Ma gave Zhang permission to go ahead despite other teams, including QQ, plugging away on similar products. Charismatic leaders emerge in times of instability, change, or crises, but many critics argue that charismatic leaders tend to forget the groups benefit and try to gain most of the attention for themselves. He is the founder, chairman, and CEO of Tencent, which is China's most valuable company. [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]. Evolution at Tencent means the capability to improve, self-correct and stay focused. The success of Inditexand H&M, its main competitoris ultimately based on a revolutionary innovation called fast fashion [77]. Mandi is an experienced writer on various topics with a passion for telling stories with words. He was born in 50 years old as of 29 October 2021. Since that time, the principle of lean manufacturing has been adopted by many firms and industries [84, 86, 87]. 19. As well as empowering younger employees to take the lead, Ma and his team put in place simple rules. 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. Ma now sits atop the worlds fth most valuable public rm, worth US$556 billion (402 billion). His passions kept changing over the time. 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 Inditex group is a multinational textile fashion retailer firm founded in 1985 in A Corua, Spain. Alibaba and Tencent have repeatedly clashed over the same turf. Think at London Business School: fresh ideas and opinions from LBS faculty and other experts direct to your inboxSIGN UP. 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. Inditex ranked 67 in the global top 100 as per market capitalization [29]. If your idea of a good time is a euphoric party, now is the time for Dominica. Microsofts initial success was based on one disruptive innovationpersonal computers and related software [66]. QQ and Facebook reigned supreme in the PC era and were modied to suit mobile. (with Q and QQ used to stand for the word cute). From the revenue distribution of Tencent in recent years, we see an incredible increase in FinTech and business services from 2018. Twitter: @BiographyScoop Afterwards, 80 percent of the company's revenue came from deals struck with telecom operators who agreed to share message fees. Ma Huateng Leadership Style Ma's management style shifted from transactional to transformational leadership. Tencent developed Paipai.com, a direct competitor to e-commerce giant Alibaba, in 2005 at Mas request. In 1993, he graduated from Shenzhen University with a Bachelor of Science in computers and applied to engineering. Ma believes that innovation follows the other six principles agility, openness, user rst, speed, resilience and evolution. 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]. Following the AOL lawsuit, Ma wanted to broaden Tencents business portfolio. Menlo Park hub was then succeeded by a larger laboratory in West Orange, New Jersey [53]. My job is to create a space for them, to clear out the rest of the organization and keep it at bay [46]. [Google . Ma himself was hailed by Time magazine in 2014 as one of the world's most influential people. On being a pioneer: Lots of companies dont succeed over time. Later, Microsoft also played a key role in another emerging industry: gamingXbox [68, 69, 70]. We are still striving to create something really cool, trying to create things we couldnt even imagine without our new technologies. Its headquarters is located in Shenzhen, China. 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. 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]. The companys influence on the Chinese market was immense. Nationality Chinese. In order to choose the specific companies or cases, disruptively successful firms, the following three criteria were applied: (1) the pool of chosen companies should be located in, at least, three different geographical realms i.e. 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. [19] Ma Huateng ranks fourth in the list of Forbes's China's 100 Richest, with a net worth of US$23.4 billion in December 2022. 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. After giving a quick review of state-of-the-art of the leadership research and theories [1], this chapter shortlists, briefly explains, and finally analyzes the candidate frameworks and chooses the apparently most suitable one. While its Western peers face further scrutiny on privacy, Tencent is less restricted. They dont have to unlearn bad habits. He believes in leading a transformational leading style by giving an affable environment to his employees. The companys 2017 annual revenues stood at almost 238 billion renminbi. Corrections? 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. Inditexs business model, which is based on flexibility and speed, requires a vertically integrated value chain that differs greatly from that of other competitors, like Benetton and Mango. Ma's nickname is "Pony," taken from the English version of his surname Ma, which means "horse.". Six years later, in 2005, Alibaba attracted the attention of Yahoo!, which bought a 40 percent stake. Ma Huateng - better known as "Pony Ma" - is the elusive founder, chairman and chief executive of China's titan tech rm Tencent. Publishing on IntechOpen allows authors to earn citations and find new collaborators, meaning more people see your work not only from your own field of study, but from other related fields too. [8][9] In 2018, he was named one of the "Most Powerful People In The World" by the CEOWORLD magazine. In 2003, Tencent released its own portal (QQ.com) and made forays into the online games market. WeChat hit most global markets in 2012. Ma Huateng (also known as Pony Ma) chairs Chinese internet giant Tencent Holdings. [34] With the pager market declining, Ma improved the messaging platform by allowing QQ users to send messages to mobile handsets. He is the founder, chairman and chief executive officer of Tencent, Asia's most valuable company, one of the largest Internet and technology companies, and one of the biggest investment, gaming and entertainment conglomerates in the world. 