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A Simple life of an Entrepreneur
A dreamer, an entrepreneur, a senior manager, a director, a business trainer, CEO coacher, Uni Lecturer, etc... an individual who dare to try new roles, new things, able to work in different environment and under tremendous pressure. Despite with vase experiences and good business networks, I had suffered huge business failure that leads me to realise the importance of continuous success. My articles focus on my philosophy and unique view of managing business and life.
To conceptualise a model or an idea requires lots of imagination, to put the concept or idea into practise requires lots of tests and refinements. I started business in 1994 when I still studying and lost around USD15, 000. When I was graduated as an Accountant and started the first post-graduate job in a MNC, my prior business knowledge help me to get promoted in one year time to become a Controller. Decided to run my own business at the end of second year, I rolled out IT business and at the same time finance & business consulting.
A second setback to me, this time I only lost USD10, 000. I learnt from last failure but ignore current challenges. Not dejected, I went for other ventures with some failures but eventually built a small wealth. Those past failures make me realised that just learning from failures cannot make me successful. I formed the idea of “simplicity” and share the idea to friends and employers since 2003 (nine years after I first started business). What I advocated then was “Daring” where I focused in building and growing businesses aggressively with clear direction and simple actions.
In 2004 I joint an IT software developing company where I created a business model and reposition the financial standing in such a way that it attracted investors (where one of the investors was a government body) to inject fund into the company at a value 20 times more than the paid-up capital.
I left the IT Company to look for other companies to exercise my expertise and I was recruited as a Financial Controller cum Business advisor to a Food Processing company in 2005. I created a robust sale channels for our products to leverage and increase sales 5 times without overheads increase. As the owner decided to retire, I also restructured the company to make it marketable. The company was sold at good price within 6 months of my engagement. I was handsomely rewarded for the transaction done.
As I accumulated some wealth, I started lending money to friends and entrepreneurs out of kindness, but I never realised how much I lent out only when they default repaying of about USD700, 000 during year 2008. All my saving gone and I had to restart all over again!
In mid 2006, I was engaged by a middle size company who planned to go for stock listing in 5 years time. I reported to Managing Director as the Financial Controller for the group and at the same time appointed as the CEO in a trading company within the group. I needed to ensure proper financial health for the group and meanwhile I was under pressured to produce result for the trading business. In the 2nd year, the group was not performing well and decided to hold back the stock listing exercise, my mission in the group no more valid and decided to leave in the end of 2008.
I suffered double setbacks (career failure and saving gone), I revisited my approach and realized that I missed out another “D” in my concept of “simplicity”, “Detaching”. Apart from the ability to grow business, we need to know how to detach you from the business. I did not detach myself (I was affected by emotions and engrossed in the business) which led me to wrong decisions made.
My current commitments do not allow me to start business again. I need to rebuild my wealth to a certain level before I can start business again. With improved “simplicity” concept, I went into full-time consulting work at the beginning of 2009 while looking for an ideal job. I successfully restructure a construction company to enable it to take up a project size 4 times larger than whatever projects it had in the past. I also designed and built a franchising model (legal, taxation, business model, and franchise contract) for a Pub company to run it franchising business.
In mid 2009, I engaged by a MNC as a Regional Manager to oversee the implementation of systems within the Asia South. The potential cross-culture conflicts, language barriers, global time zone mismatch, and huge red tape make the implementation complex. It further complicates the matter by the intention to deploy new management concept, culture, global systems and local systems at the same time. I had overcome challenges by applying the “simplicity” concept.
Coming to the end of 2009, I had made back USD80, 000 till date. I planned to start business in 1-2 years time. For the time being, I am so excited that about this “simplicity” concept and I am very eager to share the idea to people and decided to write to share the ideas.
About the Author
A dreamer, an entrepreneur, a senior manager, a director, a business trainer, CEO coacher, Uni Lecturer, etc... an individual who dare to try new roles, new things, able to work in different environment and under tremendous pressure. Despite with vase experiences and good business networks, I had suffered huge business failure that leads me to realise the importance of continuous success. My articles focus on my philosophy and unique view of managing business and life.
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