Editor’s note: This article was first published in September 2014, and its figures and context are from then: Alibaba’s IPO as the largest in stock market history, and Jack Ma as China’s richest man with a fortune of 25 billion.
By now I think Jack Ma needs no introduction. Just 15 years ago, this billionaire started from nothing, launching his idea in a small apartment with the help of 18 friends who joined the Alibaba project, a company that has just staged the largest IPO in stock market history.
“Valuing what matters” was the title of the presentation he gave yesterday in New York City, which offered a closer look at how he thinks and at the qualities and skills that have brought him success at the world’s largest e-commerce company. To give you an idea, Alibaba is worth almost as much as Amazon and eBay combined.
He is described as relentless, probably the most valued quality whether we are talking about business or a professional career.
Jack Ma’s business lessons
1. When the business is starting out
“When you are small, you have to be very focused and rely on your brain, not your strength.” Obviously, every big company starts out as a small company up against the giants of the day. And against the giants, we can’t play on their turf and take on their strengths.
You have to look for the weaknesses of big companies and turn those weaknesses into your strengths. It is the fastest way to carve out a place in the industry. Small businesses can still offer customers something the big player has long forgotten.
2. More money, bigger problems
The more money you have, the more worries you will have, especially when the money belongs to investors. “If you have 1 million, you’ve been lucky. If you have 10 or 100 million, you have a problem, because you are responsible to the people who trusted you and your idea.”
See also: What entrepreneurs wish they had known before starting their business
3. Dream big, but work like the little guy
He founded the company in 1999 in his apartment, but with a dream of greatness. And Jack Ma knew that if he wanted to see that big dream come true, he would have to work harder than anyone. “Today we are successful because we did a great job yesterday. We had a dream 15 years ago, and we believed the internet could help small businesses. We have made sure it does, with a lot of hard work and effort.”
4. Help young people
What you plant in a young person’s mind is the seed that will grow, and those young people will change the world. “Help young people who want to succeed, and remember that small is beautiful to watch grow.”
5. Teamwork
“If we are a good team and we know what we want to do, as a unit, each one of us can defeat ten of them.” Part of the success of Chinese entrepreneurs lies in teamwork.
6. On competition
“You should learn from your competitors, but never copy and only copy, because then you will die as a company.” It is said that innovation is sometimes just copying an existing business idea and improving it. Of course, many companies focus only on copying and copying, and then wonder why they haven’t succeeded. The answer is simple: “What you were offering already existed. You were just an imitator.”
The rest of his words, advice and business lessons are the already well-known ones: “Have passion for what you do, be persistent and never give up in the face of problems.” Although I think we are all very clear on that already.
*It is said that Jack Ma decided to found Alibaba shortly after being fired from a McDonald’s, which makes him an example of how losing your job can sometimes turn out to be a blessing that forces you to be more creative. According to some media outlets, he is now China’s richest man, with a fortune of 25 billion.
Further reading
- Jack Welch: 10 wise lessons in business and leadership
- 18 business lessons you will learn sooner or later
- 5 lessons about entrepreneurs and happiness
Featured image: JD Lasica from Pleasanton, CA, US, CC BY 2.0, via Wikimedia Commons.
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