Record Debt Near 100 Million Amid Industry Downturn

Why I recommend starting with a light-asset model: it’s easy to exit, and losses aren’t devastating.

In theory, running childcare centers or kindergartens is a highly profitable business. But when faced with uncontrollable events like a pandemic, such ventures become extremely vulnerable—especially if they lack sufficient cash reserves.

Why has Zhihu improved recently? Because despite recording a loss of 700 million yuan over the past year, its revenue is growing and it still holds 7.4 billion yuan in cash.

Never underestimate the risks of force majeure. Always keep reserves you can rely on to weather crises, and always have an exit plan ready.

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