He elaborated “Reflect on what you really want, what you have, and what you need to give up, or stick to,” .
Ma reminded students to invest in digital working methods and adopt the internet as a source. Alibaba’s founder launched an online shopping platform in 2003 while his home country was going through the SARS outbreak.
Jack Ma knows first hand how he and his team went through and made Taobao the world-leading e-commerce with 428 billion$ net revenue.
Deborah Tab assistant vice president for Moody’s Investors noted:
“The outbreak of the coronavirus has added further dent to growth; prospects at a time when economic growth trajectories throughout the region were already declining”.
Local Authorities have quarantined business operations on various cities across China, forcing its residents to stay at home and avoid public gatherings. Disneyland Shanghai is expected to lose more than 135 million dollars.
Jack Ma retired as chairman on his 55th birthday to devote his time to groom the next-gen of startups. However, he did recommend these 5 rules which he learned from Kazuo Inamori who came out of retirement to help Japan’s flag carrier.
Rule one: Every employee should turn to sales.
Even in a company with advanced tech, selling a product is still the foundation of the company’s operation.
Rule Two: Spare no effort to develop new products.
A recession is a golden opportunity for companies to innovate and expand sales. Clients are too free during the recession. They will propose new ideas after listening to you.
Rule Three: Cut Costs.
Recession is the only chance to cut costs, as our employees would strive to make it happen.
Rule Four: Maintain a High production Rate.
Companies should maintain their usual high productivity rate even in times of recession, by reassigning excess labor from production to other tasks.
Rule Five: Establish Public Relations between Managers and Employees.
It is very important to maintain a constant, healthy relationship between managers and employees.
The news was originally published by the SCMP website.