JACK MA'S MASTERCLASS FOR ENTREPRENEURS: Motivation for Success #jackma
Summary
TLDRThe speaker reflects on the journey of Alibaba from a small startup to a top internet company, emphasizing the importance of belief, hard work, and dreams. He shares the struggles of the early days, the value of self-belief, and the power of persistence. He encourages entrepreneurs, especially in Africa, to embrace change, focus on long-term goals, and learn from mistakes. The speaker also highlights the importance of creating jobs through small businesses and the opportunities presented by digital advancements in Africa.
Takeaways
- 😀 Entrepreneurship is a journey of doing something you believe in and dreaming of, regardless of initial skepticism or challenges.
- 💡 Alibaba's early days were marked by struggle and difficulty, including hiring challenges and a lack of resources, but belief in the vision kept them going.
- 💰 The company's market cap of 5 billion USD is a testament to the potential of perseverance and belief in one's entrepreneurial dreams.
- 🏆 Success came to those who were persistent and believed in their vision, even when they were not the most qualified or connected individuals.
- 🚀 Entrepreneurs should focus on creating value and serving customers well, as this will ultimately lead to the happiness of shareholders.
- 🌟 Embracing change and being adaptable are key to maintaining success in a rapidly evolving business environment.
- 📚 The speaker emphasizes the importance of learning from mistakes rather than just studying success stories, as every path to success is unique.
- 💼 Entrepreneurs should have a strong heart towards facing difficulties and a warm heart towards colleagues and customers.
- 🌍 Encouraging a global mindset, entrepreneurs should think beyond their own country and leverage the connectivity of the internet to reach wider markets.
- 📉 The speaker advises against waiting for government opportunities, as entrepreneurs should be proactive and create their own paths.
- 🔑 For entrepreneurs, focusing on long-term goals and strategies, such as a 10-year vision, is crucial for sustainable success.
Q & A
What is the significance of the number 5 billion USD mentioned in the script?
-The 5 billion USD refers to the market capitalization of Alibaba, highlighting the company's significant growth and success from its humble beginnings.
Why was it difficult for Alibaba to hire people at the start?
-Alibaba struggled to hire people initially because the company had a strange name, operated from an apartment, and the concept of e-commerce and the internet was not widely accepted or trusted at the time.
What was the attitude towards hiring at Alibaba during its early days?
-Alibaba was open to hiring anyone who believed in the company's vision, regardless of their educational background, as long as they were willing to join and work towards the shared dream.
How did Alibaba manage its financial constraints during the initial years?
-Alibaba was very careful with every cent spent due to the difficulty in finding customers, good engineers, resources, and obtaining loans from banks.
What was the outcome of Alibaba's IPO in 2007?
-The 2007 IPO resulted in the creation of many millionaires within the company, which was a testament to the hard work and belief of the employees, despite their backgrounds and the challenges they faced.
Why did the speaker emphasize that the employees who became millionaires were not necessarily the smartest?
-The speaker highlighted that success is not solely determined by intelligence but also by hard work, belief in a dream, and the willingness to work together, as many of the smartest people at the time chose to work for established companies like Microsoft and IBM.
What is the speaker's view on the importance of customers and colleagues in a company?
-The speaker believes that customers are the most important, followed by colleagues. He argues that if you serve customers well, they pay you, and if colleagues work together to serve customers, then shareholders will also be happy.
What advice does the speaker give to entrepreneurs about embracing change?
-The speaker advises entrepreneurs to embrace change and adapt to it, as constant change is a key factor in maintaining success. He also emphasizes the importance of learning from mistakes and being flexible in business strategies.
Why does the speaker encourage entrepreneurs to think beyond their own country?
-The speaker encourages a global perspective because the internet connects everywhere, and focusing only on one's own country limits the potential for growth and innovation.
What is the speaker's perspective on the importance of creating jobs in Africa?
-The speaker believes that creating jobs is crucial for Africa's development and that the best way to do this is by encouraging small businesses and trusting young people.
What are the two great opportunities the speaker sees for Africa?
-The speaker identifies digital transformation and the lack of a complicated IT infrastructure as two great opportunities for Africa, similar to the conditions that allowed e-commerce to grow rapidly in China.
What is the speaker's advice for entrepreneurs regarding their business strategy and vision?
-The speaker advises entrepreneurs to have a long-term strategy and vision, focusing on what customers need and how to build up their business over the next five to ten years, and to always stay ahead of government policies.
What are the three questions the speaker suggests entrepreneurs should ask themselves?
-The three questions are: What do you have, what do you want, and what are you willing to give up. These questions are meant to help entrepreneurs assess their resources, goals, and commitment to achieving those goals.
