Hire people smarter than you, LQ is important: Quotes by Jack Ma to help you navigate biz, life
As the tech boss turned 55, he stepped down from the e-commerce giant he founded.
By ET Online | Updated:
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The former English teacher, who launched Alibaba in 1999, officially steps down from his company today.
Jack Ma needs no introduction. The billionaire tech tycoon, one of the world’s richest persons, built online retail behemoth Alibaba from scratch after being rejected from nearly 30 jobs.
The former English teacher, who launched Alibaba in 1999, officially stepped down from his company today - as he turned 55, a year after announcing his decision. Leaving behind a flourishing e-commerce business, the top boss plans to use his time and fortune towards education - his first love.
While Ma is worth over $38 billion today (according to Forbes), success didn’t come easy for the boss, whose rags-to-riches story is the tale of inspiration many an entrepreneur turns to.
But having not tasted success until his 30s, Ma feels, as he said at a World Economic Forum meeting in Davos: “If you want to be successful, learn from other people’s mistakes, don’t learn from the successful stories.”
Here’s are some quotable quotes by Ma for when the going gets tough.
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"A good boss is better than a good company."
In 2018, while speaking at the World Economic Forum, Ma said that in one’s 20s it is important to follow a good boss, join a good company to learn how to do things properly.
In your 20s and 30s? Follow a good boss. Learn more from his 2018 session: https://t.co/GgSf5hkYd2 https://t.co/8oo8DerN4v
"I hire someone smarter than me and I think ‘In 4-5 years he can be my boss. I would like to work for him’.”
This is golden advice for bosses and companies when it comes to hiring, and building a team. Talking at a global forum, Ma said that when managers hire people who are smarter than them, the company grows.
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“Don't hate your competitors, respect them and learn from them.”
Learning in business is an important part of growing in business. And whether it’s from one’s team or competitors, an important trait for entrepreneurs is to always be open to learning.
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“If a person wants to be successful, you should have a high EQ, if you don’t want to lose quickly, you should have a high IQ, but if you want to be respected you should have a high LQ”
Life and business is not just about intelligence quotient. According to Ma, emotional quotient and love quotient are equally important; and it is the amalgamation of the three that ultimately leads to wholesome success.
Bill Gates, Ratan Tata, Jack Ma: Business Leaders Who Accepted Their Biggest Mistakes
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Bill Gates recently said that his ‘greatest mistake ever’ — reportedly worth $400 billion — was to not create Android at Microsoft. A look at other regrets of businessmen.
(In pic from left: Bill Gates, Ratan Tata, Jack Ma)
Bill Gates recently said that his ‘greatest mistake ever’ — reportedly worth $400 billion — was to not create Android at Microsoft. A look at other regrets of businessmen.(In pic from left: Bill Gate..
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In April 2018, Mark Zuckerberg told reporters that he made a ‘huge mistake’ in failing to take a broad enough view about Facebook’s responsibility to the world. This statement was also in the context of the Cambridge Analytica scandal, in which the data mining firm misused data to try and influence elections. In March 2018, Zuckerberg said that “one of the biggest mistakes” of Facebook was not digging deeper into the Cambridge Analytica scandal.
In April 2018, Mark Zuckerberg told reporters that he made a ‘huge mistake’ in failing to take a broad enough view about Facebook’s responsibility to the world. This statement was also in the context..
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The year 2015 marked the 50th anniversary of Warren Buffett and his partners’ decision to take control of Berkshire Hathaway. In his letter to the shareholders, Buffett shared his biggest investment mistakes. He said that buying Berkshire was a “monumentally stupid decision” and that he had only bought the company because it was cheap. Buffett kept investing money in Berkshire’s textile mills, eventually shutting operations in 1985.
The year 2015 marked the 50th anniversary of Warren Buffett and his partners’ decision to take control of Berkshire Hathaway. In his letter to the shareholders, Buffett shared his biggest investment ..
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In July 2015, Ratan Tata, chairman of Tata Trusts and former head of Tata Sons, said his greatest mistake was branding of the Nano car as the cheapest instead of the ‘most affordable’, which was the intention of the company. Branding the car as the cheapest created a negative impact on the market, he said. “Success comes i f one took decisions that one thinks are the right ones,” Tata said.
In July 2015, Ratan Tata, chairman of Tata Trusts and former head of Tata Sons, said his greatest mistake was branding of the Nano car as the cheapest instead of the ‘most affordable’, which was the ..
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In March 2018, Elon Musk participated in a Q&A at South by Southwest. While answering a variety of questions, the Tesla CEO said that the biggest career mistake he made was not being more involved with Tesla in its initial days. From 2004 to 2008, Musk was a lead investor in Tesla, but he was the CEO of SpaceX, a space exploration company. At the event, Musk said, “I think that was probably the biggest mistake of my career. Whenever you think you can have your cake and eat it too, you’re probably wrong.”
In March 2018, Elon Musk participated in a Q&A at South by Southwest. While answering a variety of questions, the Tesla CEO said that the biggest career mistake he made was not being more involved wi..
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In April 2016, Chinese e-commerce giant Alibaba’s founder and CEO Jack Ma spoke at the 20th St Petersburg International Economic Forum. At the event, Ma reportedly said, “My biggest mistake was I made Alibaba. I never thought that this thing would change my life. I was just trying to do a small business and grow that big [sic], take that much responsibility and got so much trouble. Every day is like as busy as a president, and I don’t have any power. And then I don’t have my life.” In January 2018, Alibaba became the second Asian company to break the $500-billion valuation mark.
In April 2016, Chinese e-commerce giant Alibaba’s founder and CEO Jack Ma spoke at the 20th St Petersburg International Economic Forum. At the event, Ma reportedly said, “My biggest mistake was I mad..
