Jack Ma is certainly not the richest man in the world. Even in China, he is not the richest – he is at No. 5. However, he has a higher profile because of his willingness to share the secrets of his success.
An Enterprise League article sums up the secrets of success of Jack Ma:
10 rules for success from Jack Ma
March 28, 2022
The internet was surely a trigger, but Jack Ma success has come as a result of his own rules. So in order to help you achieve your own dreams and become a winner, we made a list of his most famous 10 rules for success. Listen to Jack Ma advice and build your own empire!
Get used to failing
Jack Ma is very familiar with failure. He applied to college 3 times before they accepted him. Even KFC didn’t find him fit. Most people will quit on the first try. Probably that will be the defining moment of their life – they will stop chasing their dreams and move on to something else. Jack Ma is different, he never gives up.
Keep the dream going
Jack Ma secret to success was to keep his dream alive no matter the cost. His favourite fictional character Alibaba inspires his story. In a meeting, he explained the phrase “Keep your dream alive” was the secret keyword that opened the door of success similar to Alibaba’s story. Now you know why his companies bare that name.
Company culture is key
He started with only 18 young people in his company to arrive at a number of more than 20,000 employees today. The key factor binding them all together is transparency and openness to criticism. They are all treated like family and even have access to interest-free loans for property down payments.
Ignore the haters
When he developed Alipay, many people were advising him that it was destined to fail. Even some of his closest friends bashed him by telling it was the worst idea ever. He put his ignore cap on and continued his way. If he listened, he wouldn’t have built a secure payment method with over a half-billion satisfied users.
Get motivated from pop culture
Jack Ma loves The Godfather, Forrest Gump, and The Bodyguard. These are the movies that he watched over and over again as he was a kid. The inspiration came from the actors and how they dealt with delivering their lines. From their acting, he realised that when people are showing their real faces and speaking from the heart, the impact will be powerful. That’s why he motivates others to stay true to themselves.
Learn to say “No”
Jack Ma is bombarded with ideas on a daily basis. He usually answers with no. As the CEO of Alibaba, he thinks if he strays elsewhere for one second from the primary mission of his company, Alibaba will be in trouble. However, if the idea is aligning with Alibaba’s goals and it represents an excellent opportunity to grow, the definite answer would be yes.
Create a strong brand name
Jack Ma choose Alibaba as the name of his company for numerous reasons. One of them, we mentioned before – his favourite fictional character. Another one would be the internet because a name that is known by many is a plus. Moreover, it begins with the first letter of the alphabet “A”, which means in directories his firm will show on the top of the page.
The customer always comes first
Jack Ma created a revolutionary business philosophy that changed the world forever. The customers comes first, then the employees and last are the shareholders. The customers are the ones to provide revenue for a company, and employees are the main drivers of innovation
Don’t complain
Jack Ma believes that people who complain are potential clients. If you offer a solution to a particular problem, you’ve targeted a potential audience of millions. Best Jack Ma advice for young people is to stop complaining and look for answers.
Let passion be your main drive
In the beginning, when speaking with his marketing team, he explained to them to create a sales pitch not to tackle Chinese websites only, but sites located in the U.S. as well. His passion for growth has been the factor that leads to his success. He also encourages his employees to have a startup attitude, not a corporate one.
Conclusion
Jack Ma through his experience shows how any entrepreneur around the world can bring their dream to fruition. As an entrepreneur, you can learn from his hard work, philosophies, and resilience. If you use them right, your door to success will open sooner than expected.
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The success of Jack Ma is based on the success of Alibaba Group and Ali Express platform i.e. the e-commerce solutions for both the wholesale and the retail trade.
The Covid restrictions helped initiate the e-commerce romance in Central Asia. Because of the enterprising nature of the people in this region, it caught the imagination of everyone.
Now, almost every shop in Central Asia can take orders by phone and deliver the groceries in the neighbourhood. The better-organized companies take orders through their social media accounts or their website and deliver within the country through the parcel service, most the post office.
The advice of Jack Ma is equally useful for the entrepreneurs in every country of Central Asia regardless of the nature and size of their enterprise, and most of them are instinctively working along the same lines.
Popular as it is, e-commerce in Central Asia is still in its budding phase.
According to a recent report by IMARC Group, The Central Asia E-commerce market size reached US$ 8.0 Billion in 2022.
Central Asia E-Commerce Market Report 2023: Size, Share, Trends & Forecast 2028
Looking forward, IMARC Group expects the market to reach US$ 66.8 Billion by 2028, exhibiting a growth rate (CAGR) of 39.11% during 2023-2028.
However, there are certain things to do urgently at the level of the government or the chamber of commerce to help unlock the full potential of e-commerce in the region.
The first, and foremost, of them is the availability of multi-currency payment gateway.
According to Airwallex, the payment gateway technology has been instrumental in enabling eCommerce businesses to grow.
Multi-currency payment gateways: A better way to accept payments globally
https://www.airwallex.com/blog/multi-currency-payment-gateway
A payment gateway is the technology platform that enables you to accept online payments in your home currency. It’s a secure checkout portal that guides your customers through the steps that allow them to make a payment to your business’ bank account.
A multi-currency solution lets you accept and make payments through a secure online portal. The big, cost-saving difference is that it provides businesses and users with currency flexibility for global customers.
Here’s how a multi-currency payment gateway works, in simplified terms. — 1. Your customer decides to make a payment. They head to the checkout on your eCommerce site and get taken to the payment gateway; 2. They are asked to enter their credit or debit card details. They enter their details, confirm the payment, and then everything’s completed on their end; 3. The payment gateway then sends your customer’s card details to your nominated payment processor (typically, your bank) through a secure gateway.
This is the bottleneck as far as Central Asia is concerned.
What is lacking here is a multi-currency payment gateway that should be able to handle all of the local currencies of the Central Asian countries. It should be geared to accommodate the buyer in one country and seller in the other without resorting to complete the transaction in the currency of a third country. In other words, a buyer in Kazakhstan should be able to use their local bank card, not Visa or MasterCard, and make the payment in Tenge to a seller in Turkmenistan where the local currency is Manat.
To create such a multi-currency payment gateway, the Central Banks of the Central Asian countries would need to join hands and work together.
Of course, there should be the ability to receive and fulfill orders from outside the region too. Where the mutual currency settlement agreements exist between Central Asia and other countries, this facility should be extended to e-commerce participants also. In other cases, the dollar or Euro can be used as bridge currency.
In addition, there would be the need to establish a joint compliance platform, perhaps under the auspices of the association of chambers of commerce of the region. It should be able to deal with the complaints from both the buyers and the sellers.
The region is ablaze with new ideas and fresh enthusiasm. This is the time to ride the wave of e-commerce. /// nCa, 2 March 2023
CONCLUDED.