so I want to talk about his personal
story how many times he tried and failed
and what kept him going I want to talk
about where he is today and how he got
here so many ideas and for the first two
three four years I’ve learned what what
does what does the globalization mean
what is the copper to citizenship me
what about social responsibility me all
of these new ideas and I see so many
great leaders talking about leadership
and I’ve benefit a lot we grow from 18
people to 30,000 people meeting people
in might apartment – now we have a
four-bit campers compared to 15 years
ago we were big look compared to 15
years later with – a baby a big will you
be 15 years from them I think 15 years
ago I told my team that 15 years in the
past 15 years we grow from nothing to
this size and 15 years later I wanted
people see know about Alibaba know tap
out because it’s already everywhere I
want 15 years ago when we talk about
what is ecommerce why small business can
using this ecommerce those internet can
do business cross the nation
and I hope 15 years later people forget
about e-commerce because they think it’s
like electricity nobody think is a high
tech today now this is something that I
don’t want 15 years later we still walk
on the street talking about why and how
ecommerce can help people we’re just a
company 15 years old average age is 27
28 years old young people we’re doing
something that human being have never
tried so we’re the headquarters still
are yeah and your campus is they don’t
have a loo dum-dum move your loot you
have poorest area yeah you’re fond of
their loot there you grew up in the 60s
64 that was the time of the Cultural
Revolution yeah it was the end of the
Cultural Revolution
was I I know how tough it was when I was
kid you tried to get into three colleges
each time they rejected you know I tried
there is a examination that young people
if you want to go university or high
food or three times but a lot of fill I
fail for funny things that I food a key
primary school tests for two times and I
filled like a three times for the middle
school middle schools
you were never believed in ching Hanzo
my city there’s only one middle school
that lasts only one year it was changed
from primary school middle school
because our graduates of our our Alice
school no universe you know middle
school except us because we were too bad
they would become a what effect did it
have though being rejected well I think
we have to get used to it we’re not that
good even today we still have a lot of
people reject us I think by the way I
told you that I would I apply for
Harvard for ten times rejected I know
ten times you wrote them and said I’d
like to come to Harvard yeah and then I
told myself somebody I should go teach
their baby I think that can be arranged
like the I don’t know why in at twelve
thirteen years old that time I saw they
fell love into the language the English
and there’s no place you can you can
learn English at that time there’s no
books English books so I went to the
council hotel now called House of
shangri-la hotel because that was the
Kotel can receive the foreign visitors
so every morning for nine years I showed
them Iran as a free guide and they
taught me English and I think that
changed to me when people talk to him
say Jack how can you speak English like
that why sometimes you you talk like an
American Western guys I think that was
the nine years these Western for
tourists opened
mind because everything they told me are
so different from the things I learned
from the schools and from my parents so
now I have a habit whatever I see
whatever read are used by mine first
visit to America in 1995 1995 yeah I
come here for a project helping the
local government to building up highway
how did you create trust I think because
we start about it doing business
internet I don’t know you you don’t know
me so how can you do things online
unless you have trust
so for e-commerce the most important a
thing was trust I think whenever I first
went to USA for raising money talked to
the venture capitalist a lot of people
say oh Jack no no China doing business
by the wine she how came to a business
or Internet and I know that without the
trust the system
the credit system it’s impossible to do
business so we with every in the pastor
for 14 years
everything we do is trying to build up
the trust the system the record system
well Charlie you know I I’m so proud of
today when I I talk to young padang
China and in the world people don’t
trust each other the government and
people and the media and everybody god
this guy’s cheating but because of
e-commerce we finish 60 million
transactions every day people don’t know
each other I don’t know you
I sent products to you you don’t know me
you why the money to me and I don’t know
you I give a person a package I don’t
know him he took something too so cross
the ocean cross the river understand
this is the trust so you keep the money
until they got the product yeah and then
you release the money that’s true I mean
the escrow service is about Ali pay and
it was a big decision because for thirst
for three years Alibaba is just like a
marketplaces for for info
what you have what I have we talked a
long time but don’t do any business
because there is no payment I talked to
the banks no banks want to do it banks
are now this thing never work so I don’t
know what to do because if I start to
launch a payment system it’s against the
financial legal laws because you have to
have a license but if I don’t do it
emo ecommerce would go nowhere so then I
went to Davos I listened to a leadership
of discussion leadership is about
responsibility
and after I listened to that panel
I give a call to my friends my
colleagues in the my apartment say do it
now and people people don’t like it so
many people I talk to at that time for
all they pay they say this is the
stupidest idea you have ever got but I
say I don’t wear the stupid club as long
as people use it now we have 800 million
people using this alley pay a lot of
venture capitals give you money because
there is such a American model already
there but they say Alibaba we don’t see
this kind of model right name Jack’s
crazy yeah this is crazy guy I mean I
remember my first time in Time magazine
they call me crazy Jack and I think
Chris is good we are crazy but we’re not
stupid we know what we are doing but if
everybody agree with me if everybody
believe my our idea is good no chance
and this is something that you know that
it’s not amazing if you don’t do it
nothing is possible if you try to do it
at least you have the hope the revenue
comes from advertising and a smaller
amount from transactional – yes most of
it from advertising tiny tiny from
advertising tiny from advertising tiny
from transactions because we need big
mess when we now we have more than 10
million small business power sellers
selling our site to everywhere so the
big trends the transactions we have a
second after warm
so tiny of the transact about the money
already make us make us big the senior
management of warmer guys came to town
so five years ago he said Jack you know
you did a great job in Bubba
so we I said maybe in ten years we’ll be
bigger than Walmart you say young man
you have a good hope so we sever make a
map but I think in 10 years we’ll be big
the Walmart on the cells because if you
want have 10,000 and new customers you
have to build a new warehouse and this
that for me to service what’s your
market cap versus Wahlstrom Walmart
today hi I don’t know yeah some it’s
close I think so maybe we should check
later I think because the name for
Alibaba we are internet company happened
to be in China we have the same spirit
and an entrepreneur spirit like every
great entrepreneurs in the world I
cannot define out a way for the internet
and I watch the movie my friend’s home
forced a gun when I see him I think this
is the guy we shall learn from believe
what you’re doing love it whether people
like it don’t like it be simple and like
the word life is like a box of chocolate
you never know what you can get all
right I never know I would be here
talking to you and talking to Charlie
Rose I never know but today I made it I
told my people you might apartment 18 15
years ago where she won Fanta
no it’s a Honda Kim harder punches
guys we have to work hard not for
ourselves if we can be successful 80% of
the young people in China can be
successful we don’t have a rich father
powerful uncle we don’t have one
daughter from bank when San Fran
government just work as a team because
we also have the same Pyrrhus when I got
it’s not a good feeling being rejected
by so many people
we also depressed though at least later
we find that the world has a lot of
opportunity how you see the world how
you catch the opportunity Tai Chi is a
philosophy about in any young Tai Chi is
about how you balance how you work like
a competition people say when I compete
with eBay see you hate even no no no I
don’t anything it’s a great company you
know they come I go you know Tai Chi’s
like you fight here I go over there you
put on the top
I go to down right
balance right you are happy on a small
you know what else more I can’t jump
your have you cannot Jack there Taji is
better philosophy I use integer
philosophy in the in the business calm
down there’s always we out and keep
yourself balanced and meanwhile but
competition is a fun business and I got
better few to you you die or I wink
business even if you die I mean either
win right so it’s about it’s better fun
so Taichi give me a lot of inspirations
I think what I fifteen years ago my
apartment my wife or was that time one
of the 18 founders I asked her do you
want your husband to be a rich person
I never said rich person China rich
person han Solo
oh you want to be your husband to be
respected a person she said of course
respected because she’d never believed
and I don’t believe would be rich
beautiful which is the water survive
only thing we never give up the only
thing like we’re like a forest to God
will keep on fight we keep on change
ourselves we don’t complain whether you
were successful not successful I find a
one people when they finish the job if
they make the mistake of it a film if
they always complained the others
this guy will never come back if the guy
only check himself
yeah something wrong with me here’s
something want me there there this guy
has it hope
just like Open Sesame the secret code
for Alibaba the secret code for
everybody’s keep your dream alive
because it might come true someday this
is what the Siri cookies to Madonna and
I not sure about that so Nigel Miriam so
go on and got so go on it’s homey so am
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wasn’t working hard she children hate
old and I’m at 1 yen our church is a
half water
I wasn’t Union Jordanian switches in ENT
or Jocasta so who I want some what she’s
angling yo so whoever wants on your
wedding a sativa what being high which
is a banyan tree honey you go would you
wait shitty who donates all animal yet
was it you the second I guess today
Julian Wow Candida lose some Honduran
gonna Puyo talent Rebecca and this
Silicon Valley killewarren daughter
inspiration she could system she won
cotton p.m. a canal oppa take a chunk
ishiwan what to ensue young Tony she
doesn’t know what young yummy trans of
God
Warren we put ransom Jessica treat other
gentle tara misu fuck was the jakkuman
so the so far off was it suits a higher
your suggestion a time that guy said
what she had just watched what well
that’s this year i yeah you know it some
quick evaluation copy Roger haha and
there’s a to top and he said Amato cray
yeah into some what the patient is
