Billionaire Jack Ma Shares Some Priceless Life Lessons for Entrepreneurs
Elevate Your Potential Magazine
so 25 years old Don’t worry any Mistake is that income is a wonderful revenue for you so I tell myself and told my young people Before 20 years old be a good student Where do intrapreneur just to learn some experience before 30 years old? Follow somebody Go to a small company Normally in a big company. It is good to learn processing you are a part of a big machine But when you go to small company, you learn the passion you learn the dreams you 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’s very important a good boss teach you differently and Before from 30 to 40 years old you have to think very clearly Were you working for yourself? if you really want to be interpreted when you’re 40 to 50 years old you Have to do all the things that you are good at don’t try to drop into the new area It’s too late you may be successful, but the rate of dying is too big so 40 to 50 think about how can focus on things that you are good at but when you are 50 to 60 years old work for the young people Because young people can do better than you so rely on them invest on them making sure they’re good So when you s over 60 or so spend time for yourself on? the Beach sunshine Right it’s too late way to change normally but I visit by by a device to the young people tWenty-five years old Make enough mistakes. Don’t worry you fall You stand up you fall your step enjoy it. I’m it’s only five years. Oh it. Enjoyed. The show in do it I? Didn’t have a rich father tried three times for university all filled I Apply for however for ten times all filled. They’d only want to see me for the last time I went to the teachers college which was Considered the third or four class of my fitting To apply jobs of Thirty times I’ll reject it. It was so difficult at that time I was so frustrated because I taught in the university my pain was ten dollars a month Because I could not find a good job in 1990 foot Discussed that I’m going to do something called internet and 23 of them I guess that they said this is stupid idea we have never heard by the internet and you know nothing about computer and I never thought I was smart nobody believed that I could be successful Because everybody said well this guy thinks differently singer crazily you know they think about something never worked I try to borrow 3,000 us daughter from the banks took me three months But I still cannot get it we talked over 30 or 40 venture capitalists. Everybody said no forget it a Lot of people said Alibaba is a terrible model As I said I believe it. I think this thing could be big I never thought you will be that big like today I believe that something, something is waiting for me there and I have to work hard to prove myself That was the tough experience so we gather 50,000 us dollars from 18 fighters we started For the first three years we do not have even one dollar revenue from our business. What’s not easy? Why it keeps the going ahead? going forward because I received lots of email of thanks from the customers They say this is such a great thing we cannot obtain you But this thing’s helped us if you keep on helping us one day you will be successful And I believe this little by little we build up our business little by little we’re good about Ecosystem of the Infrastructure and now after 16 years we have a alibaba group who have a team or group? We have a tarball group where we pay and people said you are so smart, how could you make a company like that? Bill Gates Warren Buffet the Jack Welch Very page mark Zuckerberg the difference between those people and other people. They are always Optimistic for the future they never complained they always tried to solve the problems of the others When you’re up to Mr.. It’s always opportunity People same here today, Jeff. Where is the opportunity I don’t have a job I don’t have this I don’t have a debt We are at them back to time of the century the best assets. You have is that you are young Don’t complain let the other people complain The opportunity Lie always lies where people complain think about how you can make things different is there anything I can do that make the difference and Then when you think about this study do it I saw a lot of people young people have a fantastic ideas every evening But in the morning they go to the opposite again being entrepreneur you have to do the things before the other people Do you have to wake up before the other people wake up you have to be more brave than the others? Use your instinct everything you do is to the need of the customer To everybody to any person tomorrow is new Make the move make the action Whether investors believe it is or not whether your friends believe it or not whether your parents believe it or not That’s not important. You believe it your team believe it and work day and night on this that’s how the things happens Make enough mistakes. You fall you stand up any mistake. Is that income is a wonderful revenue? Don’t worry about the money money follow the people people should follow the dreams If you have a dream just to go ahead I Think nobody can conquer the world we only can serve the world Either work for the others or work for yourself, and I choose the way work might for myself Working for myself that means working for the society if you really want to work with yourself Think about the others because only when the other people are successful when the other people are happy you’ll be successful You will be happy I think today people worry a lot about the world about the economy China economy in the world and I’m a very optimistic When people start to worry that that is the opportunity is but I worry about the blood testing and she created Good things and I think great innovations Great Company’s always happening in the tough times Lives like the music you have a pivot down you have a longer shot nodes And