The Inditex group is a multinational textile fashion retailer firm founded in 1985 in A Corua, Spain. [Google Scholar] Vera, D.; Crossan, M. Strategic leadership and organizational learning. Six years later, in 2005, Alibaba attracted the attention of Yahoo!, which bought a 40 percent stake. Internal battles, where two teams can [19] Ma Huateng ranks fourth in the list of Forbes's China's 100 Richest, with a net worth of US$23.4 billion in December 2022. As the rm realised its rapid growth ambitions, Ma feared it would lose its nimbleness and become an overly complex, cumbersome giant. Its hedging its future bets. Our editors will review what youve submitted and determine whether to revise the article. Ma Huateng studied computer science at Shenzhen University, where he earned a bachelor of science degree (1993). Even for software as complicated as QQ, they still maintained the speed of releasing two to three versions every month. Ma himself was hailed by Time magazine in 2014 as one of the world's most influential people. Amancio Ortega has guarded his privacy so jealously that his company only released a photograph of him when the firm was first listed [82]. His father, Ma Chenshu, moved to Shenzhen to work as a port manager when Huateng was quite young. 2 on China's 100 Richest last yearsaw his net worth tumble to $49.1 billion this year, as Beijing tightened rules on the countrys internet companies. At a tech conference in Singapore, I discussed censorship. Publishing on IntechOpen allows authors to earn citations and find new collaborators, meaning more people see your work not only from your own field of study, but from other related fields too. By partnering with Silicon Valleys favoured few, Tencent can enjoy exclusive invitations to the global party. Ortega also is, as most of the previously analyzed leaders, an introvert. Its business roughly splits into three. So, its big. [8] Online games such as Legend of Yulong and Legend of Xuanyuan boosted revenue by more than half, up to US$5.1 billion, with a US$1.5 billion profit margin. The resulting corporation was General Electric Company (GE) [61, 63]. He dropped out of Reed College, in Portland, took a job at Atari Corporation as a videogame designer in early 1974, and saved enough money for a pilgrimage to India [39]. In a way, it almost doesnt matter what youre passionate about [75]. We believe, and then we see. As a world, were doing a better job of that. Lulu Chen's book charts how the success of WeChat has placed Pony Ma's. The Alibaba Group cofounder has been laying low for the last two years amid the Chinese governments crackdown on industry. This is the first search effort that proves the link between the visionary leadership framework and firms that experienced disruptive successunicorns. Chinese billionaire Jack Mas Ant Group won regulatory approval to boost the registered capital of its consumer finance unit by 10.5 billion yuan, a move suggesting progress in the fintech giants efforts to restructure its operations to satisfy authorities demands. Established Western platforms such as Facebook are embedded in peoples crystal-screen portable friends. Ma changed the softwares name to QQ in December 2000. Leadership - Advancing Great Leadership Practices and Good Leaders [Working Title], Open access peer-reviewed chapter - ONLINE FIRST, Submitted: July 8th, 2022 Reviewed: September 13th, 2022 Published: October 28th, 2022, Total Chapter Downloads on intechopen.com. During the second quarter of 2020, the company posted net sales (revenue) of RMB 114.83 billion. In November 2017, his net worth briefly surpassed that of Larry Page and Sergey Brin (individually) ranking him the ninth richest man in the world, and the first citizen from China to enter Forbes' top 10 richest list,[20][21][22][23] though the net worth of Page and of Brin have each since eclipsed that of Ma. Tencent cofounder Ma Huateng (also known as Pony Ma) led the dive with a $6.1 billion wealth plunge, followed by Nongfu Spring Chairman Zhong Shanshans $5.6 billion and Country Garden Co-chairman Yang Huiyans $4.7 billion. For a while, Ma went back to his former job as a public servant, but then, in 1999, Ma persuaded his team at the ministry to go to Hangzhou and found the Alibaba Group [91]. Profiles. https://www.britannica.com/biography/Ma-Huateng. As organisations grow larger they often become insular and bureaucratic. Elements of disruptive innovation can be found in at least four of the items in Apples list: personal computers, music distribution, tablet computing, and digital publishing. In 1859, Edison quit school and began working as a train boy on the railroad between Detroit and Port Huron. Shenzhen is an ideal place to locate for Hardware & IoT, Ecommerce & Retail and Marketing & Sales startups. Ma Huateng is a proponent of the Chinese Communist Party. Ma Huateng has built Tencent through transformational leadership behaviours, including his vision of continuous innovation, encouragement of experimentation, and modelling that innovative spirit. Toward the end of the second world war, Taiichi Ohno worked as a production engineer for Toyota, a Japanese car manufacture founded in Japan by Kiichiro Toyoda in 1937 [83]. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. After his return to China, Ma founded China Pages, a website page developer for Chinese businesses. He applied the term transformational instead of transforming. Bass argued that transformational leadership has four constitutive parts [6, 7] which are (1) idealized influence, (2) inspirational motivation, (3) intellectual stimulation, and (4) individualized consideration. Still, there are little doubts that Page congregates the four attributes that define a visionary leader, as several authors already validated in their studies [18, 57, 58]. April 6, 2021. Ma Huateng (also known as Pony Ma) chairs Chinese internet giant Tencent Holdings. Tencent. They dont have to unlearn bad habits. Changing a product in ight is tough. Spain. In 2007, 2014,[6] and 2018, Time magazine named him one of the world's most influential people,[7] while in 2015, Forbes credited him as one of the world's most powerful people. Both hubs developed a long list of innovations [53]. Edison also was one of the first entrepreneurs to apply the principles of organized teamwork to the process of invention [65]. Next, the chapter describes a conducted multi-case study that tested the actual possible correlation between the chosen leadership framework and the profile of the leaders of their disruptively successful corporations. Opps.. Something goes wrong. Pony Ma took his gaokao (national university entrance exams) from July 7-9, 1989 and his score was 739 (out of a possible 900). [32], At Ma's behest, Tencent launched in 2005 the C2C platform Paipai.com (), a direct competitor to e-commerce giant Alibaba. Openness Ma has almost completely disappeared from public view after Chinese regulators shut down his fintech company Ant Groups IPO in late 2020. Apple Inc., a multinational technology company, was founded by Steven Paul Jobsknown as Steve Jobsin 1977, in Los Altos, California, USA [38]. Zhang set up an autonomous unit in Guangzhou, away from the Shenzhen headquarters. In January 2018, WeChat launched a pilot digital ID scheme, allowing citizens to link their national identity to the platforms facial recognition app. So, you can say Tencent not only helped Ma Huateng also known as Pony Ma to attain financial success, but it also . He summarised seven deadly sins of product managers, saying that developers undermine their products by convoluting them beyond recognition: Spending core resources and time repeatedly on the optimisation of the obvious characteristics is basically the mania of novice internet entrepreneurs.. Shenzhen also ranks at number 3 in China, and 4 in East Asia. Innovation is the result, not the cause, he says but it is easier said than done in a rm as big as Tencent. After the AOL case, Ma decided to expand the business portfolio of Tencent. So what can the rest of the world learn from the man behind it all? He gives importance to the ideas and strategies given by his employees. Ma completed his remaining schooling from there and found a keen interest in computer technologies. With a click on a red envelope icon, gifts of money could be sent to friends and family. One is Alibaba founder Jack Ma, who is fairly well known in the States, and the other is Ma Huateng, . 5 Princes Gate Court, Later, the company provided users with a range of innovative online lifestyle services. These services included online media outlets, e-commerce outlets, gaming options, social media sites, online advertising, and an online payment option [94]. Ma believes that innovation follows the other six principles agility, openness, user rst, speed, resilience and evolution. We hope you enjoy our thought leadership. Tencent had grown to become Chinas top instant messaging service by 2004, prompting Ma to list the firm on the Hong Kong Stock Exchange. [43] He owns a redeveloped palatial residence of 1,820 m 2 (19,600 sq ft) in Hong Kong. Ma said in December 2015 that Tencent would open a internet hospital in Wuzhen to facilitate long-distance diagnosis and pharmaceutical delivery. Including the selection of cadres, the character is very important. WeChat is the worlds largest instant messaging application, with 48 percent of Internet users in the Asia-Pacific area using it in 2015. He was born in 1971 in Chaoyang, Shantou, China. Therefore, the framework