Outlines
🚀 Entrepreneurial Journey and Alibaba's Growth
The speaker reflects on the unlikely journey of Alibaba, starting from a small company with a strange name to becoming one of the top 10 internet companies globally. Despite initial struggles with hiring and skepticism about e-commerce, the company's perseverance and belief in their vision led to its success. The speaker emphasizes the importance of self-belief, hard work, and the power of dreams, highlighting that success is not about being smarter but about persistence and resilience. The narrative also touches on the challenges faced by small businesses in securing loans and the importance of careful financial management.
📚 Learning from Mistakes and Embracing Change
This paragraph focuses on the importance of learning from failures rather than just studying success stories. The speaker argues that many entrepreneurs make similar mistakes, and understanding these can be more instructive than knowing the reasons behind different successes. Alibaba's approach to business planning is highlighted, with the speaker sharing an anecdote about a one-page business plan that led to significant growth. The speaker also encourages entrepreneurs to embrace change and adapt, rather than sticking to rigid plans, and to think beyond their own country, leveraging the power of the internet to reach a global audience.
💼 Encouraging Entrepreneurship and Long-Term Vision
The speaker discusses the importance of encouraging entrepreneurship, particularly in Africa, by creating jobs and trusting young people. He advocates for favorable tax conditions for startups and emphasizes the need for a long-term vision in business, suggesting that entrepreneurs should think in terms of five to ten years. The speaker also advises against focusing on immediate success and stresses the importance of self-improvement and adaptability. He shares the strategy of asking three key questions: what do you have, what do you want, and what are you willing to give up, to guide entrepreneurs in their journey.
🌐 Digital Opportunities in Africa and the Power of Focus
The final paragraph highlights the unique opportunities that Africa has in the digital space, drawing parallels with China's rapid growth in e-commerce due to underdeveloped retail infrastructure. The speaker encourages African governments to establish payment systems that are accessible to everyone and emphasizes the importance of dreaming big and starting to work towards those dreams. He also stresses the importance of focus, using the metaphor of catching rabbits to illustrate the need to concentrate on one goal at a time. The speaker concludes by sharing his personal outlook on entrepreneurship as a rewarding and enriching experience.
Mindmap
Keywords
💡Entrepreneurs
💡Market Cap
💡E-commerce
💡IPO
💡Belief
💡Rejection
💡Mistakes
💡Customer-centric
💡Embrace Change
💡Digital Africa
💡Alipay
Highlights
The importance of entrepreneurship and the journey of building a company from the ground up, as illustrated by Alibaba's humble beginnings.
Alibaba's initial struggle with hiring due to its unfamiliar name and the lack of belief in e-commerce during its early days.
The concept that success is not solely about intelligence or education but also about belief and perseverance.
The challenge of securing loans for small businesses and the importance of financial prudence.
The significance of the first IPO in 2007 and the creation of wealth within Alibaba, highlighting the unexpected success of its employees.
The idea that success is not about being smarter but about believing in oneself and working hard.
The encouragement for entrepreneurs to embrace failure as a part of the journey to success.
The emphasis on the importance of having a long-term vision and strategy for entrepreneurship, extending beyond immediate success.
The value system within Alibaba that prioritizes customers and colleagues over shareholders.
The call for entrepreneurs to think globally and not be limited by the confines of their own country.
The unique opportunities presented by the lack of established infrastructure in Africa, which can be leveraged for digital growth.
The necessity of creating jobs through the encouragement and support of small businesses and startups.
The importance of having a strong heart towards difficulties and a soft heart towards colleagues and customers.
The advice for entrepreneurs to focus on creating value for customers and society, rather than just seeking personal success.
The notion that entrepreneurs should learn from mistakes, not just success stories, to understand the path to overcoming challenges.
The emphasis on the need for patience and long-term thinking in entrepreneurship, with a focus on sustainability over quick wins.
The idea that entrepreneurs should not be discouraged by their educational background or lack of prestigious credentials.
The story of Alibaba's growth and the importance of adapting and changing in response to market conditions and opportunities.
The final message on the power of dreams, hard work, and the potential for success available to all who believe and strive for it.
