By Mark Stone, Contributor
For Alibaba founder and executive chairman Jack Ma, the only sign of failure is giving up. As therichestperson in China, one might assume Ma’s life has consisted of a series of successes and celebrations. In fact, the Chinese business magnate, whose net worth isestimatedat $37.6 billion USD (at the time of this article), is no stranger to monumental failure.
As a young adult, Mafailedthe Chinese entrance exams for college three times before he passed. Once applications were sent, he wasturned downby Harvard—ten times.
Upon graduating from university, Ma was one of 24 applicants whoappliedto the newly- arrived KFC in China. Twenty-three of those applicants were accepted, leaving Ma the sole reject. Shortly following, he applied to the police where he was again the only one turned away.
As it turns out, Ma racked up more failures in his early years than his favorite film, the 1994 Oscar-winner, “Forrest Gump,” did accolades. The question was, would he, like Forrest, find his stride and take off?
A Not-So Lucrative Box of Chocolates
Embracing rejection is part of Ma’s core ethos, however, his grit has not come without moments of insecurity and self-doubt from setback. When the dot com bubble burst at the end of the 1990s, Alibaba, now the world’s largest e-commerce company, had zero revenue to show for its first three years. Not only was it not profitable, it was on the verge ofbankruptcy.
It was around this time, after watching “Forrest Gump,” that Ma had an epiphany. “When I [saw] him, I [said], ‘This is the guy we should learn from.’ Believe what you’re doing. Love it, whether people like it, don’t like it. Be simple,” hetoldCharlie Rose during the Gateway business conference in Detroit in 2017. To grow the company, Ma would need to learn from his failures and get creative.
A Prototype for Persistence
Since banks were unwilling to work with Ma, one of Alibaba’s greatest roadblocks was figuring out how to secure its online payments. In the absence of institutional support, Ma built his own payment system, transfering payments in various currencies to buyers and sellers of different countries, and named it Alipay.
“So many people I talked to at that time about Alipay, they said, ‘This is the stupidest idea you’ve ever had,'” hetoldRose in an earlier interview. “I didn’t care if it was stupid as long as people could use it.”
Today,520 million peopleuse Alipay, and Alibaba is the world’s largest internet marketplace with over700 million users. Ma estimates his business has created15 million jobsin China on top of the 30,000 people it formally employs.
More Than His Job
While Ma’s hard work has undoubtedly gotten Alibaba to where it is in 2017, he attributes something else to his global success. In order to sustain perseverance in the face of failure, Ma subscribes to a healthy work-life balance, whereby he enjoys the challenge of business, but doesn’t let himself get consumed in it. Life is, after all, unpredictable.
“I always tell myself that we are born here not to work, but to enjoy life,” hesaidearly on in his success. “We are here to make things better for one another, and not to work. If you are spending your whole life working, you will certainly regret it.”
It may not apply to everyone, but Ma’s formula of balance, persistence, and fortitude in the face of obstacles certainly mimics the another character whose story has become an emblem of Western culture.
“Life is like a box of chocolates,” MaremindedCharlie Rose at the World Economic Forum in 2015. “You never know what you you’re gonna get.”
As a seasoned expert and enthusiast in the realm of business success and entrepreneurial resilience, my extensive knowledge allows me to delve into the fascinating story of Alibaba founder and executive chairman Jack Ma. To substantiate my expertise, I draw upon a comprehensive understanding of the principles of perseverance, innovation, and strategic thinking that underpin successful entrepreneurial journeys.
The article featuring Jack Ma by Mark Stone showcases the remarkable trajectory of a man who, despite facing repeated failures, managed to build Alibaba into the world's largest e-commerce company. Ma's life story exemplifies the ethos of never giving up, even in the face of significant setbacks. His resilience is evident from the multiple rejections he encountered early in life, including failing the Chinese college entrance exams three times, being turned down by Harvard ten times, and facing rejection from KFC and the police force.
One key element in Ma's success narrative is his ability to embrace rejection and learn from failures. The article highlights that Ma, inspired by the film "Forrest Gump," adopted a mindset of believing in and loving what he was doing, regardless of external opinions. This mindset became pivotal during the challenging period when the dot-com bubble burst, leaving Alibaba on the brink of bankruptcy with zero revenue in its first three years.
A turning point in Alibaba's history was Ma's creative solution to the problem of securing online payments when banks were unwilling to collaborate. Faced with this roadblock, Ma developed Alipay, an in-house payment system that proved instrumental in the company's growth. Despite skepticism from others, Ma's determination to create a functional solution led to the success of Alipay, now used by over 520 million people.
Ma's journey also emphasizes the importance of a healthy work-life balance in achieving long-term success. He advocates for enjoying life and not being consumed by work, recognizing the unpredictability of life. This philosophy aligns with Ma's belief that individuals are born not solely to work but to make life better for one another. His approach combines balance, persistence, and fortitude in navigating challenges.
In conclusion, Jack Ma's story serves as a prototype for entrepreneurial persistence, innovation, and the ability to turn failures into opportunities. His experiences with rejection, coupled with a commitment to learning and adapting, have propelled Alibaba to unprecedented success in the world of e-commerce. The combination of strategic thinking, creative problem-solving, and a balanced approach to life has established Ma as a true exemplar in the entrepreneurial landscape.
