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Summaries World About This Book: $ 25 Billion - This is the value of Alibaba's IPO in 2014. This is the biggest IPO in history. How did ...

ALI BABA: The House that Jack Maa Built - Book Summary - Duncan Clark

Summaries World

About This Book:

$ 25 Billion - This is the value of Alibaba's IPO in 2014. This is the biggest IPO in history. How did Alibaba grow so much as a tech giant? How did Jack Ma become an international businessman from an English teacher? The story of Alibaba and Jack Ma will surprise you. If you want to become a successful businessman, then you must read this book.

Who should read this book

More used and liked by technology, start-up owners, young professionals, who want to become businessmen

About the institution

Duncan Clarke has been an advisor to Alibaba since its inception. He created BDA China, an advisory firm for Institutional Investor and Corporation. Clarke also invests in a start-up company. He is also an expert in author and e-commerce.

ALIBABA: The House that Jack Maa Built - Book Summary - Duncan Clark

Now We Start Summary:

Chapter 1: The Iron Triangle:

Do you know that the United States' two-third economy average is equal to the expanse of American households, while in China it is hardly one-third of the economy? It seems that Chinese people probably do not consume more than other developing countries. These people save money for their education, medical expenses, or retirement. But Old Habits hardly misses. But now a new Habit of online shopping is changing the behavior of China's people. And Alibaba is the main region behind it. Why? Because Alibaba launched Taobao (Taobao) for the first time in 2003, which is today China's third most visited website and the world's twelfth. Then five years later, it became it's own. Jack Ma considers the success of his company as an accident. In his early years, he told three regions of his company reaching the top: "We had no money, no technology, and no plans." But that was the case then. Here we tell three real factories. Which boosted Alibaba's success so much:

1) The E-commerce Edge: Online shopping is as interactive as in real life. Taobao always gave priority to customers, that's why it is so successful, it allowed the customers to get the same vibes in online shopping. The Chinese people feel good while doing street shopping. Customers can check the product from the chat application of Alibaba or can also discuss the price. Some packages are shipped with extra samples or toys, which gives customers a lot of satisfying.

2) The Logistics Edge: If Alibaba had not provided a low-cost delivery service, it would not have been so successful today. In 2005, Alibaba offered China Post to work together in e-commerce. Jack remembers that when he kept this proposal, he was made fun of and was asked to keep up with his work. But today more than 8000 private delivery companies are doing business due to e-commerce. Alibaba's home division Almost is the largest courier firm in all of China. So this is how Alibaba invested with these companies and the rest in a firm called China Smart Logistics and today they all handle more than 30 million packets and employ more than 1.5 million people in Six Hundred Cities. Does. The idea behind this was that each company could improve its service quality and efficiency by sharing orders, delivery status, and feedback among themselves. And the result was that Alibaba's customers started growing and it also lost the trust of merchants. Lastly lastly,

3) The Finance Edge: IRON is the final edge finance of Triangle. Alibaba's strength in financial service is Alipay. Alipay handles more than three-quarters of a trillion dollars in China in online transactions only. Alibaba In the e-commerce world, Alipay is considered a trustworthy payment solution. Consumers are confident that Alipay's through payment will debit their account only when the product is delivered to them. However, now Alipay is under Alibaba's under Has not lived, but it is still the company's biggest asset that Jack Personally manages. The iron triangles in Alibaba's success are the main factor in China's e-commerce market. But not only that but it was "Jack Magic" Which connected the people and Capital which took these foundations forward.

Chapter Two: Jack Magic:

One thing I like best about Jack is that he made his career in the field that was always underachieved. By the way, he says that he is not so smart as people understand, but maybe he is acting dumb. Jack once told that he is a big fan of the lead character of the movie Forest Gump because everyone thinks that he is Stupid but he knows what he is doing. Jack is Charming, he created his fame as well as his charmingness is a big region that Talent got attracted to Alibaba from all sides. His communication skills are amazing; His speaking style is so amazing because there is clarity in his talk and everyone agrees with his talk. There are many stories about the kind of challenges he faced in his life, how he overcame the deficiencies, which brings tears to his listeners.

Jack's mantra is known to every employee of Alibaba, which is: "Customers First, Employees Second and Share Holders Third". Jack calls it the Philosophy of Alibaba. By the way, even if Jack keeps the Employees for a second, it is his endeavor that his team is always Motivet to get out of any Obstacle. And the same thing is especially critical for the success of the company. In Jack's list, shareholders fall into the third position because they do not want short-term pressure at all to earn a profit, which will divert them from their ambition.

