Who is Jack Ma Yun? he is popularly known as Jack Ma a Chinese business tycoon, investor, and philanthropist born on 10 September 1964? He is the co-founder and executive chairman of the Alibaba Group, a multinational technology conglomerate. As of August 2018, he is one of China’s richest men with a net worth of US$38.6 billion, as well as one of the wealthiest people in the world. Ma’s primary ideology was for an open and market-driven economy.
A prominent business figure, Ma is seen as a global ambassador for Chinese business and as such is frequently listed as one of the world’s most powerful people by Forbes. In addition, he also serves as a role model for startup business In 2017, he was ranked 2nd in the annual “World’s 50 Greatest Leaders” list by Fortune. On 10 September 2018, he announced that he will retire from Alibaba and pursue educational work, effective in one year with Daniel Zhang succeeding him as executive chairman.
Ma resigned from the position of the CEO of Alibaba Group and reportedly decided to eventually resign as Chairman to focus on Philanthropy.
How was his early life and education, he began studying English at a young age by conversing with English-speakers at Hangzhou international hotel. He would ride 70 miles on his bicycle to give tourists tours of the area to practice his English for nine years. He became pen pals with one of those foreigners, who nicknamed him “Jack” because he found it hard to pronounce his Chinese name.
Later in his youth, Ma struggled attending college. The Chinese entrance exams are held only once a year and Ma took four years to pass. Ma attended Hangzhou Teacher’s Institute (currently known as Hangzhou Normal University and graduated in 1988 with a B.A. in English. While at school, Ma was head of the student council After graduation, he became a lecturer in English and International Trade at Hangzhou Dianzi University.
Does rejection in life make one strong? This is what can be seen in Jack Ma life in business is such. Ma says that he applied for 30 different jobs and got rejected by all. “I went for a job with the police; they said, ‘you’re no good'”, Ma told interviewer Charlie Rose,”I even went to KFC when it came to my city. Twenty-four people went for the job. Twenty-three were accepted. I was the only guy …” In addition to this, he applied ten times to Harvard Business School and got rejected.
His take off-: In 1994, Ma heard about the Internet. In early 1995, he went to the US with his friends, who helped introduce him to the Internet. Although he found information related to beer from many countries, he was surprised to find none from China. He also tried to search for general information about China and again was surprised to find none. So he and his friend created an “ugly” website related to China. He launched the website at 9:40 AM, and by 12:30 PM he had received emails from some Chinese investors wishing to know about him. This was when Ma realized that the Internet had something great to offer. In April 1995, Ma, his wife Cathy and a friend raised US$20,000 and started their first company. Their company was dedicated to creating websites for companies and he named it “China Pages”. Within three years, the company had made 5,000,000 Chinese Yuan which at the time was equivalent to US$800,000.
His efforts paid him by various awards
- In 2004, Ma was honoured as one of the “Top 10 Economic Personas of the Year” by China Central Television
- In Sep 2005, the World Economic Forum selected Ma as a “Young Global Leader”.
- Fortune also selected him as one of the “25 Most Powerful Businessperson in Asia” in 2005.
- Businessweek also selected him as a “Businessperson of the Year” in 2007.
- In 2008, Barron’s featured him as one of the 30 “World’s Best CEOs”
- In May 2009, Time magazine listed Ma as one of the world’s 100 most powerful people. In reporting Ma’s accomplishments, Adi Ignatius, former Time senior editor and editor-in-chief of the Harvard Business Review, noted that “the Chinese Internet entrepreneur is soft-spoken and elf-like — and he speaks really good English” and remarked that “Taobao.com, Mr Ma’s consumer-auction website, conquered eBay in China.” He was also included in this list in 2014.