Jack Ma says this is the number one mistake that most startups make

"So people always have complaints; people who lose, who always have a lot of excuses - I don't have money, I don't have people, I don't have technology," said Ma, who stepped down as chairman of Alibaba this year.

Jack Ma is a classic rags-to-riches story. A former English teacher, Ma suffered multiple failures on his journey to establish Alibaba. After graduating from college, he applied to 30 different jobs and was subsequently rejected by all of them. Fortunately, just like his favorite movie hero, Forrest Gump, Ma kept on running.

"I think human being easily forget the mistakes. It’s always easy to forget about the terrible days. When things going good they always think that it will be better," said 54-year old Ma.

According to Ma, the key thing for startups is to offer best services and products to their customers and stop chasing the valuations game.

"Nobody tell us about create value for the customers, nobody tell us how they should think about improving their products. Everybody is talking about valuation," Ma said.