I like the American movie life life is like a box of chocolate you never know what you’re going to get right? So I’m pretty optimistic The opportunity in the future for equality is huge because in the in in the last Century the it is for big companies the globalization is for big companies But now with the technology we can serve those 80% of the companies that never been served We can serve the 80% of the young people that never serve Technology for internet is so cheap so easy to use one of the reasons why we grow in China e-Commerce so fast much faster than the us because our Infrastructure of Commerce in China was too bad Why it is too bad something happening goes today? We are working on the rural areas of China. I can never imagine that China But 800 million people still live in the rural areas of Farmers and They’re about close to 200 million people they are incomes less than one dollar per day and before the internet it’s Impossible for these guys to reach the PC because it’s so difficult even people like me I don’t know how to use in PC But now 80 stand up the farmers those will be using mobile phones when have the mobile phones the internet The Data things change it a lot, so I’m excited about the future people always worry That’s the you know I love the young kids sitting there and talking about the dream their hopes because if they have the hope we have the hope That’s what I believe and Let’s just take What you do? And I loved every description. I’ve ever heard you about how you serve people and Your story about the Bamboo farmers and your wife and her friends. It’s tagless, but where’s this going? What are you going to do? What are your plans? To maximize the use that people in remote rural areas of China Can make of their cell phones besides ordering your projects, how are you going to get it? Are you going to get them in the banking system through cell phones? how well We we never know that we can’t grow so fast the path to five miles we covered 4500 Villages and These people not only they a using very Traditional way that it takes them like two of we went to the rural area it took them the farmers two hours to work to the downtown in in the middle of the town and buy things but today Because the mobile phone and we deliver we can deliver things to their home to their Village within 72 hours I remember there’s a, well, last week. I read a very interesting if this is chant amazing There is a girl she told me a story She said her grandfather 92 years old birthday and for his life. He always wanted to try one Western-Style food But he lived in the rural areas. There’s no such restaurant food. So she said I tried on the internet booked a restaurant dinner for Western food delivered to that village And finally, immediately find one restaurant there are three guys they took like a three-day bus from the from Shanghai to that Village made a italian spaghetti and beef for them for the 92 Years old birthday And whole Village was excited everybody says wow you can order food, West– Western-style food so [you can] buy almost everything and also we are helping there a lot of Farmers they plant love apples Great apples But 90% of the apples route it because there’s nobody by allah they normally buy by track you know if you sell the the apples this our whole track and using a traditional way, they can they can sell by whole basket of the apples, but now because of the internet the sell by one by one each apple to sell $1 o in a 190 or 200 for each so the farmers of the using internet they can buy and sell Using a mobile phone that change their lives, and I think it’s exciting And people need examples when they see well the other my neighbor’s maker made money through online to selling things my neighbor made you know by much interesting things online people start to learn and More people started by the mobile phones we cannot have we cannot make all the factory the mobile factories To sell phones to them only they know the mobile phone really works helping change their lives is to divide Mobile phones Just one more question and then do you think this will make? the current problems like a current problem in China less likely that is if We’ll have more market information in the market will drive where the investment goes Instead of the government trying to make judgments about I better build another housing development, or office development here there yonder And you wind up with a bubble well it comes from the bottom up is it more likely that fewer bad things will happen yeah, they know, I think the Last week I was in Seattle discussing about the China ah nummy. I think the you american people worry too much about the China economy well, you see Every time where you start to worry about the china China goes better every time you think Chinese are in problem You know we’re good. You know we’ll get better, but we never say however you have a high expectation er trying to always a problem Like a parents of the expectation of the kids you know at the same But there’s a big difference between the American consumption because people say wow you know the economy is bad So China consumption will be good look no totally different. You American love to spend it tomorrow’s money and The other people’s money maybe all maybe the Kudus money we chinese love to save money We are probably the largest Country under the safe deposit in the whole world that will people because we’ve been poor for so many years when we meet money We’re put in the banks because Sunday We know the disaster is coming so we can spend the money. So when the economy’s bad We still have the money to spend you guys probably don’t you worried? and The second thing is the China being if marketing China being focusing on developing for path to 30 years China government, so strong on Investment so strong on exporting but they are too weak on the domestic consumption domestic consumption is not driven by