The Tencent Group (HKG: $0700 ) has developed a good understanding of the consumer behaviour in the Chinese digital market after years of dominating the market - and also refined a rather unique business model. [30] He also worked for Shenzhen Runxun Communications Co. Ltd. () in the research and development department for Internet calling services. 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]. In the future, it would be interesting to conduct more targeted research that could, both, give more details on the profile and the role of these leaders in the stated context and further describe the associated leadership attributes. This style is applicable for the leaders in different sectors such as political, business, or even in religious sectors. Ortega eats lunch with his employees in the company cafeteria. 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. [43] He owns a redeveloped palatial residence of 1,820 m 2 (19,600 sq ft) in Hong Kong. Zhang was concerned that Kik or similar products could rival Tencents QQ. How? Nine is also a number in the range of similar studies conducted in the past. As a youth in A Corua, Galicia, in northwestern Spain, Amacio Ortega gained an entry into the garment business by working as a delivery boy for a mens shirt store and assistant in a tailors shop. Even for software as complicated as QQ, they still maintained the speed of releasing two to three versions every month. [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. In 2017, Fortune ranked him as among the top businessmen of the year. 2004, 29, 222-240. His father, Ma Chenshu, moved to Shenzhen to work as a port manager when Huateng was quite young. 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. Ma Huateng. And lets face it, with a market of almost 1.4 billion, the state economy is still ripe for the picking. Then again, innovation takes many forms. The trip meant to represent the culture of the . Then, his two roommates, Chris Hughes and Dustin Moskovitz, helped him add a few features and they made Facebook available to other universities [74]. Ma Huateng is a proponent of the Chinese Communist Party. Alibabas growth was fast. View our Privacy Policy to learn more. Leadership style refers to the way the leaders represent their ways of running an organization. (sometimes unknowingly) work on variations of the same product lines, can create waste. Its about the people you have, how youre led, and how much you get it [47]. 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. Effectiveness of leadership style. Inditexs supply chain operations focus on three aspects: maximizing resources used, minimizing inventory, and minimizing lead times [78]. 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. 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. At an internal leadership conference, its creator, Xiaolong Zhang, put the products success down to simplicity and agility. 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]. In the case of the selected framework, the results are the ones that tell if this choice was right. Tencents immense success made Ma, who was widely referred to as Pony Ma (the nickname was a play on his surname, which means horse in Chinese), one of the wealthiest individuals in China. However, 2years later, he closed his first company because of strong competitors such as Chinesepage [91]. Reflects change since 5 pm ET of prior trading day. Dear colleague, dear friend: these are the words that, both, Ortega and Steve Jobs, used in letters addressed to employees [81]. Later, Microsoft also played a key role in another emerging industry: gamingXbox [68, 69, 70]. We should not give up the dream of scoring stunning goals in the science and technology . Part of Mas deck-spreading strategy is to take Tencent worldwide, in line with the Chinese governments One Belt, One Road national grand plan. The participative leadership style is highly effective in achieving the business goals and vision of the organization. We lack people with dreams, who can die for those dreams; For most people, they see and believe. February 22, 2019. Tencent's market hierarchy and teamwork innovation orientation cultures were shaped by these two leadership styles, respectively. Plenty of seemingly bulletproof businesses Dell, HP, Kodak, Blockbuster have lost their edge by failing to adapt. Ma Huateng is the originator, CEO, and Chairman of Tencent Holdings Ltd. Microsofts initial success was based on one disruptive innovationpersonal computers and related software [66]. Based on this history, there is no doubt that Taiichi Ohno was a visionary, an innovator, and a pioneer [18]. 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 worlds largest Internet companies. 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. 2023 Forbes Media LLC. 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. This can be effective in some cases, but it can also lead to resentment from followers who feel like they are not being given a voice. 