Jack Ma Biography

Jack Ma, founder, and president of the Alibaba Group is the richest man in China, according to Forbes.

Ma Yun o Jack Ma, born September 10, 1964 in Hangzhou, Zhejiang, China.

Jack Ma
Just do what you master, invest your time in being excellent at what you are already good at. It’s too late to experiment with new disciplines

He grew up in a poor family and was educated in the strict rules of Marxism that governed the schools of communist China.

From an early age, he was interested in the English language. I studied it every day, practiced talking to foreigners at the Hangzhou Hotel. I traveled daily, about an hour by bicycle, to get to the hotel.

For 9 long years, he was a tour guide in exchange for practicing the American language, a circumstance which, in keeping with a pen-pal friendship, gave him a nickname that came from his friend.

Jack was his nickname, it was easier for his foreign friends than his real name.

He tried to get into college, and after four attempts, he was able to attend Hangzhou Teacher’s Institute, now known as Hangzhou Normal University, where he graduated in 1988 with a BA in English.

While a student, he became the leader of the student council. After graduating he became a lecturer in English and International Trade at Hangzhou Dianzi University.

He subsequently enrolled at the Cheung Kong Business School in Beijing (CKGSB), where he graduated in 2006.

Business Start-ups

This businessman, who at first seemed destined to fail, managed to turn his luck around and go from being an English teacher to an IT geek, a pioneer of the Chinese network.

“Alibaba was not a thief. He was a kind and intelligent businessman who helped the people of the village.

For its ease of spelling and global recognition, Alibaba opens sesame’ for small and medium-sized enterprises,” said Jack Ma in Beijing during an interview for CNN’s Talkasia program in 2006.

Since then, his company has catapulted itself as one of the most lucrative companies in the Chinese Internet.

Davos 2015 – An Insight An Idea with Jack Ma

A conversation with Jack Ma, Founder and Executive Chairman of Alibaba Group, on leadership, entrepreneurship and the future of commerce

Beginnings of Alibaba

He once said that his idea was born when he lived in the United States and wanted to buy a Qingdao beer, and when he couldn’t find it, he thought that there should be a website that would link commercially to the planet. Coming from the factory of the world, the idea seemed more than logical.

So he chose the name Alibaba, for its ease of being understood in any language, and like many Silicon Valley startups, the first source code of his portal was created in the living room of his home, in the company of some of his friends who believed in his project. He was 35 years old.

Today, the company has reached such a point that a few weeks ago it became the largest initial public offering on the stock exchange in history, for 25 billion dollars, and is one of the most quoted companies worldwide in the area of Internet services.

His friends are now the group’s vice-chairmen and he is the richest man in China.

However, Ma Yun, as Jack Ma is called in Mandarin, did not have a bright future and does not look much like the American IT geek.

The University

Ma failed her college entrance exam twice and only managed to get into English at Hangzhou Normal University on her third attempt.

“I would describe him as idealistic, optimistic, competent, innovative and resilient. He studied to be a teacher and that was his first job.

That’s why I think he measures his life by the effect he has on others,” said Porter Erisman, vice president of Alibaba between 2000 and 2008, during an interview for China Connect.

Already a graduate, with further teacher training and just two years after IP connectivity arrived in China, he created China Yellowpages in 1995.

This yellow pages portal is considered the first internet company in China, and because of its early innovation it is positioned as the pioneer of the internet.

One of the secrets of its success is that it has gone ahead to explore this virgin territory in the most populous country on the planet.

How the idea of Alibaba was born

His idea of commerce came to him when he lived in the United States and he couldn’t find Qingdao beer on the Internet, and he thought there should be a website that would link commercially to the planet.

The first source code of your portal was created at home by friends who believed in your project. In the beginning, he focused on the B2B (business to business) sector, which would revolutionize the way of doing business with China.

The company, which he founded together with 17 partners (in the end there were only two left), manages around 80% of China’s online trade.

Its clients range from large international brands to small artisan companies.

He was the first businessman from mainland China to appear on the cover of Forbes and recognized as the richest Chinese man in the world after Alibaba Group’s IPO on the New York Stock Exchange.

The company became the largest initial public offering on the stock exchange in history, for $25 billion, becoming one of the world’s most quoted companies in the area of Internet services.

Small steps

In 1999 he founded Alibaba, not knowing that this would be the project that would catapult him to fame. His first steps were small.

At first, he focused on the B2B (business to business) sector, which would revolutionize the way of doing business with China.

This simple idea grew like foam when a platform connecting all Chinese companies looking to sell abroad with foreign companies wanting to buy Chinese products became operational.

In addition, it facilitates contact and searches and, more importantly, offers purchase security with creative points and evaluation system for each Chinese company.

This young man from Hangzhou gave the solution to companies to sell abroad, saving costs and above all establishing trust between customer and seller, in a map of doubts in front of Chinese companies by widespread stories of robberies and scams.

After this platform emerged parallel businesses and services that made your company a large group of the network.

Perhaps one of the most important was the Alipay service, which works similar to Paypal, but designed for the mentality of the Chinese.

Today it has more than 700 million registered users and a record 105 million payments made in 24 hours.