Also, the great thing is that Alibaba's culture anchors a sense of information in the workplace; For example, every employee of Alibaba has a nickname for the exam and everyone calls him by the same name. Alibaba has been a team effort company since its inception. Jack keeps communicating with his staff and they never forget their ambition, so the company is completely in their control. But to date, no company has reached this height without going through the challenges and the obstacles. So let's take a look at the man who is the founder of Alibaba.

Chapter Three: From Student to Teacher (Chapter Three: From Student to Teacher).

Jack Ma was born on September 10, 1964. His mother's Venkat "Cui Wencai" worked in a factory production line. Jack's father Ma Laifa was a photographer at the Hangzhou photography agency. Jack was born at a time when Private Entrepreneurs Almost was on the verge of ending. Most industrial productions were taken into state control. As a child, Jack loved English Literature and Language, and when he became a Fortin, the country started an "open door" policy so that foreign trade and investment could be anchored. Jack did not leave any chance for his English practice. He toured many Americans and Europeans for 9 years.

Apart from this, he was also an expert in martial arts but not in maths. High school students in China who wanted to take higher education have to pass a merit-based National Higher Education Entrance Exam, which is called Gaokao. Jack performed the entrance but failed miserably. All his dreams were shattered, he applied for many jobs but he was rejected everywhere. Even KF C also rejected him.

Now he had only one option left to study formulas and equations of maths so that he could clear the test. He had not studied in any of the Prestigious Universities of Beijing or Shanghai, but when he turned 19, he had come to such a mark that he could take admission in the local university. But today Jack takes his fellers or Gocao in his public appearances like a badge of honor. Jack's University time was not as carefree as it is. There was always a cash strait. Tuition was free but there was a problem with live-in fees. Then a family friend, Ken Morley, helped whom Jack used to speak as his Australian father and mentor. After earning a bachelor's degree in English, Jack became an English lecturer at the Hangzhou Institute of Electronic Engineering. And even before he turned 30, he decided to launch his own business, his first company, "Hope".

Chapter Four: Hope and Coming to America (Chapter Four: Hope and Coming to America)

In January 1994, 29-year-old Jack opened the Hangzhou Habo Translation Agency. There were only five staff members at the company's start-up, among whom were retired school teachers from the Zadar Institute. Jack's first business was to help local companies find all over the world customers. Jack wanted to enter the business world completely but was hesitant because he had not yet thought about leaving his teacher's job. Then soon he felt that his dream of becoming an entrepreneur could not be fulfilled by the translation service alone. But Jack's reputation had become that of an expert English speaker and his famous evening classes and hope translation agency led Jack to revive a dispute. The conflict was going on in American companies for new highway construction. Despite many years of negotiations, both companies were unable to reach any conclusion. Jack went on his first trip to the United States to end this disengagement where the company's funds were kept. The work that Jack had gone for did not happen, but he definitely had an advantage of this trip. He got internet exposure which changed him. He was in Seattle (Seattle) when he logged on the Internet for the first time.

By the way, when an English teacher Bill Aho, who worked with him, told him about the Internet for the first time, Jack felt very strange to hear. Jack's friend Stuart gave him the first online session and he helped Jack to create the first website of his company, Hope Translation. There was no picture on this website, it was just text, in which phone numbers and prizes were mentioned. Jack was shocked when he saw that he had created the website at 9:40 in the morning and at 12:30 he received a call from a friend who said that five e-mails had come for Jack. Jack then did not know what an e-mail was. Three mails came from the US, one from Japan and one from Germany. And this was a turning point in Jack's life. Jack partnered with VBN but it was not easy to deal with VBM.

Stuart told Jack that if he wanted the right to build web pages in China, he would have to deposit $ 200,000. But Jack said to him "I am the US. I borrowed money for the trip and now I don't have anything. "Well yet Stuart signed the agreement without a deposit but he kept a condition that Jack would have to return all the money quickly. And so Jack returned to China with a computer with Intel 486 processor. Now the time had come for him to speak his teaching job bye-bye.

