Changing a product in ight is tough. Thats why we allow those who understand the needs of younger users to do the job, said Ma. Shenzhen is an ideal place to locate for Hardware & IoT, Ecommerce & Retail and Marketing & Sales startups. Ma changed the softwares name to QQ in December 2000. From the very beginning, General Electric adopted an innovation development strategy similar to Googles. He Defines Failure as Giving Up: This is one of his popular leadership quality and skill that defines him a successful leader. 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. [40], According to the official Tencent website, Ma is a deputy to the 5th Shenzhen Municipal People's Congress and served in the 12th National People's Congress. Then again, innovation takes many forms. Visionary leadership style. So what can the rest of the world learn from the man behind it all? By 2004, Tencent became the largest Chinese instant messaging service (holding 74 percent of the market),[33] prompting Ma to list the company on the Hong Kong Stock Exchange. Shares of Ma Huateng's internet gaming giant rose 14% so far this year to the highest in two years, thanks to strong demand for its mobile games during coronavirus lockdowns. As the founder of the entertainment giant Tencent, Ma Huateng (or Pony Ma, as he's better known) ranks as one of the richest people on the planet. General Electric (GE), a multinational technology corporation, was founded by Thomas Alva Edison in 1889, in Schenectady, New York, USA. London, SW7 2QJ, The resulting corporation was General Electric Company (GE) [61, 63]. Its headquarters is located in Shenzhen, China. Ma gave Zhang permission to go ahead despite other teams, including QQ, plugging away on similar products. By 2007, Taobao had a 67 percent market share in China and eBay sold its Chinese operations to the media consortium TOM Group. London Business School takes your privacy seriously. Jack Ma is more aggressive on new initiatives and strategies whereas Pony Ma adapts a more stable strategy. Both hubs developed a long list of innovations [53]. He reportedly owns property in Hong Kong and art pieces worth US$150 million. Ma Huateng, (born October 29, 1971, Chaoyang, Guangdong province, China), Chinese business executive who was . Unshackled by rules, Tencent employees have freedom to act to invent, to problem solve, to wow. It is true that leadership is one of the 4 functions of management but that does not mean that all managers are effective leaders. Ma led his company's leadership committee on a two-day hike through the Gobi Desert for their off-site retreat last year, according to Bloomberg. He didnt want to lead, he said. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. Ma himself . Ma himself was hailed by Time magazine in 2014 as one of the world's most influential people. Ma Huateng was born in Badagang, Guangdong (now Dongfang City), China, on October 29, 1971, into a humble household. How Tencent CEO Pony Ma became the richest man in China . [Google Scholar] Vera, D.; Crossan, M. Strategic leadership and organizational learning. The Oxford Dictionary defines agility as the ability to move quickly and easily, which is the foundation on which Ma built the business. (sometimes unknowingly) work on variations of the same product lines, can create waste. In Hong Kong, he has a rebuilt palatial mansion of 1,820 m2 (19,600 sq ft). If Tencents success in the early 2000s lets call it Tencent 1.0 was due to replication, that of Tencent 2.0 was down to incremental innovation. A self-confessed geek who trained in computer science, he knew about the tech people wanted to use. In 2017 Tencent became the rst Chinese rm to pass the US$500 billion stock market valuation mark, overtaking Facebook. In June 2004, Tencent raised nearly US$200 million in the capital market [94]. He is the son of Ma Chenshu and Huang Huiqing. It is the same that causes people to wantna be poets instead of bankers, and I think this is a wonderful thing. Wang Dan-ting is the wife of one of China's richest men, Ma Huateng, the founder of Tencent and QQ. Google was started in 1998 in Menlo ParkCalifornia, USA. Updates? [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 leader has grown Tencents using transformational leadership style, which is also in line with his vision in the direction of continuous innovation, encouraging employees to experiment and has provided a unique model to inculcate the innovative spirit. 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. Think of Apples iPhone, which rolled the iPod, cell phone and web access into a single device. Ma Huateng, (born October 29, 1971, Chaoyang, Guangdong province, China), Chinese business executive who was cofounder and CEO (1998- ) of Tencent Holdings Ltd., one of the world's largest Internet companies. Liqing Zeng looked like a boss and thats why we asked him to take care of sales and marketing. During the 2014 Chinese Lunar New Year celebrations, Tencent built on the ancient custom of giving red envelopes lled with money to boost trac on WeChats mobile payments platform. Let China's internet giants tell you", "Ma vs. Ma: The most expensive house in Hong Kong belongs to one of China's internet kings - but is it Jack or Pony? Tencent made over $56 billion in revenue in 2019, alone. Net Worth $67.5 billion (As of March 01, 2021) Ma Huateng's Assets: Tencent Holdings. Now is the time for our government, enterprises, academic and research institutions to work together to change the status quo. Speed You must be a registered user to add a comment here. First, the ubiquitous messaging app WeChat. 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. Leadership style and approach Ma Huateng pursues the leadership styles which aids in running his company in a successful way. By partnering with Silicon Valleys favoured few, Tencent can enjoy exclusive invitations to the global party. [38], In 2016, Ma transferred US$2.3 billion worth of his personal Tencent shares to his charitable foundation, the Ma Huateng Global Foundation (). 