I never thought that I will be standing
here talking to you like this because
last to you our Alibaba had a IPO
it was a great IPO and people that you
are so smart how could you make a
company like that but before the I feel
a lot of people said Alibaba is a
terrible model with a problem here and
there the founder is terrible yes that’s
right I’m a 100% made in China
I learned my English by myself and I
tried to teach myself how to programming
on computer I still don’t know why how
it works but that is not important like
all of you here we all have expectation
for the future we all worry about the
future I did I have a rich father not
from you know well-educated I said I
tried three times for university all
failed for the last time I went to the
Teachers College which was considered
the third or fourth class of my city but
I think that is the best university I’ve
ever had better than Harvard and Wharton
I apply for harbor for ten times all
filled they’d only want to see me you
know terrible
and I I think that is a normal life
right and I believe that it was so
difficult at that time I was so
frustrated because I taught in the
university my pain was $10 a mouth
what’s not easy but I believe something
something is waiting for me there and I
have to work hard to prove myself so
that was the tough experience and I
never thought I was smart nobody
believed that I could be successful
because everybody said wow this guy
think differently think a crazily you
know they think about something never
worked in 1994 disgust said I’m going to
do something called Internet and 23 of
them against it they said this is stupid
idea right we have never heard about
Internet and you know nothing about
computer why you want to do the computer
so nobody I agree with as I said I
believe it because I saw the computer in
1994 when I went the USA I think this
thing could be big but I never thought
it would be that big like today honestly
people say you’re smart you have a big
vision 1994 since he assualt internet
that was not true I just want to find a
job because I could not find a good job
so I do myself so that is the history
that’s the thing
and now after 16 years we have a lot of
we have a Alibaba Group we have a team
or group we have a tarball group well
Felipe and people say how you make it
why this make it why people cannot have
fun opportunities you can find
opportunities and I think people seem
here today Jeff where is the opportunity
I don’t have a job I don’t have this I
don’t have a debt I remember 20 years
ago I hate a Bill Gates I say he took
all the job you know he’s are such a
great Larry Page Bill Gates and every
success people they did good and why I
didn’t have this chance
the same question like you later I can’t
done myself and luckily I win I tell you
I’m lucky to know a lot of famous people
Bill Gates Warren Buffet the Jack Welch
Larry Page Mark Zuckerberg
I know all of them I would like to share
with you that those people the
difference between those people and
other people they are always optimistic
for the future
they never complain they always try to
solve the problems of the others and I
think where is the opportunity the
opportunity lies always lies in the
place where people complain some people
sit there complain you think if I can
solve that complaint that’s the
opportunity that’s what I did and I
think 1994 99 is five so many people in
China want to sell things abroad but
there’s no place because the big
business can’t go to the trade fair in
Las Vegas fear and germany fear small
business they don’t have opportunity so
they complete we want to go the trade
shows but they cannot get visa they
don’t have money they don’t relationship
so I think if Internet can help this
small business it would be great but
nobody would have believed it why
Internet can help I said if if something
everybody believe it everybody love it
forget about that’s not your opportunity
because where everybody agrees why this
opportunity should be yours because a
lot of people don’t agree with it and
you think this is good
think carefully and find a group of
people working together and making sure
the people working with you together
believe the dreams whether investors
believe it this or not whether your
friends believe it or not whether your
parents believe it or not that’s not
important you believe it your team
believe it and work day and night on
this that’s all the things happens
right my investor do nothing after 10
years they invested us they still don’t
know what I’m doing
honestly people say why you’re Jack you
haven’t such so many great investors yet
they are great because if you leave jack
mark can’t do something but what exactly
is doing they probably don’t understand
but we have to know we know the only
thing I tell you guys for the first
three years we do not have the even one
dollar revenue from our business but why
it keeps a going ahead going forward
because I received lots of email of
thanks from the customer they say this
is such a great thing if you can keep on
doing that we cannot pay you but this
thing has helped us if you keep on
helping us one day you will be
successful and I believe this and I want
people here to let you know that we are
at the best of time of this century the
first technology revolution the steam
the water in the UK very successful
after 50 years the second technology
revolution is called energy revolution
electricity after 50 years electricity
was founded business booming Internet
has only four to two years the next 30
years is the best time for us for our
young people we are all lucky we are
only fear only like 20 30 years old the
next of Sudhir’s the best time the last
20 years is the time I called
information technology that’s the IT IT
is to make us make the big company
getting bigger and stronger and IT is to
make yourself stronger I t’s try to get
something for you but now we are
entering into the new period which I
call the data technology the data
technology is do totally opposite IT I
I have you don’t have DTS
you have it I don’t have it I don’t have
to have it DT is about a sharing details
meticulous Ponce ability DT is about
passion for the future so we are coming
into the next 30 years of data
technology period which your parents may
not like it
which your friends may not like it but
if you believe the next 30 years is the
one for period for us and by the way at
