Things That You Did Not Know About Jack Ma
Jack MA, former CEO and Founder of Alibaba Group, is an extremely respected individual in the tech startup world. Jack Ma built Alibaba from scratch, and turned it into a multiple company that now holds onto the biggest ecommerce websites and business directory site in China. Here are a few things that most people never knew about Jack Ma.
Jack Ma Never Touched A Line Of Code
In his public speech at Stanford, Jack said that he never ever touched a line of code for Alibaba. He said during the startup phrase of Alibaba, learning how to code for him was not necessary. Matter of fact, he believes that the reason why Alibaba is so successful today is because of the fact that he never knew how to code. Jack said that, “The only way I was able to determine the problems with the software was by not knowing how to code. I used Alibaba like a regular consumer would” When Jack Ma was asked by a real estate mongul in China on how he became so successful with Alibaba if he could not code, Jack counter asked him, “Well, your into real estate, can you build a house?”
Jack Ma Does Not Believe In Business Plans
Jack Ma mentions that Alibaba never had a real business plan, the startup at the time just went with the flow. Jack Ma said that you could hire an outstanding MBA to help you write a killer business plan, but it is useless because your future can’t be predicted in a startup. One of the reasons why Alibaba was rejected in the early stages was because they did not have a plan. Jack gave up on the idea of making a plan, instead he started taking action into creating a product. He claims that until today, he never wrote a business plan for his startups.
Jack Ma Does Not Believe In No Money As An Excuse
Alibaba started with less than 50,000RMB(8000$) in funding. Because of so little funding, the startup had to make good use of every single penny that they had. Jack Ma believes that you should never use money to solve your problems. Money can only be used as a tool or strategy, but it should never be the excuse why any entrepreneur cannot start a startup. Starting a web business should not ever require massive capital and hiring. He recalls that a lot of his competitors failed because they had too much money.
Jack Ma Made 4000RMB As A Teacher Before Alibaba
After Jack finished college he was a teacher making only 4000RMB(635USD$) a month. The little amount of money he was making made him understood the importance of money. He believes that another big reason for Alibaba being so successful is because he never had money, so he understood how to use every penny to it’s full potential. Teaching, to him, was not a great job nor was it glamorous in his eyes.
Jack Ma Retired From CEO Because He Could Not Keep Up With Technology
As mentioned above, Jack Ma never learn to code nor did he understand any type of code. He labeled himself as a product tester for Alibaba. In the recent years, technology has been rising too quickly to the point where Jack is unable to consider himself as a product tester anymore. Jack believes that there are more startup talents in his company that can test products better than him, so he felt the need to step down as CEO and let the newer talents take over. “I’m too old for technology, Alibaba needs to expand and grow”-Jack
Jack Ma Bought Every Item On TaoBao When It Launched
It’s hard to get someone to use your ecommerce startup site if you do not already have a track record. When Jack started Taobao, China’s ecommerce giant, he and his staff bought every item that people listed on Taobao. That was the only way in his book to get users to trust their site. Within a month, the Alibaba office was filled with useless junk that they bought from other users. The reason he build Taobao was because he felt that Entrepreneurs and startups are extremely tiring and stressful. Everyday, he had to worry about whether or not someone will purchase from his startup, so he decided to make an ecommerce multiuser site where even the poorest people in China can make money.
“If I can succeed anyone can succeed. I dont have a rich uncle and you do not need a rich uncle. Guaxi (connections) are not important in the tech world, work hard and aim towards your goals” – Jack Ma