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]. The first chosen location was Menlo Park, in New Jersey. In 1993, he graduated from Shenzhen University with a Bachelor of Science in computers and applied to engineering. His famous 10/100/1,000 rule reinforces Tencents user-rst philosophy. Tencent, which owns a stake in. Jack Ma. Website: Biographyscoop.com 2.2.2. 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. [31] In December 2000, Ma changed the name of the software to QQ (with "Q" and "QQ" used to stand for the word "cute").[35]. Jack Ma, the former English teacher who founded Alibaba, is the antithesis of his namesake: fting world leaders, setting bold targets and his penchant for shooting from the hip leave his minders. He was born in the Chaoyang District of Shantou, China, on October 29, 1971. Zhang set up an autonomous unit in Guangzhou, away from the Shenzhen headquarters. Pony is Mas nickname, which comes from the English version of his surname Ma, which means horse. Ma is known for his reclusive lifestyle and rarely appears in the public. Innovation has nothing to do with how many R&D dollars you have. Ma Huateng is currently worth $64.6bn surpassing Zhong Shanshan who is currently at $62.5bn according to the Bloomberg Billionaire's index. If youve already registered, please log in. Googles beginnings were less humble than those of earlier Silicon Valley startups at the time, because the two founders were able to initially raise US$1 million US dollars [49]. Openness also means sharing. 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. Tencent CEO Ma Huateng, also known as Pony Ma, started out making $176 a month and now has a net worth of $45 billion. The definition of entrepreneurial leadership can be traced back to different theories about entrepreneurship [14], entrepreneurial orientation [15, 16], and entrepreneurial management [16]. An article in The Economist describes how Ortega works: He has never had his own office, desk or desktop computer, preferring to direct his firm while standing with colleagues in a design room of Zara Woman, the flagship line. Yang Huiyans riches evaporate as her Country Gardens stock plunges 84% amid real estate squeeze. 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. 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. Founders were two students of Stanford University, Sergey Brin, and Larry Page [48]. How has he created the capacity to pivot in anticipation of and response to changes? Ma said in December 2015 that Tencent would open a internet hospital in Wuzhen to facilitate long-distance diagnosis and pharmaceutical delivery. And I think that same spirit can be put into products. [10] Ma was a deputy to the Shenzhen Municipal People's Congress and a delegate in the 12th National People's Congress. Bill Gates clearly fits in the description of an innovator, a pioneer, and a supporter of organized learning and growth [45, 67, 71, 72, 73]. 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. Inditexs supply chain operations focus on three aspects: maximizing resources used, minimizing inventory, and minimizing lead times [78]. Tencent, which owns a stake in U.S. videogame company Epic Games, is one of the largest videogame publishers in the world. Ma Huateng Leadership Style Ma's management style shifted from transactional to transformational leadership. On the opposite, transactional leaders, which frequently are less successful in terms of outcomes [5], usually adopt four possible approaches which are (1) contingency rewardrewards in exchange of support, (2) management by exception (active)monitoring and just acting when a corrective deed is necessary, (3) management by exception (passive)no monitoring and just acting when a corrective deed is necessary, and (4) laissez faireleadership avoidance [6, 7]. Besides, the analyzed variables are not quantitative in nature. 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. Rudy Ma, the founder of financial services company Yuanta Financial Holdings, died Tuesday evening at age 82. Then, other manufacturers of IBM-compatible PCs also turned to Microsoft in search of its products. Also called the "authoritarian style of leadership," this type of leader is someone who's focused primarily on results and team efficiency. https://www.britannica.com/biography/Ma-Huateng. The option of the multi-case approach for the testing is the most fitting in the explained context, given the limited number of possible samples and the unquantifiable nature of the analysis. So, its big. Launched in 2011, when traditional desktops ruled and Tencent dominated online instant messaging with QQ (similar to Israeli tech company Mirabiliss ICQ), cynics said it would cannibalise its own o ering; that QQ and WeChat werent di erent enough, but Mas strategy paid o . Inditex ranked 67 in the global top 100 as per market capitalization [29]. Ma has almost completely disappeared from public view after Chinese regulators shut down his fintech company Ant Groups IPO in late 2020. Including the selection of cadres, the character is very important. Based on our data team's research, Ma Huateng is the Tencent's CEO. In a way, it almost doesnt matter what youre passionate about [75]. It has stakes in electric car maker Tesla and music-streaming service Spotify, which in turn has a stake in its Tencent Music. Back in 2016, he reportedly . In 2016, Apple ranked number 1 in the world in terms of market capitalization. And how do we create it? After the AOL case, Ma decided to expand the business portfolio of Tencent. On being an innovator: Invention is not enough. Ma Huateng expressed that our basic research in science and technology is still weak, and we don't have many unique innovations. On this Wikipedia the language links are at the top of the page across from the article title. An interesting quote in terms of leadership styleas a paradigm of invention versus innovation in practiceis this one: In America, when you bring an idea to market, you usually have several months before competition pops up, allowing you to capture significant market share. Dev. Ma Huateng has built Tencent through transformational leadership behaviours, including his vision of continuous innovation, encouragement of experimentation, and modelling that innovative spirit. At an internal leadership conference, its creator, Xiaolong Zhang, put the products success down to simplicity and agility. First, they adopted BASIC, a programming language used at the time on larger computers, as the core of their work. 