The Successful and Electric Richard Liu Qiangdong
Richard Liu, also called Liu Qiangdong, is the founder and owner of JD.com. He founded the company in 1998 and originally named the business Jingdong. The name came from joining his name with then-girlfriend’s name, Xiaojing. Jingdong sold magneto-optical products out of a four-square-meter shop in Zhongguancun High-tech Industrial Park.
Though Liu Qiangdong was surrounded by others selling counterfeit products, his shop thrived. By 2003, he had 12 four-square-meter shops throughout the city. The future looked bright until the SARS outbreak forced Richard Liu to rethink his business model. He watched several businesses around him close their doors forever and devoted himself to finding another way for his business to continue.
By 2004, Li Qiangdong moved his entire business online and added some more electronic products. The newly launched JD.com was a hit with customers, as Jingdong was a hit. In 2005, he closed his remaining brick-and-mortar shops and added even more products; this time, expanding beyond electronics.
As his company grew and reached millions, Richard Liu was surprised by his success. He’d come a long way since being a poor boy growing up in one of the most impoverished regions of China. When he first attended university, he wanted a career in politics. After experiencing the freedom and monetary benefits that came with business, he switched focus after earning a degree in sociology from Renmin University. Visit This Page to learn more.
Liu’s first taste of business came in the form of freelance work. He sharpened his computer programming skills to help pay for his grandmother’s treatment. He even earned enough money to buy his own restaurant, which was his first attempt at entrepreneurship. The restaurant failed miserably and Richard Liu ended up in debt and had to work at Japan Life, a health product company, for two years.
After paying off his debt, he founded Jingdong. Today, JD.com is one of the largest companies in China and worth over $60 billion. It has over 300 million customers, nearly the population of the United States.
More about Liu Qiangdong on https://www.crunchbase.com/person/qiangdong-liu