the DT period everybody is the same
because we are stuck from the same line
nobody is the expert of teaching there
are a lot of experts of IT they may be
in trouble so which I were to say the
best the best assets you have is that
you are young don’t complain
let the other people complain those
people complain those people who still
and do not always say well I don’t have
think about how you can make things
different use your own brain to think
lastly I want to share you I learn my
English I learn how to think use my own
brain
when I was young I went to hangzhou
western lake you know we have a westerly
there’s a hotel many foreign visitors
visit there and I went there every
morning five o’clock to practice my
English the foreign visitors come I’d
practice my English I don’t know why at
that time but I found everything the
foreign visitors told me are so
different from the things my parents
told me my teacher told me and the
newspaper read so since then I think
everything use my own brain to think
about is that true is that an
opportunity inside is there anything I
can do that make the difference think
about this and then when you think about
this study do it I saw a lot of people
young people have a fantastic ideas
every evening but in the morning they go
to the office same again make the move
make the action to everybody to any
person tomorrow is new and believe one
thing this is also another last advice I
want to give you we have to work very
hard right either work for the others or
work for yourself and I choose the way
work might for myself but working for
myself that means working for the
society if you really want to work with
yourself think about the others the day
tt-time making sure you help others
because only when the other have other
people successful when the other people
happy you’ll be successful you will be
happy
[Music]
cementing career really want to help the
young people to build up the ecosystem
but one thing I would say that a lot of
people say internet is killing jobs the
technology is killing jobs but I believe
Internet and technology every time the
technology created new jobs the first
revolution of technology created more
jobs second revolution created a lot of
jobs so this time we are going to this
century for the new technology is going
to create more jobs but these jobs needs
more knowledge more skills and Korean
people I think they are so creative
I see the cinnamon the movie and the
move by time especially you’re so good
at making you know all i gaming’s these
are the things that people need all
kinds of entertainment and career you
have this such a wonderful
infrastructure of the mobile the next 10
20 years will be the mobile time the
mobile the data and innovation so these
things put together will be fantastic
opportunity and for what Alibaba is
doing is that we are bringing great
consumptions from China for our site
every day we have a hundred and twenty
million consumers shopping on our site
every day everything that is good online
always sold out you will never imagine
us I don’t I don’t understand why so
many people buying on shop every day but
just to come in and I think next 20
years will be at least 2 billion at
least a 2 billion to 2.5 billion people
will be online shopping and that will be
the best opportunity for everybody and I
think career since you are the nation
that has the best infrastructure of
mobile and the creativity so that’s
created something for the world for the
best consumers so that is why I’m coming
here not to sell things honestly I think
cell Chinese products to career moving
cell moving so data for to the years I’m
trying to come in here
say young people career created
something sell to the world sell to
China that’s the opportunity there I’m
gonna ask you hmm ah you have a lot your
chip so much with your business do you
still have something to the forum or are
you still hungry for business yeah
the money people give me the money I
have it’s not my money this is the money
people trust on me that’s the trust of
people on me so I should take the most
of responsibility for all the money I
invest and I still have a big passion
for future because it’s not about how
much money you will make how much life
you can change how many things you can
do that improve you know because our
measuring up doing Alibaba is helping
small business doing business easier and
we only help the Chinese small business
there are so many Korean small business
there’s so many you know Afghanistan
business small business no matter the
pings so I think there are a lot of
things but I cannot do myself we wanted
to make the Internet can help this small
business so I think in my way how can
using Internet to open sesame’ for small
business online I just wonder one major
set that goal well when I start my
business in 1992 it was so difficult I
try to borrow 3,000 US daughter from the
banks it took me three mouse but I still
cannot get it and when I said 1994 I
tried to register a intern the company I
could not do it cuz so if you could do
all the processing and cannot get the
money cannot I ran office and then when
I started Alibaba I was still very
difficult and I think big companies the
government helped foreign companies the
American market the stock market help
small business nobody help if we can
create something that using Internet
help the small business empower the
small biz
and make help the small business grow
strong that will be the unique value
that with the Internet can help so that
was big again I think since nobody
helped me if we can help the others
you’ll be a huge opportunity that is the
dream and that become our one mission
so everybody join our company we’ll ask
him we our job our mission is to help
others doing business easier if you
agree with that working together with us
welcome if you don’t agree with it there
there are a lot of good opportunities
there and just to join done because we
think this is our mission
and we’ve been doing that for 16 years
and I think we were to make another 86
years working on that it’s only I live a
quiet song he booted it is all Oh yogi
ritodrine
document open document day yeah Tom Yum
Goong sweeter days ago Testament of
Fukuoka to quandaries horebeek OEt ami
okay personal masseuse a minsang’s ago
semitic risotto cake rock abandoned even
take a beating boxes through
systemically yeah yep single Anita
I do not know where I got the confidence
