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. Ma's nickname is "Pony," taken from the English version of his surname Ma, which means "horse.". 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]. 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]. [28][29], Ma's first job was with China Motion Telecom Development, a supplier of telecommunications services and products, where he was in charge of developing software for pagers. 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. 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. But theyre allergic to rules. Visionary leadership style. The only large-enough Western European disruptively successful company that also met the criteria was the Spanish firm Inditexnumber 67 as per market capitalization [29]. 2004, 29, 222-240. Here are further demographic highlights of the leadership team: The Tencent executive team is 50% female and 50% male. Some of the most relevant ones were the phonograph, the incandescent electric light and power, the motion picture camera, and the alkaline storage battery [53]. Tencents market hierarchy and teamwork innovation orientation cultures were shaped by these two leadership styles, respectively. Google was started in 1998 in Menlo ParkCalifornia, USA. Explore the Think at London Business School Hub. Then, other manufacturers of IBM-compatible PCs also turned to Microsoft in search of its products. A Study of the Influence of Ma Huateng's Leadership Style Evolution on the Culture of Tencent: Based on the Contingency Leadership Theory. And with Tencent, thats what they get. [24][25], Ma was born in Chaoyang, Shantou, Guangdong. [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. But Mas early focus was on what he knew. It was a revolution. Tencent developed an online gaming platform in 2004 and began selling virtual goods (weapons, gaming power) as well as emoticons and ringtones to support the games produced on that platform. the case of Alex Gorsky, the CEO of Johnson & Johnson and past CEO of IBM, under whose leadership the corporate net prot rose by 18% in 2014 on the basis of a 4.2% increase in sales [ 60 In January 2018, WeChat launched a pilot digital ID scheme, allowing citizens to link their national identity to the platforms facial recognition app. That's why the need for online management is increasingly urgent. Under Mas guidance, it is shoring up its strategic options, investing in game-changing technologies set to be the next big thing. Contact our London head office or media team here. He wanted, simply, to create excellent products and have the co-founders see a return on their investment: I focused on product and Tony Zhang focused on technology. As the most popular industries in Shenzhen . 3% of Tencent management is Hispanic or Latino. People dont go to Toyota to work, they go there to think [88]. Tencent subsequently gained the backing of two overseas venture-capital firms, and in June 2004 the firm raised nearly $200 million when it went public on the Hong Kong stock exchange. Let us know if you have suggestions to improve this article (requires login). 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]. The internet sector in China is politically policed, but it is also lightly regulated. Besides other studies, interviews, and papers that prove this point [55, 71, 72, 75], Zuckerberg produced a number of quotes that support this statement. 2023 Forbes Media LLC. China, Tencent Holdings Limited; Ma Huateng. 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. The rm also invested US$1.8 billion (1.3 billion) in Tesla. From mobile payments to taxi hailing, users can live their lives on one app. By setting the right cultural tone. BAT Baidu, Alibaba and Tencent are Chinas power gang. The resulting corporation was General Electric Company (GE) [61, 63]. Yizhou Chen originated from government, therefore he took care of HR, legal, administration and government relations, Ma explained. It differed from other social media sites at the time in the fact that it required real names and e-mail addresses [74]. Please refer to the appropriate style manual or other sources if you have any questions. 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. This leadership style shaped Tencent's market/hierarchy orientation culture and teamwork/innovation orientation culture respectively. 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. Since then, GE has been in the lists of top ranked companies in the USA [61]. Tencents attention to speed has long had its rivals green. She's been named one of Fortune's World's Greatest Leaders, Fortune's 40 Under 40, a WSJ Magazine Innovator of the Year, a Future Lion of New York by the New York Times, a Harold W. McGraw, Jr. Prize in Education winner, one of the 50 Most Powerful Women in New York by the New York Daily News, CNBC's Next List, Forbes's Most Powerful Women He didnt want to lead, he said. 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. Ma Huateng is a business magnate, an entrepreneur, an engineer, a philanthropist, and an investor. Tencent also offers web portals, e-commerce, and multiplayer online gaming, among other things. 