governments driven by entrepreneurship Driven by the market not the government, so in the past two years past 20 years government is so strong Now they get a week. It’s our opportunity It’s our show time To see the market economy Entrepreneurship how we can develop the real? consumption I think we’re if the China developed a great consumption we have a 300 million Middle class in next 15 to 20 years We’re going to have been a middle class. We need to import a lot So when we start to import? That’s a great. It’s going to I worry a lot when we act when we export. We’ve got a terrible sky We have a terrible water we have a terrible environment when we start import we got to be better So that’s all the great opportunity guys be happy about that I’m serious. We’re that serious. I’m them We worry about yourself. Don’t worry the reason some of them to worry about China is we depend on you to buy our debt However, I tried to be more chinese when I was president. I saved a lot of money, so good, but I just wanted you to say that because I Really believe that I mean, I think you’re absolutely right the Trend toward greater internal consumption is I think will remain unbroken In spite of whatever the difficulties are in the next few months I think it’s important not to over react you can’t break the trend. You’ve got to clean up the land from Chemical contaminants You’ve got to clean up the air you’re going to do it and a lot of Chinese will Make a lot of money out of that there’ll be a lot of great new companies and they’ll be opportunities to import from other places yes, so Can you discuss your theory of? What you’re doing and other things in terms of whether it advances? equal opportunity and social solidarity tell them what you think is going to happen and What other kinds of when your opening remarks you just said? Technology is going to be active in this way in other areas of the economy. What do you think the next big opportunities are? but first Tell them just in two sentences what you’re doing because Jack and I know and we haven’t been clear enough Explain it and Explain how you think that Advances social solidarity and equality of opportunity our work is in the belief that access to health information is a basic human right and that lab information particularly because Lab data drives seventy percent of clinical decisions I’m needs to be accessible to people before they’re sick So if you look at the word diagnosed in the dictionary today It says to determine the presence of disease from symptoms which means by definition We’re determining that people are sick Once a disease has already progressed and our work is in being able to Make lab testing accessible to people in time for therapy to be effected and To do that in a way in which every person Irrespective of their insurance status irrespective of where they live Can afford the ability to get a test done so that means in our case we’ve invested the last 12 years in now developing hundreds of tests many of which are Less than ten dollars so in two dollar tests in the United States And I think one of the amazing things about this country is that we have such an incredible Ecosystem for Fueling creativity and that creativity can create new markets so it answered your question about the market Being able to conform itself to social good I think the creativity that goes into creating these new technologies Creates new markets in and of themselves and and our basic belief that is that those new markets come from? empowering individuals and in franchising individuals and trusting that individuals have the capability to engage with information and in accessing that information beginning to take control of their own outcomes and their own health outcomes and in doing so Changing the way our healthcare system works. I think what this could mean for Rural China, you know for Rural, India for native American reservations in America for the Mississippi Delta for the remote areas where all the jobs were lost from culture all of a sudden giving? people information and One of the most important things I think we did and my second term as president And healthcare fund was developed as diabetes self-care program and all of a sudden You could be Jack’s company could be delivering the means to self-care based on your test I mean, I think that this is really this is a very big deal We all want to live as long as well as we can and Gregg Benner was here We were joking about whether we’d make it to a hundred But in the Meanwhile do you want to keep people healthy and if they’re sick you want to intervene early not late? Yeah well And if you look at I mean the ability to engage with it’s information, we have a four trillion dollar health care problem in this country 20% of it is type 2 diabetes which is reversible and we have 90 million Americans who do not know they are pre-diabetic But access to information and the ability to engage With that information is the foundation for being able to change those outcomes and and cost right? One more factor than I want to call in Jack you founded this Company twelve years ago Right tell them how old we were I was 19 so Don’t worry about the future. We’re in good hands, okay? I always think of a 19-1 where I am 90 have not the past examination for University yet, I Filled a free times, but I think it we’re done. I’m not a good of schooling Well, yeah That’s why I give confidence to a lot of young people in China if Jackie Markham’s success can be Successful 80% of that people can be successful People like her are jealous well Equality I I would like to make a little bit cut technology helping because yesterday I was joining the united un women conference about Gender equality and I think the first a technology revolution Happened 200 years ago in the uk release the human body their arms stronger The second technology revolution in the USa for energy you can last long but this technology of