When we started the e-commerce, nobody believed that China would have e-commerce because people believed in 'guang-shi,' face-to-face, and all kinds of network in traditional ways. There's no trust system in China.
Interpretation
The quote highlights the skepticism faced by e-commerce in China due to traditional ways and lack of trust.
Jack Ma emphasizes that when e-commerce was first introduced in China, many were doubtful of its success because the culture at the time heavily relied on personal connections and face-to-face interactions. This skepticism stemmed from a lack of established trust mechanisms in online transactions, contrasting sharply with the growing acceptance of digital commerce over time.
In practice
This quote can inspire entrepreneurs facing skepticism in their ventures.
Hong Kong people say Hong Kong needs to preserve its uniqueness. I say Hong Kong's uniqueness is in its diversity, its tolerance of difference cultures... China does not want to see Hong Kong in decline. I have full confidence in its future.
If we are a good team and know what we want to do, one of us can defeat tons of them.
It's not that other countries steal jobs from you guys. It's your strategy. Distribute the money and things in a proper way.
Helping doing business easier, we choose the name Alibaba because it is a global company. It is founded in China, but it was created for the world.
In the beginning I just wanted to survive. For the first three years, we made zero revenue. I remember many times when I was trying to pay up, the restaurant owner would say, 'Your bill was paid.' And there would be a note saying, 'Mr. Ma, I'm your customer on the Alibaba platform. I made a lot of money, and I know you don't, so I paid the bill.'
Even if your competitor is still small in size or weak, you should take him seriously and treat him as a giant. Likewise, even if your competitor is massive in size, you shouldn't regard yourself as a weakling.
Every single person in every single company is either in sales or affects sales. Every single person in every single company is either in service or affects service.
No enterprise can exist for itself alone. It ministers to some great need, it performs some great service, not for itself, but for others; or failing therein, it ceases to be profitable and ceases to exist.
Treat your customers like they own you. Because they do.
Competition is the keen cutting edge of business, always shaving away at costs.
When an entrant competitor attacks the low end of any market, the rational reaction of the incumbent firms is to abandon rather than defend it - because the low end is the least profitable of their possible investments.
Our model is to develop each business separately with its own shareholder and management - this way we can concentrate on the job in hand, rather than be part of some enormous and faceless conglomerate.
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