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. How Tencent CEO Pony Ma became the richest man in China . 2.2.2. Ma Huateng Overview CB Rank (Person) 260,188 Jobs Number of Current Jobs 1 Ma Huateng is the CEO at WeChat. We hope you enjoy our thought leadership. Formative years and academics The birthplace of Ma is Chaoyang, Shantou, Guangdong province. Agility Published Wed, Oct 23 2019 12:35 PM EDT Updated Tue, Feb 25 2020 5:06 PM EST. The second is to look at professional ability and coordination, intelligence and so on. In the case of entrepreneurial leadership, Gupta, MacMillan, and Surie came up with a list of 19 leadership attributes that appeared to be the most relevant [17]. Website: Biographyscoop.com Huateng is worth $55.66 Billion as of October 21 st, 2020. After his return to China, Ma founded China Pages, a website page developer for Chinese businesses. After the AOL case, Ma decided to expand the business portfolio of Tencent. [43] References [ edit] It is the same that causes people to wantna be poets instead of bankers, and I think this is a wonderful thing. 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. We lack people with dreams, who can die for those dreams; For most people, they see and believe. VR, AI you name it, Ma is buying stakes in it. In 1859, Edison quit school and began working as a train boy on the railroad between Detroit and Port Huron. [39] However Forbes has not decreased his net worth as the shares are still listed under his name. (26.8 billion). Creating back doors was a ring oence. Pages personality traits, like his introverted tendencies, may not fit the profile of a charismatic leader [55, 56, 58, 60], but he definitively does in that of a visionary leader. [38], In 2016, Ma transferred US$2.3 billion worth of his personal Tencent shares to his charitable foundation, the Ma Huateng Global Foundation (). Resilience is all part of Mas mission to face down internal and external attackers. A recurring leadership style in this paper is the transformational le adership style which, according to Northouse (2004), is "one of the current approaches to leadership that has been the focus of much research since the early 1980s" (p. 169). Thomas Edison ranks in the top of almost every list of all-time greatest innovators, pioneers, and entrepreneurs. Tencent CEO Ma Huateng, also known as Pony Ma, started out making $176 a month and now has a net worth of $45 billion. Ortega also is, as most of the previously analyzed leaders, an introvert. Skill based approach emphasizes the leader's technical, human, and conceptual. Visionary leaders are those who inspire extraordinary levels of achievement in followers through an inspiring vision and through other behaviors [2]. 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. In 2010 mobile use was skyrocketing: the surge was a new opportunity to exploit. Our editors will review what youve submitted and determine whether to revise the article. 5. However, he definitively qualifies as a visionary leader. Leadership style refers to the way the leaders represent their ways of running an organization. We have added your email address to our mailing list and we hope you enjoy our thought leadership. And how do we create it? Chaoyang, Shantou, Guangdong. Neat. Mas tolerance of failure is strategic. Under Ma s leadership, Tencent has moved into web portals, social networks, multi-player online games and e-commerce, making the company today an Internet powerhouse and China s number one brand. By 2015, QQ had 850 million monthly users [94]. The list of selected American corporations included the top five that could be considered disruptively successful firms as per the rapid growth: Apple, Google, Microsoft, General Electric, and Facebook [29]. At 49 years old, he is the Chairman of Tencent, a company listed amongst the biggest companies in the world by the . Ortega eats lunch with his employees in the company cafeteria. READ THE LATEST ARTICLE 16 Jan 2023 4 business administration skills every leader should have Ma Huateng November 30 2022 Review Non-Fiction Influence Empire can Tencent negotiate China's shifting political winds? Huateng is the chairman, founder, and CEO of Asia's most valuable company and also one of the largest internets and technology companies across the globe Tencent. Besides, the analyzed variables are not quantitative in nature. 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 is a Chinese business entrepreneur and oligarch worth billions of dollars. Omissions? 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 . [Nikola] Tesla invented the electric power we use, but he struggled to get it out to people. Visionary leadership style. By 1980, Gates managed to convince a large computer manufacturing multinational, IBM, to depend on Microsoft for every software related to personal computers (PCs). My goal is for Google to lead, not follow that [59]. [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. 10 principles for great leadership, according to Disney's Bob Iger. General Electric (GE), a multinational technology corporation, was founded by Thomas Alva Edison in 1889, in Schenectady, New York, USA. You must be a registered user to add a comment here. His proposal was based on reducing production costs by using less expensive materials and more efficient manufacturing systems. 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