In 2014, he was ranked as the 30th-most-powerful person in the world in an annual ranking published by. However, this is not something irrational or mystical; it is accumulated experience, which in turn is the result of a combination of perseverance and the willingness to experiment. Because schools teach knowledge, while starting business requires wisdom. On 9 January 2017, Ma met with United States President-elect Donald Trump at Trump Tower, to discuss the potential of 1 million job openings in the following five years through Alibaba's interest in the country. Aged 12, he had an idea of how he could improve his English skills: Every morning at five o’clock he rode his bicycle for 40 minutes to an international hotel in his hometown and waited there for tourists. Jack Ma and other entrepreneurs prospered under Beijing’s laissez-faire attitude toward the business side of the internet. His parents were musicians and sometime storytellers. His overall results were so bad that the university turned him down. Like Jack Ma, dig in your heels and give every opportunity your best shot. When he approached them, he proposed a deal. In 2003, he founded Taobao, the largest Chinese business-to-consumer shopping website. [11], As of July 2020, with a net worth of $48.2 billion, Ma is the second-wealthiest person in China (after Ma Huateng), as well as one of the wealthiest people in the world, ranked 20th by Forbes. To which she replied: Sure, open Sesame. Even in rain and snow, he waited outside the hotel day after day, morning after morning, year after year. In October 1999 and January 2000, Alibaba twice won a total of a $25 million foreign venture capital investment. He became pen pals with one of those foreigners, who nicknamed him "Jack" because he found it hard to pronounce his Chinese name. [31] Ma denied reports that he was forced to step aside by the Chinese government[32] and stated that he wants to focus on philanthropy through his foundation. [3], Ma is a global ambassador for Chinese business and is often listed as one of the world's most powerful people, with Forbes ranking him 21st on its "World's Most Powerful People" list. [25] Alibaba became one of the most valuable technology companies in the world after raising the full $25 billion, the largest initial public offering in US financial history. AP Images. If there is a man who knows the meaning of failure, it is Jack Ma. One day he met an Australian family and soon became friends with them. [69], When asked in 2019 to give his views on the future, Ma again stated that 996 was currently a "huge blessing" necessary to achieve success, but went on to state that artificial intelligence technology might lead to a better life of leisure in the future, where people would only have to work four-hour work days, three days a week. He would show them around the city as a travel guide and they would teach him English in return. “I was trained to be a high school teacher. and Amazon are not perfect models and we’re still trying to figure out what’s best.” Thanks to his charisma, he nevertheless managed to persuade the employee responsible for China at Goldman Sachs to invest $5 million in his company. If you don’t plan, you win.”. Twenty-four people went for the job. Jack Ma is a Chinese businessman, investor, and philanthropist. Madeline Stone,Jillian D'Onfro. Twenty-three were accepted. During the small meeting, he posed the question: “In the next five or ten years, what will Alibaba become?” Answering his own question, he said that “our competitors are not in China, but in Silicon Valley … We should position Alibaba as an international website.”, Ma tried to raise money from venture capitalists in Palo Alto, Silicon Valley. could give us 12-hour work weeks", "Elon Musk and Jack Ma disagree about AI's threat", "Here's what leaders can do to feel secure in the automation age", "Billionaire Jack Ma Prepares for Life After Alibaba", "Chinese Earthquake -- Corporate Aid Tracker", "Alibaba Group Backs Young Hong Kong Entrepreneurs", "Alibaba To Establish $129M Hong Kong Young Entrepreneurs Foundation", "Alibaba's Jack Ma Joins Nepali Billionaire Binod Chaudhary's Rebuilding Efforts In Quake-Hit Nepal", "Jack Ma Foundation donates medical supplies from China to Israel", "Rwanda's Kagame thanks Jack Ma for 'huge shot in the arm' after receiving donation of test kits", Facts About Cathy Zhang - Billionaire Jack Ma's Wife and Mother of Three, https://en.wikipedia.org/w/index.php?title=Jack_Ma&oldid=996225878, World Economic Forum Young Global Leaders, Wikipedia articles needing factual verification from January 2019, Articles containing Chinese-language text, Articles containing simplified Chinese-language text, Articles containing potentially dated statements from 2016, All articles containing potentially dated statements, Articles with unsourced statements from May 2020, Wikipedia articles with CANTIC identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, Co-founder and former executive chairman of, In 2004, Ma was honoured as one of the "Top 10 Economic Personalities of the Year" by. [34], Ma officially stepped down from the board of Alibaba on September 30, 2019. We want to be number one in the world.” He was so convinced of his future success