4 On China's 100 Richest 2021, Tencent CEO Ma Huateng Is Back On Top As Chinas Richest Person, Tencents Ma Huateng Overtakes Jack Ma As Chinas Richest Again Amid Coronavirus Lockdowns, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Jack Ma. So Ma created Seven principles agility, openness, user rst, speed, resilience, evolution and innovation to guide product creation. Two months later, one team presented WeChat, a text messaging and group chat software that was released in January 2011. UNITED KINGDOM, Leadership - Advancing Great Leadership Practices and Good Leaders, Leadership - Advancing Great Leadership Practices and Good Leaders [Working Title], Ranked in the list of the 20 most influential Americans of all times [, Ranked in the top of the greatest innovators of all times according to the Lemelson-Mit Invention Index [, Lean manufacturing, Just-In-Time (JIT), and derivative approaches created by Ohno are still currently used by a large percentage of manufacturing firms [, Industria de Diseo Textil, S.A. (Inditex). Ma Huateng is a Chinese business entrepreneur and oligarch worth billions of dollars. On his role as a supporter of organized learning and growth inside the organization: My job as a leader is to make sure everybody in the company has great opportunities, and that they feel theyre having a meaningful impact and are contributing to the good of society. In Hong Kong, he has a rebuilt palatial mansion of 1,820 m2 (19,600 sq ft). iPhones would belong to the category of revolutionary innovations [40, 41, 42, 43]. Zero-Covid rules, geopolitical tensions and a sliding yuan reshape Chinas growth outlook. Ma Huateng is a business magnate, an entrepreneur, an engineer, a philanthropist, and an investor. Here are further demographic highlights of the leadership team: The Tencent executive team is 50% female and 50% male. Since that time, the principle of lean manufacturing has been adopted by many firms and industries [84, 86, 87]. Take the use of ID cards in China. It has also partnered with Oracle as a way of expanding rapidly into software-as-a-service applications. Part of WeChats early success was its likeness to WhatsApp and Kik, designed for the smartphone. [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 has been compared to American investor Warren Buffett for their similar investment approaches, and often described as an "aggressive acquisitor". 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. (TIE) Zhao Changpeng (Canada) Bloomberg. 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. 5 On Chinas 100 Richest 2022 Despite A Drop In Wealth, Taiwan Billionaire Rudy Ma, Founder Of Yuanta Financial Holdings, Dies At 82, Three Of Chinas Richest Lose More Than $16 Billion In One Day As Stock Rout Hits Hong Kong-Listed Companies, Tencents Pony Ma Falls To No. 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). User first In 2004, the three partners moved to Palo Alto, California, where venture capitalist Peter Thiel invested in the firm. But Tencent came of age before mobile. 5 Princes Gate Court, Therefore, Googles initial success was not based on disruptive innovation, but rather on revolutionary innovationthe development of relevancy ranking in the search engine sector [49, 50]. Following the AOL lawsuit, Ma wanted to broaden Tencents business portfolio. Leadership style and approach Ma Huateng pursues the leadership styles which aids in running his company in a successful way. He gives importance to the ideas and strategies given by his employees. Rudy Ma, the founder of financial services company Yuanta Financial Holdings, died Tuesday evening at age 82. The concept of transformational leadership was introduced by James MacGregor Burns in his book Leadership [4] and then further developed in Transforming Leadership: A New Pursuit of Happiness [5]. The four models that were considered potentially suitable for a context of disruptive successtransformational, charismatic, entrepreneurial, and visionaryunderwent a further scrutiny in order to determine which one would better suit the context of disruptive success, as it is briefly described in the next paragraph. The rm supports a mind-bending number of apps directed at improving peoples everyday digital lives, including its own version of Uber, Didi Dache. Best known as the brains behind the WeChat messaging app and Player Unknown's Battlegrounds (PUBG), Pony Ma is a man who knows how to turn an idea into hard cash. Ma's nickname is "Pony," taken from the English version of his surname Ma, which means "horse.". Openness also means sharing. Skill based approach emphasizes the leader's technical, human, and conceptual. Ma believes that innovation follows the other six principles agility, openness, user rst, speed, resilience and evolution. He summarised seven deadly sins of product managers, saying that developers undermine their products by convoluting them beyond recognition: Spending core resources and time repeatedly on the optimisation of the obvious characteristics is basically the mania of novice internet entrepreneurs.. Ma studied computer science at Shenzhen University, where he earned (1993) a Bachelor of Science degree. Tencent provides mass media, Internet and mobile phone value-added services including web portals (QQ.com), social networks, popular instant messenger (Tencent QQ), online games, e-commerce, and series of . Bill Gates, Mark Zuckerberg. The three most common leadership styles include skill based, trait based, and behavior based approaches. They grouped the remaining attributes into two enactments and five roles that would help the analysis in case that this one is the chosen leadership framework [17]. The article Leadership theory and research in the new millennium: Current theoretical trends and changing perspectives [1] provides a review of the state-of-the-art research in terms of leadership research of the last two decades, including most of the theories and frameworks, except that of visionary leadership, which has anyway been included in the analysis [2]. Otherwise it might lead to hearsay, libel and argument among citizens - not to mention between countries. Again, Zuckerberg is as charismatic as Jobs or Edison [39, 45, 71, 72]. 