Chapter Five: China is Coming On,

Soon after returning from Seattle, she resigned from the teacher's job. Teaching or translating was no longer his dream, now he had to build an online index. Jack started China Pages in association with one of his friends Yibing, who was a computer science teacher at Jack's Former Institute. To fund this start-up company, Jack had to borrow money from his family and his wife Kathy was his first employee. China pages wanted customers, wanted money. Jack's company received a boost when Hangzhou was selected for the Formula One Powerboat World Championship to be held in May. This event was happening in China for the first time and Jack's company won the contract to create the official website of this race. To get more orders for the company, Jack told his former students that he should tell the people about his company. But even then China Pages needed more clients to run the company. But what do China Pages do, it was not that easy to do this Xplan.

The reason was that at that time, there was no internet popular in Hangzhou. But Jack took a different approach: First, he told his friends and acquaintances to tell everyone what the Internet is and how to do business with it. Then those who were interested in sending him marketing materials asked him to introduce his companies and products. Next, he, along with his colleagues, translated this material and mailed it back to Seattle VBN. VBN used to design websites and make them online, take screenshots of websites and print them and mail them back to Hangzhou. This was a big struggle because there was no Internet in Hangzhou. But in 1995, Zhejiang Telecom started providing Internet service in Hangzhou. Without the Internet, Jack's dream of connecting entrepreneurs to the worldwide market could never be fulfilled. By the end of 1995, China's telecom and Internet service started getting attention. Jack and his customers Finally could now connect with Hangzhou. Jack again in the U.S. Took a trip to. Now he wanted to finish his venture with VBN and start his own server and a New China Pages site.

Chapter Six: Bubble and Birth (Chapter Six: Bubble and Birth)

There is a saying "third time is a charm" and it is true. Apart from the difficulties faced by hope translation and running China pages, Jack also had an inexperienced work experience with the government. Then in early 1999, Jack started Alibaba, but there were no problems. Yahoo was also started in 1996. It did not get much attention in the early stages, but there was some improvement in 1998 when Yahoo's Shares grew more than 80% in just five weeks, and with it, Stendford's co-founders Jerri Yeung and David Philo came into the bilineers' club. Were. Suddenly, there was high interest in Yahoo's "portal" business model and many more Chinese portals came out with it. Except for Jack, all the founders were from a technical background and had been excellent in their studies. Jack was frustrated. Portal pioneers had become millennials at the sight of him. He realizes how everything was changing rapidly due to the arrival of the internet. But his government perch also gave him an opportunity: his first meeting with Yahoo co-founder Jerry Yeung. Jerry Yeung and his Kaliges came to Beijing in search of a Beijing new opportunity.

Jack was told to meet him and provide a tour guide. Jack's charm worked and thus Alibaba's unofficial launch. When it came to the name of the company, Jack chose Alibaba, although the domain name was registered in the name of a Canadian man who was asking for $ 4,000. Alibaba was finally launched by purchasing the name. In addition to Jack, there were 18 other people in Alibaba, in which there were six women. None of these people were from the Hi-Fi background. This was a team of regular people whom Jack had brought on a platform. When the internet was getting popular, Alibaba and companies like it were getting a chance to enter Asian business. Although Alibaba still had a difficult task of converting investors, the company was getting its initial success with the media. At the same time, China's Internet bubble was also growing slowly. New dot com ventures were coming to the market and competition was going to be tough for Alibaba.

Chapter Seven: Backers: Goldman and SoftBank (Chapter Seven: Backers: Goldman and SoftBank)

When I went to meet Jack for an interview, his charm and anthropomorphism impressed me a lot. One of my colleagues, Ted Dean, wrote an article on Jack in which Jack said "If you plan, you lose." If you don't plan, you win ”. Foreign professionals were now walking around Jack, Alibaba started getting international flavor as soon as he got the funds while choosing members for his team, Jack took the same people who were never the top performers of the school. His point of view behind this was that people coming out of Prestigious Schools will not be able to face real-life challenges, eagles will become frustrated. So he needed a tuff team because working for Alibaba would not mean a picnic. Payment will be less, Seven days of the week, but will have to work on day six.

Jack also told them to find a place to stay which is 10 minutes away from the office so that there is no time for commuting. As the popularity of the Alibaba.com website increased - with the help of free services offer - on the team, bombarding of incoming e-mails started. When the website members increased, the website of China also started increasing in order to connect with worldwide companies and each other. But the problems were not over yet. Some complaints used to say that the cost of the computer is very high and some did not even know how to operate the computer. Another big challenge was the Lack of Trust, a trust that was yet to be built by the company. Many suppliers were upset thinking that the customers they have never met, they will not pay them and the customers were upset thinking that the quality of the product would not be known.

