Jack ma Biography
Jack Ma or Ma Yun is one of the most well known Chinese business magnate, investor, politician, and philanthropist. He is the co-founder and former executive chairman of Alibaba Group which is a well known multinational technology conglomerate. Ma is a strong promoter of an open and market-driven economy. Jack Ma is the founder of the Jack Ma Foundation which is one of the famous philanthropic organizations centered on developing education, the environment, and public health.
As of February 2020, Jack Ma is considered as one of China’s richest men having a net worth of $43.9 billion. He is regarded as one of the wealthiest people in the world, ranked 20th by Bloomberg Billionaires Index and Forbes. Ma got selected in the Forbes in the list of “Asia’s 2019 Heroes of Philanthropy” for his contributions and achievements in supporting underprivileged communities in China, Africa, Australia, and the Middle East. He is also a member of SoftBank, president of China Council of The Natural Conservancy(TNC), co-founder of Secretary-General’s High-level Panel on Digital Cooperation.
Child Life and Education
Jack Ma or Ma Yun was born on 10 September 1964 in Hangzhou, Zhejiang, China. He has two siblings: one older brother and a younger sister. He and his sibling’s upbringing was at that time when communist China was increasingly isolated from the West, and his family didn’t have much money when they were young. He started to learn English at a young age by communicating with English-speakers at Hangzhou International Hotel. Ma used to ride 17 miles on his bicycle for 9 years to give tourists tours of the area in order to maintain the practice of his English. Jack Ma made violent efforts for attending college later in his adult life. The Chinese entrance exams are too challenging and were held only once a year and Ma cleared the entrance exam in 4th year. Jack Ma used to attend Hangzhou Teacher’s Institute (currently known as Hangzhou Normal University) and completed his graduation in 1988 with a stream of Bachelor of Arts in English. While at the crucial time of schooling, Ma was appointed as the head of the student council. After the completion of his graduation, he became a lecturer in English and got involved in international trade at Hangzhou Dianzi University. He also made a great effort by applying ten times to Harvard Business School and unluckily got rejected each time.
Achievements in Business–
Jack Ma was a very brave person as he applied for the 30 different jobs and unluckily got rejected in all. In 1994, Jack Ma came to know about the Internet and planned to start his first company called Hangzhou Haibo Translation Agency. In early 1995, he went to the United States with his friends to gain more knowledge and benefits of using the internet. He made his efforts in searching the general information about China but he was disappointed to find no one from China. He and his friend made an “ugly” website in order to relate and represent the information about China. He initiated the website at 9:40 AM, and around at 12:30 PM he started receiving emails from some Chinese investors showing curiosity to know about him. At that point, he came to know that the internet has many more benefits to offer. Ma and He Yibing (a computer teacher) started the first office for China Websites. Ma started its second company in April 1995. The registered domain Chinapages.com in the United States on May 10, 1995. The company had made 5,000,000 Chinese Yuan within a time period of 3 years. Jack Ma started making websites for Chinese companies with the help of his friends in the US.
Jack Ma became a leader of an information technology company established by the China International Electronic Commerce Center, a department of the Ministry of Foreign Trade and Economic Cooperation from 1988 to 1999. He quit the job and returned to Hangzhou with his team in the search of Alibaba which is a China-based business-to-business marketplace site in his apartment with a group of 18 friends in 1999. He initiated a new round of venture development with a capital investment of 500,000 yuan. Alibaba twice won a total capital of a $25 million foreign venture capital investment in the month of October 1999 and January 2000. The program organized was very supposed to develop the domestic e-commerce market and an e-commerce platform for Chinese enterprises. It was specially organized for the development of small and medium-sized enterprises (SMEs) and in order to address some World Trade Organization (WTO) challenges. Since, 2003 he founded Taobao Marketplace, Alipay, Ali Mama, and Lynx. After the high-speed rise of Taobao, https://www.ebay.com/ eBay (a B2C company) recommended purchasing the company. Ma rejected their recommendation and gathering support from Yahoo co-founder Jerry Yang with an investment of $1 billion.
It was admired that Alibaba was raising over $25 billion in an initial public offering (IPO) on the New York Stock Exchange in September 2014. Alibaba was regarded as one of the most valuable technology companies in the world after raising the full $25 billion. Ma got selected as an executive founder of Alibaba Group, which has combined with nine major subsidiaries like as Alibaba.com, Taobao Marketplace, Tmall, eTao, Alibaba Cloud Computing, Juhuasuan, 1688.com, AliExpress.com https://www.aliexpress.com/, and Alipay. Alibaba’s online transaction volume exceeded one trillion yuan in November 2012.
Jack Ma has a meeting with United States President-elect Donald Trump at Trump Tower in order to discuss the potential of 1 million job openings in the following five years with the help of Alibaba’s interest in the country on 9th January 2017. Ma appeared on stage and gave a Michael-Jackson-inspired performance on 8th September 2017 in order to celebrate Alibaba’s 18th year of establishment. Jack Ma also made a partnership agreement with Sir Li Ka-Shing in a joint venture to offer a digital wallet service in Hong Kong in the month of September only.
