The success story of Richard Liu Qiangdong is very unique. Unlike other successful entrepreneurs and leaders, his story is about learning from mistakes and turning failures into success. Richard knows how to persevere and his dedication to reaching his dreams is one of his strong notable qualities that makes him who he is today.
Born to a typical Chinese family engaged in a small business, Richard Liu Qiangdong was raised with a strong entrepreneurial spirit. When his grandmother was hospitalized, he wanted to help with the treatment and bills. So, he ventured into a restaurant business.
Since he was very busy he was only able to visit his business twice a week. His first venture failed but he learned a lot from this failure. He studied sociology in college but being competitive in nature he also self-studied computer science.
Richard saw the potential of the computer during that time and to further learn about it he does computer coding as his part-time job. After college, he worked as a Japanese company engaged in distributing nutritional supplements. He stayed in the company for several years and held various positions.
He resigned in 1998 and opened his second business venture. JingDong, derived after his name and his ex-girlfriend’s name was located in Beijing at the heart of sprawling retail business in China. The competition was tough since most stores were selling cheap and OEC products.
But Richard Liu Qiangdong understood his market better. Instead of selling similar products, he offered exclusive, genuine, and high-quality items. Customers loved it and several years later, Richard opened 12 more stores scattered all over key places in China.
Not long after, the SARS epidemic happened in the Southeast Asian country. People were afraid to go out of their homes for fear of contracting the respiratory disease. Soon, stores and malls in China resembled ghost towns.
Many businesses closed including the 12 additional stores opened by Richard Liu Qiangdong. However, instead of staying broken-hearted because of his business’ closure, Richard realized that the present dilemma also presents an opportunity for him to still offer his products to Chinese consumers. This time, however, he has to use a different medium, that is through online channels.
This is how JD. com was founded. Now, the company is one of the largest e-commerce companies in China working with different industries and big brands all over the world. From a simple brick and mortar store JD. Com is now an empire, thanks to the determination of its founder Richard Liu Qiangdong the company is not only helping the economy but is also actively giving back to communities.
His LinkedIn Profile: https://www.linkedin.com/in/richard-liu-54849942/