Jack Ma’s 3 tips to building a successful business

In a note that Jack Ma originally shared via Alibaba chat app Laiwang, Ma said that he was often asked if it is still viable to open a business on the Taobao marketplace. It is never easy to build a business, but what does Ma think are the critical elements to the path of success?

1. You need to be passionate about what you do

Only when you have the heart for your own products and services, you will feel grateful when users and customers feedback positively to you. Ma also believes that people who often feel grateful to others are better prepared for success.

I believe people who often feel the gratitute towards others are better prepared to succeed. It doesn’t matter if you fail at first, what really matters are the people who are interested in your products and services

2. Create and explore the same set of values shared with your customers

Once you have a general idea of how it should be done, think about how best to execute it. For small businesses, what makes you different? How do you create connections with your customers? He draws parallels between finding a customer who values your product to finding a soul mate.

Doing business is not simply about buying and selling, it is about creating and exporting the same set of values shared with your customers. Finding a customer who likes your product is as valuable as funding a soulmate.

3. Find ways to improve your products and services wherever and whenever you are

Ma believes that exemplary entrepreneurs grab every opportunity and constantly listen to customers’ and employees’ feedback. They fail fast and learn from mistakes fast. They also worked really hard to get to where Alibaba is today.

We are where we are today because we woke up early, we got off late, we did not sleep like a log, and we had much shorter holidays. We struggled day and night and picked ourselves up from disappointments and frustrations.