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Jack Ma of Alibaba: This is the number one mistake most startups make

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Jack Ma of Alibaba: This is the number one mistake most startups make

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Having introduced several startups which eventually became hit success stories, India is believed to be the third-largest startup ecosystem in the world. While several were successful, even more would have tasted failure. Jack Ma, a former English teacher, who co-founded Alibaba in 1999 with 17 others and has become one of China’s richest people with a net worth of $36.6 billion, talked about a common mistake among startups.

Jack Ma of Alibaba: This is the number one mistake most startups make
Jack Ma was the head of e-commerce giant Alibaba Group for two decades and has been China’s best-known capitalist. He retired earlier this week.
He has driven Alibaba to become a $390 billion giant, which dominates China’s online retail market, stretches from logistics to social media, and has spawned a separate fintech empire around popular payment platform Alipay.
Ma, a former English teacher, co-founded Alibaba in 1999 with 17 others and has become one of China’s richest people with a net worth of $36.6 billion, according to Forbes.
Ma, 54, has no technical background. Alibaba was founded at a time when the industry was still dominated by state-owned firms and entrepreneurship was seen as a risky career path. It has since has grown to have more than 66,000 full-time employees and a market value of some $420 billion.
Ma will give up the chairman role on September 10, 2019 and complete his current term on Alibaba’s board of directors following the company’s annual general meeting in 2020. He relinquished the role of chief executive in 2013.
In April, Ma courted controversy when he defended the gruelling overtime work culture at many of China’s tech companies, calling it a “huge blessing” for young workers.
Ma has acted as an adviser to political leaders in Asia and Europe. Here is the number one mistake that most startups commit, according to him.
“I think the number one mistake that most of the startups make is say, “I don't have money’. If I have money I am going to solve this problem”,” he told CNBC-TV18 in an interview in 2015.
Ma said lack of money is never the real problem for startups. Instead, it is the lack of people who have dreams and would die for the dreams. “It’s difficult to find the team who believe in the dream and work together and execute one (action) little-by-little every day,” he said.
People who always have complaints or lot of excuses — “I don't have money, I don't have people, I don't have the technology” — are the ones who lose, according to him.
Ma said human beings easily forget mistakes. “It’s always easy to forget about the terrible days. When things are going good, they always think that it will be better,” he said.
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