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Richard Liu Qiangdong’s Road To Success Made Simple

 

Richard Liu Qiangdong is a Chinese business magnate.

 

How did JD.com get the name of Jingdong?

When Jingdong was created in 1998, Richard Liu Qiangdong created the company’s name by morphing together him and his current wife’s names. Perhaps a business’ name isn’t as important as many people think it is, after all.

 

What did Richard Liu do before founding Jingdong?

Richard Liu Qiangdong first went to college at the Renmin University of China, located in the nation’s capital, Beijing, to study sociology. He completed the undergraduate-level program in 1996, then enrolled in a master’s degree program at the China Europe International Business School.

As soon as he graduated from the program, he started a restaurant – he tried to start a restaurant, that is. Although Richard Liu has proven his great business mind to the world time and time again over Jingdong’s 21-year lifespan, his first major business endeavor proved to be a major failure.

Throughout his time at the Renmin University of China and the China Europe International Business School, Liu picked up countless computer programming gigs as a means of earning money.

 

How did JD get started?

After leaving Japan Life, a respected health and beauty company, he was moved to create his own business. Mashing together his and his then-girlfriend’s name, Liu came up with the name of Jingdong.

Liu found a four-square-meter retail space for lease that was located in the middle of one of Beijing’s hottest shopping malls. Shortly after finding the prime storefront plot, he began selling computer accessories at Jingdong. The year was 1998. Refer to This Article to learn more.

 

Jingdong then grew for five consecutive years

Richard Liu Qiangdong fared objectively well as an entrepreneur, growing the small business of Jingdong into an enterprise by 2003. The business had 12 stores at the time.

Liu remembers the great SARS pandemic of 2003. Shortly after news broke of it hitting Beijing, where Jingdong operated, Liu wasn’t able to reliably keep all 12 businesses open because many employees were either sick or afraid of contracting SARS. In 2004, he founded JD.com and quit doing brick-and-mortar business.

 

See Also: https://www.crunchbase.com/person/qiangdong-liu

Richard Liu Qiangdong Is The Man Behind JD.com

 

The Genesis of Richard Liu Qiangdong

Richard Liu Qiangdong is a Chinese businessman who made his way to the top through hard work and dedication. Qiangdong always knew that he wanted to be an entrepreneur. He saw his parents work hard on their family business, and he decided that he wanted to own his own business as well. While still at the University, Liu Qiangdong decided that he was going to open up a restaurant. He sought out loans, and he started his business.

Unfortunately, Liu Qiangdong did not have any success in the restaurant industry, so he decided to get a job at a Japanese company. Liu Qiangdong was a dedicated worker, and he was able to work his way to the top in this company. While in the company, Liu Qiangdong learned valuable skills that would later help him to developed as a leader.

 

Making his Own Way

Richard Liu Qiangdong had no plans to work as an employee for all of his life. He wanted more. He had the idea to open up a store that sold optical products. He planned his departure from his employment, and he set out to open up his store. Go Here for additional information.

Within a relatively short period of time, Richard Liu Qiangdong was able to open up a total of 12 stores that where doing quite well. Things changed for Liu Qiangdong in 2003. There was a SARS outbreak that occurred in China, so Liu Qiangdong had to find an innovative way to sell his product without infecting his customers and his employees.

 

JD.com

Qiangdong had the idea to sell his products over the internet. Liu Qiangdong created an e-commerce platform, and he began to sell his products online. Within a short amount of time, Richard Liu Qiangdong was able to close all of his stores, and JD.com was selling a wide variety of items.

JD.com is now the largest e-commerce platform in China, and this company is able to reach almost 100% of the population of China. JD.com sells products that are high quality and affordable, and that is the reason why this platform has been able to become number one.

 

Source Article: https://www.thecasecentre.org/students/products/view?id=148717