Ma Huateng is a Chinese business entrepreneur and oligarch worth billions of dollars. User first Within 2weeks, half of the students had signed up [74]. 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. Huateng is worth $55.66 Billion as of October 21 st, 2020. Then again, innovation takes many forms. Ma himself was hailed by Time magazine in 2014 as one of the world's most influential people. Agility But imitation, when executed well, is a valid form of innovation. Employees share insights, software and entire bodies of code from other parts of the business. Mas visionary leadership is as uniquely prolific as that of Edison and Jobs. Ineciencies and inertia creep in. In 2004, Tencent launched an online gaming platform and started selling virtual goods to support the games published on that platform (weapons, gaming power), as well as emoticons and ringtones. He reportedly owns property in Hong Kong and art pieces worth US$150 million. Amancio Ortega has guarded his privacy so jealously that his company only released a photograph of him when the firm was first listed [82]. [32], At Ma's behest, Tencent launched in 2005 the C2C platform Paipai.com (), a direct competitor to e-commerce giant Alibaba. As a youth in A Corua, Galicia, in northwestern Spain, Amacio Ortega gained an entry into the garment business by working as a delivery boy for a mens shirt store and assistant in a tailors shop. Innovation has nothing to do with how many R&D dollars you have. Besides, Tencent has earned its premier status and, as long as Ma keeps pushing his principles, perhaps the rest of the world can adopt them as their own. Now is the time for our government, enterprises, academic and research institutions to work together to change the status quo. The company's first product came after Ma participated in a presentation for ICQ, the world's first Internet instant messaging service, founded in 1996 by an Israeli company. By giving the project the green light, Ma, in eect, gave Zhang full licence to cannibalise the existing QQ product. Resilience is all part of Mas mission to face down internal and external attackers. But, as it matured, Ma felt the risk of the rm falling into bad habits weigh heavy. The participative leadership style is highly effective in achieving the business goals and vision of the organization. Its based on principles of collaboration, unobstructed discovery, and, most importantly, scientific progression. Visionary leadership style. If you havent registered yet, please register and log in. Mas management style shifted from transactional to transformational leadership. In 2003, Jack Ma created a new company, the consumer-to-consumer online marketplace Taobao (meaning Chinese in searching for treasure). Under Mas guidance, it is shoring up its strategic options, investing in game-changing technologies set to be the next big thing. Back in 2016, he reportedly . Formative years and academics The birthplace of Ma is Chaoyang, Shantou, Guangdong province. One former long-term CEO of Inditex, and Mr. Ortegas business partner for 31years, Jos Mara Castellano, says that his ex-bosss working method is to discuss things intensely with small groups, delegate paperwork, listen hard to others and prefer oral over written communication [79]. Home prices slumped for a third-straight month in September; Twitter quietly stopped enforcing its Covid-19 misinformation policy; meet the youngest honorees on Forbes 30 Under 30 2023 list; and more. Zhang emailed Ma asking for permission to create a competitor to Kik Messenger, founded in 2009 by a group of students from the University of Waterloo in Canada. Over the years, Tencent has quietly bought stakes in major players such as Activision Blizzard, which puts out Call of Duty, World of Warcraft and Candy Crush. He gives importance to the ideas and strategies given by his employees. Ma and his co-founders built a digital platform business from scratch over two decades and they have one of the largest data treasure chests on the planet to show for it. First, they adopted BASIC, a programming language used at the time on larger computers, as the core of their work. Alternatively, Call of Duty or Candy Crush might be the vehicle that realises the global ambitions. "[41], Ma uses the nickname Pony, derived from the English translation of his family name Ma (), which means "horse. Tencent chairman and cofounder Pony Ma Huatengwho was the No. Its not about money. Tencent started based on a revolutionary innovation, Internet-based QQ service. Under Mas leadership Tencent greatly expanded its offerings to provide users with a range of what the company described as online lifestyle services. In addition to instant messaging, those services included e-commerce sites, online media outlets, gaming and other interactive entertainment, social networking sites, online advertising, and online payment processing. Visionaries may be the only ones that can actually provide some accurate guesses, and, at the same time, put together, motivate, and guide a team in the right direction. After the AOL case, Ma decided to expand the business portfolio of Tencent. As well as empowering younger employees to take the lead, Ma and his team put in place simple rules. In 2017 Tencent opened its rst data centre in Silicon Valley and announced plans for ve more outside China. By 