Arguably the richest man in mainland China and Asia, Ma Yun, famously known as Jack Ma is a man with a pack of lessons especially for startups struggling to make a mark in the world of business. The company he founded, Alibaba, conducted a record breaking IPO in the USA that raised USD 20 Billion a few years ago. His life, ever since he started cultivating interest in the English language at a tender age, presents many lessons that we who are rising up in entrepreneurship can adapt and have guaranteed success.
Lesson 1: Treasure your Passion
It is said that when a young boy, Jack Ma used to cycle for over 45 minutes to a hotel which was frequented by western tourists so that he can practice speaking English. Through the interaction, a young female tourist could not pronounce his Chinese name properly and she christened him Jack Ma. It has stuck to date.
Through his love for language, he was employed as part of a governmental team that went to Seattle in the USA for a government exchange and that marked his initial interaction with a home PC in a friends home. And it fascinated him that through the desktop box, he could get a lot of information but not for his dear country China. When he returned, he purposed to develop Chinas first internet commerce platform for local businesses. And hence, his love for language birthed his ecommerce business.
What can you do best? What are your talents? Purpose to discover and develop these by developing a passion around them. Utilize these special gifts you have to help solve a society challenge and you will be in business! History has proven that no business anchored on passion has ever failed. I call these passionpreneurs.
Lesson 2: Be objective about providing solutions
Despite him being wealthy, Jack Ma confessed during his inaugural Africa Tour in Nairobi that he had no intention to be rich. He did business to provide solutions. Africa, he said and especially Kenya, presented a perfect environment to launch enterprises due to the various challenges facing the populace.
Let your business be run based on values. When you have a value system, you enable your clients build trust and loyalty towards your brand. Ma questioned the current business school model with the following: The business schools teach a lot of skills about how to make money and how to run a business. But I want to tell people that if you want to run a business, you have to run the value first, to serve the others, to help the others thats the key.
Vision never follows money. The converse is true money always follows vision. Let your vision be anchored on a foundation of values that concur with societys needs. Dominant brands learnt this secret and they build their brands on this and that is why they withstand time.
Lesson 3: Anchor your business on your dream
From his own narration of his entrepreneurship story, his dream was to enable Chinese businesses reach out to the world He wanted to open up the space for local Chinese firms to sell to the world. And there was no better way to do this by employing the power of the international World Wide Web also known as the internet. And thus, by creating passion on his passion, which was to pursue English language and employ it, he built his dream of opening up his closed country to the world and thus Alibaba was launched.
Do you have a vision of where your business would be in a few years time? What is your dream? Build your business on that!
Lesson 4: Be optimistic
He is known to be a failure, going by world standards. Sample this: he failed twice in his primary school exams. In his middle school exams, he failed thrice once again. When he applied for his admission into University to pursue a degree in English, his desire, he failed again, thrice! He later graduated with a degree and he unsuccessfully looked for a job as a teacher. His search for a job was equally punctuated by failure. He reckons he did a record thirty job unsuccessful applications in total. When KFC opened its franchise in China for instance, he and twenty-three others applied for jobs. The rest were accepted except his which was declined. He also applied for a job as a police officer with three of his friends. They were all taken and he was left out. The reason for his rejection was given that he was no good.
After getting frustrated in his quest for a job, he chose to entirely rely on his English skills to earn a living. And that is how he ended up in being an English translator and being absorbed by the government in its foreign missions. And that opened up doors for what we know him for today Ecommerce.
They say tough times do not last but tough people do. Being pessimistic about a business situation does not help matters. Maintaining a positive attitude does. Successful entrepreneurs do not let setbacks get them down and they see both what’s impossible and possible, but the difference is that they focus only on the possible.
Lesson 5: Be crazy!
He was christened Crazy Jack Ma by his fellow Chinese for his outlandish internet commerce idea when most could not believe in him. In contrast to his fellow Chinese corporates who are conservative in nature, Jack Ma loves to make fun of himself.
In the early 200s, Time magazine called him crazy for his out of the world ideas in a world that was conservative. He responded by saying the he may be crazy but not stupid. His ambitions would be seen to be too lofty but he was wise to always aim at achieving his life dream.
His management style has been termed as unorthodox since he blends western and Chinese management philosophies to come up with a winning formula for entrepreneurship where he puts his customers first, followed by his employees and lastly, the shareholders interests last. To him, hiring a more talented employee than him is a bonus.
You need not get the approval of the world to make it in business. So long as you have a belief in an idea, and it can solve a world challenge or problem, go for it. Just be crazy about it and pursue it!
The writer is an acclaimed business author of Passionpreneurship Demystified and Business Networking: How to maximize on your contacts for Business and Professional Growth. Both books are available on Amazon. He is also a Personal Branding and Business Coach with PBL Africa. In case you need assistance to give your business or profession a jump-start, he can be reached via the following contacts:
Telegram Community: https://t.me/joinchat/EkprBT6zCKCRUmQUaDD9cQ