Ma is China's richest man, with a net . It was even risky, he thought, to rely too much on the founding team. Omissions? Ma Huateng. As a world, were doing a better job of that. Xiaomis founder and CEO Lei Jun admitted that WeChat eclipsed his product because Tencent could release one or two versions every week. Within 2weeks, half of the students had signed up [74]. February 22, 2019. As the most popular industries in Shenzhen . WeChat hit most global markets in 2012. In that trip, he visited one of the supermarkets of the Piggly Wiggly chain [84, 85]. For us, it is important to choose a character, super emphasis on this one. Tencent made over $56 billion in revenue in 2019, alone. Visionary leaders are those who inspire extraordinary levels of achievement in followers through an inspiring vision and through other behaviors [2]. Zero-Covid rules, geopolitical tensions and a sliding yuan reshape Chinas growth outlook. The trip meant to represent the culture of the . [43] He owns a redeveloped palatial residence of 1,820m2 (19,600sqft) in Hong Kong.[43]. First, they adopted BASIC, a programming language used at the time on larger computers, as the core of their work. Another researcher, Bernard M. Bass, expanded on Burns work by describing the psychological mechanisms behind transforming leadership. Then, in 1975, Ortega started the first Zaras ready-to-wear clothing store. [8][9] In 2018, he was named one of the "Most Powerful People In The World" by the CEOWORLD magazine. On being an innovator: People think innovation is just having a good idea but a lot of it is just moving quickly and trying a lot of things [75]. The other American companies ranked in-between in the original list were not disruptively successful ones e.g. In 1975 William Henry Gates IIIknown as Bill Gates, a student then at Harvard University, and his friend, Paul Allen, partnered and founded a developing software company, called Microsoft [66]. The resulting corporation was General Electric Company (GE) [61, 63]. Take the use of ID cards in China. Larry Page met Sergey Brin when Larry entered the doctorate program at Stanford. [Google . Its about the people you have, how youre led, and how much you get it [47]. Also called the "authoritarian style of leadership," this type of leader is someone who's focused primarily on results and team efficiency. At an internal leadership conference, its creator, Xiaolong Zhang, put the products success down to simplicity and agility. We hope you enjoy our thought leadership. Ma Huateng has built Tencent through transformational leadership behaviours, including his vision of continuous innovation, encouragement of experimentation, and modelling that innovative spirit. Alternatively, Call of Duty or Candy Crush might be the vehicle that realises the global ambitions. [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. The option of the multi-case approach for the testing is the most fitting in the explained context, given the limited number of possible samples and the unquantifiable nature of the analysis. Following the AOL lawsuit, Ma wanted to broaden Tencents business portfolio. Chinas central bank, however, clamped down on the pilot in February 2018. Tencent is among the largest video game, social media, venture capital, and investment corporations in the world [93]. As the rm realised its rapid growth ambitions, Ma feared it would lose its nimbleness and become an overly complex, cumbersome giant. [43] References [ edit] He immediately realized that the design of portals could be a great business opportunity in the yet-unformed Chinese market, especially in the business segment. 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]. Types of leadership styles. This model gave Ohno ideas on how to reduce inventory and simplify assembly lines [84, 86, 87]. An overwhelming percentage of the disruptively successful companies in the top 100 as per market capitalization are American and, mostly, they are located in Silicon Valley. Ma studied computer science at Shenzhen University, where he earned (1993) a Bachelor of Science degree. Openness Through its participative leadership, Tencent is able to enhance employee motivation, and increase organizational commitment and ownership amongst employees as well as other stakeholders. Internal battles, where two teams can In. Launched in 2011, when traditional desktops ruled and Tencent dominated online instant messaging with QQ (similar to Israeli tech company Mirabiliss ICQ), cynics said it would cannibalise its own o ering; that QQ and WeChat werent di erent enough, but Mas strategy paid o . According to Weber, charisma is defined as a set of qualities in a person that allows him or her to be set apart from ordinary people and treated as endowed with supernatural, superhuman, or at least specifically exceptional powers or qualities regarded as of divine origin or as exemplary, and on the basis of them the individual concerned is treated as a leader [8]. Open Access is an initiative that aims to make scientific research freely available to all. Later, Microsoft also played a key role in another emerging industry: gamingXbox [68, 69, 70]. 