Jack Ma, founder of online giant Alibaba, built a multi-billion eCommerce business from scratch. What valuable lessons can be learnt from the Chinese business ace?
"Intelligent people need a fool to lead them. When the team's all a bunch of scientists, it is best to have a peasant lead the way. His way of thinking is different. It's easier to win if you have people seeing things from different perspectives."
This is one of Jack Ma's famous quotes, and it perhaps explains why and how he managed to found China's - and indeed the world's - largest internet-commerce firm, Alibaba, from scratch.
The founder, who gave up his CEO position last year, has been described as eccentric, but Ma is also viewed as a relentless visionary with sharp business acumen. During last year's talk at Stanford University, the Chinese internet tycoon said the three reasons for his company's success were "no money, no technology and no plan."
1. Flexibility and lateral thinking
Having no money meant the former English teacher had to come up with ways to execute his ideas from a unique perspective. When it came to technology, Ma didn’t even know how to write code. He said that while he didn’t have the technical knowledge, he respected it, and that distance gave him a different perspective. And having "no plan" meant his company was not averse to change. Ma said that one should not simply stick to business plans and must have the ability to be flexible as technology changes.
2. Do it well and they will come
Ma also believes that one doesn't always needs strong powerful connections in China to succeed. He goes by the mantra where providing good products and services will speak for themselves. According to the Independent newspaper in the UK, he said: "People say, well Jack, if you're successful in China, you must have some strong, secret government support, and this and that.... We don't have a rich father, we don't have a powerful uncle — we only have the customers who support us."
3. Good old-fashioned hard work
But there are certain traits that are universal when it comes to succeeding in business. During a speech in the US, Ma simply attributed his success to good old-fashioned hard work.
But the road for Ma wasn’t an easy one. It was paved with many potholes, yet he was relentless. When eBay tried to get some turf in China, Ma - who is also an avid kung fu fan - kick-started TaoBao Marketplace. The result? The US company left China.
Another important part of Ma's success is how he managed to keep company with some of the best minds in the business. He also hired foreign executives and embraced change.
What started as a dream in his apartment in 1999 has now evolved beyond anyone's imagination.
Even before the recent headline-grabbing initial public offering, Ma was already in the circles of tech business behemoths. His success gives encouragement to many SMEs and entrepreneurs throughout the world.
Call him innovative or eccentric, the entrepreneur of the moment sure has a bag full of priceless advice. Indeed, there are many case studies within the success of Jack Ma's Alibaba that will be studied by business owners and managers for decades to come.
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