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Jack ma: english teacher turned internet billionaire by efwegbe erergeer
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Jack ma: english teacher turned internet billionaire |
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Business,Business News,Business Opportunities
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After being knocked back by American venture capitalists in 1999,Jack Ma -- a cash-strapped entrepreneur -- convinced friends togive him $60,000 to start Chinese online retailer Alibaba.com. Thirteen years later, the company owns one of the world's biggesttrading sites for small businesses and Ma, a former Englishteacher, is among the growing ranks of billionaires in China. In 2005 he sold a 43 percent stake in Alibaba to Yahoo! for $1billion, but relations between the struggling US Internet pioneerand China's top e-commerce player have deteriorated in recentyears. On Monday, after more than a year of tedious negotiations, Yahoo!said it had agreed to sell its stake in Alibaba back to the companyfor at least $7.1 billion. Alibaba Group includes Alibaba.com and Taobao, China's largestonline marketplace for consumers with more than 800 million productlistings and 370 million registered users.
Ma, 47, gave up his university teaching job after discovering theInternet in 1995. That same year he launched his first Internetcompany -- an online directory for Chinese companies called ChinaPages. "The first time I used the Internet, I touched on the keyboard andI find 'well, this is something I believe, it is something that isgoing to change the world and change China'," Ma later told CNN. Seeing an opportunity for small businesses to buy and sell theirgoods online, he later started Alibaba.com, initially running thecompany out of his apartment in the eastern city of Hangzhou.
David Wolf, Beijing-based chief executive of corporate advisoryfirm Wolf Group Asia, said Ma had proved an "impressivebusinessperson" in China with his ability to "understand how thewinds are blowing both from the market and regulatory standpoint". His success was evident when US auction site eBay decided tolargely withdrew from China in 2006 after Alibaba's Taobao won thelion's share of the country's market, which now has more than halfa billion Internet users. Hong Kong-listed Alibaba.com now has a market capitalisation ofmore than HK$66.7 billion ($8.6 billion), and posted a net profitof 1.71 billion yuan ($270 million) in 2011, up 16.6 percent overthe previous year. "The money we make is helping small businesses to survive," said Main a speech he gave last year at Stanford University in California. "Before the history of the Internet, no company could help over 50million SMEs (small and medium sized enterprises).
Today we aretrying, and I feel proud of that.". I am a professional writer from Electric Water Heaters, which contains a great deal of information about eagle vision sunglasses , psiloc extended recorder, welcome to visit!
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