these days when I see the documentary I
was surprised why this guy has
that is true cuz funny thing today when
I study Alibaba I asked my my colleague
to record and tape everything everything
we talked all the meetings with weaving
within putting a whole house of tapes in
the past of 60 years we want record it I
told my friends and myself if Jack mod
can be successful 80% of the people in
China can be successful too now we do
not have borrow even one dollar from the
bank we do not have even one dollar from
the government we do everything
ourselves so honestly 18 funders in my
apartment 40% then are my students
another 40 percent of my friends so they
have no choice and when we have a
hundred people well when we start to do
something all the companies came to us
and and grabbed my people it was funny
that those great people have a vision of
themselves and they always have some new
ideas they were taken away from the
other companies those people stay in the
companies they’re not very smart like me
we believe what we’re doing so nobody
come to help hunting us so we have no
choice we stay there after 10 years
we’re successful they very important is
that you believe it we believe this
thing and we see why would be it’s not
about of revenue the emails of thanks
from customers are the best revenue and
also the the employees knows wow this is
something else we didn’t have revenue I
told you one story I went to a
restaurant when I finished my eating I
there somebody came in with a piece of
paper say hi jack I’m a user of Alibaba
I know you do not make money so I pay
your bill
for these things happen a lot I went to
a you know a bar some people give me a
cigar say thank you for your website
I know you do not make money just a
small gift so these things tell us this
thing is good if we keep on working and
after ten years you’re really becoming
good that was that was the true story
and that keep us worth you know working
my energy on a similar history de veau
they all BnB prop accident Silicon
Valley startup three translational GB
aqueous media I shall come John Italian
stop to be banned in the Audion Union
which doubles in a customer a Silicon
Valley startup to become GRU the joinin
grocery chain bearden devil single
cosmic ax okay first I think nobody can
conquer the world and we only can serve
the world but this serve how many people
in the other side because I believe if
you have a vision of your village it can
do a good business in your village if a
vision for whole career you do the
business in the whole career if your
vision in America you have a vision
there so first you have to think about
how big you think and do things in a
detail a Silicon Valley was being there
for so many years and such a good
infrastructure good ecosystem
environment which is good but we should
not never always put Silicon Valley as
the example there’s only one Silicon
Valley there when I started I put the
Bill Gates as my mod role model I put
the Warren Buffet role model I got a
more disappointed oh my god Huck where
can I be at this point yo gates and you
when you put the robot is that big it’s
it’s very frustrating then I think about
the uncle wah my next door and anthalie
is on me my next door they worked pretty
well so I started thinking mmm
serve this and one day I can serve more
people that was thick beginning guys I
tell you the day the first week when I
launched at Alba calm the all irritable
calm nobody come to sell nobody come to
buy because there’s nothing to sell so
in this in my office we have seven
people with virus tell ourselves and the
first the first ten days some people
start to try to sell something we buy
everything so we buy a whole house of
things for no use just just if people
come to stop so little finally that we
build up our business
little by little we build up our
ecosystem of the infrastructure so if if
career tried to be try to have Silicon
Valley like infrastructure you will
never have it because Silicon Valley has
been there for I don’t know 50 years or
60 years that’s beautiful
all for our self when the infrastructure
per nerve why you want to be the
entrepreneur because being an
entrepreneur you have to do the things
before the other people do you have to
wake up before the other people wake up
you have to be more brave than the
others
so I think I don’t see and I will tell
you what people in Silicon Valley at the
my career a lot wow you have such a
wonderful infrastructure of mobile well
you have so many creative young people
and you are in Asia this is what I think
when you’re optimistic it’s always
opportunity so I don’t want I don’t want
to try and have a Silicon Valley
infrastructure first it’s impossible
second if there’s work I should have
made it we should have make us in Russia
not waiting for government government
it’s so difficult for them
they sometimes think kindly but they’re
but they are government offices we
business we have to create for ourselves
and getting support from them but don’t
rely on them that’s what I believe
because they have a more important the
whole you know country how to balance
for business we have the build of our
own ecosystem that’s what I think
attention Bunyan NJ I will be like a
summers other side however should be a
winner to me on arrival
cutting it was hell porn Haram doko go
yogi top or Tom batata citizen demands
more how much were there okay what would
you do with your a 25 year old man well
first I would love to go back to 25
years do anything to to be back into the
five years I think I would go to China
and seeing the market there and go to an
America and think about it and go back
and come back to Korea I think
opportunity is everywhere honestly when
people think about Internet is the
future ten years ago internet was so
good when nobody believed internet was
so good now internet is so tough because
all the smart people go to Internet so
you should go to the off ground there
are so many opportunity if you run a
restaurant if you’re really interested
in running a restaurant in career using
IT tech knowledge to making sure the
restaurant is perfectly unique if you
want to open a barber shop making sure
you is the IT tech knowledge and data
technology be the different it’s not
only the high tech that works there are
a lot of business if you use an IT
better I’ll be fantastic right so
Prime Minister said I’m a genius I don’t
think I’m a genius and I would love to
