Ho Kwon Peng, 72, is CEO of Banyan Group.
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Building a business is not for the faint of heart, and many of those who dare to take a chance have one trait in common: self-confidence.
That’s according to hotel tycoon Ho Kwon Ping, 72, founder and CEO Banyan Groupa hospitality company with about 80 resorts and hotels in 22 countries.
The company, listed on the Singapore Stock Exchange, generated revenues of about 328 million Singapore dollars (about 240 million dollars) in 2017. 2023.
He is also the CEO of the food and beverage manufacturing business Tai Wah General Company As well as the founding president of the Singapore Management University.
He attributes his success in part to being stubborn from a young age.
“Stubbornness and self-confidence are related to each other. If you’re not a bit stubborn…you’ll basically be a risk-averse person,” Hu said. CNBC Make it. “You need (to be) a little stubborn if you want to become an entrepreneur. You also need to have a little self-confidence.”
“Know where the line is drawn”
But there’s a fine line between confidence and arrogance, and while the former is important for starting and running a business, the latter can be a “recipe for disaster,” he warns.
“My wife said I’m the most optimistic person ever, because I fail at everything (but) I still keep going and keep going, so you need self-confidence. But, if you have too much of it, it becomes arrogance, so you have to have it,” he said. To know where the line is drawn.”
Create your own great PR, but don’t believe a word of it.
Ho Kwon Ping
Founder and CEO of Banyan Group
He explained that one common pitfall of hubris is that it can lead companies or founders to “overextend” or take on too much risk, but in business, conditions are not always favourable.
As a businessman, he added, “You always have to be prepared for the worst, because no one will help you when things go wrong.” He said that instead of thinking about how much money you can make when starting a new project or business, one should think about how much you can afford to lose.
“Don’t fall into the trap of arrogance and think you’re great,” he said. “The saying I use…is create your own great PR, but don’t believe a word of it.”
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