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· Organizer, speculator and driving counselor on China's dynamic innovation and customer segments, Duncan is a perceived master on the Internet and business in China. He has lived and worked in Beijing and Shanghai for over 20 years.
· An early advisor to leading China Internet entrepreneurs, Duncan is author of 'Alibaba: The House That Jack Ma Built', the definitive work on China's e - commerce and technology giant, its founder Jack Ma, and the forces and people that propelled its rise. Published in 2016 in English by HarperCollins, 'Alibaba' was named a Book of the Year by The Economist magazine and short -listed for 'Business Book of the Year' by the Financial Times/McKinsey.
Local language versions of the book continue to be released around the world, numbering over fifteen at last count.
· Duncan is chairman of BDA China, a company he founded in 1994 after working as an investment banker with Morgan Stanley in London and Hong Kong. BDA is an advisory firm serving investors in high growth companies in the technology and consumer sectors in China and other Asian markets.
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BDA employs over 85 mainland Chinese professionals in Beijing.
? Alibaba Group Holding Limited is a Chinese e - commerce company that provides consumer -to - consumer, business -to - consumer and business -to - business sales services via web portals. It also provides electronic payment services, a shopping search engine and data -centric cloud computing services.
? It is the world's largest retailer as of April 2016 surpassing Wal -Mart, with operations in over 190 countries, as well as one of the largest Internet companies ? Jack Ma, is a Chinese business magnate who is the founder and executive chairman of Alibaba Group, a family of successful Internet -based businesses.
He is the first mainland Chinese entrepreneur to appear on the cover of Forbes.
? After graduation, Ma applied for 30 different jobs and got rejected by all. He even went to KFC when it came to the city. Twenty -four people went for the job. Twenty -three were accepted he was the only guy who got rejected . In addition he applied 10 times for Harvard and got rejected.
? Jack likes to say that his company's success was an accident: "Alibaba might as well be known as 'one thousand and one mistakes.'"
? In its early years, he gave three explanations as to why the company survived: "We didn't have any money, we didn't have any technology, and we didn't have a plan." ? But let's look at the three real factors that underpin.
Alibaba's success today: the company's competitive edge in e -commerce, logistics, and finance, what Jack describes as Alibaba's "iron triangle".
? Jack once explained that he loves the lead character of the movie Forrest Gump because "people think he is dumb, but he knows what he is doing."
? Jack's speaking style is so effective because his message is so easy to agree with, remember, and digest.
? Jack always speaks without notes.
? A close inspection of all of his speeches reveals he has essentially been giving the same speech for the last seventeen years. Yet by subtly tweaking his message to match the mood and expectations of the crowd, he somehow manages to make each speech sound fresh.
? Jack is a master at appealing to people's emotions, Humor is a big part of it.
? Jack's set pieces, his one -liners and anecdotes, and the way he combines them are essentially the same as the "bits" that comedians use to make up their routines.
? With his tales of overcoming challenges and defying the odds, Jack regularly drives some in his audience to tears, even hardened business executives.
? Jack's Mantra: "Customers first, employees second, and shareholders third." Jack describes this as Alibaba's philosophy.
? Employees are discouraged from ever complaining a pet peeve of Jack's and encouraged instead to shoulder personal responsibility, carrying out or delegating tasks rather than waiting for orders from on high.
? In this section , Duncan explored Jack's early while growing up in China . As a kid , Jack did everything to learn and then learn some more. Today , he say that English helped him communicate with the world and also made him understand the vast difference between the rest of the world and China. Back then, young jack struggled to get jobs and sent out at least 11 applications, but fortunately or unfortunately for him , all of them including KFC rejected him.
? Added to his troubles ,was the fact that Jack was bad at math. It's mandatory for Chinese students to pass the 'gaokao' - a highly difficult test - to be accepted prestigious universities , but Jack failed twice at it . However , he was accepted at a local university that wasn't considered the best. Jack continued to study well and was financed by the Morley family.
? As Jack turned 29, he established an interpretation organization known as the Hangzhou Haibo. Haibo signified 'expectation' and Jack trusted that his office would assist old resigned educators with making some cash. These educators had the aptitude yet they had no clue how to converse with client abroad.
? Amid the 1990s, Jack started contemplating stopping his instructing vocation to assemble his business, however he , simply like the other Chinese business people was concerned . It was hard to quit any pretense of everything and become a business person in those days . Accordingly, his organization sold roses, blessings, books and different things - a look at what his organization would do later on.
? After his excursion to Seattle, Jack came back to Hangzhou, yet once he understood that his future as an educator couldn't give the future he imagined about, he promptly surrendered. He presently had a greater dream that did exclude deciphering or educating. He needed to fabricate an online English list to enable Chinese business to get clients abroad.
Albeit numerous individuals disclosed to him that his thought wouldn't work, he propelled the china pages - a website that worked on the web and gathered data on Chinese organizations to transfer on the web.
? China pages was one of the primary organizations that were committed to the web in China. Jack confronted many difficulties when endeavoring to support the business, however once they were marked to have a recipe occasion, their business got. Anyway there was one noteworthy issue - there was no web access in Hangzhou, where individuals didn't comprehend what 'on the web' implied, Jack proceeded with his mission to instruct individuals about the web.
? After struggling with china Pages and Hope Translation, Jack founded Alibaba in 1999. However it took 2 years to get out of China Pages an his government job. At this time, other entrepreneurs marched ahead in full speed in China and people were slowly becoming aware of the internet.
China saw a flurry of entrepreneurs and this was inspired by none that yahoo - a company that was headed by David Flo and Jerry Yang. ? Jack was frustrated and worried as the other gained incredible momentum but his meeting with Jerry Yang - the man who was already a billionaire changed his life.
