Richard Liu Qiangdong Talks about his Entrepreneurial Journey

He is the pioneer of an e-commerce enterprise based in China known as Richard Liu currently holds the position of CEO at the firm. The online store has been ranked first among the other players in the country in terms of the annual revenue. Liu has played a key role in the growth of which is currently valued at $57.6 billion. The businessman was recently reported to have a net worth of $11 billion by Forbes. One of the largest shareholders at is Walmart which has a 12% stake. As part of its objective of diversifying its portfolios, Liu’s company invested in the fashion industry through a partnership with Farfetch. The two firms have been operating in China for years and have gained a good reputation over time.

During the World Economic Forum, Richard Liu Qiangdong was interviewed to talk about his experience in the business world. He attended Renmin University where obtained a degree in sociology. At the university, he worked hard to perfect his computer programming skills. During his free time, he would work as a freelancer for various clients. When asked about how he came up with his business name, he revealed that the name was a combination of his name and that of his first girlfriend. Initially, his business was dealing with computer accessories and it operated several stores in China. Years later, he had to close all the stores due to the SARS epidemic that had affected thousands of people in the country.

One of his colleagues suggested that the company should open an online store. After some time, all the stores were re-opened on an online platform. The businessman realized that the business model was better than the physical stores as it incurred less logistical costs. Richard Liu Qiangdong started helping his parents to do their business which offered transport services at a young age. However, the business was not doing well and his grandparent was sick and they could not afford to take her to the hospital. Therefore, the main objective of starting his first venture was to help his family. During his college education, he opened a small restaurant but it failed as he did not have enough time after his classes to operate the enterprise.