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Jack Ma: I've Had Lots Of Failures And Rejections | Davos 2015
@ World Economic Forum
02/04/15
Takeaways
JM
Jack Ma
02/04/15
@ World Economic Forum
I returned to Davos after seven years because I believe it's time to share what I've learned with the next generation of leaders.
JM
Jack Ma
02/04/15
@ World Economic Forum
Alibaba has over 100 million buyers visiting our site every day, and we've created 14 million jobs in China directly and indirectly.
JM
Jack Ma
02/04/15
@ World Economic Forum
Fifteen years ago, I told my team that I wanted Alibaba to be so ubiquitous that people wouldn't even think about it as e-commerce, just like they don't think about electricity.
JM
Jack Ma
02/04/15
@ World Economic Forum
When we went public, we raised $25 billion, which is not just money; it's the trust from people who want us to do better jobs and help more people.
JM
Jack Ma
02/04/15
@ World Economic Forum
I faced numerous rejections, including being turned down for jobs 30 times and being rejected by Harvard ten times, which taught me to get used to rejection.
JM
Jack Ma
02/04/15
@ World Economic Forum
I learned English by guiding foreign tourists for free at a hotel, which opened my mind to different perspectives and ideas.
JM
Jack Ma
02/04/15
@ World Economic Forum
The name 'Alibaba' was chosen because it's a global name that people recognize, and it represents trust and opportunity.
JM
Jack Ma
02/04/15
@ World Economic Forum
Creating trust was essential for Alibaba's success, especially since people in China were used to face-to-face transactions. In today's world, trust is lacking among people, governments, and media, but e-commerce facilitates 60 million transactions daily, creating a system of trust despite the anonymity between buyers and sellers.
JM
Jack Ma
02/04/15
@ World Economic Forum
I realized that to build a trust system in e-commerce, we needed to create an escrow account to hold payments until the buyer received their product, ensuring security for both parties.
JM
Jack Ma
02/04/15
@ World Economic Forum
When I started Alibaba, banks were skeptical about our payment system, claiming it would never work, but I knew that without a payment solution, e-commerce would not succeed.
JM
Jack Ma
02/04/15
@ World Economic Forum
After attending a leadership discussion at Davos, I decided to launch our payment system immediately, understanding the importance of building trust for the future of e-commerce in China and globally.
JM
Jack Ma
02/04/15
@ World Economic Forum
Many people thought my idea for Alipay was foolish, but I believed that as long as people used it, it would succeed. Now, we have 800 million users, proving that the idea was not stupid.
JM
Jack Ma
02/04/15
@ World Economic Forum
I have never accepted money from the Chinese government because I believe a company should focus on making money from customers rather than relying on government support.
JM
Jack Ma
02/04/15
@ World Economic Forum
My relationship with the government is complex; I advise my team to respect them but not to rely on them for e-commerce, as it's essential to create jobs and improve the economy through the internet.
JM
Jack Ma
02/04/15
@ World Economic Forum
In the early years, I spent time convincing government officials about the benefits of the internet for job creation and economic improvement, which was crucial for our growth.
JM
Jack Ma
02/04/15
@ World Economic Forum
When the government approaches me for projects, I often decline but offer to connect them with others who can help, maintaining a professional distance while still being supportive.
JM
Jack Ma
02/04/15
@ World Economic Forum
We recently assisted the government with ticket sales during the Spring Festival, prioritizing the needs of millions of people over profit, demonstrating our commitment to social responsibility.
JM
Jack Ma
02/04/15
@ World Economic Forum
I believe that if you try to achieve something, at least you have hope; if you don't try, nothing is possible.
JM
Jack Ma
02/04/15
@ World Economic Forum
Our revenue primarily comes from advertising and a small amount from transaction fees, as we focus on building a large user base of small businesses.
JM
Jack Ma
02/04/15
@ World Economic Forum
We aim to help small businesses globally, envisioning a platform where a small business in Norway can sell to consumers in Argentina, breaking down international barriers. For instance, we helped American farmers in Washington state sell almost 300 tons of cherries to China last year by pre-ordering online, which made consumers very happy.
JM
Jack Ma
02/04/15
@ World Economic Forum
If we can sell cherries and seafood to China, we can also help American and European small businesses sell their products to Chinese consumers, who are eager to buy.
JM
Jack Ma
02/04/15
@ World Economic Forum
I believe that to change the world, we first need to change ourselves, as it's easier than trying to change the entire world.
JM
Jack Ma
02/04/15
@ World Economic Forum
One of the secrets to Alibaba's success is that 47% of our employees are women, and 33% of our senior management positions are held by women.
JM
Jack Ma
02/04/15
@ World Economic Forum
In the 21st century, to be successful, you must empower others and ensure they are better than you; this is especially true for women, who often think more about others than themselves.
JM
Jack Ma
02/04/15
@ World Economic Forum
China's economic slowdown is a natural progression; maintaining a 9% growth rate is unrealistic for the second-largest economy in the world.
JM
Jack Ma
02/04/15
@ World Economic Forum
Having wealth is not about being rich; it's about the trust society places in you to manage resources effectively for the greater good.
JM
Jack Ma
02/04/15
@ World Economic Forum
In this world, many people face rejection more than 30 times, but the key is to never give up and to keep fighting like Forrest Gump.