Jack Ma: From failing to building $180bn company

A user on Quora, a knowledge sharing network where compelling questions are answered by people with unique insights, posted this question: “What are some of the most inspiring failure stories?” And Daniel L Jacobs, CEO of Avanoo: World renowned business experts sharing 3 min stories & lessons, replied with a beautiful story of how Jack Ma, who’s worth $180 billion today may probably not have made it if he had given in to successive failures. It is hoped that this story will inspire you not to give up, too.

On February 21, 1999, Jack Ma made a presentation to 17 of his closest friends in his Hangzhou, China apartment. He asked them to believe in him, and invest in his new business. Unfortunately, a review of Jack’s past revealed a string of hapless failures. As a young man, Jack had failed in coursework and exit exams at school. He applied to his favorite universities numerous times and was never accepted. Later, he applied to 30 different jobs and was rejected every time. In one case, Jack was the only person not taken out of dozens of others before him. Along the way, he attempted two different business ventures, failing at both.

Though most people might have been dissuaded by so many rejections, Jack was determined, and in 1995 he decided he would create China’s first e-commerce company. Despite all of his previous failures, there he was, standing in his apartment, asking his friends to invest in this new business.

Jack spent hours describing his vision to friends, who were well aware of his failures, but they also saw his level of determination. In the end, all 17 friends invested a total of $60,000 in Jack’s new company, and for one reason: Jack trusted that he could make it hugely successful.

Jack and his friends were right. Over the next decade, Jack built what would become the world’s largest e-commerce company. Today, Alibaba is worth over $180 billion. But it would never have existed if Jack Ma had let any of his failures break his trust in himself. Instead, he let his belief that he would find a way define him.