Jack Ma: I've Had Lots Of Failures And Rejections | Davos 2015

World Economic Forum・2 minutes read

The text discusses Jack Ma's journey, failures, and perseverance in creating Alibaba, highlighting its growth, vision, and values while emphasizing trust, customer success, and empowering others for success. Jack Ma's focus on balancing work and life, empowering women, promoting self-improvement, and inspiring perseverance through movies and personal interactions are key aspects of his leadership philosophy within Alibaba and society.

Insights

  • Jack Ma's journey is marked by resilience, from facing failures to envisioning Alibaba's future as integral as electricity in 15 years, emphasizing the importance of perseverance and a long-term vision in achieving success.
  • Alibaba's success is built on trust, exemplified by the creation of Alipay despite challenges, with a focus on customer success and privacy, aiming to empower global small businesses while maintaining a respectful relationship with the government, highlighting the significance of trust, customer-centricity, and collaboration in business growth.

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Recent questions

  • Who is Jack Ma?

    Jack Ma is the founder of Alibaba.

  • What is Alipay?

    Alipay is a payment system with 800 million users.

  • How does Alibaba generate revenue?

    Alibaba generates revenue mainly from advertising.

  • What is Jack Ma's vision for Alibaba?

    Jack Ma envisions Alibaba helping global small businesses sell to consumers worldwide.

  • How does Jack Ma view China's economic slowdown?

    Jack Ma views China's economic slowdown positively, prioritizing quality over rapid growth.

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Summary

00:00

Jack Ma's Failures, Perseverance, and Alibaba's Success

  • Jack Ma's personal story is discussed, focusing on his numerous failures and perseverance.
  • He explains his return to Davos after a seven-year absence, reflecting on his past experiences at the forum.
  • Alibaba's growth is highlighted, with over 100 million daily visitors and 14 million jobs created directly and indirectly.
  • Ma discusses his vision for Alibaba's future, aiming for it to become as ubiquitous as electricity in 15 years.
  • The IPO success of Alibaba is mentioned, exceeding expectations and raising $25 billion.
  • Ma's challenging upbringing during the Cultural Revolution and his struggles with education and job rejections are detailed.
  • His passion for learning English from tourists in Hangzhou and adopting the name "Jack" are explained.
  • Ma's first encounter with the internet in 1995 in Seattle and the creation of Alibaba's first website are recounted.
  • The significance of trust in Alibaba's success is emphasized, with the development of an escrow account and payment system.
  • Ma's decision to create Alipay despite legal challenges and skepticism is discussed, driven by the importance of building trust in e-commerce.

18:01

Jack Ma's Alipay: Customer Success, Global Expansion

  • Alipay has 800 million users, privately held, not part of Alibaba, focused on customer success, no money from Chinese government or banks.
  • Jack Ma's philosophy is to make money from customers and market, not government, and to help customers succeed.
  • Jack Ma's relationship with the government is based on respect, not reliance, and he focuses on how the internet can help create jobs and improve the economy.
  • Jack Ma helps government organizations like train stations during peak times, not for money but to assist people.
  • Alibaba's revenue comes mainly from advertising, with a small amount from transaction fees, making it the second-largest in transactions after Walmart.
  • Jack Ma believes in protecting data and privacy, working with governments only on national security or anti-terrorism issues.
  • Jack Ma's vision for Alibaba is to help global small businesses sell to consumers worldwide, aiming to serve two billion consumers and 10 million small businesses outside China.
  • Alibaba has been successful in international markets like Russia and Brazil, crashing logistics systems due to high demand.
  • Jack Ma finds inspiration in Hollywood movies like Forrest Gump, emphasizing the importance of perseverance and simplicity in business and life.
  • Jack Ma aims to use movies as a tool to inspire Chinese youth and change the definition of heroes in Chinese culture.

36:18

"Jack Ma's Philosophy on Balance and Empowerment"

  • Tai chi philosophy emphasizes balance in life and work, illustrating competition as a form of balance rather than conflict, promoting a calm and balanced approach in business.
  • Alibaba's focus on empowering women is evident in their workforce, with 47% of employees being women, including 33% in senior management positions and a women CEO, CFO, and CPO.
  • Jack Ma believes in self-improvement over changing the world, emphasizing the importance of happy teams to ensure customer satisfaction and the empowerment of others for success.
  • China's economic slowdown is viewed positively by Jack Ma, who believes quality should be prioritized over rapid growth, comparing it to personal growth and the need for a focus on culture and values.
  • Jack Ma's wealth is seen as a societal trust to manage resources for the benefit of others, leading him to prioritize spending time with young people to share his experiences and inspire perseverance and self-reflection.
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