Jack-Ma

We all know the name Jack Ma, owner of E-commerce giant Alibaba, but we don’t know the hard struggle and failure he go through. Today we’ll talk about a story that inspired many young people and which has changed the entire internet industry of China almost single-handedly.

Who is Jack Ma?

He is the founder of E – Commerce giant Alibaba and also holds as a stakeholder at Alipay, its sister company.

Jack Ma is now officially the richest man in China with an estimated net worth of $25 Billion.

His company also recorded the world record with $150 billion IPO filing. With all this, Jack Ma is a stakeholder at Alipay with 50% stake and 7.8% stake in Alibaba.

Alibaba holds back facebook in comparing the worth and when we talk about processes goods, it holds more than ebay and Amazon combined. The story sounds very easy but don’t take it simple as it conveying, it is folded with some major twists and failure. A true rags-to-riches story and definitely a one which will inspire you even in your darkest days.

Earlier Life:

Ma Yun a.k.a. Jack Ma was born in Hangzhou, which is located in the southeastern part of China. During the rise of communist China, he was born and raised along with an elder brother and a younger sister. He belonging to a middle-class family, as his parents were Musicians – Storytellers and didn’t make enough money.

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Former US president Richard Nixon’s visit to Hangzhou in 1972 improved the situation of tourism in his home-town and Jack wanted to make the most of this opportunity. He always wanted to learn English, so he uses to ride his bike nearby park by giving English tours to foreigners for free. During this he met a girl who gave him a nickname called as Jack.

After completing graduation with a bachelor’s degree in English, he started working as an English teacher at Hangzhou Dianzi University with a pay of $12 a month.

Rejected But Not Failed:

He is a lucky charm who just became a billionaire in a snap. But his struggle his story to more interesting. Have you ever failed 30 times in your life? If the answer is no then this is story is worth reading for you, yes Jack Ma failed for more than 30 times.

In Primary School Examination, where no one fails, Jack Ma failed not once, but twice. He failed thrice in his Middle School Exams. I know you thinking that this is not possible but this is the truth. When he tried to apply for universities after his High School, jack failed the entrance exam thrice and after all the attempt he lastly joined the local college Hangzhou Normal University and become the extra ordinary. He had also applied and wrote to Harvard University for ten times but got rejected again and again. It’s all about his education and his failure doesn’t stop here.

After completing Bachelor’s degree Jack applied for many jobs but failed to get. He failed 30 times, when he goes out after completing long three years of a University education. He recollects in his interview, “When KFC came to China, 24 people went for the job.  Twenty-three people were accepted.  I was the only guy who wasn’t”. He also one of the 5 applicants to a job in Police force and was the only one getting rejected after being told, “No, you’re no good”.

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Apart from all this, Jack Ma also failed on his initial two ventures. But he never stopped in his journey and created the history. 

How Alibaba Started?

He convinced 17 of his friends to invest and join the revolutionary e -commerce start up – Alibaba. In the initially period they started the company in their apartment without any single penny investment from outside investors. But in 1999, they collected $20 Million from SoftBank and another $5 Million from Goldman Sachs. The biggest challenge for Jack Ma and Alibaba is to convince people of China that an online system of payment and package transfers is safe, but this is what Jack Ma value for his lifetime.

ALIBABA, is now one of the biggest E- commerce networks in the world, the company is growing its hands in all over the world. After Walmart, Alibaba is the second largest E- commerce giant in the World in terms of sales per year.

“We keep fighting. We keep changing ourselves. We don’t complain.” -Jack Ma

This is the story of highly dedicated and determined Entrepreneur, who converted the face of online business and internet in China and all over the world.