Welcome to a fresh episode of the CEO’s journal where I share with you very intriguing lessons carved from years of experience of very successful entrepreneurs. In this episode, our focus would be centered on one of China’s richest men and the brain behind Alibaba, Jack Ma. He is one individual that has shared so much of his personal life hacks with the world but today, our focus would be on the top ten of his personal business hacks.
Here we go.
1. Be Consistent.
Consistency is one trait that has shaped the success of Mr. Jack as it is known that he applied for 30 different jobs and got rejected and was also turned down Harvard at every request. When KFC expanded to China, 26 people applied to work there and he was the only person rejected. Amazingly, none of this broke him, he continued pushing in the midst of all his shortcomings. As an entrepreneur, keep fighting and never give up on yourself because that’s how winning is done.
2. Be Inquisitive.
When Jack Ma first encountered the internet during his trip to America, he didn’t just walk away from it rather he asked questions about it so he could weigh it’s potential value. Many entrepreneurs have walked away from countless opportunities because of their lack of curiosity and like Brain Tracy would say the future belongs to those who are willing to ask.
At the initial start of Alibaba, he was humble enough to seek help from friends. But the issue of collaboration can be a very dicey one as you need to narrow down your option to specific needs rather than wants. You need to look at people who will buy into the vision and will be willing to run with it.
He brought his friends together, shared his vision with them of how big the internet can become and together, they helped him raise $20,000 for the initial start becausethey believed in the vision.
4. Invest In People.
In most of his sessions, he would say “the future belongs to the younger generation, so invest in them.” This is one vital lesson every startup entrepreneur should learn. If you desire to play the in the big business league for a long time, you need to learn how to invest time, money and resources in people as this will in turn help those people not only to be more productive but also live better lives
5. Be Ready To Work Super Hard On Your Goals.
At the beginning of Alibaba, the company couldn’t make a single sale. How did he tackle this problem? He and his team had to buy their own goods. Most entrepreneurs especially at startup stage have big ideas yet lack the grit and willingness to put in massive effort to achieve that goal. For entrepreneurs who lead a team, passion is very vital to drive your company. People would not be motivated to work if they notice you are sluggish and not zealous. On the other hand, those same people will move heaven and earth once they see how enthusiastic you are about the vision and the energy you put in the work.
6. Don’t Be Scared to Fail.
Failure happens to everyone, maybe some more than others but that is how life itself works. Failure is never actual failure until you decide to stay down and give up. As an entrepreneur, you shouldn’t be scared of failure. It should be seen as an opportunity to grow, learn, expand and massively breathe.
7. Lead With Vision, Tenacity and Grit.
Sometime ago, he made this statement “if profit is the only reason you started a business, you are going to fail.” Visionary leadership has the power to constantly motivate and inspire your team to greatness. Tenacity, grit and doggedness are traits that will help you stand in the face of adversity.
8. Skill-Set and Talent Cannot Be Profitable Without Attitude.
Skillset and talent is obviously one thing that this generation has in abundance but the lack of discipline and the wrong attitude has kept so many entrepreneurs in the dark for too long. There are many gifted entrepreneurs who lack attitude and that has resulted in them not being sellable or marketable. Your attitude is a crucial part of your business’ success.
9. Take Your Competition Serious.
Jack Ma is always of the opinion that the entrepreneurs who will win must be willing to outwork and outsmart their competition. Furthermore, you are expected to study your competition and constantly keep an eye on them to know what is changing in the market as this can give you the edge in your industry.
10. Be Optimistic.
Optimism is one of the most important traits needed an entrepreneur. For you to be successful, you must have a strong belief and hope in what you do and who you are. You are not permitted to be negative. You must also keep your head down and pump in massive amount of optimism.
It’s a wrap on this episode. Hope you learnt some great lessons from the living legend Jack Ma.
Who would you love to be featured next? Drop your comments below.