Jack Ma, CEO of Internet giant Alibaba, was a teacher and a self-made entrepreneur. His favorite book is the "Daodejing" and according to his assistant, the book is always found on his desk.
Though not a business guidebook, the "Daodejing" offers insight on leadership and life skills which are relevant to both business and daily life. The book was written by Laozi in early 4th century B.C. and is considered one of the most influential philosophical books in the world.
On leadership, the book stated, "When there is not enough faith, there is a lack of good faith." Jack Ma has shown trust to the leaders in his company, and they have trusted him in return.
Alibaba is a great company run by trusted employees and Ma has gained management's confidence as well.
Another great lesson is "When the uncarved block shatters it becomes vessels. The sage makes use of these and becomes the lord over the officials." This lesson focuses on handling failures.
When Ma started China Pages, he failed miserably. Instead of letting this challenge consume him, he took valuable lessons from it and started a successful e-commerce empire.
Ma, in a speech given to his employees said "Actually, we're kind of dumb." He was downplaying his own intelligence and was showing his humility.
Aside from the "Daodejing" stating that one should know oneself, the book praises the value to knowing your limitations.
Laozi wrote, "He who knows others is clever, he who knows himself has discernment. He who overcomes others has force, he who overcomes himself is strong."
Ma's vision for Alibaba was to make a version of eBay and a be great in China. This was crucial as he built on his company and is the secret to its present success.
According to the book, "Have in your hold the great image and the empire will come to you."