saying so good piano others today needs
Yoshimi minutiae PMOI poet automata new
pearpod
it is maybe when you pee on herniation
you achieve win so it was again here the
girl yeah which is that Yoda so who
doesn’t desire can tap on the word on
such a jagged sing engine gun so you
want your the Chester are in uncoated
surf with the chimp ooh cotton zone so
again woman and other searching then the
Commission’s require totally shocked
Gina Gaston je crois en su Jin LUN shuo
as we remember 20 years ago when a
Seattle for discovering
and ninety years ago first trip to come
to the Silicon Valley and I was so
excited by people and especially in the
evening
all the roads traffic jam I’m excited by
that especially in the sounding sound a
and a Saturday weekends all the parking
laws there’s no place to parking car I
think this is so exciting which Chinese
should have that and I go back and
that’s right now we have a traffic jam
but we so we went back and instead the
the business and for twenty years
survived to today still surviving but we
want to make this company lost 102 years
so we finished her only 16 years there
are 86 years to go so I hope that 86
years explain why 102 so you start in
1999 yeah because in China everybody
wanted to be make company for last a
hundred years that this become a slogan
nobody take it seriously if you want to
give you know the KPI to your people
should be very specific then people know
it’s a series 102 years that we were boy
in 1999 Alibaba so last a century we had
one year and this century want to have a
100 years next century one year 102
cross three centuries so very specific
it’s a within our company we never
talked to your succeed successful not
because we think they’re 86 years next
to 86 years there are many chances that
you will fill so that’s why we say don’t
talk about your successful 86 years
today they would talk about it you were
a kind of a serial entrepreneur maybe
you can talk a little bit about what did
you see when you were at the government
you were coming off of another startup
that part of it was was very important
to you because then then you went back
to Hangzhou and started I went back to
China was the Seattle dream of Internet
I believe this thing is gonna change the
world I believe this thing will be good
big but where the Alibaba where the Jack
Ma and his team can be successful I
dunno I told her team somebody will be
successful but not
not be us who have to working very hard
so what tough days in China a year 2009
sake ah 1996 1997 and then or go nowhere
because we only I borrowed the 2000
daughters from my friends and families
and relatives together so we compete
with the China Telecom they have money
that was a mob SOE their state on the
business they’re competing with us
finally you know they cannot kill us
because we want to survive and we of
course cannot kill a China Telecom so we
had a joint venture they have a 70% we
have 30% and I was so stupid I think
they really love us but they got us beat
they want to kill us
a57 boss seats they have a 5 gotta to
everything without even say our idea to
say we don’t like it so so I say maybe I
should go into Beijing go to Beijing
join the government maybe they can help
us promoting the internet so we went to
Beijing join the moth tech Ministry of
Foreign Trade as a part-time job
contract for 14 months a working side a
fun government can never ever promote
the internet up you know make internet
business something they are smart
they’re good people but they think how
can I make it using Internet to manage
and control but we think we should have
make not control making other people
develop so different philosophy I think
everyone work so I left and then during
these day I met Jerry yen all right and
then I think well you know no chance in
the government no chance net and then I
believe we should I give up
so I was in a desperate I think a lot of
sure let’s go do it again so we went
back to hangs up stat I invited the 18
found you know my students and friends
in my apartment
year to 1999 most people cannot find
jobs so say well if you have idea let’s
do it it’s not where you are I don’t see
it’s where your heart is where your
vision is
I remember seven years ago the senior
management that like the vice chairman
something time to hound so we have a
warm up we have a drink and laugh sake
but Dragan is that I said sir in ten
years we will be bigger than Walmart
globally you look at me say young man
very good vision but I said you know but
you you’ve always had this relentless
focus around SMBs as your course into a
sea that’s right it has that change and
this is that’s what about answering is
that we will be bigger than Walmart this
year but that’s not mean that we are
good guess we don’t want to the world
has another company who can who are very
able of selling things we don’t think we
should buy itself we should enable so
now there are 10 million small business
power sellers in our sight we give them
traffic we give them the new knowledge
we give the data we help them deliver
you know using a third party so that is
it’s the 10 minute small business
combined together they are the most
powerful economy in the world and we’d
never change I think we love small
business will love young people or will
love women talk about that why don’t you
talk about the way I never know before
the IPO there is American media big
media came to us a chat why so many
women your company I see anything wrong
because we never know something wrong
and then we find more than 52% of our
colleagues a woman in the past 20 years
we never got even one cent from
government one cent from the China banks
you know a friend of mine she write so
that you just have to do from scratches
training people develop people how to
manage the money how to manage the
projects how to do things better so when
we build up this infrastructure talents
and the policy and I think the coming so
these are the areas I’m doing that this
is our hope
make these people successful make these
people good and then they will attract
more people going up right if the people
who are online or poor and then nobody
will good
I like the Chinese I don’t like Chinese
movie all the movies Chinese movies the
heroes are
died nobody want to be the hero in
American movies all the heroes survived
that’s what he want to be a hero making
those people using Internet successful
the language those small business using
Internet if they’re successful our
business was successful more people
moving online so the other thing is that
we should working with the government
and lower you know more infrastructure
lower the cost of the using they are
they they did the broadband yeah I mean
there are a lot of things can be done
but aliento financing was coming from a
leap a is a payment system because this
was we found this company year 2004
because people in China talked a lot on
the e-commerce they negotiate they talk
but they don’t buy because they worry
about the money give him and he this guy
run away I went to all the banks and
tried to convince the banks can you help
him he’s the payment the bank’s a your
business is too small we don’t want it
so we have to we build up a very stupid
service called a leap a is escrow
services if you want to buy things from
me you why the money to Jerry and Jerry
let me know I got a product you’ve got
money so I I send the products if you’re
happy pay me not happy return the money
return products that people say year
2003 they say this is the most stupid
idea I’ve ever heard because why you
don’t use credit card guys we don’t have
credit cards so we made that today
register users I mean just to register
users close 1 billion people using that
and active you know I don’t tell the
number right we’re so big today on that
and later becomes the standard payment
for China and then based on that we all
have all the data wherever the data’s we
have to build up the credit system for
each individual so today my Jim fool
Omega is a private company
it’s so big it’s almost if not big thing
Alibaba the same size and I’m happy
because this thing is changing China
financial system and we are going we are
also applying for licenses in the States
we are going to the to a career Japan
and the Indian and we think this is
going to help millions of people in the
world I think the seven years going we
set up the audio our company was very
difficult it was very very difficult to
find a talents first it difficult to
find a people to believe in the idea and
the second you know i remember year 2002
we were trying to hi people being
working or will being put advertised on
the newspaper and going asking friends
to join us it was difficult but i
invited 18 friends including me well
together 18 people 18 founders and some
of my students some of my friends some
of my you used to be my colleagues so
it’s it’s just a normal people and i do
not i would not say that at that time
they were so talented or so great but
after seven years these people i think
most of them are really great and there
could be see use of many companies like
me and everybody know very little we
just have a dream we believe the idea we
believe the mission or we started and
if for the past seven years I never
tried to convince if somebody wants to
leave and I never tried to say sit down
together with him say please stay no if
he wants to leave and Elissa understand
and I come back and check the current
system what I should do to stop this
kind of thing happen to the rest of
people because of a guy he is really
decided to leave it is very difficult to
convince his must been thinking that for
a long time I’ll be spent will be spend
a lot of time building the culture that
the great environment that people really
love you know the value system so make
people feel that this is the company I
want to stay it’s transparent it’s open
it is the place that I can develop
myself and then of course the package
the financial package and and also the
company that it’s unique from others
because it’s such a new thing you can
create it’s not something you’re
following somebody everything we’re
doing that we are changing China as I
mean you are changing the girl we’re
sending you know we’re changing the
internet so it’s the future I the the
job I’m doing is full of meshing is full
of meaning which I can change ten years
later what China would look like on that
on the e-commerce and a second they have
a very being vironment it’s a simple no
too bureaucratic no politics it’s just a
it’s it’s a it’s a it’s a valley system
they are believing and next definitely
they have a good package well I asked
them when they join are you happy with
the pay with we paid you but because of
the tough years we we start to think
different today we start to do things
differences that make us sort of unique
and funny thing is a property every year
we have a crazy target and every year we
we reach the crazy target and then
people say oh yeah we can make it so
that that’s what happening I I don’t
know but we have very few people say
Jack I want to leave
financially we are not very competitive
at the beginning even to today when
people join us we usually get like 80%
discount or 70% us these are the people
that I believe in the dream believe the
mission believe we can change the future
and believe that we will gather well
compensated so they join us that make
the company change if people want to
come to China they should have a
multinational company I always give the
advice to the mountain national company
when they come to China set up a
business they should find the talents
which the entrepreneur spirit not the
professional managers no pip is any
