The video is an interview with Jack Ma, where he shares his journey from humble beginnings in Hangzhou to founding Alibaba, one of the most powerful companies in the world. The discussion covers the significant growth of Alibaba, from a small team to over 100,000 employees, and how it has empowered millions of entrepreneurs worldwide through innovative solutions like Alipay, which provides financial resources outside the traditional banking system.

Jack Ma emphasizes that success comes from innovation, foresight, and perseverance. He points out that challenges are an integral part of growth, highlighting that Alibaba's development involved overcoming numerous mistakes and difficulties. Ma shares the value of learning from criticism and viewing crises as opportunities to unite and overcome challenges. Through his mentoring, Ma has found that sharing experiences helps him connect with and support other entrepreneurs facing similar issues.

Main takeaways from the video:

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Key Vocabularies and Common Phrases:

1. formidable [ˈfɔːrmɪdəbəl] - (adjective) - Inspiring fear or respect through being impressively large, powerful, intense, or capable. - Synonyms: (intimidating, daunting, impressive)

And the first question I have to, Jack, is how come this little boy, born in Hangzhou, grown up in Hangzhou, who is not an engineer, who is not a geek? We had this formidable intuition of what technology will become.

2. intuition [ˌɪntuˈɪʃən] - (noun) - The ability to understand something immediately, without the need for conscious reasoning. - Synonyms: (insight, instinct, perception)

We had this formidable intuition of what technology will become.

3. affiliates [əˈfɪliəts] - (noun) - Organizations officially attached to a larger body. - Synonyms: (associates, branches, subsidiaries)

Today, I think it's over 100,000 people are working with Alibaba and its affiliates.

4. phenomenal [fəˈnɒmɪnəl] - (adjective) - Very remarkable; extraordinary. - Synonyms: (exceptional, outstanding, extraordinary)

What you've done with Alipay is phenomenal in terms of enabling people who couldn't get financial resources to expand.

5. empower [ɪmˈpaʊər] - (verb) - To give someone the authority or power to do something. - Synonyms: (authorize, enable, equip)

And what you have done is extraordinary, because what you achieve there is not just a company's success, but you empowered literally millions of entrepreneurs in China and around the world, including the United States, enabling people to sell business to business, business to consumers, and enabling businesses to get the financing to succeed

6. criticism [ˈkrɪtɪˌsɪzəm] - (noun) - The expression of disapproval of someone or something based on perceived faults or mistakes. - Synonyms: (censure, disapproval, critique)

When people criticize you, you have to think, and I spend most of my time thinking about the future.

7. mentor [ˈmɛnˌtɔr] - (noun) - An experienced and trusted advisor. - Synonyms: (advisor, coach, guide)

So that's why I become a mentor in entrepreneurs program in China.

8. patience [ˈpeɪʃəns] - (noun) - The capacity to accept or tolerate delay, trouble, or suffering without getting angry or upset. - Synonyms: (tolerance, perseverance, endurance)

You should think about is this thing will be good in ten years and have a patience.

9. curious [ˈkjʊəriəs] - (adjective) - Eager to know or learn something. - Synonyms: (inquisitive, interested, inquiring)

I think in my heart, I'm always curious, I'm curious a lot of things.

10. thrive [θraɪv] - (verb) - To grow or develop well or vigorously. - Synonyms: (prosper, flourish, succeed)

But you enabled them to get resources and thrive.

YOU'VE BEEN TRAINED TO BE BROKE!! - Jack Ma POWERFUL Business Advice

In those days, there were very few people believing in Alibaba. And the first question I have to, Jack, is how come this little boy, born in Hangzhou, grown up in Hangzhou, who is not an engineer, who is not a geek? We had this formidable intuition of what technology will become, has moved from this origin to building what is today one of the most powerful companies in the world. Jack, you've always said you don't look backwards, you look to the future. But before we get into the next chapter of your extraordinary life, I do want to touch a little bit on what Alibaba did over the last two decades.

Forbes magazine was the first magazine to do a full cover story on you. When you were just getting underway. At the time, you had about 150 on staff. Today, I think it's over 100,000 people are working with Alibaba and its affiliates. And what you have done is extraordinary, because what you achieve there is not just a company's success, but you empowered literally millions of entrepreneurs in China and around the world, including the United States, enabling people to sell business to business, business to consumers, and enabling businesses to get the financing to succeed.

What you've done with Alipay is phenomenal in terms of enabling people who couldn't get financial resources to expand. You did it in a way where they didn't have to go to the traditional banking system, which wouldn't have paid attention to them anyway. But you enabled them to get resources and thrive. The data system that you built up enabled you to judge very quickly. Well, if everybody agrees to, then there is no opportunity.