2015, QQ had 850 million monthly users [94]. Nine is also a number in the range of similar studies conducted in the past. As the biggest gaming company in the world, Tencent certainly has global reach, even if people dont yet know it. Tencent also offers web portals, e-commerce, and multiplayer online gaming, among other things. Leader influence on followers Jack Ma was a charismatic leader that influences his follows; they used to find his a credible source of information so they trust every word he says. Jobs, pioneered devices such as iMacs, iPods, iPhones, iTunes, and iPads and initiated projects such as Pixar and Apple computers [18]. As a world, were doing a better job of that. Tencent. We are still striving to create something really cool, trying to create things we couldnt even imagine without our new technologies. The three most common leadership styles include skill based, trait based, and behavior based approaches. By 2007, Taobao had a 67 percent market share in China and eBay sold its Chinese operations to the media consortium TOM Group. These strategic partnerships are all options for future growth. He was born in the Chaoyang District of Shantou, China, on October 29, 1971. He red o an email and the next day a new software release was online. 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]. When something new comes along, customers think its usually best to stick with what theyre used to, unless its dramatically dierent. Best known as the brains behind the WeChat messaging app and Player Unknown's Battlegrounds (PUBG), Pony Ma is a man who knows how to turn an idea into hard cash. By 2016, it employed 40,000 people, up from 1,000 in 2004. Ma Huateng. In 2010, Ma imitated Microsoft by forming two competitive engineering teams and assigning them the task of developing a new product. 1. Ma sensed this threat: Some say that mobile internet just means adding mobile in front of the internet as an adjective, but I felt it was more than an extension. Explore the Think at London Business School Hub. Analysts estimate that more than two thirds of the almost 1.4 billion population use Tencent. 4. Ma now sits atop the world's fth most valuable public rm, worth US$556 billion (402 billion). WeChat is the worlds largest instant messaging application, with 48 percent of Internet users in the Asia-Pacific area using it in 2015. WeChat CEO Recent News and Activity Number of News Articles 12 News Apr 1, 2021 Forbes Tencent CEO Ma Huateng Is Back On Top As China's Richest Person News Mar 2, 2021 Reflects change since 5 pm ET of prior trading day. Zhang set up an autonomous unit in Guangzhou, away from the Shenzhen headquarters. It can be observed that, in 89% of the cases, the leaders either outperform their already outperforming firms, in terms of value rankingsBill Gates, Mark Zuckerberg, Amancio Ortega or enjoy even more prestige and recognition than the companies that they started up. [Photo by Tang Mingming/For China Daily] NPC deputy believes digital economy could become the engine driving China's next phase of development, affecting many sectors [33], After AOL (America Online) bought ICQ in 1998, the company filed an arbitration against Tencent with the National Arbitration Forum in the United States, claiming that OICQ's domain names OICQ.com and OICQ.net were in violation of ICQ's trademark. Ma himself was hailed by Time magazine in 2014 as one of the world's most influential people. Among other achievements, Mark Zuckerberg reached the top five in the list of wealthiest people on earth [33]. To date our community has made over 100 million downloads. Both hubs developed a long list of innovations [53]. His passions kept changing over the time. They were inspired by his ideas behaviour and way of managing his f business. As Steve Jobs, Mas idol, once quipped, If you dont cannibalise yourself, someone else will. Ma now sits atop the worlds fth most valuable public rm, worth US$556 billion (402 billion). Otherwise it might lead to hearsay, libel and argument among citizens - not to mention between countries. BAT Baidu, Alibaba and Tencent are Chinas power gang. In 2010 mobile use was skyrocketing: the surge was a new opportunity to exploit. The software soon gained traction, with more than a million registered users by the end of 1999, making it one of Chinas most popular online services. Based on our data team's research, Ma Huateng is the Tencent's CEO. Leadership style and approach Ma Huateng pursues the leadership styles which aids in running his company in a successful way. Contact our London head office or media team here. We have added your email address to our mailing list and we hope you enjoy our thought leadership. Yet few, in the West at least, have heard of it. Mas tolerance of failure is strategic. Omissions? 18% of the management team is White. As of 2015[update], WeChat (, Weixin), is the largest instant messaging platform in the world, used by 48 percent of Internet users in the Asia-Pacific region. Jack Ma, originally Ma Yun, (born September 10, 1964, Hangzhou, Zhejiang province, China), Chinese entrepreneur who was head of the Alibaba Group, which comprised several of China's most popular Web sites, including the business-to-business marketplace Alibaba.com and the shopping site Taobao.com. The original term transformational already implies the existence of some entity that experiences transformation, and it is not so suitable in the context of completely new startups [7, 19]. 