Hire people smarter than you, LQ is important: Quotes by Jack Ma to help you navigate biz, life
As the tech boss turned 55, he stepped down from the e-commerce giant he founded.
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The former English teacher, who launched Alibaba in 1999, officially stepped down from his company today - as he turned 55, a year after announcing his decision. Leaving behind a flourishing e-commerce business, the top boss plans to use his time and fortune towards education - his first love.
While Ma is worth over $38 billion today (according to Forbes), success didn’t come easy for the boss, whose rags-to-riches story is the tale of inspiration many an entrepreneur turns to.
But having not tasted success until his 30s, Ma feels, as he said at a World Economic Forum meeting in Davos: “If you want to be successful, learn from other people’s mistakes, don’t learn from the successful stories.”
Here’s are some quotable quotes by Ma for when the going gets tough.
"A good boss is better than a good company."
In 2018, while speaking at the World Economic Forum, Ma said that in one’s 20s it is important to follow a good boss, join a good company to learn how to do things properly.
In your 20s and 30s? Follow a good boss. Learn more from his 2018 session: https://t.co/GgSf5hkYd2 https://t.co/8oo8DerN4v— World Economic Forum (@wef) 1548010800000
"I hire someone smarter than me and I think ‘In 4-5 years he can be my boss. I would like to work for him’.”
This is golden advice for bosses and companies when it comes to hiring, and building a team. Talking at a global forum, Ma said that when managers hire people who are smarter than them, the company grows.
“Don't hate your competitors, respect them and learn from them.”
Learning in business is an important part of growing in business. And whether it’s from one’s team or competitors, an important trait for entrepreneurs is to always be open to learning.
“If a person wants to be successful, you should have a high EQ, if you don’t want to lose quickly, you should have a high IQ, but if you want to be respected you should have a high LQ”
Life and business is not just about intelligence quotient. According to Ma, emotional quotient and love quotient are equally important; and it is the amalgamation of the three that ultimately leads to wholesome success.