model, but its corporate culture and capabilities are poor. On the other hand, companies like BBK have outstanding culture and capabilities but operate in highly competitive industries. In the long run, the moat of a business model without culture and capabilities will gradually narrow. Shouldn't corporate culture and capabilities be the most essential and solid moat? (2011-05-08)
段永平：虽然我不是很了解茅台，但不是很同意你说的茅台企业文化和能力很蹩脚的说法，但可能不是你想象的那种文化或完美吧。
Duan Yongping: Although I am not very familiar with Maotai, I don't agree with your statement that Maotai has a poor corporate culture and capabilities. However, it may not be the type of culture or perfection you imagine.
很难想象一个没能力和没企业文化的公司能够建立一个好的生意模式。如果茅台没有企业文化，茅台的产量早就上去了，用不了等这么多年。（2011－05－09）
It's hard to imagine a company without capabilities and corporate culture being able to establish a good business model. If Maotai didn't have corporate culture, its production volume would have increased long ago; it wouldn't have taken so many years. (2011-05-09)
11. 网友：乔布斯辞去苹果CEO职务转任公司董事长，阿段怎么看这条新闻对苹果的影响？
11. Netizen: Steve Jobs resigned as CEO of Apple and became chairman of the company. How does Mr. Duan view the impact of this news on Apple?
段永平：苹果的文化和生意模式已建立，其中短期的影响可以忽略。10年以后的事就不知道了，但由于其文化在，应该还是比平均要强。（2011－08－25）
DuanDuan Yongping: Apple's culture and business model have been established, and the short-term impact can be ignored. I don't know what will happen in 10 years, but because its culture is still there, it should still be better than average. (2011-08-25)
网友：乔布斯之后，您觉得苹果还能继续有良好的战略吗？有人认为乔布斯之后会导致公司要么聚焦力减弱、要么离心离德。您怎么看？像您离开步步高一线之后，公司的战略制定有没有让您生气过？
Netizen: After Steve Jobs, do you think Apple can continue to have good strategies? Some people think that after Steve Jobs, the company will either lose focus or become disoriented. What do you think? Like when you left BBK, were you ever angry about the company's strategic decisions?
段永平：乔布斯不可替代，但没有乔布斯的苹果依然是强大的苹果。苹果的企业文化和产品以及生意模式已经建立，除非苹果内部有人跳出来破坏这种文化，我认为相当长的时间里不会发生。至于我们公司，我不当CEO已经有10年了，我觉得比我当CEO时已经发生了很大的进步，我没啥不满意的。（2011－09－01）
Duan Yongping: Steve Jobs is irreplaceable, but Apple without Steve Jobs is still a powerful Apple. Apple's corporate culture, products, and business model have been established, and unless someone within Apple comes out to destroy this culture, I think it will remain for a considerable amount of time. As for our company, I haven't been CEO for 10 years, and I think there has been significant progress since then. I have no complaints. (2011-09-01)
12. 网友：可口可乐的护城河核心是不是企业文化？因为百事可乐也不错，口味都不一样。对它们来说产品的配方应该不是很重要的护城河。
12. Netizen: Is Coca-Cola's core of the moat its corporate culture? Because Pepsi is also good, and their flavors are different. For them, the recipe for the product probably shouldn't be a very important moat.
段永平：配方如果是的话也只能是一小部分。企业文化肯定是重要组成部分，还应该有更多东西，肯定不是一个单一指标。（2010－06－14）
Duan Yongping: Even if the recipe is a moat, it can only be a small part. Corporate culture is definitely an important component, but there should be more things. It is definitely not a single indicator. (2010-06-14)
13. 网友：我想寻找值得超长期10年、20年、30年投资跟随的公司。您认为一个企业值得这样投资最核心的点是什么？一家公司的企业文化，价值观、企业使命在投资决策中占比权重有多大？
13. Netizen: I want to find a company that is worth investing in for a super long-term period of 10, 20, or 30 years. In your opinion, what is the most critical point for a company that is worth such investment? How much weight should be given to corporate culture, values, and mission in investment decisions?
段永平：好的企业文化可以为好的商业模式保驾护航，甚至可以帮助发现好的商业模式，但我没想过权重的问题。这是个过滤器，没有权重的概念。（2019－05－23）
Duan Yongping: A good corporate culture can protect a good business model and even help discover good business models, but I haven't thought about the weight of it. It's a filter, and there is no concept of weight. (2019-05-23)
14. 引用：Warren Buffett Quotes （巴菲特引述）
We want managers who tell the truth, and tell themselves the truth——which is more important.
段永平：这条讲的就是对的人。投资最重要的的3点：right kind of business, right people, right price. 前面两点尤其重要，从长期的眼光看（或者叫未来现金流折现的角度看），价格合适就可以了。（2012－11－17）
Duan Yongping: This quote is about finding the right people. The three most important things in investment are the right kind of business, the right people, and the right price. The first two are especially important, and from a long-term perspective (or from the perspective of discounted future cash flow), the price just needs to be appropriate. (2012-11-17)
ps:“好的企业文化可以为好的商业模式保驾护航，甚至可以帮助发现好的商业模式。”“投资最重要的的3点：right kind of business, right people, right price. 前面两点尤其重要，从长期的眼光看（或者叫未来现金流折现的角度看），价格合适就可以了。”