Jack Ma Yun is a Chinese businessman and capitalist. He is the former executive chairman and also of the company named Alibaba Group. It is presently a multinational technological company. Jack Ma is a strong individual of a market-driven economy. Jack Ma is a perfect inspiration for the upcoming CEO’s and businessman. He has been through a lot of bad times and then reached his goal from a company named AliBaba Group.
Who is Jack Ma?
Jack Ma is presently the Chinese Business Magnate. He was born on the 10th of September, 1964 in Hangzhou, Zhejiang, China. His childhood he spent by learning English while interacting with English speakers who visit the International Hotel in his city. He faced many problems during his growth; firstly he failed the entrance exam of his College (Hangzhou Teachers College) twice as he was very weak in mathematics.
After becoming a lecturer he applied in Harvard Business School for around ten times and got rejected every time. He then applied for 30 different odd jobs and was rejected by everyone. Out of the 30, one was KFC where 24 people applied for the job and only 23 got selected, and he was the only one who was rejected. He never lost hope in himself and always had an aim to succeed in life, therefore he thought of creating his own company and succeeding in it.
Jack Ma as an Entrepreneur
Jack Ma had always heard about the Internet and when he faced all the failures in life he decided to start his own company. In 1994, he started his first company named Hangzhou Haibo Translation Agency. Later, when he starts his company he came to know that there were no websites from China or related to China. So his friend created a website and then many companies tried to contact them. Therefore they started their office named China pages. They earned approximately US$800,000.
In 1998, Jack Ma directed a data application company introduced by the Chinese International Electronic Commerce Center, a division of the Ministry of Foreign Trade and Economic Cooperation. In 1999 he quit this company as both his business ventures did not succeed. He still did not give up and started planning to build a new company. So, he called 17 of his friends and told them about the idea of his new company. He convinced his friends to invest in this marketing based company which he called as “AliBaba”. This company gave Jack Ma a first step to his success.
The Success Story of AliBaba
When Jack Ma started Alibaba, the first three years, they had no profit. He used to receive a lot of letters from users of the internet platform he provided. They used to thank him for the services and ensured that he is on the right path to have big future. As time passed by the company started to become more recognizable and attracting users from all over the world. In 1999, he succeeded in raising $5 million from Goldman Sachs and $20 million from Softback to raise the company.
In the beginning of the 21st Century, Alibaba had been awarded a total sum of $25 million foreign investment capital finance. The program expected to improve for Chinese organizations, particularly small and medium-sized enterprises (SME’s), to develop the World Trade Organization (WTO) challenges. Jack ma wanted to introduce certain e-commerce systems so he founded Taobao Marketplace, Alipay, Ali Mama and Lynx. After the rapid rise of Taobao, eBay offered to purchase the company, he disapproved of their offer.
Jack Ma’s Fortune
In World’s Fifty Greatest Leaders list of 2017 by Fortune Jack Ma ranked second, this showed his hard work had brought him to success. He is an informal worldwide diplomat for Chinese business, an influential figure for the community of entrepreneurs. In September 2018, he announced that he would discontinue from Alibaba and engage informative work, financial aid, and environmental causes the following year, Daniel Zhang followed him as an executive chairman.
In 2019, Forbes magazine named Jack Ma in its list of “Asia’s 2019 Heroes of Philanthropy” for his piece of work and his qualities of encouraging the deprived communities in China, Africa, Australia, and the Middle East. As of January 2021, with a net worth of $61.4 billion, Ma is the third richest person in China as well as one of the wealthiest people in the world, ranked 20th by Forbes magazine.