Jack Ma is a Chinese billionaire who has inspired the world with his business skills and laid back demeanor. His started his company, Alibaba, from humble beginnings and has made it one of the biggest corporation in the world that serves people all over the world. I believe we can learn several things from this successful entrepreneur. The following are some of the lessons we can gain:
In business, there is nothing like overnight riches. One has to be patient and watch as his/her fortunes grow.
Nothing comes easy. In the corporate world, entrepreneurs are faced with various problems which they have to face and resolve in order to make it. One has to persevere against all odds to make his/her business succeed.
Hire smart people
It is critical to work with people who are smarter than you. This is a key in building a talented team that shares a common objective and has the expertise to achieve it.
Turn problems into opportunities
Often, many people complain of various issues that they need the government to deal with. This is a bad mentality that has become ingrained in the society. Like John F. Kennedy said, “ask not what your country can do for you, ask what you can do for your country. ” The problems people are complaining about are a gold mine that is yet to be discovered. Grab the opportunity to solve the problem and make money in the process.
Innovate to survive
Jobs are disappearing as automation technology continues to expand to different industries. Innovation new products or services is essential to not only create jobs but also survive in a saturated market filled with copy cats.
Build a network
In Kenya, many people consider a network to be critical in securing a job. I agree but networks are not only limited to job hunters but also entrepreneurs who want to build their businesses. Networking with people is key in building long-lasting relationship that may give you business or provide more information. Thus, it is critical for budding entrepreneurs to attend seminars, fairs, etc. to network with people who might be benefit them in different ways.
While establishing a successful business in Kenya is a great feat, expanding it beyond the borders can give you more opportunities. Brand expansion to other countries has been possible by the globalization which has eliminated barriers to trade. Entrepreneurs should therefore not only focus on the national market but also the international market.