2023 Forbes Media LLC. Please refer to the appropriate style manual or other sources if you have any questions. Tencents market hierarchy and teamwork innovation orientation cultures were shaped by these two leadership styles, respectively. Chinese billionaire Jack Mas Ant Group won regulatory approval to boost the registered capital of its consumer finance unit by 10.5 billion yuan, a move suggesting progress in the fintech giants efforts to restructure its operations to satisfy authorities demands. 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. . A charismatic leader is a person, who has the ability to influence people and who, consequently, has some controlling power over them [9]. [28][29], Ma's first job was with China Motion Telecom Development, a supplier of telecommunications services and products, where he was in charge of developing software for pagers. To date our community has made over 100 million downloads. Tencent had grown to become Chinas top instant messaging service by 2004, prompting Ma to list the firm on the Hong Kong Stock Exchange. Ma Huateng is currently worth $64.6bn surpassing Zhong Shanshan who is currently at $62.5bn according to the Bloomberg Billionaire's index. 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. Younger employees understand what people want. Speaking at the Tsinghua Management Global Forum in 2016, Ma pointed to Tencents early days as a classroom for culture. Regardless of age and background, users want clear, simple, natural, easy-to-use design and products. After purchasing ICQ in 1998, AOL initiated an arbitration against Tencent with the National Arbitration Forum in the United States, alleging that OICQs domain names OICQ.com and OICQ.net were infringing on ICQs trademark. In China, you can have hundreds of competitors within the first hours of going live. In 2007, Alibaba.com raised US$1.7 billion dollars in its initial public offering (IPO) in Hong Kong [91]. Ma himself was hailed by Time magazine in 2014 as one of the world's most influential people. 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. Ohno observed then how customers picked up a number of items from shelves and, in turn, the supermarket quickly and precisely replenished them [84]. Shares of Ma Huateng's internet gaming giant rose 14% so far this year to the highest in two years, thanks to strong demand for its mobile games during coronavirus lockdowns. Some of the most relevant ones were the phonograph, the incandescent electric light and power, the motion picture camera, and the alkaline storage battery [53]. This chapter reviews relevant literature in order to identify the leadership framework and profile that may better characterize entrepreneurs and business leaders that eventually founded or developed disruptively successful firmspopularly known as unicorns. Next, the chapter describes a conducted multi-case study that demonstrates a strong correlation between the positive checkmarks in the selected leadership frameworkvisionary leadershipand the profile of the leaders of nine different international corporations that became industry leaders in less than 20years (Apple, Google, Microsoft, Facebook, General Electrics, Toyota, Alibaba, Tencent, and Inditex). Ma upgraded the messaging platform by allowing QQ users to send messages to mobile phones as the pager market declined. Jade Scipioni @JadeScipioni. An interesting quote in terms of leadership styleas a paradigm of invention versus innovation in practiceis this one: In America, when you bring an idea to market, you usually have several months before competition pops up, allowing you to capture significant market share. Bill Gates clearly fits in the description of an innovator, a pioneer, and a supporter of organized learning and growth [45, 67, 71, 72, 73]. So what can the rest of the world learn from the man behind it all? Our editors will review what youve submitted and determine whether to revise the article. Ma Huateng - better known as "Pony Ma" - is the elusive founder, chairman and chief executive of China's titan tech rm Tencent. The Chinese government overly supported Tencent as a edgling rm, it benets from Beijings block on Facebook, Twitter and Google, and, in return for help, captures ever more data, they would claim. Steve Jobs leadership style & personality. Ma is a member of the 5th Shenzhen Municipal Peoples Congress and the 12th National Peoples Congress, according to the official Tencent website. Facebook was banned in China in July 2009, the same year WhatsApp launched. Thomas Edison ranks in the top of almost every list of all-time greatest innovators, pioneers, and entrepreneurs. No product starts perfect. In 2010, Ma imitated Microsoft by forming two competitive engineering teams and assigning them the task of developing a new product. Exxon Mobil, Berkshire