Jack could not extract the Immediate Solution to so many problems. He just wanted to ensure that Alibaba does not take legal responsibility, it is just a platform where companies and business people can connect with each other. The second milestone in Alibaba's career came when SoftBank, a Japanese investment firm, decided to invest $ 20 million in Alibaba. It seemed like Softbank's Founder Masayoshi Son, and Jack was each other's soulmate. The two founding CEOs did an amazing business together. He did many new recruitments, more than 150,000 people signed up Alibaba in 188 countries. Overall, there was now some stability in the business.

Chapter 8: Burst and Back to China (Chapter Eight: Burst and Back to China)

By the spring of 2000, Alibaba had become so popular that more than a thousand people were signing up for Alibaba. Connecting suppliers from all over China to worldwide buyers was certainly a great idea, but the difficulty came when other companies were also coming to the market with the same idea. Now, in order to deal with so many competitors, Alibaba made a plan to expand. The company also wanted to attract overseas consumers, so foreign employees were hired. And most noticeably, special attention was paid to advertising. What was there then, the company was completely covered in the market. This was the first time that Ed of a China-based tech start-up company was coming to CNBC and CNN. But then the stock market was down. And this situation was going against the internet-based companies because it started reducing the conferences. Meanwhile, there were some problems going on in the office of Alibaba in California. Alibaba had hired more than thirty engineers in its new Fremont office, but working with its cousins ​​in China, that too in the Fifteen Hours time difference, was a big headache for them.

And there was a problem that both the offices were having a lot of problems communicating their Chinese engineers with non-Chinese colleges. In Hangzhou, the team insisted on the development of one product, then the other product in the Fermont office, due to which the teamwork was not being done properly. Now Jack had to come to the beach personally. He told both the teams that this problem should be fixed as soon as possible. The idea of ​​dividing the technology team into two places failed. Alibaba should move its core function back to Hangzhou. On the dark days of 2001 and 2002, Jack is proud because he was the last man who could stand. After the dot.com crash, in the time ahead, Alibaba found a way to increase its revenue. The expansive advertising capacities were focused on the word of mouth by speaking bye-bye. The company also expanded its sales team to focus on promoting Fei Paying Service. Alibaba once again stood on its feet.

Chapter Nine: Born Again: Taobao and the Humiliation of E-Bay (Chapter Nine: Born Again: Taobao and the Humiliation of eBay)

There were many entrepreneurs who came into the business market with the dream of becoming China's e-bay. One of the most famous among them was Shanghai's Every Net, which was started by Shao Yibo. He came from Harvard Business School after studying. The success of Each Net was far ahead of other Chinese companies. In the United States, eBay was serving more than 100 million online population and could depend on a well-developed credit card market and a reliable nationwide delivery system. There were very few people in China who used to pay online or access the goods delivery system. Because people did not have trust regarding online shopping. China's market was almost absent and local consumers too were few. Eich Net had to find new ways to make money, so Yibo, also known as Bo, thought of finding a solution for the online shopping problem: payment, package delivery, product quality, and logo trust. Itch Net was much smaller than eBay, yet it attracted Meg Whitman, CEO of eBay.

And he came to Shanghai especially to meet Bo. In March 2002, Euchnet surmised Market with a landmark deal when it announced that Each Net was selling 33% of its stake to eBay for $ 30 million. Whitman was desperate for some good news so that his investors could be reevaluated. Just one month before this announcement, Yahoo Japan had lost a lot in the Japanese market. EBay's strategy was a mess from the beginning. Yahoo Japan did not take any charge in Japan but the e-bay commission was charging. And credit cards were not as popular in Japan in those days, but customers were asked to use the card while signing up on eBay.

All these regions failed in Japan. It got a lot of success in South Korea and Taiwan, but it was China where it was the most affected. By 2002, China's Internet population had reached 27 million, the world's fifth-largest population. And it was a chance for eBay. Despite this, due to cultural differences between employees, eBay had to withdraw from Asia. eBay had to lose a few hundred million in its China market exploration affair, but soon it was going to bring a small change in Alibaba.