Ma said that he would step down as executive chairman of Alibaba Group Holding in the coming year on 10th September 2018. Ma disagreed reports that he was forced to step aside by the Chinese government. He stated that he wants to be focussed on philanthropy through his foundation. After that, Daniel Zhang would be the new leader ahead for Alibaba as the current executive chairman.
Startup Story of Alibaba Company
Together with the cooperation of his friends, he laid the foundation of an “Alibaba” company https://www.alibaba.com/ (a startup at the time). In the initiation phase, the office of this company was built in its own apartment. These days he had no more capital other than the investment of his friends, but later by 1999, with the financial support of some other companies, his investment was increased to $ 25 million.
After winning the trust of Chinese people and teaching them to do business on the Internet, now this company has become one of the largest companies in the world. The journey of a small village boy was very struggling who don’t have even a single rupee to spend. He was successful in setting up such a big company just because he had the passion to do something. He had the urge to do something and most importantly, he had a curiosity to learn something new all the time. Even after failing a thousand times, one day one reaches the level of success which we find impossible.
Awards and Honours
- Jack Ma was promoted as one of the “Top 10 Economic Personalities of the Year” by China Central Television (CCTV) in 2004.
- Ma was selected as a “Young Global Leader” in September 2005 in the World Economic Forum.
- In 2005, He was selected in Fortune as one of the “25 Most Powerful Businessperson in Asia” in 2005.
- In 2007, he was also selected in Business week as a “Businessperson of the Year”.
- Barron’s presented him as one of the 30 “World’s Best CEOs” in 2008.
- Time magazine shortlisted Ma as one of the world’s 100 most powerful people in May 2009.
- He got selected in Forbes China as one of the Top 10 Most Respected Entrepreneurs in China in 2009. Ma achieved the 2009 CCTV Economic Person of the Year as ‘Business Leaders of the Decade Award’.
- Ma got selected by Forbes Asia as one of Asia’s Heroes of Philanthropy for his contribution in the fields of disaster relief and poverty in 2010.
- It has been said that one of his companies had gained control of Alipay, formerly Ma appointed as a subsidiary of Alibaba Group, so as to “comply with Chinese law governing payment companies in order to secure a license to continue operating Alipay in 2011.
- In November 2013, Ma was given an honorary doctoral degree by Hong Kong University of Science and technology.
- Jack Ma became a board member of Japan’s SoftBank and China’s Huayi Brothers Media Corporation. He was represented as a trustee of The Nature Conservancy’s China program in 2009 and joined its global board of directors in April 2010.
- Jack became chairman of the board for The Nature Conservancy’s China Program in 2013. This was one of the days after he stepped down from Alibaba as company CEO.
- In an annual ranking published by Forbes, he was shortlisted as the 30th most powerful person in the world in 2014.
- Asian Award promoted him with the Entrepreneur of the Year award in 2015.
- Jack Ma scored the second rank in Fortune on its World’s 50 Greatest Leaders list organized in 2017.
- A KPMG survey ranked Ma as the third position in the global tech innovation visionary survey in 2017.
- From De La Salle University-Manila, Philippines, Ma received an honorary degree of Doctor of Science in Technopreneurship in October 2017.
- Jack Ma received an honorary doctoral degree in Social Sciences honoris causa in the identification of his grant to technology, society, and the world through the University of Hong Kong in May 2018.
- Jack Ma got an honorable doctoral degree from the professors Yaakov Frenkel and Yaron Oz at Tel Aviv University in Tel Aviv, Israel in May 2018.
- Jack Ma and other 16 influential global figures were appointed by UN Secretary-General Guterres regarded as the new advocates for sustainable development goals in May 2019.
Jack Ma is the founder of the Jack Ma Foundation which is one of the famous philanthropic organizations centered on developing education, the environment, and public health.
Alibaba donated $808,000 to the poor victims of the Sichuan earthquake in 2008.
In 2015, Alibaba started a non-profit organization, Alibaba Hong Kong Young Entrepreneurs Foundation, which holds up Hong Kong entrepreneurs to assist them in growing businesses. In the same year, the Company funded the rebuilding of 1,000 houses which were damaged by the earthquake hit in Nepal and raised money for another 9,000.
In 2019 Jack Ma’s foundation started the entrepreneur initiatives which contributes ten prizes of one million dollars each to ten African entrepreneurs per year and launched a huge fund with 14.6 million dollars in order to make improvements in the education in Tibet.
- We must never give up.
- We must avoid caring about revenues.
- We don’t want to be liked by people. We just want to be respected by people.
- The very important thing is that you should be patient.
- We should learn from your competitor but should never copy what he used to do.
- We are never in a lack of money.
- Once in your life, try something. Work hard at something. Try to change. Nothing bad can happen.
- We must forget about our competitors, just try to focus on our customers.
- If we don’t give up, we still have a chance to prove ourselves.
- If we don’t put on our efforts, it will seem everything is impossible for us.