Daily Inspiration: The Jack Ma story
He started his company with $20,000 that his wife and his friend helped him raise. He is the richest man in China, and the 18th richest man in the world, with an estimated fortune of $29.7 billion.
His Early Life
He was born on 15th October 1964, at Hangzhou, located in the southeastern part of China as Ma Yun. He has an elder brother and a husband. He and his sisters grew up at a time when Greek china was isolated by the west, and his household did not have a lot of cash when he was still young.
Ma Yun, now called Jack ma, was a rebellious child who frequently utilized to get into conflicts with his own classmates. He liked collecting crickets and making them was able to differentiate the exact size and type of cricket just by the noise it made.
As a teen, he taught himself English volunteering to assist tourists, so he could converse with them to earn some money in return.
How he got his name? The nickname Jack was granted to him by the tourist he befriended. Without connections or money, the only way Ma can get forward was through education.
After high school, he applied to go to college but failed the entrance exam twice.
He graduated in 1988 and started applying to as many jobs as he could. He was greeted with more than a dozen rejections including KFC.
He started off with a 12$ job at a local university. At the world economic forum in 2016, Jack Ma revealed he was rejected from Harvard 10 times.
The Birth of Alibaba
During his trip to the US in 1995, he was captivated by the internet upon his first use then, even though he had no prior experience with computers or coding.
Though his first two ventures failed, four years later he gathered 17 of his friends in his apartment and convinced them to invest in his vision for an online marketplace called ‘Alibaba’.
The site allowed exporters to post products listings that customers could buy directly.
By October 1999, The company had raised $5 million from Goldman Sachs and $20 million from Softbank, a Japanese telecom company that also invests in tech companies.
Soon, the service to attract members from all over the world.
He has always maintained a sense of fun at Alibaba. When the company first became profitable, Jack Ma gave each employee a can of string to go wild with.
In 2005, Yahoo invested $1 billion in Alibaba in exchange for about 40 % stake in the company.
This was huge for Alibaba as that time it was trying to overtake eBay in China and it would eventually be a win for Yahoo too, netting $10 billion in Alibaba’s IPO alone.
The most interesting part of the story is not how large he has attained, but the path that he took.
Alibaba signifies a close ridiculous 80 percent of China’s online commerce and it is bigger than eBay and Amazon combined. He is a household name in China.
His Life lessons for Success :
We keep our dreams, we believe in it, no matter how big your dream is, we must make little tiny steps beforehand. In an interview, Jack Ma says, ”When I graduated from University and before, you know, for 3 years, I attempted fully into the universities. I went for police, they said no you are not good. I applied for Harvard, for 10 times, rejected. Nowadays young people, a lot of young people lose hope, shed vision and begin to complain. We also have the same problem. It isn’t a good feeling to be rejected by so many people. In addition, we feel depressed”.
”There’s no such version like Alibaba in the USA, so I told myself and people We are much better than people thought And those people that are specialists of riding horses, they all fell down and I am still living. So many people I talked to at the time for Alipay they say, this is the stupidest idea you have ever got. We have 800 million people using this Alipay. My advice to young people, any mistake is a wonderful revenue for you. So I taught to myself and that I taught many young people – before the age of 20, be a fantastic student, when you are below 30 years old, follow somebody, go to a small company. Normally in a big company, it is good to learn the process, you are part of a huge machine. However, when you go to a small company, you will learn the passion, you will learn the dreams, you will learn how to do a lot of things at one time.
”So, before 30 years old it’s not which company you go, it’s which boss you follow. It is quite important. A good boss teaches you otherwise. From 30-40 years old you have to believe very clear, if you’re working for yourself, in case you really want to be an entrepreneur. When you are 40-50 years old, you need to do all of the things you are good at, do not attempt to look or jump to the new location. It’s too late. You may be effective but the speed of dying is too large. So 40-50 think about how you can focus on things that you are good at. So rely on them, invest on them making sure they’re good.”
Keep your dreams alive and keep the hustle going. Feel free to hang out in the comments section.