Chapter 10: Yahoo's Billion-Dollar Bet Chapter Ten: Yahoo's Billion-Dollar Bet

Despite China being the most famous site, Yahoo was also going backward - that is when a billion-dollar deal with Alibaba changed everything. Yahoo was a content-based site when viewed from outside and in China, this thing was a bit difficult because there is strict control of the government on every type of media. When Yahoo opened its office in Hongkong, Jerry Yeung, who launched Yahoo, asked about the issue of censorship. He said he would live under the law and try to be as free as he could. "Yahoo was no longer just a directory that linked third-party managed websites. After an early partnership with Reuters, the company added news content to its site, then added chat rooms, and then Yahoo Mail. Yahoo's launch in the country was like an announcement that looked like banning all foreign investment on the Internet. Yahoo had to force a partnership with the founder.

But it was not the gatekeeper of China as Jerry thought. The content started getting boring and the Chinese users were noticing that Yahoo was losing the battle to remain relevant in China. After being hit by two companies in China twice, Jerry took a bold decision:: He gave Jack $ 1 billion in exchange for a 40% stake in Alibaba, and grabbed the keys to Yahoo's China business. Even after that, it took some time for both Jack and Jerry to realize this, but the deal proved transformative for both Alibaba and Yahoo. This deal immediately supported Alibaba and Taobao, Taobao was a new company that Jack had opened for Alibaba's help. Alibaba Finally was now able to reward her employees - Jack told how this deal gave him a much-needed experience that will be of major importance in the coming future.

Chapter 11: Growing Pains (Chapter Eleven: Growing Pains)

The company was once again clouded by trouble. Alibaba.com was always dependent on foreign trade but the US The economic condition was getting weaker and this had a direct impact on the business of China exporters. Alibaba's shares began to decline sharply, so low that in March the initial public had gone below the offering price. Alibaba .com CEO David Wei was expecting Jack to be worried about the downsizing share price, but David remembers that Jack did not call him even once and did not come. Jack never spoke about profit growth. Then what did he do? Jack realizes that these Challenges have given him a chance to increase the loyalty of his customers. And he thought of doing a dramatic reduction in his subscript cast.

There was chaos in the stock market but there was a method in this risky step of Jack. Recalling this, David says that it was a decision taken at the right time because the revenues were never draped, not even once. Rather, the customers went on increasing, which caused the price drop to balance. Even after the financial crisis was over, Alibaba did not increase its prices. But that's not all. On January 31, 2008, Jack got upset due to a surprise surprise event from Microsoft. Microsoft offered Yahoo $ 44.6 billion but the deal could not be reached because Yahoo CEO Jerry Yeung rejected the offer. Yahoo's investors were annoyed with this and Yahoo's share prices began to drop.

In November, Jerry stepped down from the CEO post, and the position was won by Carol Bartz. Although Jack had overturned the tension, the tension did not subside as Bartz was the complete opposite of Yeung. Warm relations between Jack and Bartz could not be established. Both did not contact each other for a long time. But Jack got relief when in September 2011, Yahoo removed Carole Bertz from the job. But before he left the post, two such cries came in front of Alibaba which could break the trust of people in this company. First was an internet incident, a fraud case. And the second was Negotiation on Alipay's transfer out of Alibaba's Ownership, which along with some investors, could completely ruin Alibaba Group's reputations.

Chapter 12: Icons and Icarus? (Chapter Twelve: Icon or Icarus?)

By now, Jack had become famous as Philosopher CEO of China. And the biggest thing was that he had made his own reputation as a philanthropist and an environmentalist. Jack showed great concern to the environment and people about health and it is not just a limit to corporate responsibility. Alibaba got huge success saying that today it is one of the leading investors in China that is involved in film, television, and online video. Jack Already was a standard-bearer of the consumer and entrepreneurial revolution of China and is now actively trying to get involved in new fields like finance and media too and no one can stop it.

Because if someone had stopped, today he would have been able to gain access to this position after facing so many challenges, after encountering so many frauds, and leaving behind so many competitors. But his quality was that he never got angry, he never took a reshape decision. His image Hemsha was a Wise and Patient CEO who had complete trust in his ambition and his people. He always took care of his customers and logo. He wanted people to be healthy, happy, and that the young generation would enjoy their lives. People were optimistic about the future, this is what Jack wanted. Jack never gave up on the challenges and the obstacles - his success story continues to inspire people. A leading Chinese Internet entrepreneur has described it as something like: "Most people find Alibaba to be a story but it is not a story, it is a strategy"

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