7 Secrets of Jack Ma Entrepreneurship Lesson
An inspiring speech by Jack Ma, the former Chairman and CEO of Alibaba Group. Jack Ma shared his experience to the aspiring entrepreneurs who are joining “Win In China” competition, a reality show for aspiring entrepreneurs to win 10 million RMB for their business startup. In the 1st season, 3000 participants were selected to join the interview session and 108 participants will be selected to join the competition officially.
Jack Ma – Win In China – Part 1
The article is filled up with Most Important key points and translated into English.
1. Always Know Your Choice
Jack Ma started his first business in 1992, running a language translation center. The business performance wasn’t so good in the beginning. After the third month, they decided to sell flower and premium gift to earn extra income and to cover the rental expense. They found that premium gift was more profitable than language translation business. This also made them struggle whether they should stop the language translation business and focusing on premium gift business. However, they chose language translation business because it was their why they want to startup business in the beginning – to fill the gap between teacher and the market demand of language translation.
“Many entrepreneurs will meet with many new opportunities in their journey. When you meet with these opportunities, you must know how to make the choice. Of course, we have chosen to run the language translation center.”, He said.
2. Small Businesses Need System Too
This incident happened in Teacher’s Day. He had a cashier to help him during that period.
“It was a very busy day. I estimated the revenue is 1100 RMB. However, there was only 400 RMB on the next day and I was curious where the money has gone. So I decided to check the account and found that the cashier has stolen about 100 to 200 RMB everyday. We didn’t know it for 3 to 4 months.”
“Whose fault? It was our fault, it was the system’s fault. A poor system will turn a good employee to a bad employee. Startup entrepreneurs always like to think about the big move such as how to grow the business and forgetting about the system and management in the small company with 4 to 5 people. Without a good system, it will be a disaster of the small company”
Therefore, small businesses need good system too.
3. Riding on The Giant’s Shoulder
Jack Ma went to US and decided to run internet business when he returned to China. The business was China’s Yellowpages, also known as China’s first internet-based company.
“1995 was the harder year to run internet-based business. I decided to do internet business after returned from China. I invited 24 friends to meet at my home and nobody understands after 2 hours meeting. There was only a friend agree and he told me to try, if it doesn’t work, I can still come back.”
“Because I have seen internet before and I felt that it will be even better in the future. However, nobody believes in it, because they never seen it, so they didn’t know how to make it.”
“Bill Gates was widely known around the world in 1995. Bill Gates said that internet will change people’s life. Well, actually, Bill Gates didn’t say that. If I told people that Internet will change the world, nobody is going believe. Therefore, I told people that Bill Gates said internet will change the world because I believed that Bill Gates will say it one day.”
He mentioned that the tactic is riding on giant’s shoulder.
To be continued…
This Article is provided by Ray Beh! The Founder of Frambie
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