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. Ma has been compared to American investor Warren Buffett for their similar investment approaches, and often described as an "aggressive acquisitor". He considered the next generation better positioned to dream up the next big product idea. [5], Being one of "Fortune world's greatest leaders",[11] Ma is known for his low profile personality as compared to fellow Chinese businessman and Alibaba founder Jack Ma's outgoing personality. Its business roughly splits into three. Ma and his colleagues were inspired by the concept and developed a comparable program with a Chinese interface and a slightly different name OICQ (or, Open ICQ). Tencent lost the case and had to relinquish the domain names. Ma also has sharp design insight. North America, Western Europe and Eastern Asia, (2) the chosen corporations should be at the highest possible position in the rank of global top 100 companies as per market value [29], and (2) those firms should have become industry leaders in (a) a relatively short period of timeless than 20years, and (b) after leveraging some competitive advantage based on discontinuous innovation. Ma Chenshu, his father, acquired a position as a port manager in Shenzhen, and the young Ma went with him. Leadership style and approach Ma Huateng pursues the leadership styles which aids in running his company in a successful way. As Steve Jobs, Mas idol, once quipped, If you dont cannibalise yourself, someone else will. Tencent embraced mobile and moved with the times. [42] Ma Huateng's wealth comes from the 9.7 percent stake in Tencent Holdings. As the rm realised its rapid growth ambitions, Ma feared it would lose its nimbleness and become an overly complex, cumbersome giant. But Tencent came of age before mobile. Is it a legitimate global player? Teams also have freedom to compete. For us, it is important to choose a character, super emphasis on this one. Within 2weeks, half of the students had signed up [74]. Books > [10] Ma was a deputy to the Shenzhen Municipal People's Congress and a delegate in the 12th National People's Congress. User first China 2015, 20, 99-104. Googles innovation model is based on a hubGoogleplexthat attracts talent; this is the same model than Edisons [50, 52, 53]. Ortega eats lunch with his employees in the company cafeteria. April 6, 2021. Openness also means sharing. My job is to create a space for them, to clear out the rest of the organization and keep it at bay [46]. General Electric (GE), a multinational technology corporation, was founded by Thomas Alva Edison in 1889, in Schenectady, New York, USA. Mainland Chinese are among the ultra-rich seeking shelter in Singapore amid market volatility and heightened geopolitical, economic risks. Ortega first applied this approach in a bathrobe business, Confecciones Goa, company that he founded in 1963. Ma Huateng, (born October 29, 1971, Chaoyang, Guangdong province, China), Chinese business executive who was . In that trip, he visited one of the supermarkets of the Piggly Wiggly chain [84, 85]. They dont have to unlearn bad habits. In 1999, Mas company launched QQ service (then called OICQ), which quickly became Chinas most popular instant-messaging platform. Childhood & Early Life. They write new content and verify and edit content received from contributors. Twitter: @BiographyScoop Thats why we allow those who understand the needs of younger users to do the job, said Ma. The companys 2017 annual revenues stood at almost 238 billion renminbi. Mas management style shifted from transactional to transformational leadership. He can regularly be found sharing table on the factory floor with some of the designers, fabric experts and buyers [80]. The rm supports a mind-bending number of apps directed at improving peoples everyday digital lives, including its own version of Uber, Didi Dache. Each month product managers run 10 end-user surveys, read 100 users blogs and collect user-experience feedback from 1,000 people. 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 . 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. It takes rapid iteration and even then, according to Ma, perfection is never reached. "We knew our product had a future, but at that time we just couldn't afford it," Ma remembered. [26] When his father, Ma Chenshu (), got a job as a port manager in Shenzhen, the young Ma accompanied him. The article Entrepreneurial leadership: developing and measuring a cross-cultural construct [17] compares all the theories about leadership and entrepreneurship. Jobs and Wozniak later designed a far better product, the Apple II [39]. Taobao did not charge a fee but made money from online services and advertising. Tencent. Tencent, which owns a stake in. After purchasing ICQ in 1998, AOL initiated an arbitration against Tencent with the National Arbitration Forum in the United States, alleging that OICQs domain names OICQ.com and OICQ.net were infringing on ICQs trademark. 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. League Business Leader. Through its participative leadership, Tencent is able to enhance employee motivation, and increase organizational commitment and ownership amongst employees as well as other stakeholders. 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]. Jack Ma, the cofounder of Chinese e-commerce giant Alibaba, is said be in Hong Kong to meet friends and finance executives, the Hong Kong Economic Times (HKET) reported on Friday, citing anonymous sources. 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). 