Jack Ma’s Emotional Intelligence

Jack Ma’s Emotional Intelligence

Introduction

History of the company

Jack Ma led 17 other investors in establishing the Alibaba Group in 1999. The initial goal of the tech-preneurs was to leverage the power of wholesale internet marketplace from the outset. To start an e-commerce business platform for Chinese companies, Jack Ma scrapped $80,000 from 80 investors (Glowik 98). The founders hammered a vision of establishing a Chinese-based e-commerce company that would deliver goods to 730 million Internet users in China. They believed Internet would enable small enterprises to compete both domestically and internationally by levering the playing field through innovation and technology. As of 2014, Alibaba Group is the largest business-to-business e-commerce marketplace for small businesses in the world (Glowik 96). The multinational conglomerate specializes in technology, Internet, retail, and commerce. The global online platform has three primary services: AliExpress.com, China 1688.com portal, and the Alibaba.com.

Jack Ma’s Background

Originally, Ma Yun, Jack Ma was born on September 10, 1964, in Hangzhou, Zhejiang province, China at a time of communism. He worked as a tourist guide in Hangzhou in his teen years (Hu, and Chang 174). Ma developed a great interest in English at a young age. He enrolled to join Hangzhou Teachers College to learn English. Due to his weakness in Mathematics, he failed his entrance exam twice. On the third try, he got admitted to College in 1984. He received his bachelor’s degree in English in 1988. Immediately after graduating, he was employed as an English teacher at an engineering and electronics school in his home-town from 1988 to 1993 (Hu, and Chang 175). Ma got rejected to Harvard Business School 10 times. He founded his first-ever business establishment, the Haibo Translation Agency in 1993. He also founded the China Yellow Papers and managed information technology company for the Ministry of Trade and Commerce in China.

Since its inception in 1999, Jack Ma has been the chairman and CEO of Alibaba Group until September 10, 2019, when he decided to step down as the company’s chairman. He has overseen the company grow exponentially to have more than 80 million users in over 240 countries (Kim, Zhang X, and Zhang W. 908). In 2016, Jack Ma was named as the 8th richest in the tech industry and the 33rd wealthiest individual globally with an estimated net worth of approximately $34 billion (Kim, Zhang X, and Zhang W. 902). As of 2019, he was ranked 21st as the richest man in the world with a staggering net worth of nearly $41.1 billion (Hu, and Chang 173). He relinquished his position as a chairman of Alibaba to focus on philanthropy and education. He is married to Cathy Zhang, who together have three children, two daughters and a son.

Jack Ma’s Early Life

Jack got introduced to the Internet in 1995 while in the U.S with his friends. The first search he entered was ‘beer.’ The search bore an idea in his mind of starting his own internet business for China after discovering the results did not include any Chinese beer brand (Havinga, Hoving, and Swagemakers 16). He was also surprised to not get any results about China after searching on the Internet. After realizing Internet had something to offer, he joined hands with his wife a friend to open a business that focused on creating websites for corporations. Four years later, he invited 17 friends in his apartment to discuss a business opportunity. Ma convinced them to invest in opening a virtual marketplace called “Alibaba.” The e-commerce giant has gone on to become one of the most valuable technology firms in the world. The corporation has also opened other subsidiaries to expand its market segment.

Jack Ma’s Speech

Jack ma has given many motivational talks across the world, but the most interesting one came during the Clinton Global Initiative. Delivering his speech in a forum organized by President Clinton, he gives young people by sharing an inspiring journey to his success (Law of Attraction Coaching N.p). He also advises the young generation on how to achieve their goals. The speech focuses on the change in people’s perception and attitude towards business. In the speech, he posits that technology, access to smartphones, and cheap Internet will be the key drivers of the economy in the coming years. During the workshop, Ma avers the young generation should remain positive and believe in the future “… choose to trust in the future when no one does, choose to believe when others do not…” (Law of Attraction Coaching N.p). He plays a critical role in inspiring and encouraging young people to push themselves out of their comfort zone and teach them the significance of a positive attitude and self-belief. Jack Ma’s motivational programs give encouragement, motivation, and inspiration to the young generation who are at their most vulnerable stage, where character-building changes and major turning points can happen.