business to be managed you come here you
should find the people like startup
sprit do from little beginning to
everything and just do want to want to
win and for these people you should give
them trust give them the authority give
them the chin you know just to give them
the freedom to do things if you trust
him not even do it and unfortunately I
saw a lot of multinational companies and
people here like a most like a
professional guys so for those people
who are already stayed here if there
Forbes entrepreneurships join the
startups if they think I’m a
professional manager looking for the
company like Alibaba today’s stage the
difference stage so you got to find a
different team you know stage it will be
easier when I see the entrepreneurs when
I came to the SMEs I always feel excited
because when I joined the SME conference
I see from the eyes the dreams the
passion the hope it’s not how fast your
machine is it’s not how many equipments
you have it is how quickly you can
change yourself to meet the market
because the inflammation time internet
technology make a difference so the
world IT in the last century is designed
for manufacture this entry IT is
designed for making to help the
consumers so I think this is a disaster
for big companies central disaster for
big companies but it is a great
opportunity for small business for this
financial crisis we see
a lot of big companies we never thought
they were to die AIG it to me it’s like
Empire how could that happen
right all the G you know the the big car
companies which we respect we always
want to be there but today they all died
and look at the SMEs we still feel
painful but we are helping our heart
because we still survive every big
company they have a different practice
aster different problems but all the
SMEs have the same problems they need
understanding the support this words not
affair I know so that why I want
encouraging everyone all the SMEs here
I still believe I’m a small because when
I’m in school I know I can be big and I
hate to be big I’m fortunate today when
I was a small company only I returned to
the people I feel so excited
well I can call every employs names and
I know every time everything I want to
change I can change within half a minute
now Oh terrible it’s much tougher than
when you are small so I always believe
the first day love is very beautiful
believe the first day love believe the
first when you’re small at least you can
have time when you’re big you always go
to board meetings I give you some today
I come here people say Jack you do not
prepare why you don’t have a PPT I never
prepared TBT I you know I I’m not a good
at the technology I’m a I was trained to
be a high school teacher funny things
I’m a running the one of the biggest
e-commerce companies in China I believe
in the world but I know nothing about
computer the only thing I can know about
computer and send receive email and a
browse that’s it
because I always add technology for
people people not working for technology
but today I come here as an entrepreneur
and prepare every day and that prepare
for the PPT because every time when I
use the PPT something wrong I can I use
it so I come here to tell you my own
experience I want to share with you as a
kid’s father what I did when I have
trouble when I have trouble I always
remind me 1/3 thing focus on your
customer serve your employees and learn
from their competitors year 1999 and
year 2000 when internet bubble burst we
cannot get any money we do not have
revenues we have nothing but everything
what I encourage to me go on was a
letter of thanks and emails from my
customer say Jack Alibaba
keep on because you helped us someday we
will help you that’s their dream I had
so rely on customers because the
customers stay with you custom grow up
with you custom give you money give you
the hope give you the support so focus
on customer and second is rely and serve
your employees
it’s your employee it’s your team that
make the difference that the employees
that make all the dreams realized if we
say well you know we have so many
problems and and you know big companies
have have a problem in getting the
innovations how to make things happen
well because they do not listen to the
employees they folks too much on the
shareholders the shareholders they give
you this idea their idea and where you
really do that idea they’d gone and they
change all the time but your employees
stay with you I remember the tough days
what it was so difficult year 2002 2001
there’s only one group of people that
stay with me that’s my colleagues and
people say Jack you don’t have to pay me
for two years I would still stay the
company because you respect us because
the custom love us and I’ll tell you one
funny thing every it only way you
believe your employees our talents they
are talented the people if you don’t
believe them they will never be my
mistake I made year 2000 we raised to 5
million US dollars and that 5 million
years from where we have money we start
to make mistakes I try to high as many
talents as a possible those talents our
MBAs those talents our vice president of
multinational companies because I
believe if you have envy you must be
good right
but when I hide these guys oh my god
it’s a terrible names guy keep telling
strategy I only have 5 million dollars I
remember one of the vice president
marketing said they check this is the
budget for next two years marketing I
said what is that 12 million US dollars
I only have five minutes he said I’ve
never done any plan below 10 million
look at your employees develop with them
only when they are developed your
company will be developed why we are so
successful when we are 10 tastes will
become millionaire what will happen are
we we are very hardworking people I
think they’re much more hard-working
people outside do you think we are smart
enough oh I don’t think I’m a smart I
don’t think you as Samarra and at that
time in year 2000 it was so difficult
for Ari Papa to hide people if they’re
not very that much disabled we hide them
if they can walk we hide them because no
big nobody believed me believe out the
internet nobody believed ecommerce will
work inch and nobody believed that you
know Internet can happen but these guys
because they have no jobs so see well
let’s come here so they joined the
company and then those MBAs those people
who is great you know background they
they they were a lot of counting company
they moved out they start their own
business now today they all feel those
guys
nobody haunting them those guys never
sort of have the dreams to build up
their own companies stay in the company
after five years will succeed why we
keep our dreams we believe it no matter
how big your dream is make small tiny
steps ahead and grow with them grow with
the company and the third thing is learn
from your competitors don’t hate their
competitors big companies hate
competitors I love my competitors
where’s our competitors we will never
grow that much fast year 2003 when we
start you know terabytes a c2c auction
model ebay my competitor at that time is
a
eighty billion dollars market cap we
know small tiny but we start to compete
it’s a lot of fun to compete with big
guys you know if I start to have a
boxing with Mike Tyson I’m honored you
know if you have a chance to compete
with somebody if it is it is a great
competitor you learn we learn from our
competitors we respect them everything
they move you grow and all the thing I
want to share with you is that
competitors the best laboratory for you
because compared instead of you any
innovative ideas they can you learn that
don’t copy them learn from them so I
love my competitors every time when I
look at them I was Adam I but I in China
people say Jack yes so crazy because
four years ago I said when I look at my
telescope I never seen my competitors
and people say how could you be that
palm RL and as you know I’m looking for
examples models
why should I looking for competitors
competitors are everywhere and when you
compete having fun the most interesting
part of the business is competition to
make your competitors angry to make your
competitors jumping around that’s the
skill you should have not making
yourself jumping around and angry right
business is such a great fun where you
compete when I compete if I got angry if
I jumping around I know something wrong
because this is a wrong strategy to
compete where you compete you know not
not not personally make your your
competitor unhappy if they are unhappy
if they jumping around if they try to
use money to clear everything you start
doing because they start to lose money
where you compare the study using money
to compete with you they start to lose
business is bad wisdom business is about
hope business about a courage so these
are all the skills and I nobody comfort
us I learned to use my right hand
to come from my left hand when I’m in
trouble you always tell yourself okay
I’m still surviving I’m still growing
everything’s good at least I’m still
surviving right so when you’re big you
start to worry about losing something
where small is start to grow so I always
believe small keep the hope so
these are these things I want to share
with you and the last and most important
thing I want to say is never ever give
up your dreams I almost I think so I
want to tell you that I had problems in
the past ten years these days when I
walk on China when I look at the airport
a lot of books about me about the
Alibaba I feel a few very nervous
because these are not of books interview
to me these are books that all right we
are not that good
we’re not that bad but today where
you’re something you know successful
they start to write a good things about
it we made so many mistakes the only
book that I dreamed to write about is
Alibaba 1001 mistakes every mistakes I
think you counted I made it when I was
doing business
everybody said wow this is this is this
is the mistake yeah this guy is gonna
make that guy is gonna I’m never going
to make it I tell you I make it and you
will make it again again again and when
you make it again again don’t lose
confidence make it again you will win
that’s that’s all we did I mean nobody’s
perfect right so I almost lose my count
for year 2002 I had a big trouble with
my team in the USA I learned from a
great consultant a guy joined the
company as a jack re papa doing
international trade international trade
needs English which country has the best
English you have is believing USA right
now internet needs great technology
which country has the best technology
we’re saying hmm USA right and we’re in
Silicon Valley so we move our
alibaba.com to Silicon Valley
and when I arrived Silicon Valley I we
suddenly realized something wrong we
hired people from Miami from New York
and from all the where they all came to
the the our Silicon Valley and after
three months a real the problem is that
nobody’s Silicon Valley no the trade so
what’s the point have a good technology
and English
we are not English society right all the
small medium-sized companies across the
board they know exactly what are you
talking about no matter how terrible
English is so I’m very mistake and I
told that people say sorry it’s a
mistake let’s move back so after 2
months we moved back to China again the
funny thing is that everybody was happy
cetera because
Intendant of boosting they get a lot of
option shares they got a lot of cash pay
and the fun and of the job is easy and
nobody wanted the shares a quick give
them one cent for sure
no no no no no she want a catch now you
know they don’t believe your dreams if
they believe the dreams give them the
shares one cent if they don’t believe I