revolution relief release the brain So this century is not a competition who is strong whose muscles are stronger this who is a smarter? Who is up who can listen you? It’s the challenge of a wisdom so men women equal on the internet You can never see he’s a woman a man and on the internet Women can serve much better than men on the internet and a man talking about a business talking about you know numbers competition to make business very cold Women they make business very cozy lifestyle and interesting 50% more than 50% of our shop owners want to have five million shop owners of women and People looked at me. This is This is a great thing I see that this century. We see more and more women leaders on the state leaders the presidents and in the future we’re going to general scepter of your nation shall be a woman leader and this is the greatest century for equality and I feel excited about that when they ask you, I’m We’re almost out of time, but I one of the things that we haven’t talked enough about here And I just hear but generally is whether the leap frogging we saw with cell phones Which was instrumental in your phenomenal business? Success and which will make it possible for you At the appropriate time to do what you’ve done on a global scale into Unimaginable in all of Human history for anybody to have any of their own health data We haven’t we seen examples, but not the kind of dramatic Penetration we need With energy and clean energy and enough and it’s short enough time To avoid the worst consequences of climate change, so do you believe? that I mean your country has done more than anybody else to try to put up solar panels and some of your Companies when it broke because you overdid it, right? Beforehand and you got to work out the phase-out of the coal the phasing in the sun and all that Meanwhile Africa which is growing like crazy because of the cell phone in no small measure and as six of the fastest growing countries in the world Still has vast swathes of its land totally dark at night Do you believe that it’s possible for us to? Scale up with distributed Solar power is rather than centralized as quick as we did with a cell phone and if so And if that were your business if you had to quit what you’re doing today and start there? How would you do it and how would you do it? At first I know that You know I’m such a huge Believer in technology, and I think especially right now We’re at an incredible time in terms of new technology and the ability to apply technology in a scalable way Towards solving some of these problems so I would look at it in the context of some of the renewable solutions that we already have and in the context of empowering Connecting individuals with access to those solutions in the context of creating markets around them I think that there’s real Opportunity to actually create an Ecosystem in which people can financially benefit from these solutions And I think that’s going to drive an adoption. I think in developing economies There’s a revenue stream associated with that and the more we can Turn even already some of the technologies that we have Into markets the more that we can fuel. I believe local growth and individual engagement in in beginning to adopt some of these solutions Just related it would be jack you answer, and then I’ll ask you one final question yeah I must don’t believe it. The technology can make war much better because people say China economy is getting slower I’m happy about a 7% even 5% Even 5% of the GDP of the number of China the second large Economy is big enough but you don’t expect China keep on growing 11% because like a one body one human body when you’re 1.8 meters tall you cannot keep on like a 10 percent growth every year you have to grow the quality your mind of wisdom so I think China needs new technology to solve these problems and which Today the Data the the clean technology all these things that China is supposed to do if you keep on the tradition That the old ways will go nowhere but this is why I Feel excited because people ask me what is your dream now because I never thought I would be today I can Sit here talking to president I’m like a guy you know on the street and like fill the three times for university five times for high key schools I applied for 10 times in Harvard school or rejected I never thought because of the technology because the internet gives me this opportunity, so I think when I retire I Don’t want the Chinese people have a terrible water to drink and a save for food and people the money We make or spend in a hospital. That’s disaster So how we can using the technology to enable young people the greater chance of this world? Don’t worry about we got 1.4 billion people who are born in 1980s They are the people of the internet times they are going to have new ways to solve the world problems The things you are worried about today because of it and a human being have these kind of worries for centuries And young people can always solve it and today We have a right direction clean energy. You know the climate change all these issues They will be solved and these are the great opportunities ahead of us Anything else I? Agree with that. I think the more the more we can the more we can enfranchise people the more we can create ecosystems in which individuals are empowered than where we give rights to individuals to be able to build businesses to be able to To pursue the economic benefit of technologies the more you see these markets change before they leave the stage I Want you to look at them? And I want you to think about the time we have had to spend here dealing with the refugee problems in Syria and Lebanon stand up Ellis This is my friend. Elias musab. He’s the education minister in Lebanon. He’s got to educate all these kids and So he left a miracle that very much reflects the lives that Elizabeth and Jack have lived he was At a very responsible position at the American