Jack Ma said in one of his speeches that EQ, IQ and Love Quotient are essential for entrepreneurs to be successful. Let’s learn more about Jack Ma’s “3Q philosophy”.
“People often say that if you are an entrepreneur you have to be rich. But I insist that money is not necessary. Money is the thing that can change the world, but if that is the case, there will be no chance for us. The important reason that Alibaba survived in the first 10 to 15 years was because we had no money, especially during the first five years. We didn’t get as much investment capital as other companies so we spent every single penny very carefully. Most of the companies died off not because they had no money, but because they had too much money in the internet bubble era. Don’t hire professionals, such as talents from multinational companies, if your company is not ready, otherwise it would be like committing suicide. Just imagine that if we were to put a Boeing 747 engine into a tractor, it will ruin the tractor. Believe me, I've made a lot of mistakes in this area. So when you have no money, you will not make the same stupid mistake. The best talent is not in the outside world, but lies in your company.
They are willing to follow you because they believe in you and your thoughts. Many people invest their money on equipment and machines, but don’t want to spend money on employees. Put money on the employees, give them opportunity to develop, and share with them the mistakes you’ve made as well as listen to their mistakes and learn from them. Work together and improve the future prospects of your company.
Today, people are interested in how Alibaba found so many talents. When we set up the company fifteen years ago, we were unable to hire anyone in the first three years. People felt strange when hearing Internet or Alibaba. We were nobody, with no money, no fun.
In the Chinese labour market for professionals, headhunters are always looking for those who have gained qualifications and become experienced in a certain area. We couldn’t avoid this practice and our talents were lost gradually while those who were not excellent enough stayed and have since become very successful.
I must say that both, IQ (intelligence quotient) and EQ (emotional quotient) will be necessary in the future. If you want to succeed, a high EQ is essential and if you don’t want to fail, IQ is inevitable. What is the difference? Those who have a high EQ have a better understanding of other people, are able to work with them to get the job done quickly and additionally have the transactions completed more easily. Many people make mistakes regarding the lack of a high IQ. There are always people who are smarter than you no matter how intelligent you are, and if you want to be the most intelligent, hire those who have high IQs, which will help you to develop by working with them. Last but not least you need to respect talents. A lot of people, although well paid, don’t receive enough respect. This is why you need a Love Quotient or LQ.
All in all, it’s crucial for those who want to succeed to have a high IQ, EQ, and LQ.”
To read Jack Ma’s thoughts in another six topics of his speech, you can click the titles below:
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