want to cash let them go and I was so
disappointed a lot of people we hide
they do not want they want to cash no
matter how wonderful that at that time
it’s easy to raise money people still on
a cash so I say ok let’s forget it and I
work from a half an hour on the beijing
street my college was with me and then I
told myself go to bed sleep tomorrow
again so we started today things change
so I want to tell you never ever give up
your dreams and today I encourage myself
and our team it reminds us one thing
that today is very difficult
tomorrow is much more difficult but the
day up tomorrow is a very beautiful most
people die tomorrow evening
if you give up the hope you have you and
hope you will not seen it if you give up
an employee you will never see it if you
give up your customers your dad but if
you give up shareholders you will get a
better one everybody were very sensitive
when I say I’m gonna spend one year
there and I just come here I’m tied to
tied in the posture 16 years I start my
business when I started 1994-5 internet
and I got crazy about the Internet give
up my job in the teaching and like I
call myself like a blind man riding on
the back of blind tigers jumping around
Steve kicking and still surviving and
then joined the government organization
for 16 mouse and not successful is that
Alibaba 1999 and we build up the Alibaba
we are lucky enough to have the Taobao
we have the Ali pay we have Ali cloud
computing and so many things are up to
12 years I say I need some time to rest
especially this year was so difficult
for me I did not expect I prepare for 12
year was in China called up a minion
this is our 12 year for Alibaba we have
the the a leap Taobao separated and in a
four parts so many things that really
make me feel tight and I said well why
not give up one year because next year
is my personal per minion which is could
be much more difficult
well this day was very tough and
difficult I believe next year is going
to be tougher and more difficult and
more complexed so I got ready for that
and I knew think I need a rest so in
order to for another 3-4 years how to
work it because this three years is not
my job if something wrong criticize this
president of top of sea of Alibaba and a
leap it is their fault because three
years therefore three years later
something wrong my fault so I’d come
here and I would spend most of time in
the States and then thinking relaxing
and yes the two days ago I pick up my
golf and here and so we are very lucky
company I don’t have any sort of
backgrounds a rich father or strong
ankles so and III remember 1999 I came
to Silicon Valley looking for venture
capitalists I talked a lot of magic
capitalists and I remember a few days
we’re gonna drive by by the map man lo
park right I was hours rejected by so
many venture capitalists when I talk
about Alibaba starlets they look at me
strange what Alibaba what they’re
talking about it well I went back to
China with nothing no money
nobody invested in me but I full of
confidence I saw the American Dreams at
that time 1999 I walked on this high
expressway every even in full of cars
and in the parks of the other companies
and Sunday weekends
full of cars and people working day and
night and now this is something I
believe it’s going to happening in China
without it getting any venture
capitalist but I think I went back China
which the American Dreams and we started
the business there and after 12 years
you know a lot of things happen we would
build up the b2b and nobody believed the
b2b would work because the b2b at that
time was good but our rebar I don’t know
stood there yeah arriba arriba calm
broad vision and commerce one you know
these very famous b2b companies people
say how can you do b2b in China because
the b2b in the USA they focus on big
companies they focus on buyers and we
believe there’s no big companies in
China and I don’t see there are big
companies in in a short term that with
China we have a lot of become because
big companies only SOE as Zoe they do
not need ecommerce
they need as government policy right so
we focus a small business we because we
believe China the small business the
private sectors are the future so we
focus on that and the b2b in the USA
focus of buyers they want help buyers to
save the cost the save the time we
believe they’ll teach the SME don’t
teach you the small business how to save
the cost because they know much better
than you do you should help them how to
make money very difficult to do business
at that time but after 12 years we got
more than 58 million small business
around the world using our services that
that model is not very sexy compared to
ten seven by do we do not make that much
money
like I like online gaming’s but we can
sleep well in the evening because the
money we make not online gaming’s the
money we make there helping small
business to survive to get business
opportunities which I feel very proud of
that
today as always I never feel proud that
how much money we make I feel proud how
much impact we can help the others
especially small business before the
history of Internet no company can help
over 50 million SMEs today we are trying
and I feel proud of that this is the
first company and people say Jack if you
make Alibaba successful that means you
you are pulling a million tons of ship
on the top of the Himalaya and I say yes
we will carry that thing down and we did
the second company is called the Taobao
and everybody say oh my god you’re
competing with eBay I see why not China
needs an e-commerce site and build up
the China market takes efforts takes
time and takes great effort you really
want to build up something so at that
time people say there’s no chance well
how do you know there’s no
so we tried and I said we if eBay are
the sharks in the ocean we are the
crocodiles in the Yangtze River never
fight in the ocean let’s fight a Yangtze
River
it was difficult it’s a lot of fun and
we survived they got a 90% market share
at that time today for c2c Peters wife
we’re like a 90% market share and lucky
just lucky there a lot of things can be
discussed in the future we made so many
mistakes we were so stupid at that time
so I think someday the book I personally
really want to write about I such that
there’s Alibaba 1001 mistakes these are
the things these are the things people
should remember people should learn if
you want to learn how the people are the
other people succeed there are a lot of
lucky things right there but if you want
to learn if you learn how people feel
you will benefit a lot and I always like
to read those books talking about how
people feel because look if you look
into it
any company that feel the reasons why
they feel almost the same and that
really matters so table are sexy and
then we have the alley play because
everybody’s in China or no credit system
banking is terrible logistics terrible
and how can two e-commerce I think
because China is not a good debt
logistic not good a credit system not
good at a banking system that’s why we
need the Entrepreneurship that’s why we
go we should go and a beaut the map so I
believe there’s no you bid it up
later.this become the standard of China
and I believe China needs that six years
ago I came to the states I told the USA
all didn’t say I believe five years
later China will have more Internet
users than the USA people say no I say
well you have only 300 minute population
China one place 3 billion right
for you guys to have 400 minute Internet
users without anybody dying keep on
having babies you take 15 years when
you’re 5 years it’s just the tiniest
Seuss right so let’s wait and see today
with more users and today people say
while you’re buying capability is low
let’s see about 5 years later five years
later today people bus only span of 200
MB per month five years later these guys
will spend 2,000 and we have patience we
are young you know I’m boat but my
people only 26 average age they’re young
that’s wait for the future so a leap a
was just a very bad time people say it’s
a stupid escrow services right john
wants buy things from Steven John does
no wonder why the money and Steve does
not want to give the products so we open
a can to say why the money to us if
you’re happy with why the money not
happy return products return the money
people see how stupid the model is well
we don’t care where the stupid are not
stupid we care where the customer wanted
or not rather really meet the need of
the customers but after seven years we
have more than six hundred million users
register users in China using that so
stupider things if you improve it every
day it’s going to be very smart and we
believe that so today it is good and
it’s growing and it’s like PayPal but we
have bigger than PayPal right now on
transaction wise and the last and most
important is ally cloud computing and
not like the other companies stays talk
about a leak they talk about cloud
computing they want to sell you the
hardware software’s we have nothing to
sell you we just want computing our own
data’s because the data we have from the
SM is because the data so we have the
consumers from Taobao data
I’ll pay so we want we believe in the
future the world is going to be the data
processing world how we can share the
data with the others you know you know
in a great way right so that’s the thing
that’s the business about it’s not that
good yet but it is very profitable the
whole company looks healthy so we are
very preciate we are at the company from
text we always ask our own question why
we still working so hard I talked to my
colleague one day and he said Jack I
never know that in my life I can do that
much second I never know that the things
I’m doing at that meaningful to the
society and third I never know that life
is dance at heart we work day and night
even now we work day and night
I guess so thinner and stretching
understand life is not easy with you
proud because we are changing China it’s
not how much money you make when you see
I think 7 K years ago when I walk on the
street people thank me because my
Alibaba b2b helped them to get orders
across the ocean today when I walk on
the street the young people say Jack
thank you very much I hope my wife and I
open a small shop on top we make we made
a surviving we had a great in common you
know
this is meaningful thing today if you
have a good red coat I’m terrible
you get rich because people do business
with those people with good rap record
we’re teaching consumers to smart people
say Jack I bought something so cheap I’m
terrible is that a fake product we spend
most of the efforts in China 50% of the
people in Taobao they’re focusing on
checking the intellectual property
issues but there’s a
bought of wine the cost is only nine
dollars but people buy on the street is
$300 why is that the channels the
advertisement the TV shows why consumers
should pay that much so we cut that and
we make things changing so tell the
consumers say this t-shirt you buy on
top ah maybe 30
Oh $15 you’re buying a shop $150 not
because top are selling cheaper because
that shop sell too expensive we should
teach the consumers to be smart after 12
years jumping around I find that making
money is very simple but making
sustainable money and responsible to the
society improve the world meanwhile make
him a lot of money is very difficult and
this is what we are trying three years
later I’m preparing for that and I say
challenge is a challenge young guys
let’s create a good model for that you
go there create value for local people
have time they will have chance because
we met we tore ourself global vision
local wing no matter how wonderful you
think step on the ground and do the
things every day