be a genius but when I sit next to Bill
Gates I think I’m a genius when I speak
Chinese he cannot speak when I speak
English well it’s not bad you have we
all have to sink opposite where
everybody agree with one means one
minute think about is that right is
there an opportunity where everybody
against it just wait for one minute
think about so 25 years out don’t worry
any mistake is an income is a wonderful
revenue for you so I tell myself and
told my young people before 20 years old
be a good student way too entrepreneur
just learn some experience before 30
years old follow somebody go to a small
company not only in a big company it is
good to learn processing you are a part
of a big machine
but when go to small company you learn
the passion you learn the dreams you
learn how to do a lot of things as well
one time so before 30 years old it’s not
which company you go it’s which boss you
follow it’s very important a good boss
teach you differently and before from 30
to 40 years old you have to think very
CLE were you working for yourself if you
really want to be interpreting when
you’re 40 to 50 years old you have to do
all the things that you are good at
don’t try to drop into the new area it’s
too late you may be successful but the
the rate of dying is too big so 40 to 50
think about how can focus on things that
you are good at but when you are 50 to
60 years old work for the young people
because young people can do better than
you
so rely on them invest on them making
sure they’re good
so when us over 60 years so spend time
for yourself on the beachside shine it’s
too late for you to change not move it
but this is my my advice to the young
people 25 years old
make enough mistakes don’t worry you
fall you stand up your for your step
enjoy it I mean 25 years or enjoy the
show
enjoy the show van enjoyment our country
– journey to total Paniagua I was
parkour Aloha me da Prez are on Picaro
gotta go cutty I just wonder okay first
it’s not easy to attract investment for
any stat UPS my CFO Joseph chai and I
went to Silicon Valley for the first
time 1999 to the year 2000 we talked to
over 30 or 40 venture capitalists
everybody said no forget it so we gather
50 thousand US dollars from 18 finders
we started and the very important thing
is is that you always have to prepare
for at least one year money before you
go on the road I agreed that everyone
it’s so difficult to convince your wives
your parents and your girlfriend to do
that but if you can convince in somebody
for the first round money no matter how
big the vision is you have to start from
the small things easy secure start to
move the first to move have to be a
little bit secure I always pick up some
easy things and try to convincing those
people who trust you to raise the money
first
remember one thing that’s the secret
sauce always raise money when you have
money all right
wait don’t have money you are in trouble
don’t go out to raise money so when you
have the money instead of think about
how can I raise money because the
winters of how
always think about prepare for the
winters
so my philosophy is repair the roof
while it is sunshine way into rings
don’t move
keep it right so that is the first run
of money the bank would not give you but
it’s okay
raise the lid of the money prove it and
lit more prove it a little more that’s
everybody goes like that okay my name is
Louisa I’m from China I have a question
for you do you think
Alibaba could still become as successful
as this has now is that the huge
ecommerce market base well nobody can
guarantee nobody can guarantee will be
successful right so I think the only
thing that can guarantee our success is
keep the passion keep believe in the
future keep on investing the young
people and keep on the mission that
helping others to executive if we keep
on that we have the chance to be
successful if we think well we are rich
enough let’s enjoy the life and we that
would never work and now we get more
competitors all the guys entrepreneurs
if you do business you will always have
a competition don’t worry about the
competition because your competitors
also worried about you right so don’t
worry
competition is a very important of fun
part of the game in the business so the
competitors will never kill you you will
cure yourself by not serving a customer
better so if you ask me what can make
Alibaba gold longer I want make you guys
young people join company like Alibaba
open shops on Alibaba on top of you
Thanks and that will keep it and we help
you you help us
that’s it stuff that help each other and
then you will be successful that’s what
I believe the first I I respect your
question about you crack you from MBA
and joining us that up which is good a
lot of MBAs only want to join big
companies big big managers start up MBA
is good I said but unfortunately a lot
of MBAs do another train
entrepreneurship I send a lot of young
wonderful young people to go to MBA they
were very smart before they go to MBA
but they came back they they suddenly
they think like like a you know
structure guy this is no good
so I told my people forget about what
you learned in the NBA use instinct I’m
making sure that everything you do is to
the need of the customer and I think it
is good for MBA to be in the startup and
to raise money most of the times the
venture capitalists to give you the
money not only because the business plan
because of the team you have who working
together with you and who are these
people
what’s their experience what’s your
record I think raising money is not that
difficult today trust me it’s much
they’re too much money here cuz people
got crazy the money the muster everybody
everywhere the money but the thing is
that you have a good team good dream
relaxed plant and good record when you
have that I bet you’ll get the money
don’t worry about the money money follow
the people people sure to follow the
dreams and the dreams should have
followed the execution capability when
that thing happens the money will come
okay
and the day when I work I’m going to
write a book which I don’t know what I
can write it but the book I want to
write about is Alibaba 1001 mistakes ok
so many mistakes we have and this is the
best assets we have so don’t worry about
it we’ll make mistake don’t worry about
that just to go ahead if you have a
dream okay thank you for joining us
again have a great time in Korea
[Music]
[Applause]
