Alibaba Brings Entrepreneur Jack Ma Wealth
As of 2016, China is the largest retail market in the world with sales skyrocketing at $4.9 trillion. Of many inspiring stories that pepper this recipe for success, one stands out among them. Jack Ma, founder and chairman of Alibaba, started from nothing and powered through innumerable moments of near-collapse to now become one of the richest men in the world.
Alibaba dominates e-commerce in China, but it is now investing as much as $8million in brick and mortar stores. Ma’s story is an inspiration for those budding entrepreneurs trying to take retail courses online and keeping their fingers crossed in the hopes that their big business idea would work out. Ma himself would probably say courage is everything. Here are some of the defining moments in his life and gather lessons from his winning attitude.
How He Learned English
Ma wanted to learn English, but there were no teachers in his community. He decided to tour tourists for free in exchange for English lessons. Ma now explains this decision at such a young age taught him not only the international language of business but also the ability to think differently, to listen to others, and to consider more than one perspective.
How He Funded Alibaba
While working in the U.S as a translator, he became familiar with the Internet and recognized its power in facilitating trade. But his first attempt through a website called ChinaPage closed down due to financing difficulties. Eventually, he gathered 16 of his friends and persuaded them to invest in a startup called Alibaba. The challenges did not end there. He was rejected by Silicon Valley. Undeterred, Ma eventually received investments from Goldman and Sachs worth $5 million and SoftBank worth $20 million. He is now the richest man in China.
Retail courses online are good places to learn the basics, but it is ultimately your will, drive, courage, respect for others, and curiosity that will define your success.