At 7 p.m. on August 11, Lei Jun's 2022 annual speech was officially held. Within an hour, Lei Jun, founder, chairman and CEO of Xiaomi group, told his story at the low point of his life. It is worth noting that while Lei Jun is telling his story of low ebb, the mobile phone industry is also experiencing an unprecedented recession crisis. From August 10 to 11, manufacturers including Xiaomi, Samsung, Motorola and oppo launched self rescue actions one after another, and released their differentiated mobile phone new products, so as to seize the mobile phone market in the second half of the year in advance. Never underestimate the importance of the tuyere. "Entrepreneurship requires a little luck and judgment of the general situation. Never underestimate the importance of the tuyere." Lei Jun said. The theme of Lei Jun's speech is "feeling through the low valley of life", which describes the difficulties he encountered when he was young, such as product failure, business collapse, and the company almost closed down. In 1992, Jinshan WPS software was particularly popular, and it was installed on almost every computer at that time. Qiu Bojun, the founder of Jinshan, was a software hero at that time. However, Jinshan is facing great hidden worries. Microsoft and other companies have entered the Chinese market one after another. Jinshan must immediately develop a new set of office software to survive. Jinshan named the new project Pangu in the hope that it could make a breakthrough on the windows platform. Lei Jun said, "we have taken out almost all the company's assets.". In April 1995, the WPS Pangu project was finally completed, but the sales volume after the product was launched was miserable, less than 1 / 10 of the expected. By the beginning of 1996, the sales volume of Pangu had not improved, and it was difficult to pay wages. At that time, as the general manager of Beijing Jinshan, Lei Jun, 26, felt helpless. "In the worst month, there was only a few hundred thousand yuan in the account, and it was very difficult to pay the next month's salary. Because he could not pay the salary, he could not sleep all night.". Lei Jun, as the R & D director, found a largest software store in Zhongguancun to sell goods in person. Through several days of observation, Lei Jun realized that the purpose of sales is not to explain the truth to users, but to make users comfortable. Later, he found a huge user demand through the station store, and then developed a series of best-selling software such as "Introduction to computer", which made Jinshan find a way to live. Lei Jun said that when his life was at a low ebb, he almost wanted to change his career to open a bar. Then, Lei Jun mentioned that when the first wave of the Internet was rising, he wanted to enter the market by acquiring an enterprise, but after the acquisition of Netease failed, Lei Jun decided to do it himself. In May 2000, zhuoyue.com was officially launched. Lei Jun decided to build an online book and audio-visual store. His previous experience of selling goods in the store and his accumulated retail understanding were used. In two or three years, zhuoyue.com became the largest B2C e-commerce at that time. However, due to the financial crisis and the Internet foam, and because the capital market environment is too poor, zhuoyue.com can't raise any money, so it can only be sold to Amazon in the end. Lei Jun said that during that time, he tried not to use the things of excellence. He tried not to buy things from excellence. He also tried to avoid seeing old colleagues. In the process of trial and error,