here talking to you like this because
last to you our Alibaba had a IPO
it was a great IPO and people that you
are so smart how could you make a
company like that but before the I feel
a lot of people said Alibaba is a
terrible model with a problem here and
there the founder is terrible yes that’s
right I’m a 100% made in China
I learned my English by myself and I
tried to teach myself how to programming
on computer I still don’t know why how
it works but that is not important like
all of you here we all have expectation
for the future we all worry about the
future I did I have a rich father not
from you know well-educated I said I
tried three times for university all
failed for the last time I went to the
Teachers College which was considered
the third or fourth class of my city but
I think that is the best university I’ve
ever had better than Harvard and Wharton
I apply for harbor for ten times all
filled they’d only want to see me you
know terrible
and I I think that is a normal life
right and I believe that it was so
difficult at that time I was so
frustrated because I taught in the
university my pain was $10 a mouth
what’s not easy but I believe something
something is waiting for me there and I
have to work hard to prove myself so
that was the tough experience and I
never thought I was smart nobody
believed that I could be successful
because everybody said wow this guy
think differently think a crazily you
know they think about something never
worked in 1994 disgust said I’m going to
do something called Internet and 23 of
them against it they said this is stupid
idea right we have never heard about
Internet and you know nothing about
computer why you want to do the computer
so nobody I agree with as I said I
believe it because I saw the computer in
1994 when I went the USA I think this
thing could be big but I never thought
it would be that big like today honestly
people say you’re smart you have a big
vision 1994 since he assualt internet
that was not true I just want to find a
job because I could not find a good job
so I do myself so that is the history
that’s the thing
and now after 16 years we have a lot of
we have a Alibaba Group we have a team
or group we have a tarball group well
Felipe and people say how you make it
why this make it why people cannot have
fun opportunities you can find
opportunities and I think people seem
here today Jeff where is the opportunity
I don’t have a job I don’t have this I
don’t have a debt I remember 20 years
ago I hate a Bill Gates I say he took
all the job you know he’s are such a
great Larry Page Bill Gates and every
success people they did good and why I
didn’t have this chance
the same question like you later I can’t
done myself and luckily I win I tell you
I’m lucky to know a lot of famous people
Bill Gates Warren Buffet the Jack Welch
Larry Page Mark Zuckerberg
I know all of them I would like to share
with you that those people the
difference between those people and
other people they are always optimistic
for the future
they never complain they always try to
solve the problems of the others and I
think where is the opportunity the
opportunity lies always lies in the
place where people complain some people
sit there complain you think if I can
solve that complaint that’s the
opportunity that’s what I did and I
think 1994 99 is five so many people in
China want to sell things abroad but
there’s no place because the big
business can’t go to the trade fair in
Las Vegas fear and germany fear small
business they don’t have opportunity so
they complete we want to go the trade
shows but they cannot get visa they
don’t have money they don’t relationship
so I think if Internet can help this
small business it would be great but
nobody would have believed it why
Internet can help I said if if something
everybody believe it everybody love it
forget about that’s not your opportunity
because where everybody agrees why this
opportunity should be yours because a
lot of people don’t agree with it and
you think this is good
think carefully and find a group of
people working together and making sure
the people working with you together
believe the dreams whether investors
believe it this or not whether your
friends believe it or not whether your
parents believe it or not that’s not
important you believe it your team
believe it and work day and night on
this that’s all the things happens
right my investor do nothing after 10
years they invested us they still don’t
know what I’m doing
honestly people say why you’re Jack you
haven’t such so many great investors yet
they are great because if you leave jack
mark can’t do something but what exactly
is doing they probably don’t understand
but we have to know we know the only
thing I tell you guys for the first
three years we do not have the even one
dollar revenue from our business but why
it keeps a going ahead going forward
because I received lots of email of
thanks from the customer they say this
is such a great thing if you can keep on
doing that we cannot pay you but this
thing has helped us if you keep on
helping us one day you will be
successful and I believe this and I want
people here to let you know that we are
at the best of time of this century the
first technology revolution the steam
the water in the UK very successful
after 50 years the second technology
revolution is called energy revolution
electricity after 50 years electricity
was founded business booming Internet
has only four to two years the next 30
years is the best time for us for our
young people we are all lucky we are
only fear only like 20 30 years old the
next of Sudhir’s the best time the last
20 years is the time I called
information technology that’s the IT IT
is to make us make the big company
getting bigger and stronger and IT is to
make yourself stronger I t’s try to get
something for you but now we are
entering into the new period which I
call the data technology the data
technology is do totally opposite IT I
I have you don’t have DTS
you have it I don’t have it I don’t have
to have it DT is about a sharing details
meticulous Ponce ability DT is about
passion for the future so we are coming
into the next 30 years of data
technology period which your parents may
not like it
which your friends may not like it but
if you believe the next 30 years is the
one for period for us and by the way at
the DT period everybody is the same
because we are stuck from the same line