When people criticize you, you have to think, and I spend most of my time thinking about the future. I spend most of time listening to the complaints, because people like me, we don't have money, we don't have technology, we don't have a strong relationship. The only thing we compete with the others is that how we see the future. If I believe the future like this way, and those people believe that way, of course we are different.

And when we believe that is the future, we start to do it. We start to spend time, we start to gather people, we start to do little by little. And I think everybody can be successful if you really try hard. I started Alibaba 1999. In my apartment, I talked to the 18 founders that one thing, one of the things we want to prove, if Jack Ma and his team can be successful, 80% of the people in the world, they can be successful, because we don't have money, we don't have technology, we don't have almost nothing.

Todd wanted to tell young people, when most people complain, where the opportunity is, people start to complain. Some people complain, some people start to change themselves, changing others. Where the opportunities is, where the complaints are, where the trouble, where is the opportunity? And I was doing that.

What was your biggest failure in scaling Alibaba and what did you learn from? Yeah, well, yeah, we faced a lot of challenges, but I'm sure Alibaba is going to face more challenges. We worry every day. When I was young, when company was young, we thought, well, what if when Alibaba become that big, my life will be easier then now the companies that the bigger the company, the more problems I have. So why you are still small company. Enjoy it.

You will never experience the happiness of operating a small company in your life. When you get to be too big, you have so much headaches, so many things happening, and people say, jack, you know, there are a lot of books about you, but there's none of the books I write myself. If there's one book I want to write in the future, it's called Alibaba 1001 mistakes. We made so many mistakes. We had so many troubles. Believing or not, China built up e commerce company, built up an Internet related company. No Internet connection at that time. No. No credit cards, no delivery system.

So we make problems all the time. It's not easy, but we tell ourselves we will be successful until we make 10,000 mistakes. We will be successful if we survive in any crisis. So when crisis came, we know it's a challenge. Everybody start to be united. We solve the challenge, then we complain each other.

Before we solve the problem of the crisis, we should not complain, though. I have a problem in HR. I have a problem in financing. I have a problem in technology. I have a problem everywhere. Tell me. So that's why I become a mentor in entrepreneurs program in China. A lot of entrepreneurs have questioned, when I listen to their questions, oh, my God, I have this problem, too. So I would say we have gone through almost more than 90% of the problems that any entrepreneurs have met. This is what we feel proud.

At the end of the day, I'm going to tell my kids, my grandchildren. It's not the thing we feel proud we made Alibaba. It's so many mistakes that we overcome, so many challenges we experience that make me feel proud. Life is about experience. So when you become entrepreneur, don't worry about competitors, don't worry about mistakes. Don't worry about the challenges. Go through them. That's the great fun part of your business.

Of your experience, and then you got the courage, you got wisdom, you got a team, follow you. What advice would you give to the young generation that follows you? Well, I follow young generations. I come because there are so many young entrepreneurs. I come because it's the opportunity for small business. There are so many small businesses in Europe, excellent. And there are so many young people around the world and entrepreneurs. But let me, let me, let me share with you my thought.

If you're an entrepreneur, if you want to do some business, think about, you should never think about succeed next month. You should never think about succeed next year. If you think about next month, you will be successful. Easy come, easy go, you will go down very quick. You should think about is this thing will be good in ten years and have a patience. And the second is that get a good team. If somebody in your team is better than you are, follow him.

If you think you are better, share with their ideas, your trouble, your thinking and hard working, there's no other choices. And look your eyes, this eye, look at the customers, this eye, look at your team and talking, share with your team all the thinking you have, making sure we're on the same, right. I hate a lot of people, this eyes, us dollar, this is euro. They talk like IMB, you know, nobody want to work with these people, they only talk about money, they have to tell what do you want, what we agree, how we could do together, that's all the things. And giving yourself some time.

Oh yeah, first, I mean, people say I have different faces, I don't call different faces. I think in my heart, I'm always curious, I'm curious a lot of things. And I know when I study Alibaba, I know this is not the thing I want to do in all my life, I want to go back to teaching. So I think life is short, you should experience all kinds of things. I don't want to die in my office, I want to die on the beaches.

We work hard and we spend the money, but you spend the money, should spend money. Smart way to empower more people. Why we succeed because we use technology, empower a lot of people who succeed. If we want to be more successful, empower more people. That's very simple.

My advice to other young people, what do you have, what do you want and what will you give up? If you do not think about these three questions every time, you will get lost. So I know what I should give up, what I want and what I have and I think I should pick up things I love, I'm good at and I can make people happy. And I will be happy. That's it. Simple.

Leadership, Entrepreneurship, Innovation, Alibaba, Inspiration, Technology, Business Motiversity