Emotional Intelligence

Jack Ma’s Social Ability

Jack Ma is known for his business savvy that catapulted Alibaba Group to worldwide fame. Apart from being a shrewd businessman, he is also a philanthropist and a strong advocate in matters education. His social ability has enabled him to rise from a poor background to becoming on the richest people in China. Jack Ma never gives up on something. “Giving up is the greatest failure” according to Ma (Havinga, Hoving, and Swagemakers 29). Ma believes in going out and giving all the best towards a course and seeing it through to the end. According to Ma, the key to success is learning from hardships and obstacles, as well as learning and persevering from the mistakes. Additionally, Ma is tenacious and has a clear vision in life. Throughout the period Ma served as the chairman and CEO of Alibaba, he inspired those around him for a common goal and putting them on the path to success. The keys to Jack Ma’s business philosophy are not taking no for an answer and taking pride in their work (Cheng, and Pan 76). Ma is also able to develop positive relationships with people and interact with the society harmoniously by valuing his and other people’s attitude. He stresses on the importance of passion and attitude over theoretical skills in life.

Further, Ma unites the people under a single goal. He is quoted saying that a leader will not always convince a potential investor, business partner, or every single employee to believe in what he/she says (Cheng, and Pan 81). He, therefore, unites people under a common goal rather than bringing them together under the dream of one person. To him, the key to success is changing people’s approach by uniting them under a shared goal. People listen to Jack Ma because he speaks slowly, fluently, and to the point. Ma’s speaking style, whether in English or Chinese language, is tailored to maximize the understanding of his audience. After particular points of emphasis in a speech, he pauses to give his audience time to digest and internalize essential points. He also connects with the audience by telling humiliating stories about himself. He often shares his tribulations in life with people, and as a result, they do not see him as a mega-successful multi-billionaire, but a real and relatable person.

Overall Awareness

Jack Ma joined Antonio Guterrez, the United Nations Secretary-General, Melinda Gates, and moderator Femi Oke to discuss the impact of digital cooperation. In the panel, Jack Ma argues that internet connectivity in today’s world is more important than electricity was a few decades ago (United Nations N.p). Connectivity to Internet in the modern era will open up markets and create millions of jobs across the globe. People should, therefore, not be left of the increase in speed and scale of change brought by digital technologies. Ma is very enthusiastic about harnessing digital activities and ensuring all societies in the world are included to benefit from the enormous wealth to be created by the Internet.

The “Made in China” trademark strategy has been for years to expand China’s influence in developed and developing countries. Companies used the “Made in China” influence to take down foreign rivals. The trademark of the Chinese goods was also used to expand its competitive advantage in international markets, thus having a higher economy of scale. Moreover, Chinese companies used the influence of the trademark strategy to enter into new markets with ease. Most of the Chinese products did not face the threat of entering into new markets. However, the “Made in China” portrayed China as a land of pirated software and fake gadgets. As China struggles to become a global leader in business by positioning itself against rival economies, fledging firms are seen as the primary producers of fake goods in the international market. On the other hand, Chinese people are learning English to conduct businesses on a global scale. The language barrier between the Chinese and business associates from other parts of the world hinder business operations. Jack Ma was able to expand his business to a global reach because he could communicate fluently in English. Chinese businesspeople are studying English to connect their businesses to the international market.

Conclusion

Jack Ma grew up in Hangzhou, China, at a time of communism. The people of Hangzhou, Zhejiang province, had been neglected by the communist government for long. Ma, therefore, came from a low-income family. Every day, he travelled 70 miles on a bicycle to carry foreign tourists as a guide. He developed an interest in the English language while working as a tour guide. He went to College and earned a bachelor’s degree in English. After graduating, Ma was employed as an English teacher at a local college. After that, he moved to the Ministry of Trade and Commerce to manage an information technology firm. He went to visit his friends in the United States in 1993. While in the United States, he was introduced to Internet by his friends. He came up with an idea which he developed and later invited his 17 friends to form an e-commerce business platform. Twenty years later, the corporation is one of the largest online business platforms in the world. Ma is known for his business savvy, and besides that, he is a philanthropist and has a strong interest in education. Throughout the period Ma served as the chairman and CEO of Alibaba, he inspired those around him for a common goal and putting them on the path to success. The keys to Jack Ma’s business philosophy are not taking no for an answer and taking pride in their work. People listen to Jack Ma because he speaks slowly, fluently, and to the point. Ma’s speaking style, whether in English or Chinese language, is tailored to maximize the understanding of his audience. His attitude, determination, and focus has propelled him from a humble background to being one of the wealthiest people in the world.