nobody is the expert of teaching there
are a lot of experts of IT they may be
in trouble so which I were to say the
best the best assets you have is that
you are young don’t complain
let the other people complain those
people complain those people who still
and do not always say well I don’t have
think about how you can make things
different use your own brain to think
lastly I want to share you I learn my
English I learn how to think use my own
brain
when I was young I went to hangzhou
western lake you know we have a westerly
there’s a hotel many foreign visitors
visit there and I went there every
morning five o’clock to practice my
English the foreign visitors come I’d
practice my English I don’t know why at
that time but I found everything the
foreign visitors told me are so
different from the things my parents
told me my teacher told me and the
newspaper read so since then I think
everything use my own brain to think
about is that true is that an
opportunity inside is there anything I
can do that make the difference think
about this and then when you think about
this study do it I saw a lot of people
young people have a fantastic ideas
every evening but in the morning they go
to the office same again make the move
make the action to everybody to any
person tomorrow is new and believe one
thing this is also another last advice I
want to give you we have to work very
hard right either work for the others or
work for yourself and I choose the way
work might for myself but working for
myself that means working for the
society if you really want to work with
yourself think about the others the day
tt-time making sure you help others
because only when the other have other
people successful when the other people
happy you’ll be successful you will be
happy
[Music]
cementing career really want to help the
young people to build up the ecosystem
but one thing I would say that a lot of
people say internet is killing jobs the
technology is killing jobs but I believe
Internet and technology every time the
technology created new jobs the first
revolution of technology created more
jobs second revolution created a lot of
jobs so this time we are going to this
century for the new technology is going
to create more jobs but these jobs needs
more knowledge more skills and Korean
people I think they are so creative
I see the cinnamon the movie and the
move by time especially you’re so good
at making you know all i gaming’s these
are the things that people need all
kinds of entertainment and career you
have this such a wonderful
infrastructure of the mobile the next 10
20 years will be the mobile time the
mobile the data and innovation so these
things put together will be fantastic
opportunity and for what Alibaba is
doing is that we are bringing great
consumptions from China for our site
every day we have a hundred and twenty
million consumers shopping on our site
every day everything that is good online
always sold out you will never imagine
us I don’t I don’t understand why so
many people buying on shop every day but
just to come in and I think next 20
years will be at least 2 billion at
least a 2 billion to 2.5 billion people
will be online shopping and that will be
the best opportunity for everybody and I
think career since you are the nation
that has the best infrastructure of
mobile and the creativity so that’s
created something for the world for the
best consumers so that is why I’m coming
here not to sell things honestly I think
cell Chinese products to career moving
cell moving so data for to the years I’m
trying to come in here
say young people career created
something sell to the world sell to
China that’s the opportunity there I’m
gonna ask you hmm ah you have a lot your
chip so much with your business do you
still have something to the forum or are
you still hungry for business yeah
the money people give me the money I
have it’s not my money this is the money
people trust on me that’s the trust of
people on me so I should take the most
of responsibility for all the money I
invest and I still have a big passion
for future because it’s not about how
much money you will make how much life
you can change how many things you can
do that improve you know because our
measuring up doing Alibaba is helping
small business doing business easier and
we only help the Chinese small business
there are so many Korean small business
there’s so many you know Afghanistan
business small business no matter the
pings so I think there are a lot of
things but I cannot do myself we wanted
to make the Internet can help this small
business so I think in my way how can
using Internet to open sesame’ for small
business online I just wonder one major
set that goal well when I start my
business in 1992 it was so difficult I
try to borrow 3,000 US daughter from the
banks it took me three mouse but I still
cannot get it and when I said 1994 I
tried to register a intern the company I
could not do it cuz so if you could do
all the processing and cannot get the
money cannot I ran office and then when
I started Alibaba I was still very
difficult and I think big companies the
government helped foreign companies the
American market the stock market help
small business nobody help if we can
create something that using Internet
help the small business empower the
small biz
and make help the small business grow
strong that will be the unique value
that with the Internet can help so that
was big again I think since nobody
helped me if we can help the others
you’ll be a huge opportunity that is the
dream and that become our one mission
so everybody join our company we’ll ask
him we our job our mission is to help
others doing business easier if you
agree with that working together with us
welcome if you don’t agree with it there
there are a lot of good opportunities
there and just to join done because we
think this is our mission
and we’ve been doing that for 16 years
and I think we were to make another 86
years working on that it’s only I live a
quiet song he booted it is all Oh yogi
ritodrine
document open document day yeah Tom Yum
Goong sweeter days ago Testament of
Fukuoka to quandaries horebeek OEt ami
okay personal masseuse a minsang’s ago
semitic risotto cake rock abandoned even
take a beating boxes through
systemically yeah yep single Anita
I do not know where I got the confidence
these days when I see the documentary I
