Jack Ma’s 5 top tips for entrepreneurs

South China Morning Post

1 Dec 201702:55

Summary

TLDRThe speaker emphasizes the importance of entrepreneurial optimism and vision - believing in your idea and ability to solve problems better than others. Form a team that shares your vision and commitment for the long-term, not just a job. Ask what you can contribute, not what you will gain. Be prepared to work for years with unwavering dedication before seeing success. Don't wait for perfect conditions - move fast and stay ahead of competition and regulation. The speaker succeeded despite others' doubts by tirelessly improving and solving problems for customers.

Takeaways

😊 Be optimistic and believe in your vision for the future
💡 Solve real problems that others haven't solved well
👥 Build a team that shares your vision and mission
❤️ Inspire your team with the dream, not just a job
🎓 Invest in training your team to achieve your goals
🤔 Ask what you can give, not what you can get
🕰 Prepare for the long term if you have a good idea
💰 Don't expect quick success - persist despite challenges
🚀 Move fast before policies or competition make it harder
🏁 Focus on execution of your idea, not waiting for perfect conditions

Q & A

What qualities should a great entrepreneur have according to the speaker?
-A great entrepreneur should be optimistic for the future, think about problems they can solve and how they can solve them differently from others, and why they can do better than others. They should also find a group of people to work together with them who believe in the same vision and mission.
Why does the speaker say people should join your team?
-People should join your team not because it's a job, but because they believe in the dream, mission and vision.
What does the speaker say you should ask yourself?
-You should ask what problem you can solve, how you can solve it differently from others, and why you can do better than others.
What does the speaker say about finding the best people to work with?
-There are no best people in the world, the best people are those willing to work with you and believe in your team.
What should you think about when starting a business?
-You should think about what you will contribute in 3 or 10 years, not what you will gain. Prepare for the long term even if you get lucky with short term success.
What does the speaker say about waiting for the right circumstances?
-Don't wait for the environment or policies to be ready. You have to move fast before governments take action, otherwise there will be no opportunity.
What is the speaker's experience with lack of funding?
-The speaker started with $50,000 from 18 founders, but almost went bankrupt in less than 4 months as they underestimated costs.
Why does the speaker say their business succeeded 18 years ago?
-Because back then the internet and e-commerce were not hot yet, so there was less competition even though few people believed in the business.
What should you do when others say there is no chance for your business idea?
-Use your own mind to think why you can do better, differently, or last longer than others. Don't listen to naysayers.
What final piece of advice does the speaker give?
-Take action and move faster before governments set policies. If you wait for perfect circumstances, there will be no opportunity left.