Jack Ma or Ma Yun is a successful Chinese entrepreneur. He is China’s richest and appears in position 20 in the world’s billionaires record. In the year 1999 Jack Ma founded Alibaba group Holding Limited, which is a multinational conglomerate that has specialization in e-commerce, technology, retail as well as Internet.
As of 2018, the Alibaba Group had its net revenue stand at US$ 40 billion, with about 67,000 employees. Indeed! It is a no mean feat. A person behind such successful venture must be put as a role model in, anybody who is dreaming of achieving success as an entrepreneur.
As pupils and students admire teachers and heed their advice, so should an entrepreneur borrow some tips from Jack Ma.
5 Learnings From Jack Ma that Every Entrepreneur should Follow:
- Give your customers the first priority:
Many people fail in business because they lack skills on how to treat customers. According to Jack Ma, the customers take the first chance, followed by the Employees and then the shareholders.
If you look around yourself you will find that some businesses fail just after they begin to prosper. This is because as the number of customers increase, they fail to maintain that relationship they had initially with customers. Sooner or later they just find an alternative where they are given due treatment.
Treat your customers well and give them the best possible service such that as they leave you, they should be dreaming of when to come back.
- Look for Opportunities in complaints:
If you want to succeed in anything, shun excuses and stop complaining. After you develop a habit of appreciating how things are, go forward and look for opportunities in areas where people are complaining.
For instance, if people are complaining about bad taste of food in town, go ahead and open a restaurant to offer them the quality they need. Don’t join them in complaining, rather provide a solution for their complaint.
- Keep your dream Alive:
If the Wright brothers would have stopped dreaming of flying, by the discouragement of their father, then today we would not be flying high in the sky. In the same way, let no body kill your dream, keep it alive and pursue it, one day in the near future it will turn out to be a reality.
- Ignore negative comments:
In your life they might be many people who will discourage you at every point in your life, even if an idea is very bright, they will be against it.
Ignore and shun such people for they will kill your dream sooner or later. Just reveal your ideas only to those who are ready to give positive comments and correction.
Jack Ma while planning to start Alipay, an electronic payment method, many people discouraged him and refuted the idea saying that it is of no good since there were many other online and mobile payments which had been well established. However, Jack Ma ignored them and focused on Alipay. Today it transacts billions and has more than 500 million users.
- Be used to rejection:
It is true that not every body in the world will love and appreciate you. So is in business. Jack Ma did college entrance examinations in two rounds and failed. On the third time he made it.
After college he made several job applications and got rejected more than 30 times. Once he applied for KFC and it dawned on him that all the applicants were taken and he was the only one who was rejected.
Additionally, he applied almost 10 times to Harvard University before he was granted a chance. For any entrepreneur, don’t expect to get a soft landing, just adapt yourself in such a way that you are not disoriented by rejection.
Treating your Customers well is the first and foremost thing in prospering of a business. A good response from your customers will help you attain heights in your business.
Never ignore the complaints you get from your customers or distributors. Ignoring such complaints can lead to losses. Is giving a second thought to customer’s complaints not a better option?
If you listen to people who say that you can do a specific task then surely you are not going to do it. Keeping these negative remarks in your mind can help to improve and even do the impossible work in a much better way.
Rejection often comes to everyone. If you fail once, never give up. Give it another try. Not once, try for it thrice. The very next try could be your success and could be the strongest foundation of your business.
Don’t you think the Learnings of Jack Ma are worth giving a try? Inculcate them into your business and check what benefit they can do for you.