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]. The 46-year-old magnate shies away from the spotlight, preferring to lead rather decisively from the shadows. Xiaomis founder and CEO Lei Jun admitted that WeChat eclipsed his product because Tencent could release one or two versions every week. This leadership style shaped Tencent's market/hierarchy orientation culture and teamwork/innovation orientation culture respectively. Northouse explained, "Transformational Also, it would be of interest to investigate how the visionary leaders and disruptive-innovation-based environments interact with each other and why this type of leadership helps produce such outstanding results. In 2017 Tencent opened its rst data centre in Silicon Valley and announced plans for ve more outside China. Edisons role on the development of these technologies and later commercialization of them clearly qualifies him as visionary, innovator, and pioneer [18]. As PhD students, we found it difficult to access the research we needed, so we decided to create a new Open Access publisher that levels the playing field for scientists across the world. By 1869, he thought that he had made enough progress with a duplex telegrapha device capable of transmitting two messages simultaneously on one single wireand abandoned telegraphy for full-time entrepreneurship. 19. His proposal was based on reducing production costs by using less expensive materials and more efficient manufacturing systems. 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. The 46-year-old magnate shies away from the spotlight, preferring to lead rather decisively from the shadows. Pony Ma, the low-profile founder of tech giant Tencent Holdings, created a social media stir over the weekend by reposting an article on China's economy, an unusual breaking of silence by a . For us, it is important to choose a character, super emphasis on this one. Visionary leaders have clear, long-term visions, and are able to inspire and motivate others. How? Tencent started based on a revolutionary innovation, Internet-based QQ service. As Steve Jobs, Mas idol, once quipped, If you dont cannibalise yourself, someone else will. ", https://en.wikipedia.org/w/index.php?title=Ma_Huateng&oldid=1135733922, Delegates to the 12th National People's Congress, Delegates to the 13th National People's Congress, Short description is different from Wikidata, Articles containing Chinese-language text, Articles containing simplified Chinese-language text, Articles containing potentially dated statements from 2015, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 26 January 2023, at 14:49. Get started for FREE Continue. 2022 The Author(s). February 22, 2019. He is the founder, chairman and chief executive officer of Tencent, one of the most valuable companies in Asia, one of the largest internet and technology companies, and one of the biggest investment, gaming and entertainment conglomerates in the world. His father, Ma Chenshu, moved to Shenzhen to work as a port manager when Huateng was quite young. On being an inspirator: We look for people who are passionate about something. In 1956, Ohno visited the USA to learn their supply and inventory methods. We are still striving to create something really cool, trying to create things we couldnt even imagine without our new technologies. For instance, he described Toyota in the following way: The Toyota style is not to create results by working hard. Leadership. If your idea of a good time is a euphoric party, now is the time for Dominica. Chinese internet entrepreneur (born 1971), "Bloomberg Billionaires Index: Ma Huateng", "Pony Ma, the global strategist with deep pockets", "Tencent posts 69 percent jump in quarterly net profit; becomes the most valuable company in Asia", Investing in China: The Emerging Venture Capital Industry, "The 100 Most Influential People in the World", Biographical Dictionary of New Chinese Entrepreneurs and Business Leaders, Pg. (TIE) Zhao Changpeng (Canada) Bloomberg. [5], Speaking of censorship at a tech conference in Singapore, Ma was quoted as saying "In terms of information security management, online companies from any country must abide by a defined set of criteria, and act responsibly. On being a pioneer: Lots of companies dont succeed over time. Table 1 summarizes the findings on rankings associated with the four above-mentioned features. Ortega first applied this approach in a bathrobe business, Confecciones Goa, company that he founded in 1963. 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]. "[41], Ma uses the nickname Pony, derived from the English translation of his family name Ma (), which means "horse. They called the new search engine Googlea name derived from a misspelling of the word googol [48]. 2023 Forbes Media LLC. Regardless of age and background, users want clear, simple, natural, easy-to-use design and products. He is the founder, chairman, and CEO of Tencent, which is China's most valuable company. Its not about money. Later, Microsoft also played a key role in another emerging industry: gamingXbox [68, 69, 70]. And with Tencent, thats what they get. Steve Jobs leadership style & personality. Pony Ma Huateng (second left), chairman of Tencent Holdings Ltd, answers questions at a news conference on the sidelines of the two sessions. Always work hard on something uncomfortably exciting! 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