I wrote about this in this week’s CoInvent newsletter. Just I’d post my thoughts here again. Here is the original content from the newsletter.
There certainly has no lack of coverage of Alibaba’s IPO last week. For those of us living in the States, Alibaba may not be as relevant to our lives as, say, Amazon.com. However, when you take over 80% of China’s e-commerce market, you can take over the world. According to a Reuters report, Alibaba IPO ranks as world’s biggest after additional shares sold – $25 billion raised, surpassing the 2010 record of $22.1 billion set by Agricultural Bank of China.
As an entrepreneur, here are a few things that I learned from the Alibaba story:
- Your customers are the king! Treat them well and they will take care of the longevity of your business
- No matter whether you are running a 10-person startup or Fortune 500 company, have a global strategy, because the majority of your customers in 10 years will be coming from developing countries – assuming if your business can last that long
- Silicon Valley is not the only game in town. Now you can pretty much build a household startup name from some top cities in the rest of the world – LA, New York, Chicago, London, Berlin, Hong Kong, Beijing, Seoul, New Delhi, etc
- Have a revenue strategy for your startup from the get-go. At one point, Alibaba had no revenue and almost got killed by eBay in the China market. That’s when they introduced Taobao (淘宝网), which is now one of the world’s top 10 most visited websites according to Alexa
To get our weekly newsletter, you can subscribe for free at www.GetCoInvent.com.