How I Overcame Failure | Jack Ma | 馬雲/马云

Savanteum

12 Apr 202005:50

Summary

TLDRThe 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.

Outlines

00:00

🚀 Entrepreneurial Journey and Resilience

The speaker reflects on their challenging early life, including multiple failures in university admissions and job applications. Despite being rejected by Harvard and facing skepticism about the internet, they persisted. They recount the founding of Alibaba with a small team and initial lack of revenue, emphasizing the importance of customer feedback and belief in their vision. The speaker highlights the value of optimism, problem-solving, and the power of youth, encouraging listeners to be different, take action, and believe in their dreams.

05:00

💡 Success Through Helping Others and Following Dreams

In this paragraph, the speaker stresses the importance of focusing on the success and happiness of others as a path to one's own success and happiness. They advise not to worry about money, but to follow dreams instead. The speaker encourages listeners to take initiative, be brave, and think independently. They share a personal anecdote about practicing English with foreign visitors to broaden their perspective. The message is to embrace new opportunities, make moves, and take action regardless of others' beliefs, as long as you and your team believe in the vision.

Mindmap

Keywords

💡Persistence

Persistence is the continuous effort to achieve a goal despite difficulties or failures. In the video, the speaker emphasizes the importance of persistence by sharing his own experiences of failing to get into university and being rejected for jobs multiple times. This concept is central to the video's theme, as it illustrates the speaker's determination to succeed despite numerous setbacks.

💡Opportunity

Opportunity refers to a set of circumstances that makes it possible to do something or a favorable juncture for action. The speaker mentions that opportunities are often found where others complain, suggesting that challenges can be a gateway to new possibilities. This is a key message in the video, encouraging viewers to look for and seize opportunities in the face of adversity.

💡Entrepreneurship

Entrepreneurship is the process of designing, launching, and running a new business, which typically starts as a small business, such as a startup company, offering a product, process, or service for sale or hire. The video's speaker talks about his entrepreneurial journey, highlighting the importance of taking risks, being different, and working hard to build a successful business.

💡Rejection

Rejection is the act of refusing to accept, consider, or deal with something. The speaker recounts his experiences of being rejected by universities and job applications, which is a significant part of his narrative. Rejection is portrayed as a common hurdle that can lead to self-doubt but also serves as a catalyst for proving oneself and achieving success.

💡Belief

Belief is the state or condition of accepting something as true or feeling certain about the truth of something. The video emphasizes the power of belief in one's own ideas and abilities, as the speaker talks about his belief in the potential of the internet and his vision for his company, despite others' skepticism.

💡Optimism

Optimism is the tendency to be hopeful and to expect the best possible outcome. The speaker contrasts successful individuals with others by highlighting their optimistic outlook. Optimism is presented as a key trait that allows people to see opportunities where others see only problems.

💡Innovation

Innovation refers to the introduction of new ideas, devices, or methods. The video's speaker discusses the importance of thinking differently and innovating, as he did with the creation of Alibaba. Innovation is a central theme, as it is the driving force behind the speaker's success and the growth of his business.

💡Failure

Failure is the inability to do something successfully or the lack of success. The speaker's story is filled with instances of failure, which he uses to illustrate the importance of learning from mistakes and not being deterred by them. Failure is portrayed as a stepping stone to success in the video.

💡Dreams

Dreams are aspirations or goals that inspire individuals to achieve something. The speaker encourages viewers to follow their dreams, emphasizing that success and happiness come from pursuing one's passion. Dreams are presented as a driving force that can lead to significant achievements.

💡Hard Work

Hard work is the effort put in to achieve a goal or complete a task. The video's speaker talks about the importance of working hard, as evidenced by his own experiences and the early days of his company when they had no revenue. Hard work is a recurring theme, suggesting that it is a necessary component of success.

💡Ecosystem

An ecosystem is a community of living organisms in conjunction with the nonliving components of their environment, interacting as a system. In the context of the video, the speaker refers to the 'ecosystem' he built, which in a business sense means the complex network of businesses, services, and relationships that support and depend on each other, like Alibaba, Tmall, and Taobao.

Highlights

The speaker did not have a rich father and faced multiple failures in university admissions and job applications.

Applied to Harvard ten times but was rejected each time.

Chose to attend a lower-tier teacher's college as a last resort.

Earned only ten dollars a month teaching at the university due to lack of better job opportunities.

In 1994, the speaker decided to venture into the unknown territory of the internet, facing skepticism from others.

Failed to secure a loan of 3,000 U.S. dollars from banks and faced rejection from over 30 venture capitalists.

Believed in the potential of Alibaba despite others considering the business model terrible.

Started Alibaba with 50,000 U.S. dollars from 18 founders, with no revenue for the first three years.

Received emails of thanks from customers, which motivated the speaker to continue despite no immediate financial success.

After 16 years, Alibaba Group, Tmall Group, Taobao Group, and Alipay were established.

Success came from being optimistic about the future, not complaining, and solving others' problems.

Opportunity lies where people complain; the speaker encourages thinking about how to make things different.

The speaker emphasizes the importance of being more entrepreneurial and brave than others.

Mentioned waking up early to practice English with foreign visitors to gain different perspectives.

Encourages using one's own brain to think independently.

Advises not to worry about money, but to follow dreams, as money follows people.

The speaker concludes by urging to take action on dreams and to work for the success and happiness of others.