University of Dubai. They Started bringing American scholars over there to live in an an arabic culture He did all these wonderful things lebanon gotten probably went home to save his country. What is the difference? how much more could he and every smart lebanese person do if they could focus on these things and Why can he not? Because the place is dominated by people who think their differences are more important than their common humanity and their common challenges You cannot imagine Jack miles proud of being Chinese. I like that he’d never hit it He’s happy about it out of product to be a global citizen – yeah and I Imagine Elizabeth proud to be a blonde haired Blue-Eyed American Techno Wiz from Northern California yes, but They don’t Not a word either one of them has said Has defined the meaning of their lives or the direction of their work with negative? reference to someone else My friend Dikembe Mutombo stand up. No you don’t stand up. It hurts too much you’re an old man My 7-foot too rich fall friend was just inducted into the national basketball association Hall of fame and the my family my whole family was and I Have seen how much he is given back to his native country congo which has been told troubles I’ve known him a long time. We both went to Georgetown University I Did before he was born I think? I’ve never heard him say a resentful thing about anybody. I have seen him give and give and give Try to give the people in his native land opportunities Why am I telling you this? He’s had a good life because He never defined his life with negative reference to anybody else He never regretted anybody else’s success And he thought he had an obligation to help other people. I’m telling you This is the we are back in a time of collective global insecurity Where the main struggle is the oldest one in human history? just in Modern Techno realities Meaning if you were trying to build the middle east you would think about our permanent sponsor here the ambassador from Oman? Who tried to her government tried to help head off a calamitous war in the middle east over the nuclear issue in Iran? We all pray to God that it will work out on and early to late You look around all these places wherever people are Putting aside their differences and working together good things are happening we cannot achieve economic or social equality without living in the factional realities of the world we face looking at the obstacles looking at the opportunities making the best decisions and those of us who Even feel good about ourselves because we think we spend a lot of time giving our whole goal Should be to work ourselves out of a job one of the things that The Bill and tani Austin were sitting there with starkey. They started giving away hearing aids, and then they decided What we better teach these young people how to speak if they get the gift of hearing? They’ll have to learn that so they got into the education business sunny varkey got in the education business incited Somebody ought to do something really dramatic to remind people that the only people that really matter the teachers so he gave the first global teacher of the year award last year and an International panel gave the prize to a teacher from Maine who promptly gave the entire million dollars to her school Woman never made any money in their life. She gave all the money away immediately The future is going to be forged my people who think of how to use the modern tools That we are given as Elizabeth and Jack have to create opportunity through empowerment and It will not be a straight line. It’s too too many moving parts And but I just want you to think about that the reason you feel good looking at them is that you identify with them even though they’re different from you, and That’s basically where we are all over again, and we can’t slip back. We can’t give up that’s why we had the prime minister of italy and George soros talking about the future of Europe and George said it was coming apart and the prime minister said no It doesn’t have to come apart if it’s about something more than economics. I thought it doesn’t have to come apart if you Will it not to? And you put yourself on the line for it. There are no guaranteed outcomes today But you can guarantee that the trend is right? So go ahead and we’re going to say something which I just wanted to add I mean if we’re talking about the future and and from my own experience and looking at all the faces here I think a huge part of the answer to your question is also to raise our little girls with the stereotype they can be the best in engineering and science and math because when they do in all of these industries it changes everything and We need to do that in this country, and we need to do that as parents in other countries Yeah, I was thinking about if what you say I think about when you want when you talk about Problems you normally is like a politician. We talk about opportunity opportunity that the businesspeople. I was thinking about how we can using you know this all the problems that change the problem to come the opportunity and I Don’t know. I just feel excited when people talk about problems I Think that’s think about if you can solve one of them That’s the chance and today Nobody in live in this century has so many opportunities and so many Tools they can use the change other people’s life And I think in in the last century which I called it time this century is got a dt. Ten Data technology It is to Empower yourself make yourself strong Dt Is to empower the others when you empower the others you empower your future yourself? so when I listen to talk I Agree, and I think that’s why we were born in this century. That’s why we How we can use the internet to help more people? It’s given my hand. Thank you
- In this video, billionaire businessman and investor Jack Ma shares some business wisdom to help entrepreneurs reach their maximum potential.
