How to overcome failure according to Jack (Founder of Alibaba)
This week we feature Jack Ma the creator of Ali Baba and global enterpreneur as our success story. It is estimated that he is now worth $27.9 billion, it’s a far stretch from his previous years as an English teacher!
Here are some fun facts about how he overcame failure and adversity and used these pitfalls to propel himself into success and fortune.
- Ma was a very bad student and failed middle school 3 times and failed his college entrance exams twice! Jack Ma is one of the many geniuses to have failed academically he is grouped with the likes of Albert Einstein, Winston Churchill and Abraham Lincoln who also struggled with acedemics!
- Ma scored 1 out of 120 in the math portion of his college exam and to this day struggles with mathematics despite Alibaba being a tech company, yet he is still a billionaire.
- Ma was rejected from Harvard 10 times, but never lost hope and went on to become an English major at Hangzhou Normal University.
- Ma remained positive even after being turned down for 30 jobs, after his graduation he applied for 30 jobs and was rejected from all of them. Fortunately for this go getter he kept on running. “Today is cruel, Tomorrow is crueler and the day after is beautiful.”
- Out of 24 candidates going for positions at KFC, Ma was the only one to be rejected after they hired 23 people.
- Even after starting Alibaba, Ma faced several failures, the first 3 years was not profitable they were close to implosion due to expansion happening too quickly and they were only 18 months away from bankruptcy at the time.
- Ma now admits that telling his 18 Alibaba partners at the time ( who had a contributed capital total of $60,000 USD) that no one would rank higher than a mere manager. Ma now says this was a mistake you should always motivate and value your team if you want your business to be successful and grow.
We can all learn a lot from Jack Ma not just in business but in life itself, if you first do not succeed, try again, and again and again. Ma’s story is the classic rag-to-riches story and he is living proof that no amount of failures should stop anyone from achieving their dreams. You only fail when you quit!
- Eastside Co Collaborator