In 2015, I went to China with friends from Silicon Valley to explore business models, but our attempt to adapt a successful US model for local restaurants didn't succeed due to differing ecosystems.

Our only significant failure was in China, where a partnership with Baidu did not work out, leading us to withdraw from the market after mutual agreement to shut down the business.

We chose not to acquire a competitor because I didn't like their culture; I believed our mission-driven approach would outlast their profit-driven one.

We sent a co-founder to China to build a mobile team because we needed to move faster and couldn't develop it internally.

When acquiring companies, we look for alignment with our culture and mission; if a potential acquisition does not fit our values, we will not proceed, even if the service is appealing.

We struggled in China for nearly a decade, facing significant financial losses until Belinda Wang joined and changed the course of Starbucks in that market.

After realizing that property management companies were not aligned with our values, we refocused on offering primary home experiences, which enhance the guest's stay.

In 2015, we initially focused on hyperlocal fashion, but learned that fulfillment is crucial, leading us to pivot towards a marketplace model that better serves small shop owners.

Building an advertising business that respects our community's values was a priority, ensuring it harmonized with our mission.