Leechie pop ovr to the bluesky exchange thingy where my leechie idol ms. Olivia Lum was the guest speaker! this is the first time tt leechie had the opportunity to hear her speak live! =)
I simply lurrrrrrrrrrrve the following quote tt appeared on the screen when they flashed the intro clip on Hyflux..."I cannot live my life without fulfilling my dream" ~ Olivia Lum, Group CEO, Hyflux
A poster-lady for entrepreneurship...Group CEO of Hyflux...former Nominated member of Parliment n holding several positions in the public service...sitting on the board of a number of companies...receiver of various other prestigous accolades...a name which requires no introduction...despite her success, ms. Olivia Lum came across as someone really unassuming n humble n really appreciative of the ppl tt she works with...she describes it as a stimulating experience with so many intelligent ppl working with her...well, i cant say the same for som of the gentlemen who were here tonite...the way tt they stared at a leechie made me feel really outta place...if they were there to learn from ms. Olivia Lum, i don't see y a leechie had no reason to b there -.-" there is no such thing as being female n too young for anythg -.-" i had enuf of all those MCP crap -.-" anyway, i'm really glad tt my leechie mum didn't bring me up to hav such narrow mindsets as certain individuals! -.-"
Back to the talk, Ms. Olivia Lum covered the importance of the 7Ps: Passion, People, Perservance, Patience, Partnership, Performance, P Factor...here r som short notes tt i took during her talk...apologies for the clumsiness...leechie aint a professional journalist...but u may also refer to the more eloquent journalistic version which was published in biz times tt i've added here...
First P is for Passion...she talked abt starting out her biz with only $20k...she had no $, no technology n no contacts...she started her entrepneurship journey based purely juz on her dream n passion...her dream to own her own biz drove her on...she shared tt the most difficult time was when she was working alone...at the start-up company stage...cos there was no one to look up to...in order to b successful in any field, one muz dream to do somthg...when u hav dream n passion...u start to hav ideas...(rem tt Jack Ma said somthg abt "Never ever give up ur dream!")
Second P is for People...cos without ppl, how r u going to grow ur company? u muz share ur vision to attract ppl of calibre...she talked abt how it was hard to convince ppl to join her initially cos hers was a small company...so she had to paint a big picture n kept telling ppl tt this is the kind of company tt can become big...n asked ppl to take risk to join her company for 1 year...when asked, she said tt this is the most impt out of the 7Ps...cos u can get inspiration n ideas from ppl...n without ppl, u cant do alot of things...
Third P is for Perseverance...u muz establish relationship with clients n ur ppl so tt they will identify to b part of ur company...she described how she stayed up overnite with her employees for an urgent job in Shanghai so tt she could motivate them n b part of them...to show them how tough they work for the company...ur staff will appreciate u being there with them...
Importance of patience for success...willing to wait years for success...but impatient for gloom n doom...need to b mentally n psychologically strong...n brainstorm how to overcome difficulties...
Partnership is impt...but we need to find suitable partners...the right partner who can contribute equally...a growing company shld not partner with too small a company which wanna leech off u -.-"
Performance - Execution is v.impt...aim is to hav zero failure...which also shows tt u r able to overcome any problems...
P Factor, as in, "Plus" Factor +
u muz hav somthg tt u can call urself competitive in this world...how to make urself more competitive? there r soooooooooo many ppl having similar things as u, so u cannot compete based on prices...every company need to hav the "Plus" Factor to go abroad...use ur Plus Factor (unique competitive factor) to win over mkt...what i understood from her sharing is tt...we muz hav our own competitive advantage n use this advantage to win!
P Factor, as in, "拼" Factor
As the hokkien saying "爱 拼 才 会 赢" goes...
To b competitive n hungry n go for the best!
She also shared how it was v.hard to get ur first customer...how to make it? when it was v.hard to convince Singapore companies to buy products from her cos they could deal directly with the supplier company instead...she went to Malaysia n sold her first product in JB...