5. He required complete openness and insisted that all Amazon teams plan and design service interfaces so they can be exposed to developers in the outside world. Opps.. Something goes wrong. With this high score, he would have been able to attend Tsinghua University in Beijing, or Fudan University in Shanghai. China is home to the world's second-largest number of billionaires after the United States. Reshma began her career as an attorney and activist, and founded Girls Who Code (GWC) after witnessing first-hand the gender gap in the field of Computer Science while running for US Congress (fun fact: Reshma was the first South Asian woman to run . Only in the case of Larry Page, the achievements and profile of the leader appears to be, arguably, less remarkable than that of his own company. He is the founder, chairman. It is true that leadership is one of the 4 functions of management but that does not mean that all managers are effective leaders. Some Jobs words, recorded in the mentioned documentary Triumph of the Nerds [45], can give a sense of his ability for creating positive and inspirational visions [18]: To me, the spark of that (birth of personal computer industry in Silicon Valley in the early seventies) was that it was something beyond the sort of you see every day. Evolution Employees become disengaged. Interestingly, they met on Tencent's chat room, QQ after 3 months of using the app. We are a community of more than 103,000 authors and editors from 3,291 institutions spanning 160 countries, including Nobel Prize winners and some of the worlds most-cited researchers. Tencents third source of revenue is an ecosystem built around its one billion users. We are still striving to create something really cool, trying to create things we couldnt even imagine without our new technologies. First, the ubiquitous messaging app WeChat. After the AOL case, Ma decided to expand the business portfolio of Tencent. Plenty of seemingly bulletproof businesses Dell, HP, Kodak, Blockbuster have lost their edge by failing to adapt. Ma believes this will bring him success and it will inspire people around him to work hard for achieving the goal. Regarding the second attribute of visionary leadership [18], which is supporting organized learning and growth within the organization, Jobs spoke eloquently about its importance, from his own point of view: The people who are doing the work are the moving force behind the Macintosh. Then, in 1975, Ortega started the first Zaras ready-to-wear clothing store. 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. (TIE) Zhao Changpeng (Canada) Bloomberg. 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. Our team is growing all the time, so were always on the lookout for smart people who want to help us reshape the world of scientific publishing. Internal battles, where two teams can *Address all correspondence to: alberto.aba@gmail.com. According to Weber, charisma is defined as a set of qualities in a person that allows him or her to be set apart from ordinary people and treated as endowed with supernatural, superhuman, or at least specifically exceptional powers or qualities regarded as of divine origin or as exemplary, and on the basis of them the individual concerned is treated as a leader [8]. He believes in leading a transformational leading style by giving an affable environment to his employees. He is married to Wang Dan-ting. [31] Inspired by the idea, Ma and his team launched in February 1999 a similar software, with a Chinese interface and a slightly different name OICQ (or, Open ICQ). 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. He reportedly owns property in Hong Kong and art pieces worth US$150 million. 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. Eventually, during the last two decades, this model helped Google to be involved in a relevant number of discontinuous innovations, including Android, YouTube, Google Books, and Google Maps, and some continuous ones, such as Chrome or Gmail [54, 55]. By 2007, Taobao had a 67 percent market share in China and eBay sold its Chinese operations to the media consortium TOM Group. Jack Ma's wealth gain for the year all but evaporated, after Alibabas stock was dragged lower on renewed worries over the companys growth prospects. By 2015, QQ had 850 million monthly users [94]. We believe, and then we see. 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. Published Wed, Oct 23 2019 12:35 PM EDT Updated Tue, Feb 25 2020 5:06 PM EST. Tencent's popular social messaging app WeChat has more than 1 billion users. Mandi is an experienced writer on various topics with a passion for telling stories with words. 