Hathaway, Wells Fargo, and Johnson and Johnson [29]. It is a system that says there is no limit to peoples creativity. Inditex produces a significant amount of its production in-house and makes sure that its own factories reserve 85% of their capacity for in-season adjustments [77]. What is the profession of Ma Huateng? Inditex currently owns famous brands such as Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home, and Uterqe. As Steve Jobs, Mas idol, once quipped, If you dont cannibalise yourself, someone else will. And how do we power our organization to really focus on that and really drive it at a high rate? [59]. After two months, one team presented an app for text messaging and group chat WeChat which launched in January 2011. Ma believes this will bring him success and it will inspire people around him to work hard for achieving the goal. Based on the streamlined approach to replenishment, Ohno devised the Toyota Production System, which is more broadly known as lean manufacturing or Just-In-Time (JIT) inventory system. Since that time, the principle of lean manufacturing has been adopted by many firms and industries [84, 86, 87]. Licensee IntechOpen. After giving a quick review of state-of-the-art of the leadership research and theories [1], this chapter shortlists, briefly explains, and finally analyzes the candidate frameworks and chooses the apparently most suitable one. 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. Reflects change since 5 pm ET of prior trading day. He considered the next generation better positioned to dream up the next big product idea. This is the first search effort that proves the link between the visionary leadership framework and firms that experienced disruptive successunicorns. In 2007, 2014,[6] and 2018, Time magazine named him one of the world's most influential people,[7] while in 2015, Forbes credited him as one of the world's most powerful people. 2022 The Author(s). Innovation is the result, not the cause, he says but it is easier said than done in a rm as big as Tencent. The new system made Toyota the car industry leader. Analysts estimate that more than two thirds of the almost 1.4 billion population use Tencent. Associate Editor, Encyclopdia Britannica. 3% of Tencent management is Hispanic or Latino. League Business Leader. [33], Since Tencent's prized service OICQ was offered free of charge, the company looked to venture capitalists to finance its growing operational costs. Ma now sits atop the worlds fth most valuable public rm, worth US$556 billion (402 billion). Ma Huateng , born on October 29, 1971), also known as Pony Ma, is a Chinese billionaire business magnate. London, SW7 2QJ, First, the ubiquitous messaging app WeChat. Leadership. 4. Tencent, which owns a stake in. Ma Huateng. Plenty of seemingly bulletproof businesses Dell, HP, Kodak, Blockbuster have lost their edge by failing to adapt. This is a few principles for us to select talent [95]. 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 world's largest Internet companies. 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. Part of Mas deck-spreading strategy is to take Tencent worldwide, in line with the Chinese governments One Belt, One Road national grand plan. Finally, Ortega saw an opportunity of appealing to a much broader audience by selling garment at extremely competitive prices. 2. Tencent CEO Ma Huateng, also known as Pony Ma, started out making $176 a month and now has a net worth of $45 billion. Unlike other studies [1, 2, 3, 30, 31, 32], the presented multi-case study focuses on a very specific business context: that of the creation of exceptionally successful firms such as Apple, Google, Facebook, or Tencent. The rm also invested US$1.8 billion (1.3 billion) in Tesla. Its hedging its future bets. Ma Huateng Overview CB Rank (Person) 260,188 Jobs Number of Current Jobs 1 Ma Huateng is the CEO at WeChat. We may process your personal information for carefully considered, specific purposes which enable us to enhance our services and benefit our customers. By late 2015 QQ had approximately 850 million monthly active users, and WeChata mobile instant-messaging app that was first introduced in 2011had some 650 million users. Think at London Business School: fresh ideas and opinions from LBS faculty and other experts direct to your inboxSIGN UP. (TIE) Zhao Changpeng (Canada) Bloomberg. Net Worth $67.5 billion (As of March 01, 2021) Ma Huateng's Assets: Tencent Holdings. [31] In December 2000, Ma changed the name of the software to QQ (with "Q" and "QQ" used to stand for the word "cute").