Jack Ma’s Tips on How to Become a Successful Entrepreneur

Jack Ma... or you can even call him the “Alibaba” of e-commerce. Recently he has been in news for his decision of stepping down from the post of Chairman and pursue his interest in teaching. He was a former English teacher when decided to start Alibaba in 1999. With time, we all know where he has taken the company from a name to a brand.

Every budding entrepreneur considers him a guiding start and loves to follow his inspirational ideas with the hope that someday they will reach the same summit of success. Needless to say, his courage, hard work, persistence, focus are some of the things that make him different and is a constant source of inspiration. Here we are presenting some of his entrepreneur tips which he thinks is very much necessary to step on the ladder of the success.

Prompt action

Life is moving in circles every day. In the midst of that, we get chances. These chances or opportunities, whatever you would like to term it, will not come with an alarm. It will come when you least expect it. The most common mistake one does is overthinking about the risks involved in taking that chance. People waste time in getting ready to take the first step and in the meantime the opportunity is lost. Having a strong analytical ability is very much essential when you are in the growing years of the business. The analytical ability will help one to peep once into the future and size up the opportunity and take that required plunge. Bill Gates as you all know him could have never started Microsoft when he knew there were already giants like IBM in the industry. Jack Ma confessed that he started a private company in a place where the industry was mostly dominated by state-run companies.

You can’t do everything

The best organizations are not growing with the single contribution of a splendid organizer but rather by individuals who comprehend the estimation of collaboration and are sufficiently accepting and acknowledging the fact that their workers on a general basis know more than them. Individuals who trust they are an indispensable part of organizations that don't outlive them. Effective business people like Jack Ma perceive that there is a considerable measure of exceptionally keen and persevering individuals out there that just needs proper guides.

In his retirement letter, he stated: “You find the best people you can to help, work with them to do better, and create structures that can last past your final participation.”

Start thinking globally

The best business visionaries don't constrain themselves in their brain. Try not to think locally, think beyond that. It is through that point of view that you recognize the shortcomings of your products and services you are offering and build up a structure to assemble the assets required to develop your business. Also, as Jack Ma stated, thinking alone isn't sufficient; the thought must be worked upon along with the required activity. You need to start thinking big like an industry giant and only then you will know that you are on the right track.

The first priority is the customers

One of the greatest strategies of Jack Ma was his effort to reach his customers and trying to know what they want. Jack Ma used to use 60% of his day consistently addressing clients and understanding what they needed. Numerous business visionaries get focused on the items and services offered without ever asking clients what they need. Along these lines, Jack spent additional time attempting to comprehend what the market needs are rather than pushing the number what you figure the market ought to have. Jack Ma additionally put efforts into finding the best workers. By engaging his laborers with an ownership mindset, Jack got the best out of his group. He trusted those representatives which he thinks is the basic to the accomplishment of a business.

Entrepreneurship is long-term

In the event of being an entrepreneur if you are thinking that you are going to earn some quick easy bucks, then you must halt. Do take a seat and re-examine your objectives. The best organizations are assembled not by individuals who consider only getting wealth. Be those individuals who crave for long haul achievement. Here and now, thinking regularly prompted to take alternate routes and involve in bargains is by far the most exceedingly awful things. Trading off dishonesty to make a speedy buck. Deceiving a client or lying about your item offering to make a fast deal are not the signs of business visionaries. That is the thing that hawkers do. As Ma stated that his company got successful today not on account of the completion of an extraordinary activity today, but rather on the grounds that the team had an incredible dream 15 years prior. Having a long haul vision likewise requires the mind of new plans to persistently draw upon.

Collaborate and connect

To make this clear let’s state some direct examples. The leading product of Apple, the iPhone is an example of collaboration. Apple requires some parts supplied by certain companies which are also selling parts to Apple’s competitors. The cab service provider Uber is connected with Google Maps as it is required for a better service. You need to cooperate directly or indirectly with other businesses to be successful in the industry today. Rather than crushing the competition, leave the last decision on customer’s call.

Business achievement is a little part of knowledge, a great part of vision and a greater readiness to go out, knowing there is a risk and still be ready to persist taking disappointment as a lesson. Jack Ma ascended from ashes to light up like a fire. Coming from a poor background to end up being one of the wealthiest men in Asia was only possible because of the foundations and principles being steady and strong. As he said, when he initially began Alibaba, he faced a lot of difficulties but now he is one of the business visionaries. He says to all entrepreneurs that today is exceptionally troublesome. Tomorrow will be much more troublesome. However, the day after tomorrow will be extremely lovely.

After going through this now you must have known how exceptional teacher he might have been. He has never failed to accept the fact that teaching has taught him a lot of major principles in life. He was nowhere near successful when he started with the new venture at the age of 29 after getting rejected from 30 jobs. His teaching qualities have helped him immensely in his business later when he used to spend hours in identifying talents and training them to make his Ali-group.