Building a successful business has not been easy for the owner of JD.com, Richard Liu Qiangdong. He has undergone challenges that forced him to adopt a model of business that would assure him of his business continuity. This is because he once ran a brick and mortar business before he turned to electronic commerce. Richard Liu got his sociology degree from the Renmin University of China previously known as the People’s University of China. He also is an EMBA holder.
Unlike his peers who were interested in pursuing careers in the government offices, Richard Liu Qiangdong has always wanted to become an entrepreneur. He even went to the extent of starting a restaurant instead of concentrating wholly of his studies in the University. It was not surprising that the business failed because he could not manage the business effectively while still in school. The venture proved to be an important lesson for Richard Liu.
He was briefly employed after completing his college studies but in 1998, circumstances forced him to start his own retail business. His grandmother was ailing and he needed additional income to afford her medicine. He named the small computer accessories shop Jingdong. Richard Liu is a person of high moral principles that have also reflected in all his business engagements. He insisted on selling original parts and charging customers reasonable prices for them. By 2003, Jingdong was a chain of 12 shops.
Traditional model businesses were hugely affected by the SARS outbreak of 2003 including Richard Liu Qiangdong’s business. It is at this time that he decided to transform the business into an online shop that is accessible to customers at their locations and makes deliveries of the items purchased. This was the best decision that he ever made for the business and that which has currently made him the CEO of one of the most successful businesses in China.
Richard Liu Qiangdong is planning on using the success that the business has achieved in China to win other international markets. Right now they are working on improving the delivery of products to customers abroad. The ultimate focus of the initiative is to establish the business in other countries around the world
Visit his LinkedIn : https://www.bloomberg.com/billionaires/profiles/qiangdong-liu/