Alibaba’s Chairman Jack Ma at his early days interviewed for 30 distinct jobs and got refused by all. “I went for a job & applied for the police officer; they said, ‘Physically you are no good for this job’”, Jack Ma told interviewer Charlie Rose. “I even went to KFC when it first arrived into my city. Twenty-four people went for the job. Twenty-three were accepted & got hired, but I was the only guy who rejected “. In addition to this, he applied ten times to Harvard Business School (HBS) as the English tutor & again got rejected ten times in a row.
Jack Ma Yun is a Chinese business tycoon, investor, & humanitarian. He is the co-founder and official chairman of the Alibaba Group, a multinational technology agglomerate. Since January 2019, he is one of China’s richest men with a net worth of US$36.2 billion, as well as one of the richest people in the world. Jack Ma’s primary ideas were for wide and market-driven economics.
During his youth, Jack Ma struggled to escort college. In China, the entrance exams are only held once a year and Jack Ma attempted four years to pass the entrance exams. Ma went on to Hangzhou Teacher’s Institute (currently known as Hangzhou Normal University) and graduated in 1988 with a B.A. in English. During school, Jack Ma was head of the student council. After convocation, he became an instructor in English and International Trade at Hangzhou Dianzi University.
He started studying English at a young age by conversing with English-speakers at Hangzhou International Hotel. Jack would ride 70 miles on his bike to give visitors tours of the area to practice his English for nine years. He became close friends with one of those foreigners, who nicknamed him “Jack” because he found it hard to articulate his Chinese name.
In 1994, Jack Ma got to know about the Internet. During early 1995, he traveled to the United States with his associates, who helped him introduce to the Internet. Although he found data related to beer from many nations, he was astonished to find none from China. He also tried to search for general information about China and again was astounded to find none. So he and his friend created a “rough” website related to China. Jack launched the website at 9:40 AM, and by 12:30 PM he had received emails from some Chinese investors wishing to know about him. This was when Jack Ma recognized that the Internet had something great to offer. In April 1995, Jack Ma, his spouse Cathy and a friend raised US$20,000 and started their first company. Their company was committed to designing websites for companies and he named it “China Pages”. In three years, the company had made 5,000,000 Chinese Yuan which at the time was comparable to US$800,000.
Jack Ma began developing websites for Chinese corporations with the help of associates in the US. He said that “The day we got connected to the Internet, I invited colleagues and TV personalities over to my home”, and on a very slow dial-up connection, “we waited three and a half hours and got half a page”, he recalled. “We drank, watched TV and played cards, waiting. But I was so proud that the Internet existed”. In 2010 at a conference, Ma unveiled that he had never really composed a line of code nor made one sale to a customer. He obtained a computer for the first time at the age of 33.
From 1998 till 1999, Jack Ma directed an information technology corporation founded by the China International Electronic Commerce Center, a department of the Ministry of Foreign Trade and Economic Cooperation. In 1999, he gave the resignation & returned to Hangzhou with his team to found Alibaba, a China-based business-to-business marketplace site in his apartment with a group of 18 friends. He started a new round of investment development with 500,000 yuan.
In October 1999 and January 2000, Alibaba twice won a total of a $25 million foreign finance capital investment. The program was expected to improve the domestic e-commerce market and perfect an e-commerce platform for Chinese companies, especially small and medium-sized enterprises (SMEs), to address the World Trade Organization (WTO) challenges. Ma wanted to advance the global e-commerce operation and from 2003 he founded Taobao Marketplace, Alipay, Ali Mama, and Lynx. After the rapid rise of Taobao, eBay offered to purchase the company. However, Jack Ma rejected their offer, rather accumulating support from Yahoo co-founder Jerry Yang with a $1 billion investment.
During September 2014 it was announced Alibaba was raising over $25 billion in an initial public offering (IPO) on the New York Stock Exchange. Alibaba became one of the most valuable technology companies in the world after raising the full $25 billion, the largest opening public offering in US commercial history. Jack Ma served as executive chairman of Alibaba Group, which is a holding company with nine major subsidiaries: Alibaba.com, Taobao Marketplace, Tmall, eTao, Alibaba Cloud Computing, Juhuasuan, 1688.com, AliExpress.com, and Alipay. In November 2012, Alibaba’s online business volume topped one trillion yuan. As of 2016, Ma is the owner of Château de Sours in Bordeaux, Chateau Guerry in Côtes de Bourg and Château Perenne in Blaye, Côtes de Bordeaux.
Alibaba’s Chairman Jack On 2017 9th of January met with the United States President Donald Trump at Trump Tower, to discuss about 1 million possible jobs openings in the following through Alibaba’s Interest.
In the same month, Ma also partnered with Sir Li Ka-shing in a mutual enterprise to offer a digital wallet service in Hong Kong.
Jack Ma announced on 10 September 2018 that he will step down as executive chairman of Alibaba Group Holding in the coming year.
The notable business personality, Jack Ma is seen as an international representative for the Chinese market and as such is frequently listed as one of the world’s most influential people by Forbes. He also serves as a role model for startup enterprises. During 2017, Jack was listed second in the seasonal “World’s 50 Greatest Leaders” list by Fortune. At 10 September 2018, he proclaimed that he will rescind from Alibaba & continue educational work, effective in one year with Daniel Zhang succeeding him as executive chairman.
https://www.youtube.com/watch?time_continue=2&v=X9JExlvPwcs
Ma resigned from the position of the CEO of Alibaba Group and reportedly determined to ultimately retire as chairman to focus on philanthropy.