Task 2 - Jack Ma

Bibliography

Jack Ma or Ma Yun is one of the successful entrepreneur in China. He born in 1964 in Hang Zhou, China. Jack Ma was the founder and executive chairperson E-commerce giant Alibaba Group.

Jack Ma failed university entrance exam three times. However, he never gives up and retake exam. He graduated in 1988 with a bachelor degree in English in Hangzhou Teacher’s Institute and became a school teacher.

Before Jack Ma became an entrepreneur, he became an English teacher at Hangzhou Dianzi University with a pay of $12 per month. Afterward, Jack Ma established a Translation company to translate document and provide translator service. After Jack Ma visit the United States in 1995, Jack Ma realized the potential of internet and internet business. In April 1995, Jack Ma ended his translation business and established an internet company called “China Yellow Pages “This company assigned to design and create websites for companies. However, Jack Ma first attempt in internet business is unsuccessful.

 In 1999, Jack Ma and his 17 friends established Alibaba to engage in internet business. They established Alibaba. Jack Ma faced much problem and difficulties after the establishment of Alibaba. Jack Ma and his team dedication make the Alibaba became the E-commerce giant in China and one of the valuable company in the world. According to Bloomberg index billionaire, Jack Ma was the richest people in China and 18th rich man in the world (Forbes, 2014). In this Assignment, we would like to analyze five entrepreneurial traits of the Jack Ma that help Jack Ma to be successful in their venture. The five entrepreneur trait of Jack Ma is failure is an option, proactive, visionary, open risk taker, team oriented.

 1.  Failure is an option

Entrepreneur faced many obstacles during they started their business. As we all knew, failure is the opportunity to learn and grow. One of the reasons the entrepreneur did not success is they feared about failure. Many successful entrepreneurs succeeded only after they had failed several times (Lambing & Kuehl, 2003). Jack Ma have the entrepreneur traits which is seeing the failure is an option.

Jack Ma faced a lot failure in his life. Jack Ma was failed his primary school test two times and middle school test three times. During the recent interview with Charlie Rose, Jack Ma revealed that he college his university entrance test several times. He never gives up his education. Finally, Jack Ma successful to join Hangzhou Normal University. Jack Ma also applied for Harvard University several times, but he was rejected all the time. Jack Ma also asked 30 jobs from various organization and company, but he was refused and failed to land a job. During the World Economic Forum interview that hosted by Charlie Rose, Jack Ma revealed that he rejected by the KFC company and the Police force. Although, Jack Ma faced many failures in his life but he still optimistic about his life.

After Jack Ma had graduated from Hangzhou Normal University, Jack Ma became an English teacher. After several years, Jack Ma involved in business and became an entrepreneur. However, Jack Ma faced several failures before he became a successful entrepreneur. Before establishment Alibaba, Jack Ma established a translation company and internet company “Yellow page”. However, he ended his business due to several reason.

In 1999, Jack Ma and his friends established a new internet company called Alibaba. Jack Ma faced many problems after the establishment of Alibaba. First, Alibaba did not had received any investment from outside investors. Jack Ma try to get the investment from in Silicon Valley. However, people in Silicon Valley rejected his request and criticized his business unprofitable and unsustainable. Jack Ma never give up and successfully to raise $20 Million from SoftBank and another $5 Million from Goldman Sachs in 1999 for Alibaba capital.

Jack Ma faced many hurdles and failure in his early life and entrepreneur journey. However, he never gives up and keep the faith to face the problem. Eventually, Jack Ma became one of the influential entrepreneurs in the world. In conclusion, we can conclude failure is an option is entrepreneur trait for Jack Ma.

2. Proactive

             Proactive is one of the important trait for a successful entrepreneur. Proactive meant taking action by ​causing ​change and not only ​reacting to ​change when it ​happens. The proactive entrepreneur will identify and exploit opportunities and take preemptory action against potential problems and threats. Jack ma have the entrepreneur who is proactive.

            Jack Ma is a proactive people in his childhood life. He has the great interest in learning English. Jack Ma rode on his bike every morning to the hotel near the city of Hangzhou’s West Lake which is 100 miles far away from the place he lived. He thinks the Hang Zhou’s West Lake is a place for him to learn and improve his English as it is a tourist attraction spot. He can train his English conservation with a foreigner. He also made much effort to improve his English. Finally, Jack Ma became fluent in English.

            Jack Ma also proactive people in business. During his travel in the United States in 1995, he realized the potential of the internet in the world and China in the long term. On that time, Jack Ma is a newbie to internet and computer. He discovers an opportunity to do the internet business in China. After Jack Ma return to China, he decided to open an internet company called “China Yellow Pages”. After Jack Ma had closed the “China Yellow Pages”, he and his friend set up a new internet company called Alibaba. Jack Ma introduced Taobao in China which is the first Chinese online shopping site in 2003. eBay entered China after 2004. Ma decided to launch a competing consumer-to-consumer (C2C) auction site. He did not to make money but to prevent eBay from taking away Alibaba’s customers. Jack Ma proactive strategic and tactic made Taobao have triumphed in the market war with eBay in China.

            Jack Ma also proactive in find the new business opportunity. Alibaba is creating "Pay-By-Selfie" technology that uses facial recognition to allow the people to make payments with a selfie taken with our smartphone. This proactive invention makes their customer more convenient during their purchase. They just make a selfie pay some goods by using their Alipay account.

