How I Overcame Failure | Jack Ma | 馬雲/马云

Summary

The speaker recounts their journey of perseverance, from failing university admissions and job applications to founding Alibaba. Despite initial skepticism and financial struggles, they remained optimistic and focused on solving others' problems. The speaker emphasizes the importance of hard work, believing in one's vision, and the power of dreams. They advise young people to be proactive, innovative, and to serve others for mutual success.

Takeaways

• 📚 Persistence in Education: The speaker emphasizes the importance of perseverance, having failed to get into university and being rejected multiple times.
• 🏫 Lower Expectations: They attended a less prestigious teacher's college after being rejected by top universities.
• 🙅‍♂️ Job Rejections: The speaker faced numerous job rejections, highlighting the difficulty of finding employment and the resulting frustration.
• 🌐 Early Internet Vision: In 1994, the speaker decided to pursue the internet, a concept that was met with skepticism and opposition from peers.
• 💡 Belief in a Crazy Idea: Despite being told it was a stupid idea, the speaker believed in the potential of the internet and was determined to prove its value.
• 💸 Financial Struggles: The speaker faced financial challenges, including difficulty borrowing money and securing investment for their vision.
• 🤝 Bootstrapping Success: With $50,000 from 18 founders, they started a business that initially had no revenue, showing the importance of self-funding and bootstrapping.
• 💌 Customer Validation: The speaker found motivation in customer feedback and gratitude, which helped sustain their belief in their business despite no immediate financial gain.
• 🚀 Building an Ecosystem: Over time, they built a business ecosystem, including Alibaba, Tmall, Taobao, and Alipay, demonstrating the power of vision and hard work.
• 🤔 Optimism and Problem Solving: The speaker attributes success to an optimistic outlook and a focus on solving others' problems, rather than complaining about one's own.
• 👨‍💼 Entrepreneurial Mindset: The speaker encourages entrepreneurial thinking, which involves taking action, being proactive, and being willing to make mistakes.
• 🌟 Pursue Your Dreams: The speaker advises not to worry about money but to follow dreams, as success and happiness come from helping others succeed and being true to one's vision.

Q & A

How many times did the speaker attempt to get into university?

The speaker attempted to get into university three times but failed.

What was the speaker's experience with applying to Harvard?

The speaker applied to Harvard ten times but was rejected each time.

What was the educational institution the speaker finally attended?

The speaker attended a teacher's college that was considered third or fourth class in their city.

How many job applications did the speaker apply for before getting rejected?

The speaker applied for jobs 30 times and was rejected each time.

What was the speaker's monthly pay as a university teacher?

The speaker's monthly pay as a university teacher was ten dollars.

In what year did the speaker decide to work on something called the internet?

The speaker decided to work on something called the internet in 1994.

How many people were against the speaker's idea of working on the internet?

Twenty-three out of the speaker's peers were against the idea of working on the internet.

What was the initial reaction of venture capitalists to the speaker's business idea?

Over 30 or 40 venture capitalists rejected the speaker's business idea.

How much money did the speaker and the 18 founders gather to start their business?

The speaker and the 18 founders gathered 50,000 US dollars to start their business.

How long did it take for the speaker's business to generate revenue?

For the first three years, the speaker's business did not generate any revenue.

What was the speaker's approach to handling customer feedback when they couldn't pay?

The speaker used customer feedback and their expressions of gratitude as motivation to continue working on their business.

What advice does the speaker give to young people regarding opportunities?

The speaker advises young people to be optimistic, not to complain, and to look for opportunities where others complain.

What habits did the speaker develop to improve their English and think differently?

The speaker developed the habit of waking up early to practice English with foreign visitors and encouraged using one's own brain to think.

What is the speaker's perspective on the relationship between money and dreams?

The speaker believes that people should follow their dreams, not money, and that money will follow those who are successful and happy.