Source: Yougle Bhaskar (Dainik Bhaskar-08-March-2019)

Jack Maa: Co-founder and executive chairman of the Alibaba Group

Jack Ma  is a Chinese business magnate, investor, and philanthropist. He is the co-founder and executive chairman of the Alibaba Group, a multinational technology conglomerate. as of January 2019, he is one of China’s richest men with a net worth of US$36.2 billion, as well as one of the wealthiest people in the world.Ma’s primary ideology was for an open and market-driven economy.A prominent business figure, Ma is seen as a global ambassador for Chinese business and as such is frequently listed as one of the world’s most powerful people by Forbes. He also serves as a role model for startup businesses. In 2017, he was ranked second in the annual “World’s 50 Greatest Leaders” list by Fortune. On 10 September 2018, he announced that he will retire from Alibaba and pursue educational work,effective in one year with Daniel Zhang succeeding him as executive chairman.

Ma resigned from the position of the CEO of Alibaba Group and reportedly decided to eventually resign as chairman to focus on philanthropy.Ma applied for 30 different jobs and got rejected by all. “I went for a job with the police; they said, ‘you’re no good'”, Ma told interviewer Charlie Rose. “I even went to KFC when it came to my city. Twenty-four people went for the job. Twenty-three were accepted. I was the only guy …”. In addition to this, he applied ten times to Harvard Business School (HBS) and got rejected.In 1994, Ma heard about the Internet. In early 1995, he went to the US with his friends, who helped introduce him to the Internet. Although he found information related to beer from many countries, he was surprised to find none from China. He also tried to search for general information about China and again was surprised to find none. So he and his friend created an “ugly” website related to China.He launched the website at 9:40 AM, and by 12:30 PM he had received emails from some Chinese investors wishing to know about him. This was when Ma realized that the Internet had something great to offer. In April 1995, Ma, his wife Cathy and a friend raised US$20,000 and started their first company. Their company was dedicated to creating websites for companies and he named it “China Pages”. Within three years, the company had made 5,000,000 Chinese Yuan which at the time was equivalent to US$800,000.

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