“Hire people who are smarter than you
are, and believe that they are,” China’s wealthiest man told a room full
of eager entrepreneurs in Nairobi, drawing muted laughter and mumbles
from the audience.
Founder and executive chairman of
Chinese e-commerce giant Alibaba Group, Jack Ma, met Kenyan businessmen
and women's thirst for insight with unconventional tips on how he grew
alibaba.com - which he started in his apartment in 1999.
“For
the first two weeks we didn't have a client, we had to buy from
ourselves. But last year, we sold $550 billion (Sh57 trillion)”, he said
in a tone devoid of any grandstanding.
For Mr Ma, the
pulse of an organisation is in the contentment of its customers and
employees, rather than appeasement of the firm's shareholders.
“If
customers are happy, employees are happy then shareholders will be
happy. Don't spend too much time on shareholders, or competition,” he
told Kenyan entrepreneurs.
The Chinese tycoon is in
Nairobi for a visit, his first to Africa, on invitation from the United
Nations Conference on Trade and Development (UNCTAD).
He
was at tech business incubator, Nailab, where he spoke to a room full
of entrepreneurs, most of them running technology-based firms.
Different focus
His
ideology clashes with that of many local firms as it shifts focus away
from maximising profits and pleasing the boss or shareholders, and more
towards passion-driven work.
Many organisations have
been built on structures that require employees to do what their bosses
require or demand. However, Mr Ma, advices that this approach needs to
shift right from the recruitment stage.
“How to get
great people? Find people better than you are; don't get people who want
to do what you want them to do, but instead people who can be your
boss”, he advised.
The Chinese tycoon spoke to a room full of entrepreneurs, most of them running technology-based firms. PHOTO | DANN MWANGI | NMG
He also broached the subject of
remuneration, a key subject for entrepreneurs as many are often
uncertain at what point they should begin paying themselves.
Analysts
have previously blamed this trend as a contributing factor for why up
to 70 per cent of SMEs fail within the first year.
“We
pay well, but we try not to create an imbalance in society by paying too
much,” Mr Ma said, adding that as Alibaba grew and was able to pay its
workers well, it had to regulate salaries for its staff.
He
says he encourages his employees to join other firms, including
Alibaba's competition, after 5 to 10 years of working at the e-commerce
giant in order to grow in their careers.
Also present was UNCTAD Secretary General, Mukhisa Kituyi, who was just recently handed a fresh four-year term at the helm of the UN agency.
Mr Kituyi said he would be dedicating the balance of his life in global public service to helping young entrepreneurs.
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