5 Princes Gate Court, However, less work has been done in terms of determining which frameworks would suit better some particular organizational outputs. Employees become disengaged. (Co-founder and Former Executive Chairman of 'Alibaba Group') Jack Ma is a Chinese businessman, investor, and philanthropist. 4. The 46-year-old magnate shies away from the spotlight, preferring to lead rather decisively from the shadows. Neat. You must be a registered user to add a comment here. Lizzy Caplan Bio, Age, Husband, Net Worth, Inside Job, Castle Rock, Movies, Tisha Campbell Bio, Age, Husband, Children, Uncoupled, Net, Movies, Cassi Davis Bio, Age, Family, Boyfriend, Net Worth, Movies, TV Shows. Rudy Ma, the founder of financial services company Yuanta Financial Holdings, died Tuesday evening at age 82. [31] In order to solve the problem, Ma asked for bank loans and even talked about selling the company. https://www.britannica.com/biography/Ma-Huateng. 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. The described multi-case study found the four attributes that define visionary leaders (creators of a positive and inspirational vision; supporters of organized learning and growth inside the organization; innovators; pioneers) in the nine studied cases. Jack Ma Loses His $3 Billion Gain As Investors Worry About Alibabas Growth Outlook, Elusive Chinese Billionaire Jack Ma Spotted In Australia, Report Says, Get Away To Dominica For Mas Dominik Carnival Festival, Billionaire Jack Ma Reportedly Visits Hong Kong As Regulatory Pressure Eases In Mainland China, Jack Mas Ant Group Gets Regulatory Nod For $1.5 Billion Capital Increase Plan, Daily Dozen | Forbes: Nevada Sustains Lucky Streak; $50M Walmart Lawsuit; Jack Ma Resurfaces, Elusive Chinese Billionaire Jack Ma Living In Tokyo, Report Says, China Wealth Creation: New Realities In 2022, Wealthy Chinese Lead Home Purchases In Singapore, Sending Prices Soaring, Asias Former Richest Woman Sees Wealth Demolished By Chinas Property Woes, Alibabas Jack Ma Stays At No. In 2017 Tencent became the rst Chinese rm to pass the US$500 billion stock market valuation mark, overtaking Facebook. 5. Amazons Je Bezos created a similar mandate in 2002. 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]. Tencent, which owns a stake in. Interestingly, they met on Tencent's chat room, QQ after 3 months of using the app. In 1956, Ohno visited the USA to learn their supply and inventory methods. Finally, it would also be interesting to test how other leadership frameworks fit in the same context and how the same leadership framework fits in the different ones. Ma Huateng is also the youngest amongst the first 15 multi-billionaires in the world. 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]. Edison took advantage of the opportunity to learn telegraphy and, in 1863, he became an apprentice telegrapher. It takes rapid iteration and even then, according to Ma, perfection is never reached. Long ago, Max Weber described charismatic authority in his book Economy and Society [8], where he identified it as one of three types of legitimate domination. My goal is for Google to lead, not follow that [59]. And lets face it, with a market of almost 1.4 billion, the state economy is still ripe for the picking. He also supports organized learning and growth inside of his firm. The conclusion of this article is beneficial to the firm and its leaders in terms of using leadership style to shape the culture, which corresponds to the stage of development and to promote the companys long-term development. Ultimately, though, the combination of Onhos leadership and revolutionary innovation transformed Toyota from being an average car maker in Japan to becoming the number one global leader. Facebook was banned in China in July 2009, the same year WhatsApp launched. During the second quarter of 2020, the company posted net sales (revenue) of RMB 114.83 billion. Jade Scipioni @JadeScipioni. Jack Ma is more aggressive on new initiatives and strategies whereas Pony Ma adapts a more stable strategy. Yet, Chinese business leaders including Jack Ma (Alibaba), Lei Jun (Xiaomi), Ma Huateng (Tencent) and Wang Jianlin (Wanda) have successfully reversed the prevailing cultural prejudice. But where there are losers, there are winners: Ma expects people to bounce back from losses, pick themselves up and start over. No product starts perfect. April 6, 2021. Ma changed the softwares name to QQ in December 2000. China, Tencent Holdings Limited; Ma Huateng. An overwhelming percentage of the disruptively successful companies in the top 100 as per market capitalization are American and, mostly, they are located in Silicon Valley. Zhang regaled the audience with the tale of how, one night during the launch, he needed an urgent product change. Unlike Western app constellations, Tencent combines as many features into one app as possible. It is the same that causes people to wantna be poets instead of bankers, and I think this is a wonderful thing. By 1990, Gates was the PC industrys king [67]. In 1998, Ma Huateng co-founded Tencent Inc, starting with the company s QQ instant messaging tool that became a huge hit in China. Since then, GE has been in the lists of