Jack Ma Story - China's Richest Person

Jack Ma Life Story

     When we think about e-commerce, the first thing that comes into our minds is Amazon or eBay, these are the places where we mostly spend our time when we want to buy something online.

Jack Ma -  C.E.O of Alibaba, China's Richest Person
Jack Ma - China's Richest Person

     But there is another internet giant that has more users than Amazon and eBay combined – Alibaba. It’s a Chinese version of Amazon but it also has a taste of eBay and Paypal, with over 500 million monthly users, it’s the biggest e-commerce website in the world and the founder of this internet Conglomerate is Jack Ma

     His success story is absolutely fascinating, he failed more times than you even have tried and his failures are absolutely miserable!

Related: Daily Habits of Every Successful Entrepreneur.

     When you think about an internet billionaire, you think about some kind of a genius who was introduced to computers and the internet at in early ages and somehow, he ended up coming with that unique idea that made him a fortune. But not Jack Ma, because when he started Alibaba, he had absolutely no experience with computers, leave alone the internet. But what makes him stand out from the crowd, is his ability to learn from his failures and move on. No matter what a horrible failure you went through, I guess Jack had a much worse experience. 

     First of all, he could not graduate from primary school because he failed his test, and it was only after the third attempt he succeeded. But that was just the beginning because after graduating from school, he struggled to get into the college. For more than three years, he failed the entrance exams and could not even get into the college. In fact, he applied to Harvard Business School, yes you heard it right, he applied to Harvard, not once or twice but 10 times, and guess what happened, exactly he was rejected every single time.

      Anyone else in his place would have already given up, but not Jack. Think about it, it has been 3 years that you are trying to get into the college, but every time you try, you get rejected. Around the same time, he was also looking for a job. He applied for the local Police Station but, I think you can guess already how it ended up. Exactly, he was rejected.

     According to him he applied to 30 different jobs, each and every single of them has rejected him, but the worst rejection he probably went through was his attempt to work at KFC. Out of 24 applicants who came for the job interview, 23 of them were accepted. Jack Ma was the only one who was turned down. Imagine what he has been going through, just count the number of times he has been rejected, that’s enough reason to give up already! Luckily, he could get into a university and graduate.   

Also Read: Value Creation and Delivering Value to Customer.

     This time he could get a job and became a teacher, although that his salary wasn’t impressive at all, I mean 10 dollars a month isn’t the kind of salary you would want to have. Yes, you heard it right, 10 dollars per month, not per hour! Of course, that wasn’t enough at all so Jack tried to make money on the side by trying different kinds of businesses, unfortunately, nothing has worked, he went from one failure to another.

Jack Ma -  C.E.O of Alibaba, China's Richest Person
Jack Ma

     In 1995, he visited the United States where he was introduced to the internet. It was something like magic to him since he hasn’t seen anything similar to that, he barely knew what computers were, but he quickly realized the potential of the internet. He tried to search for anything related to China, but he could not even find general information. That’s when he decided to launch “China Yellow Pages” to enlighten people about china in this new world of the internet. Compare to his previews projects where he failed miserably, this one was pretty successful and he finally started making some money. But Jack’s ambitions didn’t end there. 

Related: Top 5 Case Studies of Business Failing

     He realized that the future of business is out there on the internet, so in 1999, he launched another website and named it alibaba.com, He picked this name because it’s easy to remember and it was the first Chinese e-commerce company website. But things weren’t as great as they sound. People didn’t really know what internet was, therefore didn’t trust it, so in order to make people believe that Alibaba is a reliable place to trade, they started buying by themselves whatever was sold in their website and that’s when things started kicking off slowly, because when people realized that they can actually sell through Alibaba, everyone jumped in, and the website quickly started gaining popularity. Despite such rapid growth, Alibaba didn’t make any revenue in the first 3 years.  Especially when the dot com bubble burst in 2001, people lost faith in internet companies and thousands of them went bankrupt.

Related: Importance of Entrepreneur 

     Fortunately Alibaba survived and after that, the company started growing dramatically. It’s valued almost at a half a trillion dollars and it’s expected to grow to a trillion dollars by 2020 . and Jack’s net worth is over 41 billion dollars at the time of this blog.

     The moral of the story is that you do not fail until you quit.  Jack kept trying over and over, he didn’t give up when he failed to get into the college, he didn’t give up when he was rejected every time he applied for a job. In fact, he started Alibaba at the age of 35. So if you are 25, who is stuck in a job that you absolutely hate. Never think that it's too late for you. 


And now its your turn, What was your worst failure!
Let me know in the comment  

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