Liu Qiangdong has built one of the world’s largest and most successful e-commerce businesses, but he has also experienced failure and learned from it. He built a restaurant near the campus entrance with the money he had earned from his employment as a computer programmer.
His inexperience in management and his naiveté caused him to place too much trust in his employees, who promptly exploited him. In the end, he had to shut the eatery down. When the restaurant failed in less than a year, it was mainly due to the theft of cash from the register and reimbursement forms they made up.
On the other hand, Richard’s drive to create JD stemmed from the knowledge he learned as a business owner. After graduating from Renmin University in 1996, Richard Liu continued his studies by completing an Executive Master of Business Administration degree at the China Europe International Business School. He began working at Japan Life, a manufacturer of herbal supplements, to gain experience in management. He ultimately worked his way up to Director of Computers and Service.
His next business venture, Jingdong, began life as a little stand in Zhongguancun in June 1998. When it first opened, Jingdong specialized in retailing magneto-optical instruments. He would not mess with his prices, but he guaranteed the genuineness and high quality of everything he offered.
In contrast, many neighboring stalls in the tech bazaar typically marketed fake goods at affordable pricing. Early on, the company experienced unprecedented growth, mostly because of Richard’s unwavering dedication to this business strategy. In just five years, it went from a single store to a full-fledged retail chain with 12 branches in Beijing, Shanghai, and Shenyang, generating almost $9 million in annual revenues.
Despite Liu’s enterprise starting as a network of electronics stores, the modern version of JD emerged in 2003. Many enterprises were shut down that year due to the SARS outbreak. Instead of viewing this as a setback, Liu viewed it as an opportunity to expand his business’s reach by promoting his products on online discussion forums. Visit this page for related Information.
Find more information about Richard Liu on https://www.bloomberg.com/billionaires/profiles/qiangdong-liu/https://www.crunchbase.com/person/qiangdong-liu