Born: 10 September 1964 {age 56 years}, Hangzhou, China
Wife: Zhang Ying [1988]
Children: Ma Yuankun and 2 more.
Net Worth: 4,600 crores USD [2021]
Education: Cheung Kong Graduate School of Business [2006], Hangzhou Normal University [1984- 1988].
Occupation: Co- founder and former executive Chairman Of Alibaba Group.
Nationality: China
Relations: Ma Laifa [Father], Cui Wencai [Mother]
Ma Yuanbao [Daughter].
Introduction
In 1964, Ma was born in Hangzhou, Zhejiang Province, China. China's Cultural Revolution was just beginning. For the next ten years, the country fell into political chaos. Capitalist and intellectuals were punished and sent to the countryside. Families and friends were divided along class lines.China was close to the world and its social turmoil was invisible to most people of the rest of the world.
- Jack Ma, Chairman and CEO, Alibaba Group
Learning English
In 1978, Deng Xiaoping, who is the Chinese new leader, opened china's doors to the world. For the first time in years, Chinese and foreigners began the mix again. Back in Hangzhou foreigners were beginning to make their way to the Westlake and it was on the banks of the Westlake, the Jack's life would change. When a teacher told him that she'd seen foreign tourists near the lake, Jack headed down to see for himself. Every morning for the next nine years, Jack rode bicycle to the Hangzhou Hotel where he chatted with foreign visitors and practiced in English.
For Jack, English turned out to be much more than a hobby. Jack has failed in college entrance examination twice. Finally, he become a student of Hangzhou Normal University.
Contact with the Internet
As Jack was teaching English, Deng Xiaoping's reforms were having dramatic effects on the neighborhood. Factories sprang up as china's low wages in greater openness combined with an export boom. As international trading increased, Jack saw business opportunity and started a translation company with several of his friends. In the beginning of 1995, Jack's translation company started to make a profit.
Also in this year, Jack was offered what must have seemed like a dream opportunity, to serve as a translator for a project in the United States. Jack flew to the US with high hopes but when he arrived in Los Angeles, he discovered that the US partner he was sent to work with was a con man.
Start up a business
In March 1995, Jack resigned from university. After a month, Jack Ma, his wife and a friend collected $2000 and started China's first Internet company. Their company was dedicated to creating websites for companies. He named their company "China Yellow pages", a sort of yellow pages for Chinese companies. they offered an online English- Language directory of Chinese companies and information. With his website up and running, Jack set out to find companies to advertise on this site.
Jack realized that he needed the cooperation of the government. So he took a plane to beijing, hoping he could be a partner with the government body responsible for controlling information in the country. But China's media and communication were strictly controlled, it means partnering with the government on something as new as the Internet was not a small challenge. He introduced what he did and what would be change in the future by Internet to government officer They wanted to introduce information of China to all over the world.
Found Alibaba
From 1998 to 1999, Jack headed an information technology company established by the China International Electronic Commerce Center, a department of the Ministry of foreign Trade and Economic Cooperation.
In 1999, Internet fever hit Wall Street. Each day new company want public on NASDAQ, meeting thousands fresh millionaires. And among network companies, e- commerce companies were market darlings. Consumer market places like eBay and Amazon were soon followed by business to business [b2b marketplaces] like VerticalNet, ARIBA and COMMERCE ONE. they promised to bring the world's businesses online. After their initial public offerings [IPOs] made them worth billions of dollars.
Alibaba.com Group
Alibaba.com is a platform which can help the suppliers to sell their goods all over the world, also buyers can buy goods through this web. In the same year, Alibaba Group launched a China marketplace [currently known as 1688.com] for domestic wholesale trade. By using this B2B model, Alibaba makes revenue from the membership fee, advertising fee, bidding ranking, commission and other else. For the membership fee, the Chinese suppliers pay 40,000RMB or 60000RMB per year in order to get touch with the customers from other country. the other kind of membership fee is focus on the suppliers who do domestic trade.The suppliers can use the platform for free, but if customers want to get trust from customers and have priority to publish information, they need to join the "integrity group", the fee is 2300RMB per year. In October of 1999, Alibaba Group raised US$5 million from a investor group led by Soft Bank. In 2001, Alibaba.com surpassed 1 million registered users.
In 2003, Online shopping website Taobao.com was founded, a platform using the model of C2C. At that time, eBay already started to enter the market of China by purchasing YiQu, which was the earliest C2C company in China. At first, eBay got the biggest share of Chinese C2C market, and singed exclusive advertising agreement with mainstream portals in China.
Quotes from Jack Ma
1]. "Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine."
2]. "The very important thing you should have is patience."
3]. "A leader should be visionary and have more foresight than an employee."
4]. "Forget about your competitors, just focus on your customers."
5]. "If you don't give up, you still have a chance."
6]. "Try to find the right people, not the best people."
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