was surprised why this guy has
that is true cuz funny thing today when
I study Alibaba I asked my my colleague
to record and tape everything everything
we talked all the meetings with weaving
within putting a whole house of tapes in
the past of 60 years we want record it I
told my friends and myself if Jack mod
can be successful 80% of the people in
China can be successful too now we do
not have borrow even one dollar from the
bank we do not have even one dollar from
the government we do everything
ourselves so honestly 18 funders in my
apartment 40% then are my students
another 40 percent of my friends so they
have no choice and when we have a
hundred people well when we start to do
something all the companies came to us
and and grabbed my people it was funny
that those great people have a vision of
themselves and they always have some new
ideas they were taken away from the
other companies those people stay in the
companies they’re not very smart like me
we believe what we’re doing so nobody
come to help hunting us so we have no
choice we stay there after 10 years
we’re successful they very important is
that you believe it we believe this
thing and we see why would be it’s not
about of revenue the emails of thanks
from customers are the best revenue and
also the the employees knows wow this is
something else we didn’t have revenue I
told you one story I went to a
restaurant when I finished my eating I
there somebody came in with a piece of
paper say hi jack I’m a user of Alibaba
I know you do not make money so I pay
your bill
for these things happen a lot I went to
a you know a bar some people give me a
cigar say thank you for your website
I know you do not make money just a
small gift so these things tell us this
thing is good if we keep on working and
after ten years you’re really becoming
good that was that was the true story
and that keep us worth you know working
my energy on a similar history de veau
they all BnB prop accident Silicon
Valley startup three translational GB
aqueous media I shall come John Italian
stop to be banned in the Audion Union
which doubles in a customer a Silicon
Valley startup to become GRU the joinin
grocery chain bearden devil single
cosmic ax okay first I think nobody can
conquer the world and we only can serve
the world but this serve how many people
in the other side because I believe if
you have a vision of your village it can
do a good business in your village if a
vision for whole career you do the
business in the whole career if your
vision in America you have a vision
there so first you have to think about
how big you think and do things in a
detail a Silicon Valley was being there
for so many years and such a good
infrastructure good ecosystem
environment which is good but we should
not never always put Silicon Valley as
the example there’s only one Silicon
Valley there when I started I put the
Bill Gates as my mod role model I put
the Warren Buffet role model I got a
more disappointed oh my god Huck where
can I be at this point yo gates and you
when you put the robot is that big it’s
it’s very frustrating then I think about
the uncle wah my next door and anthalie
is on me my next door they worked pretty
well so I started thinking mmm
serve this and one day I can serve more
people that was thick beginning guys I
tell you the day the first week when I
launched at Alba calm the all irritable
calm nobody come to sell nobody come to
buy because there’s nothing to sell so
in this in my office we have seven
people with virus tell ourselves and the
first the first ten days some people
start to try to sell something we buy
everything so we buy a whole house of
things for no use just just if people
come to stop so little finally that we
build up our business
little by little we build up our
ecosystem of the infrastructure so if if
career tried to be try to have Silicon
Valley like infrastructure you will
never have it because Silicon Valley has
been there for I don’t know 50 years or
60 years that’s beautiful
all for our self when the infrastructure
per nerve why you want to be the
entrepreneur because being an
entrepreneur you have to do the things
before the other people do you have to
wake up before the other people wake up
you have to be more brave than the
others
so I think I don’t see and I will tell
you what people in Silicon Valley at the
my career a lot wow you have such a
wonderful infrastructure of mobile well
you have so many creative young people
and you are in Asia this is what I think
when you’re optimistic it’s always
opportunity so I don’t want I don’t want
to try and have a Silicon Valley
infrastructure first it’s impossible
second if there’s work I should have
made it we should have make us in Russia
not waiting for government government
it’s so difficult for them
they sometimes think kindly but they’re
but they are government offices we
business we have to create for ourselves
and getting support from them but don’t
rely on them that’s what I believe
because they have a more important the
whole you know country how to balance
for business we have the build of our
own ecosystem that’s what I think
attention Bunyan NJ I will be like a
summers other side however should be a
winner to me on arrival
cutting it was hell porn Haram doko go
yogi top or Tom batata citizen demands
more how much were there okay what would
you do with your a 25 year old man well
first I would love to go back to 25
years do anything to to be back into the
five years I think I would go to China
and seeing the market there and go to an
America and think about it and go back
and come back to Korea I think
opportunity is everywhere honestly when
people think about Internet is the
future ten years ago internet was so
good when nobody believed internet was
so good now internet is so tough because
all the smart people go to Internet so
you should go to the off ground there
are so many opportunity if you run a
restaurant if you’re really interested
in running a restaurant in career using
IT tech knowledge to making sure the
restaurant is perfectly unique if you
want to open a barber shop making sure
you is the IT tech knowledge and data
technology be the different it’s not
only the high tech that works there are
a lot of business if you use an IT
better I’ll be fantastic right so
Prime Minister said I’m a genius I don’t
think I’m a genius and I would love to
be a genius but when I sit next to Bill