story how many times he tried and failed
and what kept him going I want to talk
about where he is today and how he got
here so many ideas and for the first two
three four years I’ve learned what what
does what does the globalization mean
what is the copper to citizenship me
what about social responsibility me all
of these new ideas and I see so many
great leaders talking about leadership
and I’ve benefit a lot we grow from 18
people to 30,000 people meeting people
in might apartment – now we have a
four-bit campers compared to 15 years
ago we were big look compared to 15
years later with – a baby a big will you
be 15 years from them I think 15 years
ago I told my team that 15 years in the
past 15 years we grow from nothing to
this size and 15 years later I wanted
people see know about Alibaba know tap
out because it’s already everywhere I
want 15 years ago when we talk about
what is ecommerce why small business can
using this ecommerce those internet can
do business cross the nation
and I hope 15 years later people forget
about e-commerce because they think it’s
like electricity nobody think is a high
tech today now this is something that I
don’t want 15 years later we still walk
on the street talking about why and how
ecommerce can help people we’re just a
company 15 years old average age is 27
28 years old young people we’re doing
something that human being have never
tried so we’re the headquarters still
are yeah and your campus is they don’t
have a loo dum-dum move your loot you
have poorest area yeah you’re fond of
their loot there you grew up in the 60s
64 that was the time of the Cultural
Revolution yeah it was the end of the
Cultural Revolution
was I I know how tough it was when I was
kid you tried to get into three colleges
each time they rejected you know I tried
there is a examination that young people
if you want to go university or high
food or three times but a lot of fill I
fail for funny things that I food a key
primary school tests for two times and I
filled like a three times for the middle
school middle schools
you were never believed in ching Hanzo
my city there’s only one middle school
that lasts only one year it was changed
from primary school middle school
because our graduates of our our Alice
school no universe you know middle
school except us because we were too bad
they would become a what effect did it
have though being rejected well I think
we have to get used to it we’re not that
good even today we still have a lot of
people reject us I think by the way I
told you that I would I apply for
Harvard for ten times rejected I know
ten times you wrote them and said I’d
like to come to Harvard yeah and then I
told myself somebody I should go teach
their baby I think that can be arranged
like the I don’t know why in at twelve
thirteen years old that time I saw they
fell love into the language the English
and there’s no place you can you can
learn English at that time there’s no
books English books so I went to the
council hotel now called House of
shangri-la hotel because that was the
Kotel can receive the foreign visitors
so every morning for nine years I showed
them Iran as a free guide and they
taught me English and I think that
changed to me when people talk to him
say Jack how can you speak English like
that why sometimes you you talk like an
American Western guys I think that was
the nine years these Western for
tourists opened
mind because everything they told me are
so different from the things I learned
from the schools and from my parents so
now I have a habit whatever I see
whatever read are used by mine first
visit to America in 1995 1995 yeah I
come here for a project helping the
local government to building up highway
how did you create trust I think because
we start about it doing business
internet I don’t know you you don’t know
me so how can you do things online
unless you have trust
so for e-commerce the most important a
thing was trust I think whenever I first
went to USA for raising money talked to
the venture capitalist a lot of people
say oh Jack no no China doing business
by the wine she how came to a business
or Internet and I know that without the
trust the system
the credit system it’s impossible to do
business so we with every in the pastor
for 14 years
everything we do is trying to build up
the trust the system the record system
well Charlie you know I I’m so proud of
today when I I talk to young padang
China and in the world people don’t
trust each other the government and
people and the media and everybody god
this guy’s cheating but because of
e-commerce we finish 60 million
transactions every day people don’t know
each other I don’t know you
I sent products to you you don’t know me
you why the money to me and I don’t know
you I give a person a package I don’t
know him he took something too so cross
the ocean cross the river understand
this is the trust so you keep the money
until they got the product yeah and then
you release the money that’s true I mean
the escrow service is about Ali pay and
it was a big decision because for thirst
for three years Alibaba is just like a
marketplaces for for info
what you have what I have we talked a
long time but don’t do any business
because there is no payment I talked to
the banks no banks want to do it banks
are now this thing never work so I don’t
know what to do because if I start to
launch a payment system it’s against the
financial legal laws because you have to
have a license but if I don’t do it
emo ecommerce would go nowhere so then I
went to Davos I listened to a leadership
of discussion leadership is about
responsibility
and after I listened to that panel
I give a call to my friends my
colleagues in the my apartment say do it
now and people people don’t like it so
many people I talk to at that time for
all they pay they say this is the
stupidest idea you have ever got but I
say I don’t wear the stupid club as long
as people use it now we have 800 million
people using this alley pay a lot of
venture capitals give you money because
there is such a American model already
there but they say Alibaba we don’t see
this kind of model right name Jack’s
crazy yeah this is crazy guy I mean I
remember my first time in Time magazine
they call me crazy Jack and I think
Chris is good we are crazy but we’re not
stupid we know what we are doing but if
everybody agree with me if everybody
believe my our idea is good no chance
and this is something that you know that
it’s not amazing if you don’t do it
nothing is possible if you try to do it
at least you have the hope the revenue
comes from advertising and a smaller
amount from transactional – yes most of
it from advertising tiny tiny from
advertising tiny from advertising tiny
from transactions because we need big
mess when we now we have more than 10
million small business power sellers
selling our site to everywhere so the
big trends the transactions we have a
second after warm
so tiny of the transact about the money
already make us make us big the senior
management of warmer guys came to town
so five years ago he said Jack you know
you did a great job in Bubba
so we I said maybe in ten years we’ll be
bigger than Walmart you say young man
you have a good hope so we sever make a
map but I think in 10 years we’ll be big
the Walmart on the cells because if you
want have 10,000 and new customers you
have to build a new warehouse and this
that for me to service what’s your
market cap versus Wahlstrom Walmart
today hi I don’t know yeah some it’s
close I think so maybe we should check
later I think because the name for
Alibaba we are internet company happened
to be in China we have the same spirit
and an entrepreneur spirit like every
great entrepreneurs in the world I
cannot define out a way for the internet
and I watch the movie my friend’s home
forced a gun when I see him I think this
is the guy we shall learn from believe
what you’re doing love it whether people
like it don’t like it be simple and like
the word life is like a box of chocolate
you never know what you can get all
right I never know I would be here
talking to you and talking to Charlie
Rose I never know but today I made it I
told my people you might apartment 18 15
years ago where she won Fanta
no it’s a Honda Kim harder punches
guys we have to work hard not for
ourselves if we can be successful 80% of
the young people in China can be
successful we don’t have a rich father
powerful uncle we don’t have one
daughter from bank when San Fran
government just work as a team because
we also have the same Pyrrhus when I got
it’s not a good feeling being rejected
by so many people
we also depressed though at least later
we find that the world has a lot of
opportunity how you see the world how
you catch the opportunity Tai Chi is a
philosophy about in any young Tai Chi is
about how you balance how you work like
a competition people say when I compete
with eBay see you hate even no no no I
don’t anything it’s a great company you
know they come I go you know Tai Chi’s
like you fight here I go over there you
put on the top
I go to down right
balance right you are happy on a small
you know what else more I can’t jump
your have you cannot Jack there Taji is
better philosophy I use integer
philosophy in the in the business calm
down there’s always we out and keep
yourself balanced and meanwhile but
competition is a fun business and I got
better few to you you die or I wink
business even if you die I mean either
win right so it’s about it’s better fun
so Taichi give me a lot of inspirations
I think what I fifteen years ago my
apartment my wife or was that time one
of the 18 founders I asked her do you
want your husband to be a rich person
I never said rich person China rich
person han Solo
oh you want to be your husband to be
respected a person she said of course
respected because she’d never believed
and I don’t believe would be rich
beautiful which is the water survive
only thing we never give up the only
thing like we’re like a forest to God
will keep on fight we keep on change
ourselves we don’t complain whether you
were successful not successful I find a
one people when they finish the job if
they make the mistake of it a film if
they always complained the others
this guy will never come back if the guy
only check himself
yeah something wrong with me here’s
something want me there there this guy
has it hope
just like Open Sesame the secret code
for Alibaba the secret code for
everybody’s keep your dream alive
because it might come true someday this
is what the Siri cookies to Madonna and
I not sure about that so Nigel Miriam so
go on and got so go on it’s homey so am
ia neo you can put sources on a sir that
wasn’t working hard she children hate
old and I’m at 1 yen our church is a
half water
I wasn’t Union Jordanian switches in ENT
or Jocasta so who I want some what she’s
angling yo so whoever wants on your
wedding a sativa what being high which
is a banyan tree honey you go would you
wait shitty who donates all animal yet
was it you the second I guess today
Julian Wow Candida lose some Honduran
gonna Puyo talent Rebecca and this
Silicon Valley killewarren daughter
inspiration she could system she won
cotton p.m. a canal oppa take a chunk
ishiwan what to ensue young Tony she
doesn’t know what young yummy trans of
God
Warren we put ransom Jessica treat other
gentle tara misu fuck was the jakkuman
so the so far off was it suits a higher
your suggestion a time that guy said
what she had just watched what well
that’s this year i yeah you know it some
quick evaluation copy Roger haha and
there’s a to top and he said Amato cray
yeah into some what the patient is
saying so good piano others today needs