that he even had a meeting filmed in his modest apartment in February 1999—to document the moment for his company’s later history. "[64], On 24 September 2014, in an interview with Taobao, Ma attributed the strength of American society to its Christian heritage, and expressed his belief in the importance for China to implement a positive value system, in order to overcome the legacy of the Cultural Revolution. The couple have three children: a son, Ma Yuankun (also known as Jerry Ma), born in 1992, a daughter Ma Yuanbao, and one other. But I was so proud. In April 1995, Ma and He Yibing (a computer teacher) opened the first office for China Pages, and Ma started their second company. He came from a humble background and has grown to become one of the wealthiest billionaires in the world. The Chinese entrance exams are held only once a year and Ma took three years to pass. [21] He launched the website at 9:40 AM, and by 12:30 PM he had received emails from some Chinese investors wishing to know about him. In total, I have written and edited 22 books, the most recent of which are The Wealth Elite and The Power of Capitalism. In China, Jack Ma is synonymous with success. Ma, the flamboyant co-founder of Alibaba and Ant, has all but vanished from public view since Ant’s initial public offering got derailed last month. Jack Ma, or Ma Yun[a] (Chinese: 马云; [mà y̌n]; born 10 September 1964), is a Chinese business magnate, investor and philanthropist. Ma attended Hangzhou Teacher's Institute (currently known as Hangzhou Normal University) and graduated in 1988 with a Bachelor of Arts in English. "I went for a job with the police; they said, 'you're no good'", Ma told interviewer Charlie Rose. This was when Ma realized that the Internet had something great to offer. He performed part of "Can You Feel The Love Tonight" at the 2009 Alibaba birthday event while dressed as a heavy metal lead singer. Here’s the story of Jack Ma, the richest man in China and, with about $35 billion in assets, one of the richest people in the world. Ma wanted to improve the global e-commerce system and from 2003 he founded Taobao Marketplace, Alipay, Ali Mama and Lynx. As a teenager, he started communicating with foreign tourists to enhance his English skills. He is the Executive Chairman and founder of Alibaba Group and is among the top Chinese entrepreneurs. Never Give Up, It’s Never too Late to Start. He was an avid reader of Mark Twain and used every opportunity to get better at English. [30], Ma announced on 10 September 2018 that he would step down as executive chairman of Alibaba Group Holding in the coming year. From 1998 to 1999, Ma headed an information technology company established by the China International Electronic Commerce Center, a department of the Ministry of Foreign Trade and Economic Cooperation. [17] After graduation, he became a lecturer in English and international trade at Hangzhou Dianzi University. What Jack Ma says is confirmed by entrepreneurial research: entrepreneurial success is not the result of explicit, academic learning and book knowledge–it is the product of implicit learning processes that manifest themselves in intuition and gut feeling. So what does it take? His very public rebuke is instead a warning Beijing has lost patience with the outsize power of its technology moguls, increasingly perceived as a threat to the political and financial stability President Xi Jinping prizes most. In 1988, he obtained a bachelor’s degree in English and found a job as an English teacher. He began studying English at a young age by conversing with English-speakers at Hangzhou International Hotel. He entered the Hangzhou Normal University and completed graduation in English. Building one of the world’s largest e-commerce companies doesn’t require specialized or technical knowledge, genius-level math—or even a business plan. A former English teacher, Jack Ma cofounded Alibaba Group, one of the world's largest e-commerce businesses. He said that "The day we got connected to the Web, I invited friends and TV people over to my house", and on a very slow dial-up connection, "we waited three and a half hours and got half a page", he recalled. A trip to Seattle in 1995, where a friend showed him the internet for the first time, proved to be decisive in shaping his future. In 2007, he even managed to beat his fiercest competitor, eBay, which had far greater financial muscle than Ma’s company. China kicked off an investigation into alleged monopolistic practices at Alibaba Group Holding, escalating scrutiny over Jack Ma’s internet empire. “I flunked my exam for university two times before I was accepted by what was considered my city's worst university, Hangzhou Teachers University. [18], Ma applied for 30 different jobs and was rejected by all. He is the co-founder and former executive chairman of Alibaba Group, a multinational technology conglomerate. He is the co-founder and former executive chairman of Alibaba Group, a multinational technology conglomerate. I am also a regular contributor to numerous prestigious European media outlets, including the Neue Zürcher Zeitung in Switzerland, The Daily Telegraph in the UK and the Frankfurter Allgemeine Zeitung in Germany. That's the transformation we are aiming to make. He acquired a computer for the first time at the age of 33.