            Jack Ma also proactive in solving the problem. Recently，Taobao has been accused of selling fake goods. Therefore, Alibaba was working hard with authorities on product quality to fight against the sale of counterfeit goods online. Alibaba would provide data and cloud-computing capabilities to authorities that can help fight fakes. It meant Jack Ma and Alibaba determination and proactive to against the sale of counterfeit goods online.

            In conclusion, Jack Ma is a proactive entrepreneur. He was proactive in learning. Proactive in business, proactive to discover business opportunity and proactive in solving the problem. This made Jack Ma became a successful entrepreneur in the world.

3.0 Visionary

According to Oxford Advanced Learner’s Dictionary 8th Edition (2010), visionary is defined as thinking or planning about the future with imagination or wisdom. Visionary meant having or showing clear ideas about what should happen or be done in the future. Visionary leaders are effective to lead a team toward achieving a common goal. Visionary is ability to see what others cannot see. Jack Ma He have the ability to look into the future. He knows what will happen in the future.

            In 1995, Jack Ma established Alibaba. On that time, Internet and E-commerce is not popularized in China. However, Jack Ma foresaw the potential of the Internet and E-commerce. Jack Ma vision is Alibaba to become a global platform for small business around the world. The Jack Ma far-sight made the Alibaba became become the largest online retailer in China. The Alibaba also became one of the biggest online retailers in the world. He wants to serve 2 billion consumers and help 10 million small businesses outside China sell their products through the internet.

Jack Ma hope Alibaba will surpass Walmart in sales in 10 years’ time Jack Ma want to make Alibaba a global platform for small businesses around the world. He desired to serve 2 billion consumers and help 10 million small businesses outside China sell their products through the internet. Thus, we can see Jack Ma is a visionary trait because he can look into the future and know what will happen in the future. He also leads Alibaba team toward achieving a common goal.

4.0 Open risk taker

Usually success of successful people come from those who are willing to take high risks. An entrepreneur must have the courage to face and be able to manage these risks in order to achieve excellence and success. People who are willing to take high risks will get great returns. For example, Jack Ma to take risks has led his company called Alibaba international level and it has proven concept mentioned earlier. However, Jack Ma will not take a risk with a whim.

The greater the risk the greater the returns. Staff working in an organization that must always bear the risk as it often exists and is required to manage these risks. Jack Ma often teach employees to have the courage to deal with any errors that occur in the business. Jack Ma boldly challenging the status quo, which is a structure that serves to maintain the existing ones by taking big risks. He was challenging the values ​​of the traditional business of the current era and has set up a company Alibaba to produce 500 million yuan and did not feel afraid of incurring losses and the risk will be borne later.

After successfully setting up Alibaba, Jack Ma also dare to take risks wisely and quantified by engaging and Alibaba into the New York Stock Exchange with more than $ 20 billion of shares to be sold. Projects and agreements that had great risks, he has gained six lead underwriter, 160 banks, more than 300 sale institutions, and thousands of broker work involved in the deal. Alibaba is the largest online merchant in the world, with $ 240 billion in goods and shares sold in 2013. Jack Ma has proven to be a successful entrepreneur who had the spirit to take risks to run and succeed in business.

In addition, many were surprised when Jack Ma shared the concept of the shareholders is an important third parties after the customer and principal owner. This is because they are putting the interests of customers in the first position is not fair to the shareholders in a company. They are difficult to imagine the founder of the company has put limited investor is the people who started the company. Most people are of the opinion that the status of the client should not be on the top of the organization because of the existence of a public relations problem, and putting the customer at the first position is not the best thing to do for the company to shareholders.

In short, an entrepreneur Jack Ma is willing to take the risk. In his opinion, most of the risks involved in business is a good return for increased durability and competitiveness of the company. This view has led the company Alibaba develop and achieve more excellent performance.

 5.0 Team oriented

Team-oriented means that members collaborate on projects and chose not to act as individuals. Businesses that emphasizes teamwork and collaboration can take advantage of the individual strengths of their employees. Collective team effort is more powerful and effective than the individual efforts. There are several tactics that can foster team orientation, which is through team building and diversity workshops for retreats, merit system that identifies and behavior and processes that facilitate team-oriented project team.

Jack Ma, a Chinese business tycoon, is also the founder and executive chairman of Alibaba Group, a family of Internet based business successful. One of the characteristics of entrepreneurship he is team-oriented. Jack Ma, Alibaba Executive Chairman has said that tackling social problems China is one of the ways to remain viable in the future.

He takes steps gradually to buy a football team and Alibaba's mission is to tie together several parts to work together in the company. Jack Ma said his company, Alibaba same football team, all participants need to work together in a game. For a football team to be successful and to win the tournament, 11 players have to work together as one cohesive unit. That effort that Alibaba is trying to do to achieve success in the future.

Jack Ma impressive with its team-oriented, which allows the company to continue to operate in a competitive market. When the company was facing any serious problems, the team will work together to solve problems together to ensure the smooth running of the company. For example, they often put themselves in a complex situation where they have to make difficult choices between competing interests as between the buyer and the seller, the seller competes, between entrepreneurship and regulation, between innovation and the need for stability.

Behind every great innovation or a step forward, the team they met and will continue to face resistance from stakeholders who prefer the status quo. His team did not give up and will try to find effective ways to mitigate the problems faced by the company so that Alibaba could grow at a rate in the future.

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