Ho Kwon Ping, 72, is the manager chairman of Banyan Group.
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Constructing a enterprise shouldn’t be for the faint of coronary heart, and lots of of those that dare to take the possibility share one trait: self-confidence.
That is based on lodge tycoon Ho Kwon Ping, 72, the founder and government chairman of Banyan Group, a hospitality firm with a portfolio of about 80 resorts and inns in 22 nations.
The corporate, which is listed on the Singapore Inventory Alternate, generated about $328 million Singapore {dollars} (about $240 million) in income in 2023.
Ho can be the manager chairman of meals and beverage manufacturing enterprise Thai Wah Public Company in addition to the founding chairman of Singapore Administration College.
He attributes his success partially to being headstrong since he was younger.
“Headstrongness and self-confidence are associated. In the event you’re not, to some extent, headstrong … then you are going to be principally a risk-averse individual,” Ho instructed CNBC Make It. “You want [to be] a bit headstrong if you wish to be an entrepreneur. You additionally want a little bit of self-confidence.”
‘Know the place the road is drawn’
However there’s a high-quality line between confidence and hubris, and whereas the previous is necessary for beginning and operating a enterprise, the latter will be “a recipe for catastrophe,” Ho warns.
“My spouse has stated I am the bloody most optimistic individual she’s recognized, as a result of I fail in all the things [but] I nonetheless decide up and go on, so that you want self-confidence. However, if in case you have an excessive amount of of it, it turns into hubris. So it’s essential know the place the road is drawn,” he stated.
Create your personal improbable PR, however do not ever consider a phrase of it.
Ho Kwon Ping
Founder and government chairman, Banyan Group
One frequent mistake with hubris is that it might trigger firms or founders to “over-expand” or tackle extra danger than they need to, however in enterprise, circumstances will not be at all times favorable, he defined.
As an entrepreneur, “you at all times should be ready for the worst, as a result of no person’s going that will help you when issues are dangerous,” he added. Reasonably than serious about how a lot cash you may make when beginning a brand new undertaking or enterprise, one ought to take into consideration how a lot they will afford to lose, he stated.
“By no means get caught by hubris into considering you’re nice,” he stated. “The saying I exploit … is create your personal improbable PR, however do not ever consider a phrase of it.”
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