How Jack Ma and Alibaba Group Is Building A Global Empire
With a fortune valued at more than $46 billion (according to Bloomberg Billionaires Index), Jack Ma is one of China’s richest men. He is executive chairman of Alibaba Group where he leads the dominant force in Chinese e-commerce, a company with a market value of $264 billion and some 450 million customers.
A global ambassador for Chinese business, he spent 800 hours in the air last year—visiting princes, Presidents, and Prime Ministers and lots of mere businesspeople too. “A professional pilot cannot travel that much, or so I’m told,” he boasts.
Meeting With World Bank President
Jim Kim, a physician who is the president of the World Bank, met Ma four years ago over a dinner lasting more than three hours and was startled to find the billionaire wearing sandals, holding Buddhist prayer beads, and sitting cross-legged on his chair.
Kim was so taken with Ma’s passion for facilitating global trade by focusing on small-business people that he’s rethinking his international development organization’s approach.
Meeting With President-elect Donald Trump
President Trump isn’t the only one who could stand to learn more about Alibaba. Despite its heft in China and the blockbuster 2014 public offering that raised $25 billion on the New York Stock Exchange and introduced Alibaba to Western investors, Ma’s company remains a mystery to most non-Chinese.
There’s a simple reason for that: Few outside the world’s second-largest economy are Alibaba customers. Ma is aware of this knowledge gap. It’s part of what drives him to keep logging frequent-flier miles to educate people about his company and his plans.
In his travels, Ma promotes the lowering of trade barriers, touts his own brand of philanthropy, and supports causes such as primary-school education. His version of globalization is carefully calibrated and expansive enough to be consistent with the goals of his own President, Xi Jinping, as well as with Trump’s America-first positioning.
Across the web:
Olympic Partner Alibaba Group opens new doors to the cloud for its first Olympic Games Worldwide TOP Partner Alibaba Group kicked off its first Olympic Games with the opening of its showcase – “Olympic Games on the Cloud” – at the Gangneung Olympic Park. The event was attended by Jack Ma, founder and Executive Chairman of Alibaba …
Alibaba Plans To Buy 15% Stake In Chinese Furniture Retailer Easyhome The deal comes after aggressive offline expansion made by Alibaba under Jack Ma’s newly coined term “new retail”. SEE ALSO: Buffalo Wild Wings was sucked into a downward spiral as millennials ditched the chain — but the new CEO has a plan for a comeback …
Chinese tech giant Alibaba joins Coke, Visa as a major Olympic sponsor The move puts Alibaba on a global stage, alongside other major sponsors of the games like Coca-Cola, McDonald’s, and Visa. While already a household name in China and across much of Asia, Jack Ma’s company has yet to truly break ground in the western …
Why Alibaba’s Jack Ma Says He Doesn’t Need His Sudden Wealth China’s newly richest man Jack Ma, whose American hero is the fictional … “The money I donate is not my money,” Ma said. The former English teacher said he owes Alibaba’s success to his customers: small and medium-sized companies. He zinged China’s …