Yoshimi minutiae PMOI poet automata new
pearpod
it is maybe when you pee on herniation
you achieve win so it was again here the
girl yeah which is that Yoda so who
doesn’t desire can tap on the word on
such a jagged sing engine gun so you
want your the Chester are in uncoated
surf with the chimp ooh cotton zone so
again woman and other searching then the
Commission’s require totally shocked
Gina Gaston je crois en su Jin LUN shuo
as we remember 20 years ago when a
Seattle for discovering
and ninety years ago first trip to come
to the Silicon Valley and I was so
excited by people and especially in the
evening
all the roads traffic jam I’m excited by
that especially in the sounding sound a
and a Saturday weekends all the parking
laws there’s no place to parking car I
think this is so exciting which Chinese
should have that and I go back and
that’s right now we have a traffic jam
but we so we went back and instead the
the business and for twenty years
survived to today still surviving but we
want to make this company lost 102 years
so we finished her only 16 years there
are 86 years to go so I hope that 86
years explain why 102 so you start in
1999 yeah because in China everybody
wanted to be make company for last a
hundred years that this become a slogan
nobody take it seriously if you want to
give you know the KPI to your people
should be very specific then people know
it’s a series 102 years that we were boy
in 1999 Alibaba so last a century we had
one year and this century want to have a
100 years next century one year 102
cross three centuries so very specific
it’s a within our company we never
talked to your succeed successful not
because we think they’re 86 years next
to 86 years there are many chances that
you will fill so that’s why we say don’t
talk about your successful 86 years
today they would talk about it you were
a kind of a serial entrepreneur maybe
you can talk a little bit about what did
you see when you were at the government
you were coming off of another startup
that part of it was was very important
to you because then then you went back
to Hangzhou and started I went back to
China was the Seattle dream of Internet
I believe this thing is gonna change the
world I believe this thing will be good
big but where the Alibaba where the Jack
Ma and his team can be successful I
dunno I told her team somebody will be
successful but not
not be us who have to working very hard
so what tough days in China a year 2009
sake ah 1996 1997 and then or go nowhere
because we only I borrowed the 2000
daughters from my friends and families
and relatives together so we compete
with the China Telecom they have money
that was a mob SOE their state on the
business they’re competing with us
finally you know they cannot kill us
because we want to survive and we of
course cannot kill a China Telecom so we
had a joint venture they have a 70% we
have 30% and I was so stupid I think
they really love us but they got us beat
they want to kill us
a57 boss seats they have a 5 gotta to
everything without even say our idea to
say we don’t like it so so I say maybe I
should go into Beijing go to Beijing
join the government maybe they can help
us promoting the internet so we went to
Beijing join the moth tech Ministry of
Foreign Trade as a part-time job
contract for 14 months a working side a
fun government can never ever promote
the internet up you know make internet
business something they are smart
they’re good people but they think how
can I make it using Internet to manage
and control but we think we should have
make not control making other people
develop so different philosophy I think
everyone work so I left and then during
these day I met Jerry yen all right and
then I think well you know no chance in
the government no chance net and then I
believe we should I give up
so I was in a desperate I think a lot of
sure let’s go do it again so we went
back to hangs up stat I invited the 18
found you know my students and friends
in my apartment
year to 1999 most people cannot find
jobs so say well if you have idea let’s
do it it’s not where you are I don’t see
it’s where your heart is where your
vision is
I remember seven years ago the senior
management that like the vice chairman
something time to hound so we have a
warm up we have a drink and laugh sake
but Dragan is that I said sir in ten
years we will be bigger than Walmart
globally you look at me say young man
very good vision but I said you know but
you you’ve always had this relentless
focus around SMBs as your course into a
sea that’s right it has that change and
this is that’s what about answering is
that we will be bigger than Walmart this
year but that’s not mean that we are
good guess we don’t want to the world
has another company who can who are very
able of selling things we don’t think we
should buy itself we should enable so
now there are 10 million small business
power sellers in our sight we give them
traffic we give them the new knowledge
we give the data we help them deliver
you know using a third party so that is
it’s the 10 minute small business
combined together they are the most
powerful economy in the world and we’d
never change I think we love small
business will love young people or will
love women talk about that why don’t you
talk about the way I never know before
the IPO there is American media big
media came to us a chat why so many
women your company I see anything wrong
because we never know something wrong
and then we find more than 52% of our
colleagues a woman in the past 20 years
we never got even one cent from
government one cent from the China banks
you know a friend of mine she write so
that you just have to do from scratches
training people develop people how to
manage the money how to manage the
projects how to do things better so when
we build up this infrastructure talents
and the policy and I think the coming so
these are the areas I’m doing that this
is our hope
make these people successful make these
people good and then they will attract
more people going up right if the people
who are online or poor and then nobody
will good
I like the Chinese I don’t like Chinese
movie all the movies Chinese movies the
heroes are
died nobody want to be the hero in
American movies all the heroes survived
that’s what he want to be a hero making
those people using Internet successful
the language those small business using
Internet if they’re successful our
business was successful more people
moving online so the other thing is that
we should working with the government
and lower you know more infrastructure
lower the cost of the using they are
they they did the broadband yeah I mean
there are a lot of things can be done
but aliento financing was coming from a
leap a is a payment system because this
was we found this company year 2004
because people in China talked a lot on
the e-commerce they negotiate they talk
but they don’t buy because they worry
about the money give him and he this guy
run away I went to all the banks and
tried to convince the banks can you help
him he’s the payment the bank’s a your
business is too small we don’t want it
so we have to we build up a very stupid
service called a leap a is escrow
services if you want to buy things from
me you why the money to Jerry and Jerry
let me know I got a product you’ve got
money so I I send the products if you’re
happy pay me not happy return the money
return products that people say year
2003 they say this is the most stupid
idea I’ve ever heard because why you
don’t use credit card guys we don’t have
credit cards so we made that today
register users I mean just to register
users close 1 billion people using that
and active you know I don’t tell the
number right we’re so big today on that
and later becomes the standard payment
for China and then based on that we all
have all the data wherever the data’s we
have to build up the credit system for
each individual so today my Jim fool
Omega is a private company
it’s so big it’s almost if not big thing
Alibaba the same size and I’m happy
because this thing is changing China
financial system and we are going we are
also applying for licenses in the States
we are going to the to a career Japan
and the Indian and we think this is
going to help millions of people in the
world I think the seven years going we
set up the audio our company was very
difficult it was very very difficult to
find a talents first it difficult to
find a people to believe in the idea and
the second you know i remember year 2002
we were trying to hi people being
working or will being put advertised on
the newspaper and going asking friends
to join us it was difficult but i
invited 18 friends including me well
together 18 people 18 founders and some
of my students some of my friends some
of my you used to be my colleagues so
it’s it’s just a normal people and i do
not i would not say that at that time
they were so talented or so great but
after seven years these people i think
most of them are really great and there
could be see use of many companies like
me and everybody know very little we
just have a dream we believe the idea we
believe the mission or we started and
if for the past seven years I never
tried to convince if somebody wants to
leave and I never tried to say sit down
together with him say please stay no if
he wants to leave and Elissa understand
and I come back and check the current
system what I should do to stop this
kind of thing happen to the rest of
people because of a guy he is really
decided to leave it is very difficult to
convince his must been thinking that for
a long time I’ll be spent will be spend
a lot of time building the culture that
the great environment that people really
love you know the value system so make
people feel that this is the company I
want to stay it’s transparent it’s open
it is the place that I can develop
myself and then of course the package
the financial package and and also the
company that it’s unique from others
because it’s such a new thing you can
create it’s not something you’re
following somebody everything we’re
doing that we are changing China as I
mean you are changing the girl we’re
sending you know we’re changing the
internet so it’s the future I the the
job I’m doing is full of meshing is full
of meaning which I can change ten years
later what China would look like on that
on the e-commerce and a second they have
a very being vironment it’s a simple no
too bureaucratic no politics it’s just a
it’s it’s a it’s a it’s a valley system
they are believing and next definitely
they have a good package well I asked
them when they join are you happy with
the pay with we paid you but because of
the tough years we we start to think
different today we start to do things
differences that make us sort of unique
and funny thing is a property every year
we have a crazy target and every year we
we reach the crazy target and then
people say oh yeah we can make it so
that that’s what happening I I don’t
know but we have very few people say
Jack I want to leave
financially we are not very competitive
at the beginning even to today when
people join us we usually get like 80%
discount or 70% us these are the people
that I believe in the dream believe the
mission believe we can change the future
and believe that we will gather well
compensated so they join us that make
the company change if people want to
come to China they should have a
multinational company I always give the
advice to the mountain national company
when they come to China set up a
business they should find the talents
which the entrepreneur spirit not the
professional managers no pip is any
business to be managed you come here you
should find the people like startup
