75 percent of the world’s billionaires are self-made

Only those who will risk going too far can possibly find out how far one can go.  — T.S. Eliot

HANGZHOU CITY — For all of us still not yet in the annual Bloomberg News or Forbes magazine list of dollar billionaires, there is inspiring news. In the Bloomberg Billionaires Index, which tracks the wealthiest people on earth, it says: “It helps to inherit wealth, but 75 percent of the world’s billionaires made it themselves.” Wow!

Let us all work hard to become the next Henry Sy, John Gokongwei Jr., Andrew and Mercedes Gotianun, Socorro Ramos, Manny Villar, David Consunji, Lucio Tan, Andrew Tan, Manny V. Pangilinan, Ramon Ang, et al. No need for all of us to be dollar billionaires, but I believe each person has success as a birthright and that we only need to work very hard to decisively claim our destiny!

Success secrets: Innovation, Integrity, Vision, Service to others

One of the reasons I recently accepted an invitation to attend an international conference of young ethnic Chinese entrepreneurs in Beijing was the organizers, led by the efficient staff of Minister Qiu Yuanping, arranged a side trip to beautiful, historic Hangzhou City to visit the Alibaba e-commerce business founded by legendary and charismatic self-made billionaire Jack Ma.

I flew from Beijing to Hangzhou City to visit Alibaba headquarters on May 30, because I admire its 48-year-old visionary founder, former teacher Ma, who has an estimated net worth of US$3.4 billion despite his firm not yet being publicly listed.

Another self-made Internet billionaire I admire is the innovative 44-year-old Baidu.com founder Robin Li, who has a net worth of US$10.2 billion. Baidu is the Google of China. The name Baidu comes from an 800-year-old Chinese poem depicting one man’s passionate search for his lover from among a festive crowd.

In their March cover story, London-based Economist magazine predicted that Alibaba would possibly become the world’s most valuable company. Bloomberg News predicted that its planned Initial Public Offering or IPO might be worth at least US$100 billion. On June 7, Reuters reported: “Citigroup Inc. CEO Michael Corbat was recently in China to meet Alibaba executives” also to discuss the possible mega IPO.

Jack Ma is successful because he and his companies exemplify innovation, integrity, vision and service to others (mainly millions of Chinese small- and medium-scale entrepreneurs, many of whom became exporters to the world).

Before arriving at Alibaba corporate headquarters, my tour guide told me that Ma is an icon looked up to in China not only for success but also for his idealism. She recounted that when he relinquished his post as CEO in May to younger officials, Hangzhou TV came out with a report showing that years ago, when Ma was still a teacher riding a bicycle, the TV station had fake thieves steal sewer caps in the streets to see how busy city folks would react. As in most cities of the world, most people didn’t bother with the thieves except for Ma, who was videotaped as he stopped his bike to angrily reprimand the thieves. That old TV footage shown last month in Hangzhou showcased Ma’s unique personality as a man with a strong social conscience and fervent idealism.

Failed in college applications, exams, or a business?

Jack Ma told America’s Inc. magazine his secrets to entrepreneurial success, which could apply to all of us business people or professionals: “The lessons I learned from the dark days at Alibaba are that you’ve got to make your team have value, innovation, and vision. Also, if you don’t give up, you still have a chance. And, when you are small, you have to be very focused and rely on your brain, not your strength.”

Like the legendary Albert Einstein, Ma initially failed his college entrance exam but he never gave up and persevered to even become a student leader. He recalled: “I flunked my exam for university two times before I was accepted by what was considered my city’s worst university, Hangzhou Teachers University. I was studying to be a high school English teacher. In my university, I was elected student chairman and later became chairman of the city’s Students Federation.”

After college, Ma became only one of 500 students assigned to teach at a university and his monthly salary was 100 to 120 renminbi, or about $12 to $15 per month. He dreamt of working in a hotel or any business. With Deng Xiaoping’s bold economic reforms changing China’s business environment, he applied for many jobs, but was rejected everywhere. He recalled one particular job he was seeking: “I was turned down for secretary to the general manager of a Kentucky Fried Chicken.”

Then, Ma worked as an interpreter for a Chinese delegation visiting Seattle, USA, in 1995, and it was there that the former teacher saw the Internet for the first time. He and his friend searched for the word “beer” on Yahoo! and they realized there was no information about China. They then decided to launch a Chinese website. He got a loan for US$2,000 to start a firm, with no knowledge beforehand about e-mails, computers and without even having touched a keyboard! He described his bold venture as “a blind man riding on the back of a blind tiger.”

After a joint venture with China Telecom didn’t turn out well for him, Ma still dreamt of his own e-commerce business and invited 18 people to his apartment, where he spoke about his vision for two hours. They invested $60,000, he started Alibaba and the rest is history.

* * *

Want to be the next Jollibee, Mang Inasal, Max’s Chicken or Goldilocks tycoon? Join Summit Media’s “Solane’s Next Big Food Entrepreneur Challenge” competition to win a cash prize worth P100,000 tax free, a six-month rent-free stall in Mercato or Soderno, and a feature in Entrepreneur and Yummy magazines.

Open to all amateur and professional food entrepreneurs 18 years old and above who are residing in the Philippines, the contest will select those who pass the three-step process: Food Taste Test; Food Selling; and Submission of Business Plans.

The food taste test will be on June 27 and 28 at 4 p.m. to 6 p.m. at the Summit Media Office. Interested parties must reserve a slot from any of the abovementioned food tasting dates by sending their name, a short description of a dish concept, e-mail address, mobile number, landline (optional), and desired time in a brown envelope labeled Solane’s Next Big Food Entrepreneur.

Entries must be submitted to In-Magazine Promos, Summit Media, 7th floor Robinsons Cybergate Center Tower 3, Pioneer St., Mandaluyong, or through fax number 451-8888 local 1074, from Mondays to Fridays, 10 a.m. to 5 p.m. Submissions will be accepted until June 25 only.

* * *

Thanks for your feedback! E-mail willsoonflourish@gmail.com or follow WilsonLeeFlores on Twitter, Facebook and http://willsoonflourish.blogspot.com/.