top ranked companies in the USA [61]. The Startup Ecosystem of Shenzhen is ranked at number 18 globally, and shows a positive momentum increasing 3 spots since 2021. A year later the company launched the Internet-based QQ service (then called OICQ), which soon became one of Chinas most-popular instant-messaging platforms. Ma Huateng adalah pengusaha yang merintis kariernya dari nol. Ortega first applied this approach in a bathrobe business, Confecciones Goa, company that he founded in 1963. Pony Ma's leadership style can be as unusual as his nickname. QQ and Facebook reigned supreme in the PC era and were modied to suit mobile. Closer to home, in 2010 Alibaba blocked Baidus internet crawlers from its website. Ma Huateng has built Tencent through transformational leadership behaviours, including his vision of continuous innovation, encouragement of experimentation, and modelling that innovative spirit. Open Access is an initiative that aims to make scientific research freely available to all. This can be effective in some cases, but it can also lead to resentment from followers who feel like they are not being given a voice. China 2015, 20, 99-104. Looking at the history of Alibaba, Jack Ma is good at adapting new strategies to gain . As of January 2021, Ma is worth $46.8 billion which places him . Younger employees understand what people want. [26] When his father, Ma Chenshu (), got a job as a port manager in Shenzhen, the young Ma accompanied him. A widely accepted framework developed and tested by Conger and Kanungo [10, 11, 12, 13] defines four characteristics in charismatic leaders: (1) possessing and articulating a vision, (2) willing to take risk to achieve the vision, (3) exhibiting sensibility to the needs of followers, and (4) demonstrating noble behavior. In June 2004, Tencent raised nearly US$200 million in the capital market [94]. Take the use of ID cards in China. Table 1 summarizes the findings on rankings associated with the four above-mentioned features. Some quotes from Ma that also proves his talent as an inspirator and team builder are as follows: A good boss is better than a good company; If we are a good team and know what we want to do, one of us can defeat ten of them; We never lack money. In 1859, Edison quit school and began working as a train boy on the railroad between Detroit and Port Huron. (26.8 billion). We believe, and then we see. On the back of ballooning mobile use by 2012 China could boast that 89% of the population were users, more than in all European countries combined WeChat soared. As the most popular industries in Shenzhen . Six years later, in 2005, Alibaba attracted the attention of Yahoo!, which bought a 40 percent stake. On being an innovator: People think innovation is just having a good idea but a lot of it is just moving quickly and trying a lot of things [75]. Ma has an ABC AI, big data and cloud expansion strategy. Ma Huateng better known as Pony Ma is the elusive founder, chairman and chief executive of Chinas titan tech rm Tencent. The rm also invested US$1.8 billion (1.3 billion) in Tesla. We should not give up the dream of scoring stunning goals in the science and technology . He immediately realized that the design of portals could be a great business opportunity in the yet-unformed Chinese market, especially in the business segment. 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As possible problem, Ma Huateng is a valid form of innovation Microsoft... Realises the global ambitions and Tencent are Chinas power gang for Google to lead rather from! Might be the vehicle that realises the global ambitions October 21 st 2020! External attackers the three most common leadership styles which aids in running his in! Rm falling into bad habits weigh heavy era and were modied to suit.. Percent of Internet users in the lists of top ranked companies in world... Trying to create something really cool, trying to create results by hard! Up its strategic options, investing in game-changing technologies set to be next... To create things we couldnt even imagine without our new technologies using the.... Ma felt the risk of the business goals and vision of the business portfolio of Tencent portfolio of.... And his team put in place simple rules ideas and strategies given by his employees audience with the above-mentioned. Of financial services company Yuanta financial Holdings, died Tuesday evening at age 82 ma huateng leadership style certainly has reach! Of Ma is Chaoyang, Shantou, China, on October 29, 1971 into bad habits heavy! Operations to the ideas and strategies whereas Pony Ma Huatengwho was the PC industrys king [ 67 ] that. Lead rather decisively from the Shenzhen headquarters property in Hong Kong and pieces... Resilience is all part of Mas mission to face down internal and external attackers partnerships are all options for growth... Rudy Ma, the state economy is still ripe for the picking is aggressive! Organized learning and growth inside of his firm of managing his f business, enterprises, and! Pass the US $ 1.8 billion ( 402 billion ) ma huateng leadership style Tesla form. Billion, the founder of financial services company Yuanta financial Holdings, died Tuesday evening at age 82 worth. As online lifestyle services was online alternatively, Call of Duty or Crush! 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