[35]. Back in 2016, he reportedly . Over the last four decades, Apple has been involved and played a leading role in a number of disruptive and revolutionary innovations. The Oxford Dictionary defines agility as the ability to move quickly and easily, which is the foundation on which Ma built the business. Ma quickly embraced open-source software. She's been named one of Fortune's World's Greatest Leaders, Fortune's 40 Under 40, a WSJ Magazine Innovator of the Year, a Future Lion of New York by the New York Times, a Harold W. McGraw, Jr. Prize in Education winner, one of the 50 Most Powerful Women in New York by the New York Daily News, CNBC's Next List, Forbes's Most Powerful Women The described multi-case study found the four attributes that define visionary leaders (creators of a positive and inspirational vision; supporters of organized learning and growth inside the organization; innovators; pioneers) in the nine studied cases. Jack Ma, originally Ma Yun, (born September 10, 1964, Hangzhou, Zhejiang province, China), Chinese entrepreneur who was head of the Alibaba Group, which comprised several of China's most popular Web sites, including the business-to-business marketplace Alibaba.com and the shopping site Taobao.com. Resilience The original term transformational already implies the existence of some entity that experiences transformation, and it is not so suitable in the context of completely new startups [7, 19]. In a way, it almost doesnt matter what youre passionate about [75]. No exceptions, said Bezos. In 2004, the three partners moved to Palo Alto, California, where venture capitalist Peter Thiel invested in the firm. Elements of disruptive innovation can be found in at least four of the items in Apples list: personal computers, music distribution, tablet computing, and digital publishing. From the very beginning, General Electric adopted an innovation development strategy similar to Googles. Tencent chairman and cofounder Pony Ma Huatengwho was the No. Tencent's popular social messaging app WeChat has more than 1 billion users. The founders like to be simple and dont like to be politicized. 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]. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. 1. Ma Huateng is also the youngest amongst the first 15 multi-billionaires in the world. As the founder of the entertainment giant Tencent, Ma Huateng (or Pony Ma, as he's better known) ranks as one of the richest people on the planet. The success of Inditexand H&M, its main competitoris ultimately based on a revolutionary innovation called fast fashion [77]. As the biggest gaming company in the world, Tencent certainly has global reach, even if people dont yet know it. In 1999, Mas company launched QQ service (then called OICQ), which quickly became Chinas most popular instant-messaging platform. Jobs was raised by adoptive parents in Cupertino, Californiain Silicon Valley. 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Six years later, in 2005, Alibaba attracted the attention of Yahoo!, which bought a 40 percent stake. 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. Formative years and academics The birthplace of Ma is Chaoyang, Shantou, Guangdong province. By 1980, Gates managed to convince a large computer manufacturing multinational, IBM, to depend on Microsoft for every software related to personal computers (PCs). Leadership style refers to the way the leaders represent their ways of running an organization. Mas management style shifted from transactional to transformational leadership. 3. [12][13][14][15][16][17][18], As of January 2023, he has a net worth of US$43 billion according to Bloomberg Billionaires Index. The Inditex group is a multinational textile fashion retailer firm founded in 1985 in A Corua, Spain. These labels define a concept different than Christensens. Skill based approach emphasizes the leader's technical, human, and conceptual. April 6, 2021. He then worked in research and development for China Motion Telecom Development Ltd. before founding (1998) Tencent with several friends. Explore the Think at London Business School Hub. You need resilience to keep you on the ball. Ma Huateng's fortune is derived from his 9.7 percent ownership of Tencent Holdings. Tecent also operated the social networking site Qzone, which boasted more than 670 million monthly active users in 2015, making it the worlds third largest social network, behind only Facebook and YouTube. Tencent Holdings Ltd., also known as Tencent, is a Chinese multinational technology conglomerate holding company founded by Ma Huateng in 1998. Always work hard on something uncomfortably exciting! [59]. Employees become disengaged. After seeing a presentation for ICQ, the worlds first Internet instant messaging service, created in 1996 by an Israeli business, Huateng co-founded Tencent in 1998. General Electric (GE), a multinational technology corporation, was founded by Thomas Alva Edison in 1889, in Schenectady, New York, USA. 2004, 29, 222-240. Ma also has sharp design insight. VR, AI you name it, Ma is buying stakes in it. Facebooks initial success was therefore based on one single but relevant disruptive innovation: social media [71, 74]. 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. This reality implies that collective or organizational outputs may not always be prioritized or maximized, since that is not the main objective for this type of leaders [9]. How has he created the capacity to pivot in anticipation of and response to changes? 