Transcripts
thank you my colleagues I mean
colleagues entrepreneurs we're lucky
that this life we can be together on the
way to do something ourselves to do
something we believe to do something
that we dreamed of
ours our market cap is 5
billion USD
think about it tell me 19 years ago
anybody can see a company in China can
be the top 10 internet companies in the
world
when Alibaba start to hire people
we could not hire people at all because
nobody want to join a company strange
name Alibaba right
and work in an apartment
and nobody believed e-commerce internet
so we hired anybody who can walk
we don't care right whether you are a
vast degree or bachelor degree as long
as you believe us so they join us
we settled from nothing it was true
for the first of 10 years was tough very
difficult days
because we cannot find customers we
cannot find good Engineers we cannot
find any any sort of resources we don't
we cannot get money from the from the
banks right so people say well you know
in Africa we cannot get loans from the
from the banks
everywhere in the world Banks do not
give small business money
right so we start to
be very careful for every every cent
that we spent
and the day the our first IPO years Year
2007 when Alibaba I appealed in Hong
Kong year 2007. we had a lot of
millionaires in the company
and I asked my friend my colleagues
alike we have like a 300 people become
Millionaires and I ask them hey now tell
me you become millionaires because you
are smarter than the others the people
said no no no no no no no we even cannot
find the jobs
right
because you're hard working
than us but they do not succeed one of
why they're not smart
all the smart people at that time they
went to Microsoft and IBN and head
hunting companies came to head hunt all
the best guy from us
and we are the people nobody come to
Heaven us
we have no place to go we believe in
ourselves we believe our dream we work
together
so I say we are the people because
nobody wants us I am the person over 30
companies don't want to make
right
so we are the people get used to be
rejected
we are the people get used to be say no
from the other people why people should
help you
people help you that is unusual people
do not help you that is very common
you should work to earn to be helped
right
so
in order to encourage my eight 17
Founders and all the people who join us
I said our competitors are very strong
at that time our competitor was eBay
a lot of the eBay guys from graduate
from Harvard we are people graduate from
no
I don't want to even measure about the
university names
well nobody but I say if we can win
if we can succeed
80 percent of the young people in China
in the world can be successful
because we believe we work a lot of our
dreams but they don't work hard a lot of
work hard but they don't have dreams
entrepreneurs should work plus dreams in
this way we can win in Africa don't
listen to those experts telling you
don't do this don't do that tell them
Africa needs a future the future has no
experts
right we
entrepreneurs someday we are the experts
right so this is what I think
and when you
when you're an entrepreneur get used to
failure
today is the Alibaba you succeed
well our company won't last 102 years
why 102 years because every Target every
goal we keep to our team should be very
accurate
we were born in 1999 last century we had
a one year we want to spend 100 years
and plus one year one or two across
three centuries
so very accurate we never see we are
successful because we are only 19 years
old there's 83 years to go
so we will never see we're successful we
just survived 19 years we are lucky
but in the past 19 years we have made
thousands of mistakes as an entrepreneur
don't learn from other people how they
succeed learn from how these people feel
because
a lot of MBS schools they teach you
success successful case studies when you
read too many successful you think you
can be successful no
there are a lot of things that you don't
know
because you know some
business school came to Alibaba and
write case studies they say ah no this
is Alibaba and they say no this is not
Alibaba they wanted me to sign after one
week
study they say this is case study
Alibaba he said no this is not me they
say Jack you don't know you
and I said all right I said
and next to five years every year there
is a case study in qinghua University I
was invited to sitting at the back
listening to the MBA schools talk
learning about our case study and they
always put a competitor competitor in
Alibaba who will succeed for five years
all they always agree Alibaba would die
the competitor will win but five years
all the competitors died
so how can you learn from the case study
like that
learn from the mistakes
because the mistake most of the
companies I I talk to entrepreneurs most
of the mistakes they made are the same
most of the success reasons you don't
know they're different reasons
so when you learn from the mistakes not
because you want to avoid mistakes
because when you see the mistakes when
you have these kind of problems you know
how to face it
an entrepreneur have a strong heart
towards the difficulties the mistakes
the troubles the failures but should it
be a warm and soft heart to your
colleagues or to the customers
and I think one of the things I want to
share with the values the the values
among the two values very unique in
Alibaba which I think the whole world
should think about we put custom number
one in probably number two sharehold
number three
most companies
in the Wall Street they put the
shareholder number one I said a customer
is the most important if you serve them
well they pay you the money
and the second important is colleagues
why the colleagues get together because
they want to serve the customers if they
do not cost serve the customers
together
right so if the customer happy in price
happy the shareholders will be happy
and the next Valley I'll share with you
is embrace the change
in this changeable work keep changing is
the best way to keep a step keep you
successful
there's no there's I remember year two
when I tried to raise my money
I went to a lot of uh Venture
capitalists they say Jack give me the
business plan I said I don't have a
business plan
but write something
