jack Ma Early life
Jack Ma’s original is Ma Yun. He was born on 10 September 1964 in Hangzhou, Zhejiang, China. Jack Ma was and very humble and always had a desire to learn new things.
Jack comes from a very humble background. His parent were storytellers. He had 2 siblings. Jack Ma understood the financial hardships the family was facing.
He did decent schooling in his locality. However, he was very week in English. So he decided to learn English and soonly realized were no English speakers in his locality.
Subsequently, in Hangzhou, the tourism spots were booming. A lot of foreign visitors were visiting these places frequently. Jack Ma makes this an opportunity to seek English.
Jack Ma traveled in the cycle for 27Km from his house to the tourist spot. Then he would approach visitors and became a tourist guide. So he used to converse in English with the visitors.
He used to keenly observe the conversation of foreigners and try to inculcate. Consequently, he became prominent in English.
During this time Jack Ma made friendship with the tourist. The tourist finds it difficult his original name as Ma Yung. So the tourist named him Jack.
Jack Ma failures
Every people have seen ups and downs in their lives. Jack had experienced failures in every stage of life.
Jack Ma started to fail right from his schooling. He could able to get good marks in the primary. Because he failed 2 times in his primary and that was a huge setback.
Jack Ma failed 3 times in high school. He never lost hope and always stayed calm and his hunger for knowledge was constant.
Failure accompanied him throughout his life. As He failed in all 10 attempts at Harward University for his entrance. Finally, he was admitted to Hangzhou University in his third attempt.
He completed his BA in English in 1988. But after that, he couldn’t able get any job.
Jack Ma applied nearly for 30 different jobs but he got rejected in all. He tried to get a police job but he could able to succeed either.
Jack also gets rejected in KFC. Out of 24 of them, he is the single one who got rejected.
At last, somehow he became an English lecture at Hangzhou University.
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How Jack Ma started Alibaba
Jac Ma was appointed as a government official in “Foreign trade and economic cooperation.
His work made him land in the US for 14 months. As he wanted to assist the local government of the US in building highways.
During this course of time, he met his friend who had started a business with internet services. This was the first time, Jack came to know about the internet.
Jack first searched on the internet was about beer. He was shocked to see he couldn’t able see any info about Chinese drink.
Jack was surprised that he could able to get information about China products.
Then Jack Ma decided to start a website. He and his friend made an ugly website called China page where it gives the details of china’s product.
China page had to shut down its operation due to a lack of fundings.No one is interested to invest in internet-based platforms. As the internet was new during those times.
After the failure of China, Jack Ma desperately wanted to help small and local businesses in China. He realized the potential of the industry and wanted to start something new.
Foundation of Alibaba
In 1999 Jack Ma and his 17 friends started a company called Alibaba in his apartment. Alibaba empowered local businesses as it allowed them to sell their products on the website.
Jack approached all the investors in the US for funds. But none were interested and investors called him foolish. Investors thought it was a stupid business model.
Then he finally got funding from Goldman Sachs and Soft Bank of USD 2 million and 20 million respectively.
Alibaba started at a good pace. But Alibaba company couldn’t able generate profit for the first three years. Their revenue was zero.
Alibaba had also faced so many issues during the .com bust in 2002. Then their sales picked up. As it empowering and developing technology integration for the local business.
Alibaba company as a whole solving major problem of the retail and local business it attracted a lot of investors.
The famous company Yahoo invested 1 billion dollars in Alibaba and took 40% of its stake.
In 2014 Alibaba raised USD 25 billion in IPO at New York Stock Exchange. This IPO created history in US stock exchange as the costliest deal.
Alibaba’s market value jumped nearly USD 485 billion in 2019.
Allibaba enteres into diferent segemts like
- 1688.com: It connects Domestic small business of china to international buyers
- Taobao.com:It is a C2C platform.
- Tmall.com:It is a B2c platform.
- Alipay: It is a Digitalized money transfer platform
- Alibaba Cloud Computing: Offers clouds to different companies and charges money according to the subscription.
- Aliwangwand: Its is instant messanging app.
- Laiwang: A messaging application.
Jack Ma Advice for the youths
Jack Ma is one of the best entrepreneurs across the globe. He had come across a lot of hardships and failures in his journey till now.
Jack ma always advises his youth in his manner.
Jack Ma once advised the youth
- Till 20 years of age, one should be a good student
- Try to make as many mistakes until you turn 25
- In age between 30 to 40, one should always work for himself
- During the age of 50 to 60, one should work for young people because young people are more innovative and enthusiastic.
- After 60 one should spend the time for themselves.
Jack net worth
Jack Ma getting a salary of 10 dollars as an English teacher. Now he is the third richest person in China and possessing a net worth of USD 51.5 billion.
This is one of the best motivation journeys of success.No one should be afraid of failures after readingJack Ma biography.