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Even as they look to grow internationally, the emphasis has been on enabling merchants to accept WeChat Pay from Chinese tourists and cross-border e-commerce shoppers on a global scale. In contrast to American tech behemoths like Facebook and even other Chinese companies like TikTok, WeChat’s growth strategy is focused on domestic users. WeChat Pay has payment options for a number of different in-store and online scenarios, and along with Alipay, it’s one of the top mobile payment systems in China. It allows users to quickly make payments with their smartphones wherever they are and leave their physical wallets at home. While the fact that this feature is part of the larger WeChat app is unique, the overall digital wallet concept is similar to that of Apple Pay and Google Pay. WeChat Pay is a payment feature that is integrated within the WeChat app. This means there is no current ban on the use of WeChat Pay in the United States. Due to courts blocking the orders, they never took effect.Įarlier this year, current President Joe Biden withdrew these executive orders from his predecessor, although he did order a new commerce department review of WeChat and other Chinese apps to investigate any potential security concerns. In August 2020, former President Donald Trump issued controversial executive orders that attempted to block new users from downloading certain Chinese-owned apps like WeChat and TikTok, and also prevent the processing of WeChat Pay transactions for US citizens. So how does WeChat Pay work? And why should businesses based in the US offer WeChat Pay at checkout? WeChat Pay Ban: Where Things Stand Nowīefore we go over the nuts and bolts of WeChat Pay, you may have heard that WeChat and WeChat Pay were banned in the United States. 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If your main goal is becoming wealthy ASAP or advancing up the ladder as quickly as possible, you should look elsewhere. Venture capital is a “get rich slowly” job where the potential upside lies decades into the future. Junior VCs, such as Analysts and Associates, spend more of their time on sourcing and deal execution, while senior VCs, such as the Partners, spend more of their time on portfolio company support. Most venture capitalists spend the bulk of their time on the first three tasks in this list: sourcing, deal execution, and portfolio company support. Internal Operations and Other Tasks – These include administrative tasks, such as hiring for jobs in investor relations, accounting/legal, and IT, and improving internal reporting and deal tracking.Fundraising and LP Relations – Helping the firm raise new funds, reporting to existing Limited Partners (LPs), and finding new investors for future funds.Networking and Brand-Building – Attending events and conferences, publishing content online, and speaking with others in the industry, such as lawyers and bankers who work with startups.Portfolio Company Support – Helping portfolio companies with everything from recruiting to sales & marketing to engineering to fundraising and administrative and financial issues.Deal Execution – Conducting due diligence on potential startup investments, analyzing their markets and financial projections, and negotiating deal terms.Sourcing – Finding new startups to invest in and making the initial outreach. You could divide the job into these six areas: Venture capitalists spend their time on this process of raising funds, finding startups to invest in, negotiating deal terms, and helping the startups grow. Since the risks are so high, VCs expect most of their investments to fail.īut if they find the next Google, Facebook, or Uber, they could earn exceptional returns even if all their other portfolio companies fail. Most of these high-growth-potential companies are in technology and healthcare, but some VCs also invest in cleantech, retail, education, and other industries. Then, they aim to grow these companies and eventually exit via acquisitions or initial public offerings (IPOs). Venture capital firms raise capital from Limited Partners, such as pension funds, endowments, and family offices, and then invest in early-stage, high-growth-potential companies in exchange for equity (i.e., ownership in the companies). We’ll dig into the reality of the job here, including the work itself, an average day on the job, the hierarchy and promotions, salaries and bonuses, and more: What Do Venture Capitalists Do? Then, company executives do the work, you “monitor performance,” and you cash in when the company gets acquired or goes public.Īs you’ll see, the venture capital career path in real life is more complex and challenging than its portrayal in the media. You meet with amazing entrepreneurs all day… dig into their businesses… and then decide who will receive a 7, 8, or 9-figure check from your firm. If you go by the news, movies, and TV shows, venture capital careers seem glamorous.
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