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]. [Nikola] Tesla invented the electric power we use, but he struggled to get it out to people. The second is to look at professional ability and coordination, intelligence and so on. Ma Huateng seldom appears in the media and is known for his secretive lifestyle. Founders were two students of Stanford University, Sergey Brin, and Larry Page [48]. Ortega eats lunch with his employees in the company cafeteria. Leader influence on followers Jack Ma was a charismatic leader that influences his follows; they used to find his a credible source of information so they trust every word he says. The software soon gained traction, with more than a million registered users by the end of 1999, making it one of Chinas most popular online services. (Co-founder and Former Executive Chairman of 'Alibaba Group') Jack Ma is a Chinese businessman, investor, and philanthropist. Ma quickly rose to the top of Chinas telecom business after the company raised $200 million in its IPO in June. [32], At Ma's behest, Tencent launched in 2005 the C2C platform Paipai.com (), a direct competitor to e-commerce giant Alibaba. However, less work has been done in terms of determining which frameworks would suit better some particular organizational outputs. Lulu Chen's book charts how the success of WeChat has placed Pony Ma's. Rev. And I think that same spirit can be put into products. He later managed a clothing store that catered to wealthy clients. Effectiveness of leadership style. Many other tech rms, such as Facebook when it acquired WhatsApp and Instagram, have legitimised internal competition. Based on the contingency leadership theory,this paper analyzes the leadership style of Ma Huateng and examines the impact of his leadership style evolution on Tencent culture.Ma's leadership style changed from transactional leadership to transformational leadership.These two leadership styles shaped Tencent's markethierarchy orientation culture Menlo Park hub was then succeeded by a larger laboratory in West Orange, New Jersey [53]. Still, Tencent has surged ahead and left national rivals like Baidu behind. Speed The article concludes that leadership style impacts corporate culture and that the evolution of leadership style has an impact on corporate culture change. As PhD students, we found it difficult to access the research we needed, so we decided to create a new Open Access publisher that levels the playing field for scientists across the world. Ma has been compared to American investor Warren Buffett for their similar investment approaches, and often described as an "aggressive acquisitor". How? Jack Ma. It is clear that Ma regularly uses a mix of Goleman's four important leadership style to create a positive climate within the Alibaba group. Let China's internet giants tell you", "Ma vs. Ma: The most expensive house in Hong Kong belongs to one of China's internet kings - but is it Jack or Pony? With this high score, he would have been able to attend Tsinghua University in Beijing, or Fudan University in Shanghai. Zhang set up an autonomous unit in Guangzhou, away from the Shenzhen headquarters. But Tencent came of age before mobile. In 2000, Ma turned to US investment firm IDC and Hong Kong's telecom carrier Pacific Century CyberWorks (PCCW) who bought 40 percent of Tencent's shares for US$2.2 million. Ultimately, though, the combination of Onhos leadership and revolutionary innovation transformed Toyota from being an average car maker in Japan to becoming the number one global leader. the case of Alex Gorsky, the CEO of Johnson & Johnson and past CEO of IBM, under whose leadership the corporate net prot rose by 18% in 2014 on the basis of a 4.2% increase in sales [ 60 Enjoy reading!! An important feature of Tencents dizzying success had been its ability to develop hot products quickly. Agility was their ability to do it. Based on this history, there is no doubt that Taiichi Ohno was a visionary, an innovator, and a pioneer [18]. 4. 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In 2014 as one of the Piggly Wiggly chain [ 84,,. 70 ] known for his secretive lifestyle growth outlook on which ma built the business Duty Candy... Behind transforming leadership in 1975, Ortega saw an opportunity of appealing to a broader. Candy Crush might be the vehicle that realises the global ambitions I think that same spirit can put. Social media [ 71, 74 ] GE ) [ 61, 63 ] success down to simplicity agility! Tencents market hierarchy and teamwork innovation orientation cultures were shaped by these two styles! And that the evolution of leadership style impacts corporate culture change work by describing the mechanisms... Was the no trip, he visited one of the students had up... Style refers to the way the leaders represent their ways of running an organization to simplicity and agility Tencent...