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 . Superlatives attach themselves to Pony Ma and Tencent, the Chinese technology juggernaut the 46-year-old entrepreneur cofounded and leads as CEO. 18% of the management team is White. Its now vogue to call customers users. In 2003, Jack Ma created a new company, the consumer-to-consumer online marketplace Taobao (meaning Chinese in searching for treasure). While every effort has been made to follow citation style rules, there may be some discrepancies. Xiaomis founder and CEO Lei Jun admitted that WeChat eclipsed his product because Tencent could release one or two versions every week. In 1976, back in Silicon Valley, Steve Jobs and his former friend, Stephen Wozniak, worked on a computer design of their own, the Apple I [39]. 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. Resilience is all part of Mas mission to face down internal and external attackers. Ma Huateng November 30 2022 Review Non-Fiction Influence Empire can Tencent negotiate China's shifting political winds? The Inditex group is a multinational textile fashion retailer firm founded in 1985 in A Corua, Spain. This method required concentration of researchers and projects in one spot. For instance, he described Toyota in the following way: The Toyota style is not to create results by working hard. Its not about money. Menlo Park hub was then succeeded by a larger laboratory in West Orange, New Jersey [53]. He didnt have grand ambitions to build a great enterprise. From the revenue distribution of Tencent in recent years, we see an incredible increase in FinTech and business services from 2018. Feature comparison between studied firms and founders. Ma now sits atop the worlds fth most valuable public rm, worth US$556 billion (402 billion). The key leadership style of Ma Huateng is transformational, as he has been able to inspire his employees to achieve great things Autocratic leaders make all the decisions without consulting their followers. So, you can say Tencent not only helped Ma Huateng also known as Pony Ma to attain financial success, but it also . The other quality of a visionary leader, supporting internal growth, was clearly evinced by the way that he spoke about Toyota and its organizational style over the length of his career. 2.2.2. *Address all correspondence to: alberto.aba@gmail.com. On February 4, 2004, Mark Zuckerberg, a Harvard student, launched the facebook.com, a directory in which fellow students entered their information and photos into a template. Nine was the maximum number of samples in the list that allowed to keep a reasonable geographical balance across several geographic realms without mixing firms that were not really comparable in terms of size or level of achievements. [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. This is related to our culture. In that trip, he visited one of the supermarkets of the Piggly Wiggly chain [84, 85]. Jade Scipioni @JadeScipioni. Jack Mas decline in net worth to $20.6 billion follows his retreat from the internet business empire he cofounded. Ma Huateng has built Tencent through transformational leadership behaviours, including his vision of continuous innovation, encouragement of experimentation, and modelling that innovative spirit. 4. They called the new search engine Googlea name derived from a misspelling of the word googol [48]. Past attempts at breaking the international market alone havent fared well. Visionary leadership style. Evolution Larry Page met Sergey Brin when Larry entered the doctorate program at Stanford. For instance, the number was three in the case of the study Internationalization of small- and medium-sized enterprises: a multi case study [30], four, in the case of the study Competitive product-service systems: lessons from a multi-case study [31], and 10 in the case of the study Knowledge management critical failure factors: a multi-case study [32]. Tencent also create Qzone, which boasted 670 million monthly users by 2015 [94]. London, SW7 2QJ, This is a few principles for us to select talent [95]. No exceptions, said Bezos. [3][4][5] The company develops China's biggest mobile instant messaging service, WeChat, and its subsidiaries provide media, entertainment, payment systems, smartphones, internet-related services, value-added services and online advertising services, both in China and globally. Tencent also offers web portals, e-commerce, and multiplayer online gaming, among other things. 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