sprit do from little beginning to
everything and just do want to want to
win and for these people you should give
them trust give them the authority give
them the chin you know just to give them
the freedom to do things if you trust
him not even do it and unfortunately I
saw a lot of multinational companies and
people here like a most like a
professional guys so for those people
who are already stayed here if there
Forbes entrepreneurships join the
startups if they think I’m a
professional manager looking for the
company like Alibaba today’s stage the
difference stage so you got to find a
different team you know stage it will be
easier when I see the entrepreneurs when
I came to the SMEs I always feel excited
because when I joined the SME conference
I see from the eyes the dreams the
passion the hope it’s not how fast your
machine is it’s not how many equipments
you have it is how quickly you can
change yourself to meet the market
because the inflammation time internet
technology make a difference so the
world IT in the last century is designed
for manufacture this entry IT is
designed for making to help the
consumers so I think this is a disaster
for big companies central disaster for
big companies but it is a great
opportunity for small business for this
financial crisis we see
a lot of big companies we never thought
they were to die AIG it to me it’s like
Empire how could that happen
right all the G you know the the big car
companies which we respect we always
want to be there but today they all died
and look at the SMEs we still feel
painful but we are helping our heart
because we still survive every big
company they have a different practice
aster different problems but all the
SMEs have the same problems they need
understanding the support this words not
affair I know so that why I want
encouraging everyone all the SMEs here
I still believe I’m a small because when
I’m in school I know I can be big and I
hate to be big I’m fortunate today when
I was a small company only I returned to
the people I feel so excited
well I can call every employs names and
I know every time everything I want to
change I can change within half a minute
now Oh terrible it’s much tougher than
when you are small so I always believe
the first day love is very beautiful
believe the first day love believe the
first when you’re small at least you can
have time when you’re big you always go
to board meetings I give you some today
I come here people say Jack you do not
prepare why you don’t have a PPT I never
prepared TBT I you know I I’m not a good
at the technology I’m a I was trained to
be a high school teacher funny things
I’m a running the one of the biggest
e-commerce companies in China I believe
in the world but I know nothing about
computer the only thing I can know about
computer and send receive email and a
browse that’s it
because I always add technology for
people people not working for technology
but today I come here as an entrepreneur
and prepare every day and that prepare
for the PPT because every time when I
use the PPT something wrong I can I use
it so I come here to tell you my own
experience I want to share with you as a
kid’s father what I did when I have
trouble when I have trouble I always
remind me 1/3 thing focus on your
customer serve your employees and learn
from their competitors year 1999 and
year 2000 when internet bubble burst we
cannot get any money we do not have
revenues we have nothing but everything
what I encourage to me go on was a
letter of thanks and emails from my
customer say Jack Alibaba
keep on because you helped us someday we
will help you that’s their dream I had
so rely on customers because the
customers stay with you custom grow up
with you custom give you money give you
the hope give you the support so focus
on customer and second is rely and serve
your employees
it’s your employee it’s your team that
make the difference that the employees
that make all the dreams realized if we
say well you know we have so many
problems and and you know big companies
have have a problem in getting the
innovations how to make things happen
well because they do not listen to the
employees they folks too much on the
shareholders the shareholders they give
you this idea their idea and where you
really do that idea they’d gone and they
change all the time but your employees
stay with you I remember the tough days
what it was so difficult year 2002 2001
there’s only one group of people that
stay with me that’s my colleagues and
people say Jack you don’t have to pay me
for two years I would still stay the
company because you respect us because
the custom love us and I’ll tell you one
funny thing every it only way you
believe your employees our talents they
are talented the people if you don’t
believe them they will never be my
mistake I made year 2000 we raised to 5
million US dollars and that 5 million
years from where we have money we start
to make mistakes I try to high as many
talents as a possible those talents our
MBAs those talents our vice president of
multinational companies because I
believe if you have envy you must be
good right
but when I hide these guys oh my god
it’s a terrible names guy keep telling
strategy I only have 5 million dollars I
remember one of the vice president
marketing said they check this is the
budget for next two years marketing I
said what is that 12 million US dollars
I only have five minutes he said I’ve
never done any plan below 10 million
look at your employees develop with them
only when they are developed your
company will be developed why we are so
successful when we are 10 tastes will
become millionaire what will happen are
we we are very hardworking people I
think they’re much more hard-working
people outside do you think we are smart
enough oh I don’t think I’m a smart I
don’t think you as Samarra and at that
time in year 2000 it was so difficult
for Ari Papa to hide people if they’re
not very that much disabled we hide them
if they can walk we hide them because no
big nobody believed me believe out the
internet nobody believed ecommerce will
work inch and nobody believed that you
know Internet can happen but these guys
because they have no jobs so see well
let’s come here so they joined the
company and then those MBAs those people
who is great you know background they
they they were a lot of counting company
they moved out they start their own
business now today they all feel those
guys
nobody haunting them those guys never
sort of have the dreams to build up
their own companies stay in the company
after five years will succeed why we
keep our dreams we believe it no matter
how big your dream is make small tiny
steps ahead and grow with them grow with
the company and the third thing is learn
from your competitors don’t hate their
competitors big companies hate
competitors I love my competitors
where’s our competitors we will never
grow that much fast year 2003 when we
start you know terabytes a c2c auction
model ebay my competitor at that time is
a
eighty billion dollars market cap we
know small tiny but we start to compete
it’s a lot of fun to compete with big
guys you know if I start to have a
boxing with Mike Tyson I’m honored you
know if you have a chance to compete
with somebody if it is it is a great
competitor you learn we learn from our
competitors we respect them everything
they move you grow and all the thing I
want to share with you is that
competitors the best laboratory for you
because compared instead of you any
innovative ideas they can you learn that
don’t copy them learn from them so I
love my competitors every time when I
look at them I was Adam I but I in China
people say Jack yes so crazy because
four years ago I said when I look at my
telescope I never seen my competitors
and people say how could you be that
palm RL and as you know I’m looking for
examples models
why should I looking for competitors
competitors are everywhere and when you
compete having fun the most interesting
part of the business is competition to
make your competitors angry to make your
competitors jumping around that’s the
skill you should have not making
yourself jumping around and angry right
business is such a great fun where you
compete when I compete if I got angry if
I jumping around I know something wrong
because this is a wrong strategy to
compete where you compete you know not
not not personally make your your
competitor unhappy if they are unhappy
if they jumping around if they try to
use money to clear everything you start
doing because they start to lose money
where you compare the study using money
to compete with you they start to lose
business is bad wisdom business is about
hope business about a courage so these
are all the skills and I nobody comfort
us I learned to use my right hand
to come from my left hand when I’m in
trouble you always tell yourself okay
I’m still surviving I’m still growing
everything’s good at least I’m still
surviving right so when you’re big you
start to worry about losing something
where small is start to grow so I always
believe small keep the hope so
these are these things I want to share
with you and the last and most important
thing I want to say is never ever give
up your dreams I almost I think so I
want to tell you that I had problems in
the past ten years these days when I
walk on China when I look at the airport
a lot of books about me about the
Alibaba I feel a few very nervous
because these are not of books interview
to me these are books that all right we
are not that good
we’re not that bad but today where
you’re something you know successful
they start to write a good things about
it we made so many mistakes the only
book that I dreamed to write about is
Alibaba 1001 mistakes every mistakes I
think you counted I made it when I was
doing business
everybody said wow this is this is this
is the mistake yeah this guy is gonna
make that guy is gonna I’m never going
to make it I tell you I make it and you
will make it again again again and when
you make it again again don’t lose
confidence make it again you will win
that’s that’s all we did I mean nobody’s
perfect right so I almost lose my count
for year 2002 I had a big trouble with
my team in the USA I learned from a
great consultant a guy joined the
company as a jack re papa doing
international trade international trade
needs English which country has the best
English you have is believing USA right
now internet needs great technology
which country has the best technology
we’re saying hmm USA right and we’re in
Silicon Valley so we move our
alibaba.com to Silicon Valley
and when I arrived Silicon Valley I we
suddenly realized something wrong we
hired people from Miami from New York
and from all the where they all came to
the the our Silicon Valley and after
three months a real the problem is that
nobody’s Silicon Valley no the trade so
what’s the point have a good technology
and English
we are not English society right all the
small medium-sized companies across the
board they know exactly what are you
talking about no matter how terrible
English is so I’m very mistake and I
told that people say sorry it’s a
mistake let’s move back so after 2
months we moved back to China again the
funny thing is that everybody was happy
cetera because
Intendant of boosting they get a lot of
option shares they got a lot of cash pay
and the fun and of the job is easy and
nobody wanted the shares a quick give
them one cent for sure
no no no no no she want a catch now you
know they don’t believe your dreams if
they believe the dreams give them the
shares one cent if they don’t believe I
want to cash let them go and I was so
disappointed a lot of people we hide
