Words of Wisdom from Jack Ma

Jack Ma is the Bill Gates of Asia; he is a business magnate and a philanthropist. He is the founder and executive chairman of Alibaba Group, a conglomerate of internet based businesses. Jack Ma at present is the richest person in China.

1.   The world is changing every day.

Jack Ma said, "Please tell your children that the world is changing every day and no one is going to wait for you in the past. When the lighter was invented, matches slowly disappeared. When the calculator was created, abacus faded away. When digital camera was designed, the market for negative films dwindled. When direct market selling/internet-based selling arose, traditional marketing declined. When Smartphone with 4G (wireless internet access) was introduced to the world, you no longer need to turn on your computer at home. When WeChat and WhatsApp (mobile text/voice/video messaging) were developed, traditional text messaging became less popular as before. Let's not blame, ‘Who took over whose business.’ This happened only because people are more adjustable and adaptable to new ideas and changes in the world.”

The world keeps changing every day; I am inclined to believe that it is changing very fast in this generation that it did in the past.  I looked up to the owner of a local buy and sell tabloid because he ingeniously conceived the idea of printing his tabloid and giving it away to any takers. He earns from the advertisements from companies and individuals who would like to get their products and services to the reading public. Unfortunately, he did not respond to the threat of the internet. Instead of putting up a website to house the ads of his customers, he fought by discounting the cost of the advertisements. Soon, his business went into demise because people would rather go to the internet than read his paper. Enterprising businessmen reinvented his idea. Instead of a tabloid, they put up a website. This original buy and sell businessman could have survived the change if he transformed his idea and used a new platform. Instead of reacting and decreasing the cost of ad space, he could have transferred his business to the internet. He has already built the brand and has existing customers (advertisers and readers) while the new businessmen were just starting from scratch.

We must be sensitive to change and adapt to it very fast. Otherwise, we will find ourselves left out and our business will die.

2.   Don’t just watch.

Someone asked Jack Ma, "What is your secret for success?" He said, "Really simple...I am doing (action) while you're only watching."

Sometimes the best solution requires only a simple answer – do it; implement it. Don’t just watch the successful people get more success; work to achieve your own success. As soon as you have figured out what needs to be done, implement it immediately. Otherwise, someone else will do it.

3.   The most liked idea may not be a good idea.

I read that when Jack Ma does a brain storming session with his team, he does not get the idea that most of his team mates will vote on. He reasons that if most of the people want this idea then it is most likely that other businessmen are thinking of the same idea.

I hope these thoughts will help you as you evaluate your business and the challenges for 2016.

Have a Merry Christmas and a Prosperous New Year.