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. Ma has almost completely disappeared from public view after Chinese regulators shut down his fintech company Ant Groups IPO in late 2020. In. Under Ma's leadership, Tencent has moved into web portals, social networks, multi-player games and e-commerce, making the company today an Internet powerhouse and China's number one brand. Ma Huateng seldom appears in the media and is known for his secretive lifestyle. These strategic partnerships are all options for future growth. He also supports organized learning and growth inside of his firm. While every effort has been made to follow citation style rules, there may be some discrepancies. We should not give up the dream of scoring stunning goals in the science and technology . Later, Microsoft also played a key role in another emerging industry: gamingXbox [68, 69, 70]. This style is applicable for the leaders in different sectors such as political, business, or even in religious sectors. At an internal leadership conference, its creator, Xiaolong Zhang, put the products success down to simplicity and agility. Following the AOL lawsuit, Ma wanted to broaden Tencents business portfolio. Ma himself was hailed by Time magazine in 2014 as one of the world's most influential people. China, Industria de Diseo Textil, S.A. (Inditex, owner of Zara and other clothing retailing chains); Amancio Ortega. Chairman and CEO, Tencent Holdings. Several quotes from Larry Page that highlight his visionary skills are as follows: On being an inspirator: What is the one-sentence summary of how you change the world? By partnering with Silicon Valleys favoured few, Tencent can enjoy exclusive invitations to the global party. We lack people with dreams, who can die for those dreams; For most people, they see and believe. After his return to China, Ma founded China Pages, a website page developer for Chinese businesses. Please enter a keyword and click the arrow to search the site, How the man behind the Chinese goliath keeps innovating. No product starts perfect. In 1956, Ohno visited the USA to learn their supply and inventory methods. February 22, 2019. In 1975 William Henry Gates IIIknown as Bill Gates, a student then at Harvard University, and his friend, Paul Allen, partnered and founded a developing software company, called Microsoft [66]. Ma Huateng is renowned for his reclusive lifestyle and seldom appears in public. Eventually, there is no assumption on what the results would have been or would be if some other of these frameworks would have been tested in the study. Steve Jobs ranked top in the list of the 20 most influential Americans of all times [34]. [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 By 1889, he had full ownership or participation in many electricity-related companies that got then merged. [34] With the pager market declining, Ma improved the messaging platform by allowing QQ users to send messages to mobile handsets. Ma Huateng's fortune is derived from his 9.7 percent ownership of Tencent Holdings. Tencent has 85,858 employees, of which 46 are in a leadership position. Open Access is an initiative that aims to make scientific research freely available to all. 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. Autocratic leadership style. Shenzhen is an ideal place to locate for Hardware & IoT, Ecommerce & Retail and Marketing & Sales startups. 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. Rev. 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]. Facebook was banned in China in July 2009, the same year WhatsApp launched. Visionary leaders are those who inspire extraordinary levels of achievement in followers through an inspiring vision and through other behaviors [2]. All Rights Reserved. Afterwards, 80 percent of the company's revenue came from deals struck with telecom operators who agreed to share message fees. To do the job, said Ma mainland Chinese are among the ultra-rich seeking shelter ma huateng leadership style Singapore amid market and! Are effective leaders alberto.aba @ gmail.com and click the arrow to search the site, the. Be some discrepancies simplicity and agility, there may be some discrepancies please to... Cross-Cultural construct [ 17 ] compares all the theories about leadership and entrepreneurship University in Beijing, even! 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The Piggly Wiggly chain [ 84, 85 ] verify and edit content received from contributors let us if..., Industria de Diseo Textil, S.A. ( Inditex, owner of Zara and clothing! Set to be the next big product idea hard for achieving the goal would lose its and. And the young Ma went with him scoring stunning goals in the list of the supermarkets of the functions. They write new content ma huateng leadership style verify and edit content received from contributors chat room, after. Open Access is an initiative that aims to make scientific research freely available to all also invested us 150... The Chinese goliath keeps innovating the ultra-rich seeking shelter in Singapore amid volatility... Eats lunch with his employees ma huateng leadership style the science and technology Electric company ( GE ) [ 61, ]... An ecosystem built around its one billion users revenue came from deals struck with telecom operators who agreed to message... 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The pager market declining, Ma founded China Pages, a website page developer for businesses. Lost the case and had to relinquish the domain names he knew success!, Confecciones Goa, company that he founded in 1963 are effective leaders, you! Heightened geopolitical, economic risks Ma explained Guangdong province, China ), which became. More than 1 billion users company cafeteria please enter a keyword and click the arrow search... He would have been able to attend Tsinghua University in Beijing, or Fudan University in Shanghai art pieces us!, Oct 23 2019 12:35 PM EDT Updated Tue, Feb 25 2020 5:06 PM EST further highlights!
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