The Creation of Taobao

After the consolidation of Alipay, the creation of another great homerun in China followed, which is Taobao, China’s most important B2C and C2C portal, which uses the same points and rating system as Alibaba offered confidence to consumers and taught them to shop online.

It sells more than 800 million products and has an average of 600 million users. Almost the same number of cybernauts in China.

Taobao is already the tenth most visited page in the world and the third in that country.

Alibaba’s online commerce

Today, Alibaba is not just an online trading tool. Thanks to a chain of mergers and acquisitions initiated in 2005.

The $231 billion in value represents a business conglomerate that has influence in the fields of media, transport logistics, electronic mapping, data analysis, and communications.

The company, which he founded together with 17 partners, moves around 80% of China’s online trade.

Its customers range from large international brands to Latin American companies that sell local products such as wool or seafood, or manufactures such as clothing or auto parts.

Currently, the only company that handles a volume of merchandise comparable to Alibaba is Walmart.

Yahoo Sales

Over time, Ma managed to reduce Yahoo!’s role in her company. In September 2012, Yahoo sold almost half of its shares for $7.1 million, and today finally owns only 22.6 percent of Alibaba.

According to Matt Levine, Bloomberg’s columnist, Alibaba could, through stock and cash purchases, acquire Yahoo! without paying a single cent, as his expenses would be balanced by Yahoo!’s investment in Alibaba.

The Chinese giant would spend some money that it would eventually recover through the purchase. It’s a financial’open sesame’.

Indeed, the company seems to work magic: “When I did my first interview with Alibaba in May 2000, there were no more than 50 people working in Ma’s apartment,” Erisman said. “A month later there were 150, and when I left the company in 2008, there were about 15,000 workers.

Today, Alibaba employs 24,000 people in 70 cities in China, Japan, Korea, Great Britain, and the United States.

The company is valued at $228 billion, according to Factset, ranking 13th among the world’s most valuable companies.

Strong leadership

“Jack Ma understands the local Chinese culture and market situation very well. He is a person who pays a lot of attention to detail and has a strong leadership, which fits very well into the Chinese business environment.

He also has a very strong connection with decision makers in the Chinese government,” Baniel Cheung, a professor of economics at the University of Hong Kong, told EL TIEMPO.

“This has facilitated its rapid development, as it has convinced the government that it has a strong mission to support local companies in developing e-commerce.

Ma understood a need for the Chinese entrepreneurship that did not have the capacity to internationalize and offered them a solution with Alibaba.

He then understood the gap in the country’s internal e-commerce and designed a response with Taobao. Ma has always been one step ahead of the Chinese market and has demonstrated this with all the services of its conglomerate, ranging from online payment systems to microblogs.

Last year he resigned as executive director of Alibaba because he considered himself an”old man”. At the age of 48, Ma gave way to young people to lead her company.

At that time it was thought that he wanted to pursue something much larger, and the signals came from June 2012, when he withdrew the company from the Hong Kong stock exchange. It was said that he wanted to go public in New York. That’s what he did.

According to Forbes, after the initial public offering on the New York Stock Exchange broke records, Ma’s fortune grew to $20 billion.

Jack Ma’s Management Councils

Before age 20

Learn and gain experience

Before age 30

Follow a leader. Try to have a good boss (someone you can learn from). Work in a small company because in a large one you will only be a part of the gear and you will not learn anything. It’s time to learn many things at once, with passion and discipline.

Between 30 and 40

Decide if you want to work for others or create your own project, It’s time to get started.

Between 40 and 50

Just do what you master, invest your time in being excellent at what you are already good at. It’s too late to experiment with new disciplines

Between 50 and 60

He works for people younger than you because they can do better. Trust and invest in them

From the age of 60

Go to the beach and get some sun. It’s too late to change

20 Things You Didn’t Know About Jack Ma

Jack Ma’s Curiosities

  1. He was a bad student
  2. She learned English at the age of 12
  3. He was rejected from Harvard 10 times
  4. I didn’t know what he wanted to do with his life after college.
  5. It was rejected from KFC
  6. Mistress Forrest Gump
  7. As a teacher, I earned $15 a month
  8. First introduced to the Internet in 1995
  9. He was kidnapped and threatened with a gun
  10. His first entrepreneurial adventure ended in failure
  11. He presented Alibaba at a video meeting from his small apartment
  12. The name”Alibaba” comes from a children’s story
  13. While Alibaba was growing up, Ma and her team made mistakes.
  14. Alibaba holds the record for most money raised in an IPO
  15. But Ma wishes Alibaba had never gone public.
  16. He says he doesn’t know much about technology
  17. She loves to act
  18. He’s the second richest person in China.
  19. He retired as CEO of Alibaba because he felt too old
  20. After leaving the position of CEO, Ma refocused her efforts on social issues

In an interview with the Financial Times, Ma shared what she planned to do after leaving office.

“In China, due to water, air, and food security problems, we will face many health problems in 10 to 20 years, including increased cancer.

A great book I recommend is this.

Alibaba: The House That Jack Ma Built (English Edition)
  • Duncan Clark
  • Ecco
  • Edición Kindle
  • Edition no. 0 (04/12/2016)
  • Inglés

 

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