Richard Liu Qiangdong is an entrepreneur who has come from a humble beginning to become one of the greatest e-commerce entrepreneurs today. The founder of JD.com gives excellent insights into how he ventured and achieved success in business. He is also the Chief Executive Officer of the company, and his insights can help upcoming entrepreneurs to succeed in their entrepreneurial journey. They can emulate his business strategies and end up performing well as he has done in running his businesses. His long journey to achieve entrepreneurial success started when he was in college. The venture was not that successful, and he shut down the business because he realized it was not heading in the right direction. When Richard Liu was growing up, he experienced various challenges because he did not come from a wealthy family.
Richard Liu was brought up by his grandmother, and because she was ill, Liu worked hard to get money to purchase medicine for her. His parents could not afford the medicine at the time. He did not look for a job because he wanted to focus on business. He knew the only best way to get financial freedom was through working hard in business and establishing a consistent income. He has tried various businesses like selling computers.
His physical retail stores were working well but China was hit by SARS, and it became a challenge for him. It was a challenge for his physical business because it is an airborne disease and you could get infected when you talk to someone who has the disease. Richard Liu wanted to protect his workers, and this is why he closed down his physical retail stores but decided to venture into a business which would run even when there was SARS. He came with JD.com and worked hard to make the business excel. His has used strategies like improved logistics to achieve a competitive advantage over other companies in China. They deliver their products even to remotes parts.
Richard Liu focused on establishing a business that would change the delivery of services and products online. They try to ensure they sell only genuine business online. The entrepreneur wanted to do away with the flooding of counterfeit products in China, and they are always committed to ensuring they deliver their products as ordered.
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