[23]. In 2000, I founded my own company, which I established as the market leader in the field of communication consultancy for real estate companies in Germany, with a roster of clients that included Ernst & Young Real Estate, CBRE and Jamestown. Desp… He started off by improving his communication skills and also learned English. He asked them to send him information about their companies, which he translated into English and sent by post to Seattle, where the websites were actually created. Once a poor lad who survived by guiding tourists, Jack went on to rise above his humble condition and achieve success. [35], In November 2020, The Wall Street Journal reported that Chinese Communist Party leader Xi Jinping personally scuttled Jack Ma’s Ant Group IPO. He'll retire Monday, report says", "Alibaba's Jack Ma, China's richest man, to retire from company he co-founded", "Alibaba announces Jack Ma succession plan: CEO Daniel Zhang to take over as chairman in a year", "Asia's 2019 Heroes Of Philanthropy: Catalysts For Change", "Alibaba's Jack Ma on Early Obstacles, His Ambitions", "Alibaba founder Jack Ma: 'Harvard rejected me 10 times, "Charlie Rose Talks to Alibaba's Jack Ma", "New Partner for Yahoo Is a Master at Selling", "Ma 和Says Alibaba Shareholders Should Feel Love, Not No. Jack Ma was and is always open to new ideas. Here’s the story of Jack Ma, the richest man in China and, with about $35 billion in assets, one of the richest people in the world. Plus, at this time, it was proving increasingly difficult to raise new funds from venture capital companies. Within three years, the company had made 5,000,000 Chinese yuan which at the time was equivalent to US$800,000. "We drank, watched TV and played cards, waiting. Jack Ma -- born Ma Yun -- was born on October 15, 1964, in Hangzhou, located in the southeastern part of China. [7][8][9][10], In 2019, Forbes named Ma in its list of "Asia's 2019 Heroes of Philanthropy" and awarded him the Malcolm S. Forbes Lifetime Achievement Award for his work supporting underprivileged communities in China, Africa, Australia, and the Middle East. I started my career at the Central Institute for Social Sciences. Wisdom is acquired through experience. [75] In 2009 Jack Ma became a trustee of The Nature Conservancy's China program, and in 2010 he joined the global Board of Directors of the organization. Should the company really open a new front before it had won the business-to-business battle? We want to be number one in the world," said Jack Ma ... [+] shortly after he founded Alibaba. In 2015 he founded the Hupan School,[27] a business school. From being a famous business magnate to playing the role of investor and philanthropist, he is a self-made billionaire whose story is worth sharing around the globe. Jack Ma Achievements. Jack Ma was born in 1964. As a boy, he did everything he could to learn English. Jack Ma, who first started as a website designer and then went into business-to-business e-commerce, continued to develop his business in new directions. [7][13], Jack Ma was born Ma Yun in Hangzhou, Zhejiang, China. He also claims to have applied ten times to Harvard Business School and got rejected each time. All I know about computers is how to send and receive email and browse.”. At a time when several foreign companies are looking at diversifying their supply sources by relocating their manufacturing facilities outside China, this recent development could lead to further uncertainties for … My books on the psychology of success and wealth have been translated into a host of languages and have enjoyed notable success in China, India and South Korea. [77][78] During the same year, the company funded the rebuilding of 1,000 houses damaged by the earthquake-hit in Nepal, and raised money for another 9,000. In 2013, he became chairman of the board for The Nature Conservancy's China Program; this was one day after he stepped down from Alibaba as company CEO. In the same year, he also participated in a singing festival and performed dances during Alibaba's 18th-anniversary party. After all, Alibaba’s business-to-business operations were not yet turning a profit. We had two rooms full of things we bought for no use, all garbage, for the first two weeks—in order to tell people that it works.”, From the outset he thought big and set himself very ambitious goals. Jack Ma was born and raised in Hangzhou, in China’s Zhejiang Province. The company’s office consisted of a single room with a workstation and a very old PC in the middle. Over the next few years, Ma repeatedly changed his business model—combining experimentation with perseverance. “From day one,” he explained in 2004, “all entrepreneurs know that their day is about dealing with difficulty and failure rather than defined by ‘success.’ My most difficult time hasn’t come yet, but it surely will. He was immediately smitten and intuitively recognized the role the internet would play in years to come. I was awarded my first doctorate in history in 1986 and my second, this time in sociology, in 2016. [29] In the same month, Ma also partnered with Sir Li Ka-shing in a joint venture to offer a digital wallet service in Hong Kong. In 2011, it was announced that one of his companies had gained control of Alipay, formerly a subsidiary of Alibaba Group, so as to "comply with Chinese law governing payment companies in order to secure a license to continue operating Alipay. That same year, he founded a company, China Yellow Pages, which struggled to eke out an existence. [7][13], In 2020, in response to the COVID-19 pandemic, the Alibaba Foundation and Jack Ma Foundation launched various initiatives, some of which involved donating medical supplies to the United States as well as various countries in Asia, Africa, and Europe. [36], In 2017, Ma made his acting debut with his first kung fu short film Gong Shou Dao. In September 2014 it was reported Alibaba was raising over $25 billion in an initial public offering (IPO) on the New York Stock Exchange. I started my career at the Central Institute for Social Sciences Research at the Free University of Berlin and went on to become department head at one of Germany’s leading daily newspapers, Die Welt. [6] In September 2018, he announced that he would retire from Alibaba and pursue educational work, philanthropy, and environmental causes;[7][8][9][10] the following year, Daniel Zhang succeeded him as executive chairman. Of the future of Alibaba, he has said, "our challenge is to help more people to make healthy money, 'sustainable money', money that is not only good for themselves but also good for the society. Jack Ma, originally Ma Yun, (born September 10, 1964, Hangzhou, Zhejiang province, China), Chinese entrepeneur who was head of the Alibaba Group, which comprised several of China’s most popular Web sites, including the business-to-business marketplace Alibaba.com and the shopping site Taobao.com. Scrutiny over jack Ma was and is among the top Chinese entrepreneurs verge a... The age of 33. [ 19 ] place in San Francisco asked... To offer a business-to-business, e-commerce platform 38 ] [ 39 ], went. The co-founder and former executive chairman investor and philanthropist technology conglomerate given such.. The first time at the time was equivalent to US $ 800,000 convince Valley! Alibaba founder “ jack Ma is a strong proponent of an open and economy! A high school teacher with skepticism when he approached them, he did everything he could to English! Sichuan earthquake collaboration with the situation have said ] [ 81 ], 2016. Tv and played cards, waiting not possible to access the internet family and soon friends. Grown in power immediately smitten and intuitively recognized the role the internet grown in power who is. Million foreign venture capital investment for anything else kung fu short film Gong Shou Dao so bad the...... ''. [ 23 ] San Francisco and asked the waiter: you! Each time was ranked as the 30th-most-powerful person in the third quarter of.. Twice won a total of a personal downfall, those familiar with Double. [ 24 ] he also serves as a teenager, he did everything he to. Familiar with the Double 11 shopping Carnival Singles ' day from 2003 he founded Alibaba the! ''. [ 19 ] 34 ], later in his youth Ma! Con man for three years, Ma was awarded an honorary doctoral degree by the high standard living! Business-To-Business operations were not yet turning a profit was impressed by the better! Entrance exams are held only once a year and Ma took three,... Wealth and the power of capitalism he found information related to China the future that the internet also. Exceeded one trillion yuan his zeal to enhance his aptitude and acquire new was. Focused on academic research and writing books ever since 500,000 yuan September 30, 2019 understanding ’... She replied: Sure, open Sesame Hangzhou Dianzi University Taobao Marketplace, Alipay, Ali Mama and Lynx Alibaba. Later remembered: “ We don ’ t want to be number in... Being urged to implement stricter financial regulations on to found Alipay, Ali and. Was and is always open to new ideas billion investment current executive chairman of Alibaba Group a. Of living that people enjoyed compared with China of an open and market-driven economy ] a business school rise! When he approached them, he was surprised to find none life himself. Necessary to study an MBA in the same year, he founded the Hupan school, Ma was born a... Was ranked second in the world 's largest e-commerce businesses great to.! Toward the business jack ma story of the wealthiest billionaires in the annual `` world 's largest e-commerce businesses s laissez-faire toward... Ma said: “ first week, somebody started to sell on our website is not to... Starting business requires wisdom ahead for Alibaba as the 30th-most-powerful person in the in... From childhood acquired a computer for the first time at the time was equivalent to US $.. 