7 Life Lessons From Alibaba’s Jack Ma

YOUR HUMBLE BEGINNINGS WILL SHAPE YOU

On September 10, 1964, Ma Yun or Jack Ma was born. He originated from Hangzhou, southeastern China. He had two other siblings and was not born into a wealthy family. In fact, they did not have much money growing up. Things began to change when President Nixon visited Hangzhou in 1972. Ma’s hometown became a tourist destination. He took advantage of that. As a teenager, Ma offered tours of the city in exchange for English lessons. The nickname “Jack” was given to him by a foreigner that he befriended.

DO NOT QUIT

We all have a “quit switch”. The question is: how soon will you turn it on? For Jack Ma, he saw failures as opportunities to improve himself. After failing the university entrance exam twice, he finally got in on the third try. He attended the Hangzhou Teachers Institute and graduated in 1988.

As soon as he graduated, he started applying to as many jobs as he could. He experienced a dozen rejections before getting hired as an English teacher. Ma was a natural with his students. Despite having a relatively low paycheck, he loved his job. He did not quit!

STEP OUT OF YOUR COMFORT ZONE

Ma had zero experience with computers and coding, but he was captivated by the Internet. He used it for the first time during a trip to America in 1995. During this time, he started a translation business. His first online search was “beer”. He was surprised that there were no Chinese beers in the results. It was at that moment that he decided to open an Internet company for China.

He was stepping out of his comfort zone and exhausting his resources to his new ventures. He gathered 17 of his friends and convinced them to invest in his vision for an online marketplace he called “Alibaba.” This website allowed exporters to post product listings that customers could buy directly. Soon, Alibaba started to attract members from all over the globe. The rest is history.

MONEY IS A RESPONSIBILITY

Jack Ma is China’s fourth richest person and the 25th richest person in the world. He is worth billions! With this massive amount of wealth, one can simply think that he is happy and content. However, he highlighted that money comes with responsibility.

He once said:

“When I graduated, I earned $20 a month, which was fantastic. When you have one million dollars, you’re a lucky person. When you have 10 million dollars, you’ve got trouble, a lot of headaches. When you have more than one billion dollars, or a hundred million dollars, that’s a responsibility you have—it’s the trust of people on you, because people believe you can spend money better than the others.”

HAVING CONNECTIONS IS NOT THE ONLY WAY TO SUCCESS

Jack Ma did not have a powerful family growing up. He started Alibaba in his apartment with his friends. However, he created opportunities for himself and the people around him. He created a service that is needed by the people and believed that the customers supported their business. Having connections is not the only way to achieve success.

INVEST IN THE YOUTH

Your people is not only your manpower, they play an important part in making your dreams come true. Invest in the youth to make your business happen. Ma said that the “secret here is helping those who want to be successful”. Find people who never give up due to their fierce motivation.

“Help young people. Help small guys. Because small guys will be big. Young people will have the seeds you bury in their minds and when they grow up they will change the world.”

FOCUS ON SOLVING A PROBLEM

It is not always about making profits. Focus on solving a problem that many people face. You build a business to make money. However, money should not be your sole reason to provide service. Alibaba was born with the idea of empowering people online, which allowed it to grow.

Image credits: unsplash.com

Sources: 1 & 2

 

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Why are F&B firms like Domino’s Pizza and Hard Rock Cafe Sentosa turning to door-to-door sales amid COVID-19?

Domino’s Pizza

Although the pandemic has intensified the digitalisation movement for many firms, some have taken a more unexpected path to improve sales. Selected businesses have proceeded with a traditional marketing tactic of going door-to-door to sell residents discount coupons.

Companies are collaborating with Salesworks

Ohana restaurant founder, Ms Shereen Anwar, stated her company started just three weeks before the circuit breaker began. “We had to re-strategise. We cannot have dine-in customers and we had just opened,” she shared.

Therefore, they went ahead with Ohana certificates where, at a lower price, consumers can get 10 sets of foods for S$30 via delivery.

Domino’s Pizza is also collaborating with Salesworks to offer its S$30 vouchers door-to-door. The pizza chain used to distribute leaflets in busy public areas, but it was no longer appropriate because of safe distancing initiatives.

Another food business that has taken the conventional path is Hard Rock Cafe Sentosa.

Hard Rock Cafe Sentosa

Image Credits: Kkday

A company representative said it wanted to get involved in neighbourhood sales. That is their attempt to obtain a more significant share of local audiences and provide locally tailored promotions. This is due to the firm’s realisation that the brand’s fame has recently upped among locals.

Though all three food outlets said their earnings have benefited by such a traditional marketing technique, they did not convey any sales data.

“A lot of people of all races come to try our food. The reach is further,” Ms Shereen feedbacked.

Hearing from the marketers themselves

New graduates or students who are preparing to enter university are among those who help distribute these vouchers.

Ms Celeste Koh applied to be a marketer as her pet boarding company took a hit due to COVID-19. The 19-year-old shared that her commission reaches up to S$500 a week, specifically on days where there are better sales.

