Jack Ma, the co-founder of multinational technology conglomerate, Alibaba. As one of the richest men in the world due to his success in business, his advice on it cannot be overlooked. Here are 5 Pieces Of Advice From Jack Ma On Start-Up Businesses.
Understand The Risks
There is always a margin of risks in business and as one that is starting out, you must accept that you might not gain any money from your business. Risks are not equal, all of which have their own cost for failing.
That is why risks must be calculated, as not all risks are worth taking as they might lead you to bankruptcy. Success does not come easy, and patience is needed to see the fruits of your efforts.
When Jack Ma started his first business, it ultimately failed. He did not consider this a major setback, however, as it was a calculated risk and an experience worth learning from for the future.
People Need To Trust You
Trust is the most important thing in business. From your employees to investors, people must be able to put their trust in you for your business to succeed.
Jack Ma claimed that the trust in him and the vision of his company is what mattered to him the most and would take the trust over a million dollars. Without trust, your business cannot progress meaningfully as no transections can occur, no drive is put into the work from your team, and no sales can be done.
Trust is the definitively most important thing in business. It takes time to cultivate and can be lost in an instant if you are not careful.
Focus On Your Customers
Jack Ma does not worry about his competition and has stated that everything Alibaba does is for the needs of its customers. Customer satisfaction is crucial in maintaining a business long-term as they are what allows the business to survive.
Without customers, there is no business, and every business owner should be made aware of that. Cater to your customers and ensure that they are satisfied, and things will go right.
This is especially true as a start-up business, where you are too small to worry about competitors. Focus on growth and customer satisfaction that is more important than worrying about your competitors.
Surround Yourself With The Right People
Success is teamwork rather than personal achievement. Surrounding yourself with like-minded people to chase your dream could be the first step to achieving your goals.
To have a group of people that share in your vision and are willing to work hard for it can make all the difference in getting your business off the ground. This does not mean getting the most talented people to work with you, however, when you are still small, the top people in the field will not even consider you.
Instead, search for smart people and not the most popular people. Train your team well and grow with them, that is the way to success.
Believe In Your Vision
The most important thing to succeed in business is perseverance. Just keep going, today might be difficult, tomorrow is difficult, but the day after tomorrow is very beautiful.
These wise words from Jack Ma encapsulate the world of business, where you must keep working to further yourself. Being complacent means failure, and as a business owner, you must always be thinking about how to grow your brand.
When growing your business, it is important to not lose sight of your original vision. As you change to accommodate your customers, never forget what you first set out to do.