Jack Ma’s life story on the trials and tribulations that he faced on his way to founding ecommerce giant Alibaba (BABA, Financial) is truly inspirational. Much can be learned from his attitude, philosophies and ability to think differently. The book "Alibaba" by Liu Shiying and Martha Avery tells the story of Ma's life and his relentless pursuit to create one of the largest ecommerce sites in the world today.
Dealing with failure
Ma failed his college entrance examination twice. After the second time and before his third attempt, his teacher at the time said to him, “Ma Yun, your math is dreadful. If you don't pass this time, I will start writing my name upside down.” After taking this criticism, Ma accepted it as an opportunity for inspiration. He began to work harder, and he spent more hours in the library improving his math skills. On his third attempt at the exam, he passed with a 79. Ma’s attitude is proof that you need to be tough in life, and be willing to accept criticism from others and never giving up on your goals.
Inspirational quotes
“Success lies not in how much you have accomplished, but in the fact that you have done something, experienced the process, and begun to learn something.”
I really liked this quote because Ma has repeatedly failed in life, but he never gave up. I admire his ability to never throw in the towel, regardless of the adversity that he is facing.
One person that Ma looks to for inspiration is Winston Churchill. One of his favorite quotes is taken from Churchill’s famous work in his address of 1941: “Never give in —never, never, never, in nothing great or small, large or petty.”
This is a great quote because when I read it, I can feel power to it. It gives me motivation, and it reminds me that no matter what I must never give up in life.
Ma prepares himself for setbacks and adversity before they happen
I really liked Ma’s philosophy on dealing with setbacks: “You just had to be able to carry on, and in fact each setback made you stronger. I generally assume that something terrible is going to happen” tomorrow. So I prepare for it mentally. When it happens, it doesn’t seem so bad. I begin to say, “Come on, what else can you do to me?" It gives you self-confidence.
Nobody’s life is a straight line; everyone faces forks in the road, and most of life is filled with tribulations. Precisely because of this, people should be moving forward with optimism and not be surprised when they encounter problems. The fact that Ma is prepared for adversity is an advantage. Variance and obstacles sometimes happen that are outside of our own control, so it's best to be prepared for the future.
Ma Believes the majority of people can achieve success
“I personally know that others are better at calculating than I am. I know that others can also talk better than I can. But I was quite successful in college and I have been successful in founding a company. Therefore, I tell young people, if Jack Ma can be successful, I believe that 80 percent of people can also be successful,” he said.
I liked this quote because I know that our beliefs influence our actions and decisions. The fact that Ma believes that the majority of people in this world can achieve success is inspiring.
Ma had the courage to do the opposite of what other people were doing
“He decided not to focus on the 15 percent of business that was large corporations but rather the 85 percent that was small and medium-sized enterprises. 'I’m going for the small fry,' he said. He boiled it down to a very simple equation: large enterprises have their own channels of information and tremendous advertising budgets, while small enterprises have none. Small enterprises are most in need of the Internet—and where there is a need, there is a market.”
Jack Ma decided to take a different direction within the ecommerce industry. His decision to go after the small fry instead of going for the big ones created new opportunity, which created a differentiation advantage for him in the industry.
In Conclusion
I enjoyed reading "Alibaba." The book taught me about resilience, confidence, trusting your intuition and the power of using quotes as inspiration in times of adversity. Jack Ma's life story is a classic example of a person who never gave up on his dreams, which enabled him to achieve tremendous success.
Cheers to your investment success.
Disclosure: I do not own any shares of Alibaba.
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