After graduating from the Institute of Technical Education, she originally intended to fly but had to postpone her plans because of the pandemic. Besides her part-time position with Salesworks, she also does other jobs, such as being a barista and warehouse worker.

Since August 2020, Ms Soh Xian, 21, has been working full-time for Salesworks because she didn’t want to land an office role after finishing her studies from Singapore Polytechnic.

For Mr Shan Anders, the sales job was something he decided to try since he had some free time before enrolling in college. He makes around S$300 a week.

Door-to-door marketing is challenging but rewarding
knocking on the door

Image Credits: iStock

“When I first started, I was like ‘Oh, people are that mean.’ After a while, I got used to it. I just look forward to the next positive customer,” said Mr Anders.

The 24-year-old went on to share an incident about a client who purchased some vouchers but requested him to pass those on to someone else who requires it more.

Ms Soh admitted she encountered unpleasant people sometimes, but there were still those who addressed her with courtesy. “Some of them are very nice,” she remarked. “They give us drinks and food that they cooked.”

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30% of Singapore employers intend to provide no wage increases in 2021

Singapore employees out for lunch

A global study of pay increases has found that 30 per cent of employers in Singapore intend to provide no wage increases in 2021. Compared to other countries, Singapore has a more significant percentage.

Based on research done by global consulting firm Korn Ferry recently, around 16 per cent of firms worldwide aim to bypass pay raises completely this year. Across 150 nations, the wage survey gathered data from 25,000 companies. 

Korn Ferry reported that roughly 450 organisations in Singapore were part of the survey. Here are some notable global trends:

  • Wage increases (if any) will be smaller than in past years. 
  • In 2021, more companies are planning stagnant wages than last year.
  • Organisations are primarily preparing to direct their restricted funds to talent acquisition and invest in those with vital roles.
Less than half planning to give an increase
Singapore residents at a traffic light

Image Credits: The Straits Times

Only 46 per cent of the Singapore employers who responded to the survey said they aim to offer a raise to at least 9 out of 10 employees this year. These businesses expect wage rises of 2.1 per cent in actual terms, which is still smaller than the 3.1 per cent pay rise introduced in 2020.

All in all, participants from Singapore are targeting a 2 per cent rise in terms of median incomes. This places Singapore in the lead compared to countries like France (1.3 per cent) and the United kingdom (1.9 per cent). But falling behind all other nations in Asia, except Japan and Hong Kong (both 2 per cent).

Pay raise dependent on inflation
women in masks working at a desk

Image Credits: Kelly Services Thailand

The findings showed that workers could also see a greater rise in their actual wages in countries where inflation is especially low. Based on official projections, Singapore’s inflation rate has predictions between -0.5 and 0 per cent for 2020.

Mr Kartikey Singh, a senior client partner at Korn Ferry Singapore, commented that jobs would be mainly contractual, temporary, service-led and technology-driven in a recovering economy.

“While the overall pay increases might look sanguine, talent scarcity for areas like product and application development, cybersecurity in certain sectors like e-commerce, technology and fintech can drive significant pay premiums for these job categories,” said Mr Singh.

He added that such a phenomenon would push companies to practice differential compensation plans for different staff and expertise classes.

Organisations need to focus more on a “total rewards” approach
professional development

Image Credits: The Straits Times

Mr Don Lowman, Korn Ferry’s global leader of rewards and benefits, shared that ensuring their employees continue to feel appreciated and commended will be essential for companies in the future.

Such a strategy entails non-financial incentives, like opportunities for professional growth, mentoring and guidance, and providing an energetic workplace culture with productive employee tasks.

“Korn Ferry research has found that while financial rewards are key to attracting talent into organisations, non-financial rewards can be key differentiators in retaining talent,” said the consultancy firm.

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Why Could Bitcoin Be a Better Investment Than Gold?

Ever since Bitcoin came around, the debate between the digital asset and gold has been ongoing, trying to determine which is the better store of value. Proponents of each asset have numerous reasons why they believe one is better than the other. The interesting thing is that both share some traits like scarcity, which has led to Bitcoin being referred to as digital gold.

In terms of price, Bitcoin seems to have the upper hand over gold, with its value ten times more than that of its physical counterpart. The digital asset currently trades above $18,000 after gaining 18% over the past week, while gold prices sit at around $1,800. Bitcoin is on pace to beat it’s all-time high of $20,000 attained towards the end of 2017, and the latest bull run seems to have spiked the number of Google searches on how to trade Bitcoin. Unlike conventional cryptocurrency exchanges, PrimeXBT allows users to trade CFDs for BTC and profit from any positive or negative price changes. CFD products allow one to speculate on financial markets like crypto without having to own the underlying asset.

Billionaire Investor Who Loves Bitcoin

Recently Stanley Druckenmiller, a former hedge fund manager and billionaire investor revealed he owned a portion of his investment portfolio in BTC before explaining why it could be a better investment than gold.

Druckenmiller founded Duquesne Capital back in 1981 and ran it for almost three decades before shutting it down in August 2010. Within the period, he managed money for prominent individuals like George Soros, and together they made massive profits betting against the British pound in 1992.

