Jack Ma is the founder of the E-commerce mega industry Alibaba. He is also the leading stake holder at Alipay and officially recognized as the richest man in all of China. His net worth is estimated to be up to a whopping $25 Billion.
This short introduction of Jack Ma will make you think of him as a proud hot-shot who has never dealt with the difficulties of a common man. However, this is not the case. His story, is that of a failed entrepreneur who never gave up and reached the level, he is at today.
Jack Ma belonged to a poor family in Hangzhou region of China, and his parents working as musicians did not earn enough to be regarded as a middle-class family back then. During the 1970’s when the conditions of his hometown began to improve, Ma was keen towards learning English and gave free tours to the foreigners. He graduated with a Bachelor’s degree in English and worked as an English teacher at the local university, earning just $12 a month.
It is not true, that Jack Ma became a billionaire out of sheer luck. He has undergone numerous rejections throughout the course of his life. During his childhood, he failed several times in primary school, including three times in middle school. His university applications were rejected repeatedly and he wasn’t even granted a job at KFC. Moreover he was unsuccessful in his first 2 entrepreneurial ventures. However, he never gave up and his determination never ceased to fall. He persuaded 17 of his friends to invest in Alibaba, which indeed had a very slow start but went on to receive a combined investment of $25 million from Soft Bank and Goldman Sachs in 1999.
It was at the age of 31 when Jack Ma started his first successful business which later in time began to spread beyond China. Today, Alibaba is one of the biggest E-commerce networks in the world. Just imagine, if Jack Ma had given up earlier in one of the many rejections. Today, at this moment you wouldn’t have been reading about his success.
Not giving up, is all that it takes.