and look at the others they have such a
thick business plan you I spent a whole
week right on one piece of paper and
this is this is the business plan a book
the book is about a how to be successful
you know doing their business in
e-commerce International I say how can
they write a book China was not even
connected to the internet
we never change our dreams but we change
ourself
we learn from the mistakes from the
others and ourselves and change and
become successful this is how we did so
and also encouraging all the
entrepreneurs in Africa do not think
about your own country
think about a whole Africa think about
the whole world
if you only think about your own country
there's no difference between thinking
your own country and your own village
the Internet connect everywhere
and this continent is very simple people
say very company I think it's a very
simple if you have been to Europe you
know how complicated it is
they worry too much
you know security privacy this and that
before the business is done they start
to put a lot of rules and laws
here
you have nothing to destroy
right
so
this will the most difficult thing is to
convincing a successful people
successful people is telling you I don't
do this don't do that you know we have
experience with this and that
we are the people we want to be
successful we want to create the future
we want to do something that we believed
in so
I think the very important for Africa is
to create jobs
the best way to create jobs is to
encouraging small business
the best way to create jobs is to trust
young people
and I talked to the President yesterday
evening
we should every country in this this
world this Century should encourage give
good conditions tax conditions to the
startups not big companies
right it's and he I'm very happy to hear
that he agreed
because those big companies they don't
need that we start up need that
if you take
tiny texts from those tiny startups it's
just like taking the meat of the
mosquito legs
you're killing the others you did not
survived
so I there are this world there are so
many great conditions for big companies
it is time let's get policies for
startups for young companies
and also I'll encouraging all the
entrepreneurs if you want to start a
business don't think you will be
successful next month or next year think
about at least the five years
because if something can be successful
next month why you
you have a rich father you don't have to
be a startup
right
and by the way don't be discouraged
because you have a poor diploma or
you know graduate from our poor
University or low education don't worry
about that if
if ever you would never be a premiere
right they can only be the white collar
guys
so as an entrepreneur
you should have this what is the
strategy for entrepreneurs
strategy is time 10 years you compete
with the other people the vision
the water will be there will be there
what kind of customers they need how we
can build it up if you prepare for five
years and 10 years if you have a good
team
and always do before the government do
if you're waiting for government you
have no chance
right
When government will say there is an
opportunity there go that direction
because it will be too crowded in there
right this is always so as entrepreneur
always ask yourself three questions
what do you have what do you want and
what will you give up
what do you have we have nothing
right the only things we have dreamed we
believe we have a team
and I believe we have the word time to
work hard
and what do you want
and what do you want you have to ask
what the customer want
what's the problem of the society what's
the problem with your customers
and what their team want
to think about what do you have we want
and what we give up if you don't want to
give up everything
you will get nothing
a lot of business people
they never learn to focus if your
startup learned to be focused on one
thing
because learn to be focused just like
there are nine rabbits on the ground if
you want to catch the rabbit don't
change the rabbit change yourself if you
want to catch this one finally got
nothing
so for nine rabbits
don't change the rabbit change yourself
to catch that rabbit until you've got it
a lot of things we have to learn
it's a great experience to be an
entrepreneur
life is so cool when you become
entrepreneur
in my life
the day
I never write a book for myself I think
those people write books are getting too
old
my life just the beginning the day when
everyone Rabbi I want to write a book
Alibaba 10001 mistakes
and I won't tell my kids how many tough
days I have grown through
silly mistakes I've made
and this is the best experience this is
because it's easy to be good but it's
tough to be bad
so
the other thing is I think Africa has a
two great opportunities lie before us
first is digital Africa
you don't have such a complicated I.T
infrastructure today it is very
difficult to move in Europe and America
because they have such a perfect I.T
infrastructure you know one of the
reasons why e-commerce in China grows so
fast is China infrastructure of of
retail is too bad
suddenly e-commerce come we jump up
Africa I think it's almost same like
China 90 years ago opportunity
and you don't have a payment I
encouraging all the the government in
Africa to launch the payment for
everybody have the chance to reach the
money
it is not that difficult
the technology is there as and don't
worry about you know there's uh there's
a security this I tell you
alipay Alibaba payment in the past of 15
years we've been going such a tremendous
amount every day now we have five more
than 500 million transactions we are
bigger than Visa Global Master global
we have a trillions of trillion more
than 10 trillion dollars transaction
last year we don't have even one cent
mistake
any Bank tell me that you don't have one
cent mistake in one year we don't for 15
years
the technology is there the only things
you want your people to be rich you want
your small business to reach the money
because if you don't dream if you don't
start to work this thing will never
happen but if you start to do it you
have a chance if not 500 billion 50
billion is okay
thank you
[Music]
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