With images and videos, we talk about Jack Ma who failed in, class 4th two times, scored only 1 out of 120 in college entrance exam in maths. was rejected in all of the 30 jobs he applied after college and still built the largest ecommerce company in China, Alibaba. Who is Jack Ma? What is Alibaba? Quotes of Jack Ma.
Who is Jack Ma?
Ma Yun (Chinese: born September 10, 1964), known professionally as Jack Ma, is a Chinese business magnate who is the founder and executive chairman of Alibaba Group, a conglomerate of Internet-based businesses with nine major subsidiaries: Alibaba.com, Taobao Marketplace, Tmall, eTao, Alibaba Cloud Computing, Juhuasuan, 1688.com, AliExpress.com and Alipay. To know more about Alibaba click here.
He is one of China’s richest men, as well as one of the wealthiest people in Asia, with a net worth of US$47.8 billion, as of November 2017. He has become a global icon in business and entrepreneurship, one of the world’s most influential businessmen, and a philanthropist.
Ma is a true rags-to-riches story. He grew up poor in communist China, failed his college entrance exam twice, and was rejected from dozens of jobs, including one at KFC, before finding success with his third internet company, Alibaba.
He and his siblings grew up at a time when communist China was increasingly isolated from the West, and his family didn’t have much money when they were young. After then-US president Richard Nixon visited Hangzhou in 1972, Ma’s hometown became a tourist mecca. As a teenager, Ma started waking up early to visit the city’s main hotel, offering visitors tours of the city in exchange for English lessons. The nickname “Jack” was given to him by a tourist he befriended.
Without money or connections, the only way Ma could get ahead was through education. After high school, he applied to go to college — but failed the entrance exam twice. After a great deal of studying, he finally passed on the third try, going on to attend Hangzhou Teacher’s Institute. He graduated in 1988 and started applying to as many jobs as he could.
He received more than a dozen rejections, including from KFC, before being hired as an English teacher. Jack Ma applied for 30 different jobs and got rejected by all. “I went for a job with the police; they said, ‘you’re no good,'” Ma told interviewer Charlie Rose. “I even went to KFC when it came to my city. Twenty-four people went for the job. Twenty-three were accepted. I was the only guy…”. In addition, he applied 10 times for Harvard and got rejected.
He started a translation service business. Upon his first visit to the United States in 1995 as a translator, to help a Chinese firm recover a payment, Ma got introduced to the Internet. Ma’s first online search was “beer,” but he was surprised to find that no Chinese beers turned up in the results. It was then that he decided to found an internet company in China.
He and his friends decided to lunch a site about China and Chinese products online, known as “Chinapage”, or China Yellow Page that listed Chinese businesses and their products. Within the same day, he began to receive emails from people around the world requesting that they partner up. That experience taught Ma about the incredible power of connectivity.
Later, believing that “Chinapage” will get better funding, Ma partnered with a government entity that had majority control. Unfortunately, that entity brought along the rigid bureaucracy that stifled away many of Ma’s visionary projects and frustrated him; which led to Ma’s eventual departure. Ma took up a government job for a short period at the ministry of foreign trade and economic cooperation.
In 1999, after leaving the government job, Ma took a second bite at internet-based business ventures by grouping 18 people (including himself and his wife) at his home and sold them a dream to found Alibaba with the goal of facilitating international trade for small and medium ventures based in China.
Company lore has it that Ma came up with the name “Alibaba” while sitting in a San Francisco coffee shop. In “Ali Baba and the Forty Thieves,” a secret password unlocks a trove filled with unbelievable riches. Ma’s company has, in a way, revealed the potential of small and mid-sized businesses across the globe.
In 2003 Ma launched an online auction site named “Taobao.com”, charging zero commission, and took on a multinational e-commerce giant, eBay.
Ma succeeded in getting Yahoo to invest a sizable USD 1 Billion for a 40% stake in Alibaba in 2005.
In September 2014 Alibaba became one of the most valuable tech companies in the world after raising $25 billion, billion in an initial public offering (IPO) on the New York Stock Exchange the largest initial public offering in US financial history.
What is Alibaba?
Alibaba is China’s biggest online commerce company. Its three main sites, Taobao, Tmall and Alibaba.com, have hundreds of millions of users and host millions of merchants and businesses. Alibaba’s platforms allow consumers and businesses to buy and sell virtually anything from luxury leather jackets to prefabricated container homes creating a virtual bazaar. “Our mission is to make it easy to do business anywhere,” Alibaba said in its IPO filing.
Alibaba started as an online marketplace for businesses to sell their products to other businesses. Alibaba later rolled out Alipay, an online payment service, to facilitate transactions in a country where few people had credit cards. Alipay later became Ant Financial, the financial subsidiary that Ma also controls. Today, Alibaba’s empire encompasses e-commerce, online banking, cloud computing, digital media and entertainment — and even a corporate messaging service. The company owns or holds stakes in some of China’s most important media assets, including the Twitter-like social media site Weibo and the Hong Kong-based English-language newspaper The South China Morning Post.
Alibaba handles more business than any other e-commerce company. Its online sales and profits surpassed all US retailers (including Walmart, Amazon and eBay) combined since 2015. It also orchestrated China’s Singles’ Day into the world’s biggest online and offline shopping day, with its own sales reaching over US$25.4 billion on 11 November 2017
Alibaba was the biggest US IPO in history. On 18 September 2014, Alibaba’s IPO priced at US$68, raised US$21.8 billion for the company and investors
Video on Alibaba
A 4 minute video by CBNC Explains on Alibaba. To know more about Alibaba you can read Wall Street Journal Alibaba
Quotes of Jack Ma
“If you don’t do it, nothing is possible. If you do it, at least, you have the hope that there’s a chance.”
“It doesn’t matter if I failed. At least I passed the concept on to others. Even if I don’t succeed, someone will succeed.”
Today is cruel. Tomorrow is crueller. And the day after tomorrow is beautiful.
The very important thing you should have is patience.
Before I left China, I was educated that China was the richest, happiest country in the world. So when I arrived in Australia, I thought, ‘Oh my God, everything is different from what I was told.’ Since then, I started to think differently.
Trust the young people; trust this generation’s innovation. They’re making things, changing innovation every day. And all the consumers are the same: they want new things, they want cheap things, they want good things, they want unique things. If we can create these kind of things for consumers, they will come.
I think the young generation is always better than the last generation. No matter you like it or don’t like it. My father said, ‘Jack, I’m so good, you’ll never be’ – but I’m better than him. My father is better than my grandfather. My children will be better than us.
I’m not a tech guy. I’m looking at the technology in the eyes of my customers, normal people’s eyes.
I call Alibaba ‘1,001 mistakes.’ We expanded too fast, and then in the dot-com bubble, we had to have layoffs. By 2002, we had only enough cash to survive for 18 months. We had a lot of free members using our site, and we didn’t know how we’d make money. So we developed a product for China exporters to meet U.S. buyers online. This model saved us.
If we are a good team and know what we want to do, one of us can defeat ten of them
Jack Ma Motivational Video: Believe in Your Dreams
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Which businessman do you admire? What do you think of Jack Ma? Which characteristic of Jack Ma do you like?