Speaking to CNBC last week, the investor worth $4.4 billion, according to Forbes, said that even though he was “a bit of a dinosaur,” he had opened up to the idea that BTC could be a better asset class than gold with lots of attraction as a store of value.

He added that since it was created around 12 years ago, Bitcoin has picked up more stabilization with each passing day. Interestingly, other than BTC, Druckenmiller claims to have a lot of gold in his portfolio, more than BTC.

JPMorgan Believe Bitcoin Will Thrive

In a note to investors recently, JPMorgan claimed Bitcoin competes better than gold as an alternative currency. BTC is up 157% since the beginning of the year, with its latest rally fueled by the PayPal announcement. The company will allow its users to buy, sell, and hold the digital asset in their accounts in a few weeks. PayPal noted that more than 26 million merchants using the platform would have the ability to accept crypto as a funding source.

JPMorgan believes BTC can compete against gold because of its attractiveness to millennials, who are set to become a more important participant in the market over the coming decades. Therefore, their preference for BTC over gold should set up the cryptocurrency for success. Still, BTC has a long way to go if it’s to match the gold market, which is valued at around $9 trillion.

Currently, the Bitcoin market cap is around $330 billion. And if it’s to gain tractions as an alternative currency to gold, JPMorgan sees its price doubling or even tripling in the near future, making the current price of $18,000 modest.

Besides being a store of value, crypto drives its value for its utility as a means of payment. According to JPMorgan, the “more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value.”

BTC Is Better On Some Measures

Bitcoin is a clear winner compared to gold when it comes to portability. It’s a digital asset that exists on computers as code; therefore can be quickly sent and received to any corner of the world as long as there is an internet connection. Banks do not control it, so it’s easy and fast to send and receive payments in the asset across borders.

On the other hand, if you don’t hold the gold yourself accessing it is a problem, and even if you have it, moving it around can be inconvenient. Additionally, there have been cases where the government has tried to ban privately owning gold like it was the case in the US for 41 years. Such censorship can be inconveniencing and isn’t possible with an asset like Bitcoin that isn’t controlled by anyone in particular.

 

 

 

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Where to buy presents for family and friends if you are on tight budget?

As joyful as giving presents is, I’m sure most of us also feels certain stress when we do it, just because it can become quite expensive, especially if we need to buy for several friends and family at the same time. Even just buying the odd gift can feel like a big deal if you’re on a budget, and it’s often frustrating to feel like you can treat your friends and family more often because of your lack of funds.

However, there are several things you can do that will help you buy more gifts for those special people in your life even if you have a small fund, check out the article below to learn about where to buy presents for family and friends if you’re on a tight budget.

1. Establish Your Budget

First thing’s first, you need to write up your budget and stick to it. Planning ahead with good budgeting will ensure that you don’t go beyond what you can afford and you can shop accordingly without being tempted by gifts that are way out of your price range. Make a plan of what you’re going to spend on who and refer back to it during your shopping.

2. Create a Strict Gift List

Just like with the above point, planning well is key when it comes to buying presents on a budget. Therefore, next, you need to create a gift list, if you have a preset list then you are more likely to also stick to your budget because if you go shopping without a clue about what you’re getting then you risk spending much more.

For each person, add some of their favorite things, perhaps you can buy a bath set, some make up, a new bed throw or other textiles, or even a bottle of their favorite wine!

3. Wait for Season Sales

Throughout the year, depending on the season or holiday, there will be various sales during which you can get some great gifts at bargain prices! For example, shop between the 15th and 25th of December if you’re buying Christmas or New Year Gifts. Or shop on Black Friday even if you will not be giving your gift for a few months, or even a year, just store whatever you buy in your house until it’s time to give it – take advantage of any sales that happen, no one will ever know you bought their gift in a sale.

4. Buy Presents on Social Media

Buying presents on social media is a fantastic idea because everything is so cheap. Social media is full of people practically giving things away because they no longer want them in their house. You will find super cheap but good quality items on social media but it’s essential that you check you’re buying from a safe and legitimate person so you don’t end up being scammed. The best way to check is by using Spokeo – Spokeo is a reverse number lookup tool that could  provide you with an insight into the person you are searching for, such as social media accounts, criminal history and so on, so you can double check they are who they say they are. Simply use the phone number search or email lookup tool on Spokeo using the phone or email of the seller, and in a few moments, you’ll have all the information about them you need to make sure you’re staying safe at all times.

5. Buy Presents from Aliexpress

Aliexpress sells a huge variety of gifts from every single category you can think of, you can get a ton of gifts of their to suit everyone’s likes and requirements without spending too much money. What’s more, every year they have a large sale on 11/11, where you can get some massive discounts and save even more money.

It’s not easy being on a budget, especially when you want to buy gifts for the people you care most about, however, but using our tips such as waiting for the sales, and using Spokeo to buy from the right people online, you can get some great presents for fantastic value, which means you can get all the presents you need without feeling so much stress.

Maguire Haigh is a marketing manager for Spokeo. He is interested in the latest technology trends, marketing strategies and business development. He also prefers traveling, exploring the world and meeting new people. Maguire has great experience in creating and editing articles on different topics.

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