Posts Tagged: small business

Richard Liu Qiangdong: The Self-Made Billionaire

Richard Liu Qiangdong is a Chinese entrepreneur who founded the most successful online retail business famously known as JD.com. He has been part of the transformation that is happening in the world of business of transitioning the traditional model of retail businesses to electronic commerce. The current net worth of his JD.com is in excess of $60 billion and Richard Liu wealth is over $11 billion. He is a sociology graduate and has an Executive Masters in Business Administration. JD.com has become a giant online company in China ahead of other competitors such as Wal-Mart.

While growing up, he observed his parents run a small sole proprietorship business of offering transportation services. Richard Liu Qiangdong engagement in a restaurant business when in college was an indication of his interest in entrepreneurship. Although it eventually failed, it taught him a number of lessons that have helped him grow in business.

After graduating from college he missed the chance of going abroad for lack of finances, he also did not want a government job as was the interest of his peers. Therefore, for some time he worked for a health products business but decided to open his retail business of computer accessories in 1998. It started as a small business but in a period of five years, Richard Liu had grown Jingdong to a chain of 12 shops.

Prior to SARS outbreak, he was not aware that there would be such a pandemic that would threaten the future of his brick-and Mortar business. When it happened in 2003, Richard Liu Qiangdong had to act fast to avoid making further losses since business had slowed down because there were fewer people visiting the shops. He made his mind to try his hand in e-commerce as a means to sell to his clients who were indoors because of the outbreak.

He renamed it to JD.com and after a short time, this new model of business proved to be a game changer. It became a favorite shopping site or customers because he was selling high-quality computer parts and at a fair price, unlike the other businesses that had counterfeits and charging customers exorbitant prices. As years go by, Richard Liu has continued to expand his business portfolio to include other products such as electronics, apparel among numerous other consumer products

Learn more about Liu : https://vivo.brown.edu/display/rl11