Jack Ma, the founder of Alibaba.com and an E-commerce magnate hinted African youths that the best business strategy is to view problems as business opportunities.
This was the theme of his resounding message as he spoke at the University of Nairobi, Kenya on Thursday, July 20, 2017, during his two-day visit to East Africa.
“Stop procrastinating on business ideas. If you are a real entrepreneur, you will never wait to start a business,” he said.
Jack also used the opportunity to share some of his golden strategy on how best to run a successful e-commerce business while posting a clear position for technology and data in future phase of business
“Those who use the Internet well and to their advantage will win big. The future of entrepreneurship is on the Internet.
“This is a challenge and an opportunity, it scares me sometimes,” he said.
THE WORLD WAITING FOR AFRICAN YOUTH
The 53-year-old businessman and billionaire told African youths to forge a move towards turning African problems to business enterprising venture.
“Opportunity always exists where people are complaining. Look for the problem. Solve it. Look for problems you can solve for the world.
“Start preparing and you will be a successful person five years from now,” he said.
“The rest of the world is worried about losing what it has but Africa has nothing to lose, and that is your opportunity.
“I hear people say Africa has many problems. Those problems are opportunities. The youth should focus on where the world is heading in the coming 30 years, an age that will be characterised by technology,” he said.
There is no bad business, timing is the issue
Jack also stated that the idea that a business idea is bad is rather not factual, but sometimes timing is a key resource to be considered.
Thus, he said holding on your business idea with perseverance is the key to business success.
Jack informed the audience: ‘in the first two months of his startup, business was so bad that company workers posted items on the platform and bought them amongst themselves.’
“I have never let failure stop me. People tend to complain of missing bank loans, failure of government’s help or not being born rich. Complaining does not help at all,” he said.
By 2016, Alibaba had transacted in goods valued at more than $550 billion and delivers more than 65 million packages daily globally, he said.
Mr Jack Ma, along 38 billionaires and businessmen from the Chinese Chamber of Commerce and Industry, is currently on a tour of selected African countries.