Thanks to government contract, Jack was in charge of Jerry's tour activities, and he managed to be appointed as Yahoo' exclusive sales agent in china . Even after trudging ahead , Jack still late i the portal game that was dominated by Nest Ease, Sohu and Siha. Thes portals focused on individual users who came online , but Jack decided t concentrate on small businesses that were still growing ? China.com closed its first day at Nasdaq at $1.6 billion and this gave way to many more dotcom companies that sprung up like weeds. With the internet bubble gaining speed in china, Alibaba had to fight to get its share of attention.
Jack visited many tech conferences and was recognized b many as a powerhouse . Pretty soon , it was predicted that one would mak a lot of money by investing in Alibaba. This opened up Alibaba's doors t many international investors . By then , Goldman Sachs had also show interest to invest in china where the action was just taking off . However with the locals unaware about the internet and technology , it was prett difficult to associate with anybody even though they received thousands of proposals .
Shirley , working for Sachs , met Jack and they finally agree on buying 500,000 shares for $ 5 million . Jack had little choice but to accept . With 50% of the company's shares gone, he had to settle with fewer shares. Later, he would regret this decision and only half - joke when saying that it was the worst decision he ever made . ? By 2000 , Alibaba had more than 1000 members sign up each day It was great progress but there was immense competition fro other companies like Meetchina and Global sources .Jack realized that he had to step up his hiring to match the speed of his competitiors . at this point , there was a lot of talk of going public but the other three giant online portals had hit a block the Chines government's fear of giving up control was increasing by the day.
However, thanks to a compromise between the government an China, the IPO was launched and the remaining two portals followed suit .But , trouble soon reared its ugly head as the companies couldn't manage things once they went public. This was because the bubble had burst and y expo doors were shut for many Chines internet companies including Alibaba. Jack saw this as an advantage since his competitors would stop getting funds and began hiring foreign nationals and travelled extensively . ? Taobao and the Humiliation of ebay With the three porta pioneers launching their IPO, Jack knew that they were ahead of him, so he invited them to a business conference with a Martia Arts theme . Later , two companies that were leading the Internet helm were felled due to their own problems, leaving only Jack and Charles Zhang from Sohu to continue with their companies.
At this point , eBay was gaining recognition as a top company due to it IPO valuation that had grown from $2bn to 30bn in 2000 Almos everybody wanted to start a company that resembled eBay an shao Yibo , the man who founded Each net , surprisingly race ahead of the others , competing against Alibaba that was also planning to take the eBay route .However Jack had finally met his match in Shao Yibo who had just returned from Harvard school. But , Each net soon discovered that they had to sell out to eBay itself if they ever hoped to become the eBay of china?
This chapter begins with a peek into the life of Jerry Yang wh cofounded Yahoo along with David Flo .Like Jack , Jerry als began with modest conditions , but his hard work on Yahoo made him a billionaire within no time.With Jerry at the forefront , the company had a lot of expectations in china . Luckily , the site was big hit in china , drawing signed up with Founder - a company tha had good connections with the government . After a while Yahoo realized that they were failing in china , even though the had Founder alongside them . Founder's connections with the government didn't prove to be as successful as they thought it would be , and yahoo struggled miserably with poor content hosted on site. This failure opened the floodgates to upcoming companies like Alibaba , Baido and Tencent . ? After eBay left Chinese market Taobao's sales had increased from $2bn to 30 bn , and this definitely spelt good news fo Alibaba. The Chinese economy also increased by 14 % giving Alibaba a great opportunity but although other successful companies had their IPO , Alibaba was yet to go public .
While others questioned their decisions, Alibaba was busy making changes by hiring top executives from companies like Peps and Walmart . Although Taobao was going great, it was still business that offered free listings, and they were yet to figure out a way to monetize it.
Therefore , Alibaba decided to only list Alibaba.com in its first IPO . As the largest internet IPO in entire history after Google, Alibaba was valued at $9 billion . ? Duncan ends with a quick summary of the challenges that lie ahead of Jac Ma and Alibaba, including counterfeit products and the rise of new and diverse competitors, namely Ten cent and its wildly popular WeChat app which recently snatched the title of China's most valuable tech company from Alibaba. Still, Clark ends on a positive note, calling Jack Ma "th ultimate pragmatist" and betting on Ma's ambition to overcome future challenges Alibaba rose to glory and almost touched $ 300 billion , but soon it plummeted hard , falling 50% below the initial price. The share had fallen mainly because of a dispute between Jack and a member of government agency .
However , despite all odds , the employees o Alibaba didn't give up hope . Jack continues to brainstorm new ideas today and even though Alibaba is treading into dangerous waters and facing criticism each day, Jack's enthusiasm for life hasn't reduced even a bit . ? The rise of Alibaba, amid the booms and busts of the last two decades makes for gripping reading who wants to understand the mechanics behind Alibaba's success, is curious about why foreign companies fail in China, o is generally interested in China's tech scene, In the most fascinating chapter of the book, we read about Alibaba's battle with eBay. Even an Alibaba launches a website developed in complete secrecy and called Taobao.com, with the tag line "There is no treasure that cannot be hunted down, and there is no treasure that cannot be sold"
eBay goes on to make one tactical blunder after another. It gets the culture wrong, sending in an American Chinese from San Jose in California, US, to occupy key positions, leading to demoralization among the local management Th book works because it tells a business fairy tale, set in a little - known land that everybody wants to know more about, where the young hero, rejected several times by Harvard, creates such an admirable enterprise that he is invited years later by the same American institution as a speaker.
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Alibaba-The house That Jack Ma Built. (2019, Dec 12). Retrieved from https://studymoose.com/alibaba-the-house-that-jack-ma-built-neha-501804074-example-essay
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