The Key to Success: Insights into the Mind and Business Strategy of Jack Ma, Visionary Founder of Alibaba
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Of course you know Bill Gates, founder of Microsoft, Jeff Bezos, founder of Amazon.com, and Mark Zuckerberg, founder of Facebook. The three of them are the richest people in the world.
What about the name Jack Ma? You've heard the name? Maybe many people are still unfamiliar with the name Jack Ma. In fact, Jack Ma can be categorized as one of the richest people in the world.
Jack Ma is the founder of an online marketplace called Alibaba. In 2014, Alibaba was named the most successful online marketplace with IPO funds reaching IDR 289.9 trillion.
At first, Alibaba was just a small marketplace that was successfully established in 1999. However, thanks to Jack Ma's persistence and hard work, it paid off so well that he was crowned one of the richest people in China until now. Surely you are curious about how Jack Ma built Alibaba from scratch, right? Check out the secret:
1. Have the desire to move forward
Business is not only about products and customers, but about competitors. The many competitors make Jack Ma always think of moving forward, thinking of how to make his business global. Thanks to his progressive mindset, Jack Ma and his team were able to take Alibaba internationally.
2. Focus on the customer
The battle in the online marketplace business world is very tight. There are lots of big competitors. You could say who is strong, is the winner. However, Jack Ma was never afraid of his competitors. Why? Because competitors can only survive thanks to their customers. When a competitor runs out of customers, the business can go out of business.
This is what makes Jack Ma always put customers first. For him, Alibaba can be successful if it manages to maintain the trust of its customers. With the best service, any customer will feel at home shopping at just one marketplace.
3. Business Expansion To Be International
A Jack Ma has the principle that business is not only in one country, but is carried out in all countries. It is this principle that drives him to bring Alibaba to the international market. He believes that businesses that have "go international" can survive in the long term. Because of that, he really took advantage of the existence of the internet to develop his business.
4. Ignore Haters
During his business journey, Jack Ma took the initiative to create Alipay, a special payment mechanism for Alibaba customers. However, Alipay has received a lot of ridicule from other e-commerce entrepreneurs. They think that Jack Ma is crazy because of the business he is running. However, Jack Ma didn't care about all the sneering.
He ignored the comments of the haters and tried his best to make Alipay a reality. Until finally Alipay managed to become one of the largest online payment methods in China. Successful entrepreneurs are able to turn haters into loyal customers.
5. Be observant to see opportunities
The lack of infrastructure in China in the 1990s was the reason why it was difficult for entrepreneurs there to develop. This obstacle is what Jack Ma uses as an opportunity. Thanks to his creative ideas, he managed to establish Alibaba, an e-commerce company that can help entrepreneurs to run their business. Entrepreneurs can join Alibaba and sell their products on one marketplace without having to trade them themselves. There are many business models at Alibaba, starting from B2B, B2C, etc.
6. Must be innovative and creative
It is undeniable, any entrepreneur is required to always innovate and be creative so that his business remains at the top. This is what Jack Ma succeeded in realizing. He always racks his brain to get innovative and creative ideas for the development of Alibaba. When these ideas emerged, Jack Ma immediately implemented these ideas. When an idea fails to be implemented, Jack Ma looks for ways to achieve it or even looks for even more brilliant ideas for the betterment of his business.
7. Always focus
Many responses, comments, criticisms and suggestions have been given by other entrepreneurs so that Alibaba remains the largest e-commerce in China. However, all the responses he got would be carefully sorted out. When he disagreed with the response, Jack Ma didn't hesitate to say "no". However, he remains focused on running the business according to the plan he drew up at the beginning.
Quoting seconds, achieving success in doing business is not as easy as turning your palm. Even though Alibaba is already the biggest e-commerce business in the world, Jack Ma is still working hard to maintain his e-commerce glory. Jack Ma's effort and hard work is what you need to emulate so that a business can be as successful as Alibaba.
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