Giving Compass' Take:

• Jack Ma, founder of e-commerce company Alibaba, shares insight on successful entrepreneurship practices and lessons he has learned along the way. 

• Can philanthropists and entrepreneurs collaborate on best practices for social entrepreneurship?

• Read about why teachers are starting to foster student innovation and entrepreneurship in the classroom. 

Jack Ma, the legendary founder of the e-commerce giant Alibaba recently decided to step down as chairman and pursue his philanthropic interests in education. A former English teacher, he co-founded Alibaba in 1999, and grew the firm into a global giant. What lessons can budding Indian entrepreneurs learn from Jack Ma’s career? Besides the most obvious ones of persistence, hard work, focus, and courage, here are a few other critical lessons that Jack Ma has taught us about entrepreneurship.

  • Act Fast: The best entrepreneurs, people like Bill Gates and Jack Ma, are blessed with the analytical ability to peer into the future, quickly size up the opportunity and take the plunge.
  • Use a shotgun approach: It is easier to shoot down a target with a shotgun which sprays pellets over a wide range than a pistol. Jack Ma attributes his success to his desire to search for opportunities going far beyond his professional and financial capabilities.
  • No one can do everything: The best businesses are built not by a brilliant founder but by people who understand the value of cooperation and are humble enough to accept that their employees often know more than them.
  • Behold yourself as a giant: The best entrepreneurs don’t limit themselves in their mind. Don’t think locally, think globally.
  • Customers first, employees second: Jack Ma used to spend 60 percent of his time every day speaking to customers and understanding what they wanted. Many entrepreneurs get fixated on the greatness of their product offering without ever asking customers what they want.
  • Entrepreneurship is a long-term game: If you are thinking quick bucks, its time to sit down and re-evaluate your goals.
  • Think cooperation and connectivity: Some of the most successful products today are the result of collaboration and connectivity.

Read the full article about entrepreneurship by Sanjiv Bhatia at DNA India