they do not want they want to cash no
matter how wonderful that at that time
it’s easy to raise money people still on
a cash so I say ok let’s forget it and I
work from a half an hour on the beijing
street my college was with me and then I
told myself go to bed sleep tomorrow
again so we started today things change
so I want to tell you never ever give up
your dreams and today I encourage myself
and our team it reminds us one thing
that today is very difficult
tomorrow is much more difficult but the
day up tomorrow is a very beautiful most
people die tomorrow evening
if you give up the hope you have you and
hope you will not seen it if you give up
an employee you will never see it if you
give up your customers your dad but if
you give up shareholders you will get a
better one everybody were very sensitive
when I say I’m gonna spend one year
there and I just come here I’m tied to
tied in the posture 16 years I start my
business when I started 1994-5 internet
and I got crazy about the Internet give
up my job in the teaching and like I
call myself like a blind man riding on
the back of blind tigers jumping around
Steve kicking and still surviving and
then joined the government organization
for 16 mouse and not successful is that
Alibaba 1999 and we build up the Alibaba
we are lucky enough to have the Taobao
we have the Ali pay we have Ali cloud
computing and so many things are up to
12 years I say I need some time to rest
especially this year was so difficult
for me I did not expect I prepare for 12
year was in China called up a minion
this is our 12 year for Alibaba we have
the the a leap Taobao separated and in a
four parts so many things that really
make me feel tight and I said well why
not give up one year because next year
is my personal per minion which is could
be much more difficult
well this day was very tough and
difficult I believe next year is going
to be tougher and more difficult and
more complexed so I got ready for that
and I knew think I need a rest so in
order to for another 3-4 years how to
work it because this three years is not
my job if something wrong criticize this
president of top of sea of Alibaba and a
leap it is their fault because three
years therefore three years later
something wrong my fault so I’d come
here and I would spend most of time in
the States and then thinking relaxing
and yes the two days ago I pick up my
golf and here and so we are very lucky
company I don’t have any sort of
backgrounds a rich father or strong
ankles so and III remember 1999 I came
to Silicon Valley looking for venture
capitalists I talked a lot of magic
capitalists and I remember a few days
we’re gonna drive by by the map man lo
park right I was hours rejected by so
many venture capitalists when I talk
about Alibaba starlets they look at me
strange what Alibaba what they’re
talking about it well I went back to
China with nothing no money
nobody invested in me but I full of
confidence I saw the American Dreams at
that time 1999 I walked on this high
expressway every even in full of cars
and in the parks of the other companies
and Sunday weekends
full of cars and people working day and
night and now this is something I
believe it’s going to happening in China
without it getting any venture
capitalist but I think I went back China
which the American Dreams and we started
the business there and after 12 years
you know a lot of things happen we would
build up the b2b and nobody believed the
b2b would work because the b2b at that
time was good but our rebar I don’t know
stood there yeah arriba arriba calm
broad vision and commerce one you know
these very famous b2b companies people
say how can you do b2b in China because
the b2b in the USA they focus on big
companies they focus on buyers and we
believe there’s no big companies in
China and I don’t see there are big
companies in in a short term that with
China we have a lot of become because
big companies only SOE as Zoe they do
not need ecommerce
they need as government policy right so
we focus a small business we because we
believe China the small business the
private sectors are the future so we
focus on that and the b2b in the USA
focus of buyers they want help buyers to
save the cost the save the time we
believe they’ll teach the SME don’t
teach you the small business how to save
the cost because they know much better
than you do you should help them how to
make money very difficult to do business
at that time but after 12 years we got
more than 58 million small business
around the world using our services that
that model is not very sexy compared to
ten seven by do we do not make that much
money
like I like online gaming’s but we can
sleep well in the evening because the
money we make not online gaming’s the
money we make there helping small
business to survive to get business
opportunities which I feel very proud of
that
today as always I never feel proud that
how much money we make I feel proud how
much impact we can help the others
especially small business before the
history of Internet no company can help
over 50 million SMEs today we are trying
and I feel proud of that this is the
first company and people say Jack if you
make Alibaba successful that means you
you are pulling a million tons of ship
on the top of the Himalaya and I say yes
we will carry that thing down and we did
the second company is called the Taobao
and everybody say oh my god you’re
competing with eBay I see why not China
needs an e-commerce site and build up
the China market takes efforts takes
time and takes great effort you really
want to build up something so at that
time people say there’s no chance well
how do you know there’s no
so we tried and I said we if eBay are
the sharks in the ocean we are the
crocodiles in the Yangtze River never
fight in the ocean let’s fight a Yangtze
River
it was difficult it’s a lot of fun and
we survived they got a 90% market share
at that time today for c2c Peters wife
we’re like a 90% market share and lucky
just lucky there a lot of things can be
discussed in the future we made so many
mistakes we were so stupid at that time
so I think someday the book I personally
really want to write about I such that
there’s Alibaba 1001 mistakes these are
the things these are the things people
should remember people should learn if
you want to learn how the people are the
other people succeed there are a lot of
lucky things right there but if you want
to learn if you learn how people feel
you will benefit a lot and I always like
to read those books talking about how
people feel because look if you look
into it
any company that feel the reasons why
they feel almost the same and that
really matters so table are sexy and
then we have the alley play because
everybody’s in China or no credit system
banking is terrible logistics terrible
and how can two e-commerce I think
because China is not a good debt
logistic not good a credit system not
good at a banking system that’s why we
need the Entrepreneurship that’s why we
go we should go and a beaut the map so I
believe there’s no you bid it up
later.this become the standard of China
and I believe China needs that six years
ago I came to the states I told the USA
all didn’t say I believe five years
later China will have more Internet
users than the USA people say no I say
well you have only 300 minute population
China one place 3 billion right
for you guys to have 400 minute Internet
users without anybody dying keep on
having babies you take 15 years when
you’re 5 years it’s just the tiniest
Seuss right so let’s wait and see today
with more users and today people say
while you’re buying capability is low
let’s see about 5 years later five years
later today people bus only span of 200
MB per month five years later these guys
will spend 2,000 and we have patience we
are young you know I’m boat but my
people only 26 average age they’re young
that’s wait for the future so a leap a
was just a very bad time people say it’s
a stupid escrow services right john
wants buy things from Steven John does
no wonder why the money and Steve does
not want to give the products so we open
a can to say why the money to us if
you’re happy with why the money not
happy return products return the money
people see how stupid the model is well
we don’t care where the stupid are not
stupid we care where the customer wanted
or not rather really meet the need of
the customers but after seven years we
have more than six hundred million users
register users in China using that so
stupider things if you improve it every
day it’s going to be very smart and we
believe that so today it is good and
it’s growing and it’s like PayPal but we
have bigger than PayPal right now on
transaction wise and the last and most
important is ally cloud computing and
not like the other companies stays talk
about a leak they talk about cloud
computing they want to sell you the
hardware software’s we have nothing to
sell you we just want computing our own
data’s because the data we have from the
SM is because the data so we have the
consumers from Taobao data
I’ll pay so we want we believe in the
future the world is going to be the data
processing world how we can share the
data with the others you know you know
in a great way right so that’s the thing
that’s the business about it’s not that
good yet but it is very profitable the
whole company looks healthy so we are
very preciate we are at the company from
text we always ask our own question why
we still working so hard I talked to my
colleague one day and he said Jack I
never know that in my life I can do that
much second I never know that the things
I’m doing at that meaningful to the
society and third I never know that life
is dance at heart we work day and night
even now we work day and night
I guess so thinner and stretching
understand life is not easy with you
proud because we are changing China it’s
not how much money you make when you see
I think 7 K years ago when I walk on the
street people thank me because my
Alibaba b2b helped them to get orders
across the ocean today when I walk on
the street the young people say Jack
thank you very much I hope my wife and I
open a small shop on top we make we made
a surviving we had a great in common you
know
this is meaningful thing today if you
have a good red coat I’m terrible
you get rich because people do business
with those people with good rap record
we’re teaching consumers to smart people
say Jack I bought something so cheap I’m
terrible is that a fake product we spend
most of the efforts in China 50% of the
people in Taobao they’re focusing on
checking the intellectual property
issues but there’s a
bought of wine the cost is only nine
dollars but people buy on the street is
$300 why is that the channels the
advertisement the TV shows why consumers
should pay that much so we cut that and
we make things changing so tell the
consumers say this t-shirt you buy on
top ah maybe 30
Oh $15 you’re buying a shop $150 not
because top are selling cheaper because
that shop sell too expensive we should
teach the consumers to be smart after 12
years jumping around I find that making
money is very simple but making
sustainable money and responsible to the
society improve the world meanwhile make
him a lot of money is very difficult and
this is what we are trying three years
later I’m preparing for that and I say
challenge is a challenge young guys
let’s create a good model for that you
go there create value for local people
have time they will have chance because
we met we tore ourself global vision
local wing no matter how wonderful you
think step on the ground and do the
things every day
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