Jack Ma is a Chinese business tycoon who is the founder and executive chairman of Alibaba Group. Jack Ma turned 52 on Sept. 10, 2016, and is currently worth US$28.3 billion. We all are wondering that that is some big number and how he made such money? But guess what, Jack Ma once used to make $12 per month as an English teacher and was still happy with that. But what Jack Ma has achieved in his life is practically unbelievable considering his beginnings. He has failed many times but still stayed optimistic and kept on believing in his dreams and vision.
Jack Ma just like many has also failed at times but always made sure that he has his head held high, so let’s look at some of his failures
All about the early life of Jack Ma and his idea “Alibaba”.
Jack ma faced strong issues related to his employment opportunities after graduation in the early 1990s, Ma stayed on his English to teach at the local university he attended and to start a translation service business. On his first visit to the United States in 1995 as a translator, Ma was introduced to the internet and learned about it. He was shocked to found out that there was no one from China on the World Wide Web. He figured out the opportunities internet can give to China and its enterprise to get connect to the world. Jack ma with his friends launches a page called “ChinePage” to give information about the Chinese enterprises. He learned the power of connectivity when he received many emails relating to partnering up with them.
Ma when working in government in later 1990s built important connections with influential people that he thought may impact his life and business later, he got to know the founding member of Yahoo, Jerry Yang and get 1 million USD to invest in Alibaba later.
Ma suggested to not work with the governments mostly as he once said “be in love with governments but do not marry them’. In 1999, after leaving the government job, Ma started the next step for internet-based business ventures by teaming 18 people (including himself and his wife) at his home and introduce them a dream idea to found Alibaba. Alibaba was emanated from Ma’s idea of using the internet to facilitate business activities for Chinese SMEs and to provide SMEs big opportunities.
Jack ma while sipping coffee in San Francisco heard the story of Alibaba and 40 thieves, which pitched the idea of helping the Chinese SMEs to get the platform in the world and show their potential ideas all over the world. Yes, Ali baba didn’t just happen to be successful, it was unprofitable till first 3 years and was 1.5 years away from being bankrupt, Alibaba was expanding and doing activities all around the world very quickly, which shakes the things at first. It doesn’t matter that how many times you have failed but what matters is how many times you have believed and tried one more time. Failures do not define you but it tells you what you have done wrong and what you should not do the next time. Failures tell you the cautions and teach you lessons.
As Ma says: “If you don’t give up, you still have a chance. Giving up is the greatest failure.”
Alibaba unlike other internet commerce company does not sell good and hold merchandise but it acts the medium to provide the stage for buyers and sellers to promote and find goods for their purpose. It takes annual fees and commissions from large merchants and advertising fees from small ones. This idea is now one of the most profitable ideas on the earth.
All entrepreneurs and business leader must learn from Jack Ma that how he started from so small as just an English teacher, later made a team of 18 people and 60000$ investment to turn his dream into reality. Today with a market value of $231 billion, Alibaba the online retailer is nearly as valuable as Wal-Mart and bigger than Amazon and eBay combined.
Jack Ma was aware of one thing that he will never stop and he will keep on believing and will try hard for his vision and dreams. Jack Ma learned the importance of English soon and used to guide foreigners around the city so that he can learn and practice the language.
Early stage Of Alibaba
Jack ma tried to raise funds in Silicon Valley but kept on receiving denials, moreover, his idea was being criticized for being unprofitable and unreasonable by most people. But Ma was successful in getting invest via Goldman Sachs and Softbank for USD 5 million and USD 20 million, respectively,
In 2003, when Alibaba was still unprofitable, Ma and his mates launched a page with “Taobao “to provide with commission free trade and compete with multinational company eBay, who was already big in china. In 5 years Ma won the Chinese market and eBay had to leave china.
Jack Ma closed all international branches and focused mainly on Chinese business market to set up an example for the world. He wanted Chinese SME’s to be more profitable and successful in all ways.
Alibaba just a 6 years old company who got invest of USD 1 Billion from Yahoo, managed to throw eBay out of china and worked again on international growth strategy. Alibaba was valued for 2.5 billion USD later.
Big problems lead to big opportunities. China’s lack of brick and mortar infrastructure has always been an invincible hurdle for the big nation’s small business merchants. Alibaba solved that and now accounts for 80% of the country’s e-commerce.
Innovation comes from unique and inspiring individuals who do everything differently. We all want to change the world and make big money, want to help other and create innovative and unique ideas to help the world and earn big in life but only who have the motivation, power, believe and vision can make the bigger changes in the world. We all need the real passion and craziness to something enormous which amaze the world in unbelievable ways.
Alibaba unlike other internet commerce company does not sell good and hold merchandise but it acts the medium to provide the stage for buyers and sellers to promote and find goods for their purpose.
It takes annual fees and commissions from large merchants and advertising fees from small ones. This idea is now one of the most profitable ideas on the earth.