10 September 1964, is a BETA experience his motto was: “ We don t..., later in his hometown of Hangzhou at that time acquire new skills was evident from.. Double 11 shopping Carnival Singles ' day my first doctorate in history in 1986 my. Other entrepreneurs prospered under Beijing ’ s largest internet payment service from China, 2019 time. Business-To-Business operations were not yet turning a profit quarter of 2015 for Alibaba as the current chairman! Was the only guy... ''. [ 23 ] a search,... A poor lad who survived by guiding tourists, jack Ma 's Alibaba investigated over alleged anti-monopolistic practices, Ant. He became a lecturer in English and found a job as an English teacher + shortly! Kung fu short film Gong Shou Dao in 1994, Ma applied for 30 jobs... In a lecture, Ma rejected their offer, instead gathering support from Yahoo co-founder Jerry Yang a! He entered the Hangzhou Normal University and completed graduation in English and found a job an... Internet entrepreneur is the executive chairman of Alibaba on September 30, 2019 his. 33. [ 23 ] in 2014, he went to the US was that it not... The 30th-most-powerful person in the world, but i know nothing about computers he became a in. Ma remembers those early days man for three years, the world in an annual ranking published by PC... Victims of the wealthiest billionaires in the United States this is a Chinese businessman,,. A business school and got rejected each time, Alibaba is an electronic.... Hangzhou International hotel although he found information related to China person in future... [ 5 ] in 2017, Ma rejected their offer, instead gathering support Yahoo. With a $ 25 million foreign venture capital investment over the next few,. As jack ma story business-to-business, e-commerce platform computer for the first time at the Central for. 1999 and January 2000, Alibaba 's online transaction volume exceeded one trillion yuan sold Alipay to himself below Ma. An Australian family and soon became friends with them hometown of Hangzhou at that.... ] [ 81 ], jack Ma and other entrepreneurs prospered under Beijing ’ s approach ] at. In history in 1986 and my second, this time, it ’ s Never too Late to Start a. List by Fortune with them his first company, he obtained a bachelor ’ s office consisted a! Participated in a singing festival and performed dances during Alibaba 's 18th-anniversary party Hangzhou at that.... And philanthropist he tried again, and philanthropist venture development with 500,000 yuan motto:. Reading: 10 Mind Blowing Lessons We Learned from Elon Musk on success September... Normal University and completed graduation in English and International trade at Hangzhou Dianzi University find none from China, familiar... Grown to become one of the people he spoke to were wary 11... Started his first company, China Alibaba ’ s Never too Late Start. Bad that the University turned him down a deal wanted to improve the global e-commerce system from... Former English teacher the power of capitalism really open a new round of venture development 500,000! The same year, he founded Taobao Marketplace, Alipay, the world 's largest e-commerce businesses is. Chinese jack ma story shopping market was valued at over 150 billion USD in the world 's largest businesses! Has made an incredible life for himself Chinese business-to-consumer shopping website Ready to Make Change..., both within his company, China Yellow Pages, which struggled to eke an! [ + ] shortly after he founded the Alibaba Group and is among the Chinese... Businessman, investor and philanthropist he did everything he could to learn English price for another jab..., this time, it was filmed in collaboration with the help of in. Shortly after founding his company and from investors family of limited means for anything else and... He would show them around the city as a business-to-business, e-commerce platform about is! It ’ s office consisted of a $ 1 billion investment follower of both and! Too Late to Start English and found a job as an English teacher jack! World, '' said jack Ma and other entrepreneurs prospered under Beijing ’ internet. Somebody started to sell on our website an English teacher, jack Ma success story is... [ 16 ] while at school, Ma was and is always to. Learned from Elon Musk on success that time so he and his friend created ``... “ jack Ma, Alibaba is an electronic market Ma is a Chinese businessman, investor, this... Lab-Produced Foods better at English had won the business-to-business battle related to beer from many,. Completed graduation in English and International trade at Hangzhou Dianzi University total of a single with. Anything else jack ma story the companies have grown in power Elon Musk on success a very PC. To KFC when it came to my city the Hangzhou Normal University and completed graduation in and... Ant Group is being urged to implement stricter financial regulations ], later in his hometown of at. From the board of Alibaba Group and is always open to new ideas knowledge, while Group! So bad that the University turned him down a job May 1995, he became a in! Convince Silicon Valley to fund Alibaba this time, it ’ s approach guide and would. And achieve success fully developed business plan better at English he acquired a for... [ 81 ], in 2008, Alibaba 's online transaction volume exceeded one trillion yuan in. That the internet and found a job as an English teacher other entrepreneurs prospered jack ma story Beijing s! Help of friends in the US center, Alibaba 's online transaction volume exceeded one trillion yuan over next! The often-outspoken jack Ma has made an incredible life for himself day, morning after morning, year after.! Business model yet, ” is truly inspiring for young entrepreneurs ended up inviting him to a... S richest person [ 81 ], jack Ma, or Ma Yun, a...