Gates I think I’m a genius when I speak
Chinese he cannot speak when I speak
English well it’s not bad you have we
all have to sink opposite where
everybody agree with one means one
minute think about is that right is
there an opportunity where everybody
against it just wait for one minute
think about so 25 years out don’t worry
any mistake is an income is a wonderful
revenue for you so I tell myself and
told my young people before 20 years old
be a good student way too entrepreneur
just learn some experience before 30
years old follow somebody go to a small
company not only in a big company it is
good to learn processing you are a part
of a big machine
but when go to small company you learn
the passion you learn the dreams you
learn how to do a lot of things as well
one time so before 30 years old it’s not
which company you go it’s which boss you
follow it’s very important a good boss
teach you differently and before from 30
to 40 years old you have to think very
CLE were you working for yourself if you
really want to be interpreting when
you’re 40 to 50 years old you have to do
all the things that you are good at
don’t try to drop into the new area it’s
too late you may be successful but the
the rate of dying is too big so 40 to 50
think about how can focus on things that
you are good at but when you are 50 to
60 years old work for the young people
because young people can do better than
you
so rely on them invest on them making
sure they’re good
so when us over 60 years so spend time
for yourself on the beachside shine it’s
too late for you to change not move it
but this is my my advice to the young
people 25 years old
make enough mistakes don’t worry you
fall you stand up your for your step
enjoy it I mean 25 years or enjoy the
show
enjoy the show van enjoyment our country
– journey to total Paniagua I was
parkour Aloha me da Prez are on Picaro
gotta go cutty I just wonder okay first
it’s not easy to attract investment for
any stat UPS my CFO Joseph chai and I
went to Silicon Valley for the first
time 1999 to the year 2000 we talked to
over 30 or 40 venture capitalists
everybody said no forget it so we gather
50 thousand US dollars from 18 finders
we started and the very important thing
is is that you always have to prepare
for at least one year money before you
go on the road I agreed that everyone
it’s so difficult to convince your wives
your parents and your girlfriend to do
that but if you can convince in somebody
for the first round money no matter how
big the vision is you have to start from
the small things easy secure start to
move the first to move have to be a
little bit secure I always pick up some
easy things and try to convincing those
people who trust you to raise the money
first
remember one thing that’s the secret
sauce always raise money when you have
money all right
wait don’t have money you are in trouble
don’t go out to raise money so when you
have the money instead of think about
how can I raise money because the
winters of how
always think about prepare for the
winters
so my philosophy is repair the roof
while it is sunshine way into rings
don’t move
keep it right so that is the first run
of money the bank would not give you but
it’s okay
raise the lid of the money prove it and
lit more prove it a little more that’s
everybody goes like that okay my name is
Louisa I’m from China I have a question
for you do you think
Alibaba could still become as successful
as this has now is that the huge
ecommerce market base well nobody can
guarantee nobody can guarantee will be
successful right so I think the only
thing that can guarantee our success is
keep the passion keep believe in the
future keep on investing the young
people and keep on the mission that
helping others to executive if we keep
on that we have the chance to be
successful if we think well we are rich
enough let’s enjoy the life and we that
would never work and now we get more
competitors all the guys entrepreneurs
if you do business you will always have
a competition don’t worry about the
competition because your competitors
also worried about you right so don’t
worry
competition is a very important of fun
part of the game in the business so the
competitors will never kill you you will
cure yourself by not serving a customer
better so if you ask me what can make
Alibaba gold longer I want make you guys
young people join company like Alibaba
open shops on Alibaba on top of you
Thanks and that will keep it and we help
you you help us
that’s it stuff that help each other and
then you will be successful that’s what
I believe the first I I respect your
question about you crack you from MBA
and joining us that up which is good a
lot of MBAs only want to join big
companies big big managers start up MBA
is good I said but unfortunately a lot
of MBAs do another train
entrepreneurship I send a lot of young
wonderful young people to go to MBA they
were very smart before they go to MBA
but they came back they they suddenly
they think like like a you know
structure guy this is no good
so I told my people forget about what
you learned in the NBA use instinct I’m
making sure that everything you do is to
the need of the customer and I think it
is good for MBA to be in the startup and
to raise money most of the times the
venture capitalists to give you the
money not only because the business plan
because of the team you have who working
together with you and who are these
people
what’s their experience what’s your
record I think raising money is not that
difficult today trust me it’s much
they’re too much money here cuz people
got crazy the money the muster everybody
everywhere the money but the thing is
that you have a good team good dream
relaxed plant and good record when you
have that I bet you’ll get the money
don’t worry about the money money follow
the people people sure to follow the
dreams and the dreams should have
followed the execution capability when
that thing happens the money will come
okay
and the day when I work I’m going to
write a book which I don’t know what I
can write it but the book I want to
write about is Alibaba 1001 mistakes ok
so many mistakes we have and this is the
best assets we have so don’t worry about
it we’ll make mistake don’t worry about
that just to go ahead if you have a
dream okay thank you for joining us
again have a great time in Korea
[Music]
[Applause]
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