Alibaba and its impact towards Business and society

Alibaba Group and its Impact towards Business & Society Alibaba Group is an e-commerce company founded by Jack Ma in year 1999. As an entrepreneur, one must be willing to take the risk in starting a business. Being an entrepreneur, Jack Ma has vision, innovation and determination. He foresaw the potential of the Internet that is going to help in business growth in China. He took a risk and began his entrepreneur journey. He started the business of Alibaba to help other small businesses to grow through technology. He learned to solve the problems occurring in the society and learned how to gain funds as he needed to explain his vision and convinced others to take out their money to start Alibaba. Furthermore, he mentioned that he learned from his mistakes when starting up the business. Now, the company is expanding globally, and Alibaba has become the world’s largest IPO. Jack Ma is also China’s richest billionaire. Technology played an important role to begin the business of Alibaba. The company used the Internet to create more businesses for people. Alibaba offered business-to-business online portals, data-centric cloud computing service, online payment service and a shopping search engine. In the modern world, a lot of businessmen and consumers used technology such as computers, cellular phones and the Internet to provide and to purchase goods and services. For most of the people in China, they would access Alibaba and other websites based in China at their convenience. Consequently, these have brought tons of profits for Alibaba as the company act as a middleman that charged annual fees and commissions when others used it for business purposes. Hence, we could see that the technological environment is necessary for the growth of Alibaba. Labor source is always essential in producing goods and services. Alibaba Group created job opportunities to the society. From the article, it is shown that Alibaba has become a public company in The States. Currently, Jack Ma is also planning to expand the business in The States and the European countries. Consequently, plenty of jobs will be available in the community around the world as the company is globalized. Jack Ma appreciated his employees; he was thankful for having talented and passionate employees. He said that a company without satisfied employees, there would be not satisfied customers, and subsequently, there would be no satisfied investors. Thus, it is clearly seen that as a business grows, it will provide various benefits to the society. In a competitive environment, there were also challenges faced by Alibaba Group. A fierce competition occurred when Ebay entered the Chinese market; Jack Ma knew that it was a big threat to them. Hence, Taobao, which is a consumer-to-consumer online portal, was introduced to avoid customers being taken away from Ebay. Ebay also defended by signing exclusive advertising rights with other portals to stop advertisement of Taobao. In 2006, Taobao defeated Ebay in China as it focused more on customer satisfaction as it understood Chinese customers’ wants. In addition, when the company entered the global scene from China, the company was expected to face some challenges due to differences in cultures and perspectives. Alibaba was being compared with Amazon as both companies offered similar service such as, retailing, payment platform and more. The company is now instead becoming a threat toward the competitors. The gross sales of Alibaba in 2012 exceeded the total sales of Amazon and Ebay. We could conclude that the founder of Alibaba and his teammates managed to overcome the obstacles. In term of economy, Alibaba has more interest towards long-term profits and would not make any decisions based on short-term revenue. Moreover, Alibaba Group is the largest IPO in the history at $25millions on September 18th on New York Stock Exchange; the market value of Alibaba Group is unexpectedly larger than Amazon, Facebook and Twitter. We could tie up the company is doing well in the economic environment. In summary, Jack Ma discussed about his entrepreneur journey of starting up Alibaba Group. The technological environment provided a right set of circumstances for the growth of Alibaba. As the business expanded, it produced job opportunities for the society and also helped the small businesses to grow in China. The founder of Alibaba also mentioned the obstacles they faced and the way they solved the problems. Last but not least, Jack Ma talked about the relationship of economic environment, customers, employers and investors of the company.

References
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References: Haman, D. (2014). Alibaba Group, why a success? . Retrieved from Novoed: https://novoed.com/venture1-2014-1/reports/197913 Hill, J Loeb, W. (2013, July 24). Alibaba Is A Threat To Amazon, eBay, Walmart And Everyone Else. Retrieved from Forbes: http://www.forbes.com/sites/walterloeb/2013/07/24/alibaba-a-threat-to-amazon-ebay-walmart-and-everyone-else/ Lorenzetti, L Nickels McHugh McHugh Cossa Sproule. (2010). The Business Environment, Entrpreneurship . In N. M. Sproule, Understanding Canadian Business (pp. 11-20, 200-204). McGraw-Hill Ryerson. Schuman, M. (2014, September 19). 4 Things Alibaba’s IPO Tells Us About a Changing World Economy. Retrieved from Time: http://time.com/3401924/china-alibaba-ipo-world-business-trade-internet-economy/ Somerville, H Tobak, S. (2014, September 23). How Alibaba 's Jack Ma Became the Richest Man in China. Retrieved from Entrpreneur: http://www.entrepreneur.com/article/237692 Wang, H