that appeared to suit the best in terms of analyzing environments that combine entrepreneurship and innovation is that of visionary leadership [20, 21, 22]. It is clear that Ma regularly uses a mix of Goleman's four important leadership style to create a positive climate within the Alibaba group. As well as empowering younger employees to take the lead, Ma and his team put in place simple rules. [12][13][14][15][16][17][18], As of January 2023, he has a net worth of US$43 billion according to Bloomberg Billionaires Index. The first chosen location was Menlo Park, in New Jersey. While every effort has been made to follow citation style rules, there may be some discrepancies. Everything started in 1995, during a trip to the USA, when Jack Ma learned for the first time about website portals and Internet. He Defines Failure as Giving Up: This is one of his popular leadership quality and skill that defines him a successful leader. Small rms that have grown rapidly, such as Tencent, have an advantage: theyre born agile. But Tencent came of age before mobile. Back in 2016, he reportedly . For leadership, we have to see things that other people dont see [92]. China, Tencent Holdings Limited; Ma Huateng. We have added your email address to our mailing list and we hope you enjoy our thought leadership. Since then, GE has been in the lists of top ranked companies in the USA [61]. This chapter reviews relevant literature in order to identify the leadership framework and profile that may better characterize entrepreneurs and business leaders that eventually founded or developed disruptively successful firmspopularly known as unicorns. Next, the chapter describes a conducted multi-case study that demonstrates a strong correlation between the positive checkmarks in the selected leadership frameworkvisionary leadershipand the profile of the leaders of nine different international corporations that became industry leaders in less than 20years (Apple, Google, Microsoft, Facebook, General Electrics, Toyota, Alibaba, Tencent, and Inditex). This reality implies that collective or organizational outputs may not always be prioritized or maximized, since that is not the main objective for this type of leaders [9]. Hum. In 2010 mobile use was skyrocketing: the surge was a new opportunity to exploit. This chapter is distributed under the terms of the Creative Commons Attribution 3.0 License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. It has stakes in electric car maker Tesla and music-streaming service Spotify, which in turn has a stake in its Tencent Music. His proposal was based on reducing production costs by using less expensive materials and more efficient manufacturing systems. Satya Nadella is a leader on the risefor the last five years, he's served as the CEO of Microsoft, quickly earning a name for himself in the world beyond tech. Please note that by subscribing now you may from time to time receive other emails from LBS about events or other activities that we think might interest you. Exxon Mobil, Berkshire Hathaway, Wells Fargo, and Johnson and Johnson [29]. In 2007, Alibaba.com raised US$1.7 billion dollars in its initial public offering (IPO) in Hong Kong [91]. [37], In December 2015, Ma announced that Tencent would build an "internet hospital" set up in Wuzhen that will provide long-distance diagnoses and medicine delivery. The study described in this chapter explores how some leadership models may be linked to some exceptional occurrences, such as disruptive success. This label can be applied to startups or more maturebut not yet elitecompanies that, at some point, grew fast and became world leaders in a period of less than 20years. By 1889, he had full ownership or participation in many electricity-related companies that got then merged. Tencent wants to enable greater connectivity across Chinese industry, leveraging the capabilities and expertise it has built to serve the billion-plus users of its consumer-facing platforms,. [33], Since Tencent's prized service OICQ was offered free of charge, the company looked to venture capitalists to finance its growing operational costs. In 2000, Ma turned to US investment firm IDC and Hong Kong's telecom carrier Pacific Century CyberWorks (PCCW) who bought 40 percent of Tencent's shares for US$2.2 million. Licensee IntechOpen. And with Tencent, thats what they get. Larry Page met Sergey Brin when Larry entered the doctorate program at Stanford. Bill Gates, Mark Zuckerberg. Inditex devised a new model of supply chain, the Agile Supply Chain (ASC), that allows its fashion retailer chains to update products just in time [77, 78]. Ma Huateng is a Chinese business entrepreneur and oligarch worth billions of dollars. 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