Learnt thru experience n mistakes tt u made...it's thru trial n error...but u gotta ask urself whether u can afford this error or not...every marriage is a happy one in the beginning...can u withstand a breakup? if this is not going to work, bite the bullet n cut loss!
The importance of vision...when she was young, she told her teacher "One day i'll be doing v.BIG things...v.v.v.BIG things!"
2 big events tt gave her alot of opportunities...during the economic downturn in 1997, she was able to recruit alot of good ppl n enticed them with share options...during 1998-1999, they were doing so well tt DBS approached them to list the company...do u wanna grow ur company much bigger? listing her company...her shareholding in the company dropped from 100% to 75% before the IPO...n dropped to 50% after the IPO...n further diluted to 30+% today with all the placements etc...but it's a win-win situation for all =)
Biz is vibrant n u cannot stick to a set of rules...she refused to go to biz sch...branding ur company...as long as u r willing to share, do things tt ur shareholders n employees (stakeholders) like...(well, she's a great example of how one doesn't need to hav MBA to do BIG things n run a globally-competitive company! Kudos to my leechie idol!)
Overcome obstacles in the intial years...in the last 20 yrs, she has grown her company from a trading company to a technology one n now one with manufacturing capabilities...
Look at ur financial capability n realize which stage u r in...
if u don't hav $, do things which will help u to grow...
She talked abt how she started with only $20k...the first $5k went to 3 months rental of the office...after purchasing photocopier n office furniture n renovation etc, she was left with only $10k...so she approached the big n famous membrane companies here n became a freelance agent...so she did not need to hav her own brand then...n earned commission from the products tt she sold...when most local companies prefer to deal directly with the supplier n refused to buy from her, she went to Malaysia n later Indonesia...n started making $ in her 3rd n 4th yr...then she wanted to hav her own brand...so went to her uni prof n hired ppl to develop the technology...
Really appreciate her practical advice n sincere sharing of her experiences...definitely more interesting than any biz sch classes ;p i'm really glad tt i was there...to learn from her sharing =) it was definitely an evening well-spent! Now, i've managed to hear all my leechie idols speak live...except for Jay Abraham =)
Disclaimer: leechie doesn't own any shares in Hyflux n its affliates...btw, a banker asked Ms. Olivia Lum when would be the right time/price to buy into Hyflux...she told him to consult a crystal ball instead o.O"
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Business Times - 28 Jan 2010
Hyflux's success starts with passion
SEVEN 'P's.
That is the winning formula behind Hyflux's success.
At the inaugural 'Going Global' forum yesterday, Hyflux CEO Olivia Lum told a ballroom of business leaders that growing a company with an initial capital of just $20,000, to a globally competitive business, starts with passion first, above all else. And that's the first 'P' in her formula.
'When I first started out, I had a passion to run my own business. To be successful, you have to dream big,' she said at the forum held at the Meritus Mandarin Hotel, the venue partner, yesterday.
Secondly, it is important to find the right partners and employees who share the vision as the entrepreneurs. Then only can the company attract talented manpower to propel the business forward. That is the second 'P'.
On top of that, Ms Lum pointed out that perseverance, patience and partnerships are critical in seeing the business through difficult periods, particularly in the initial phase of overseas expansion.
In her case, she does not expect immediate results during the first three years in a foreign market, but certainly expects her staff to adopt a 'can do' spirit or in her own words, 'if you are sent to the country, you can only come back and tell me akan datang (coming soon)'.
And the last two 'P's are the performance and the 'plus' factor, which she defines as the value proposition which a company offers.
Later at the question and answer session, Ms Lum also touched on the discrimination she faces in some foreign markets, and her 'innovative' means of overcoming them.
For example, 'when I first went to China 15 years ago, I looked very young'. 'And in China, people respect the elderly. So you come to this market looking like a school girl, they give you a big discount.'
Ms Lum shared that as soon as she realised that, she roped in a 60-year-old retiree to helm the operations there, and businesses took off thereafter.
It was the same approach which helped Hyflux penetrate markets such as Algeria and Africa.
(http://www.businesstimes.com.sg/sub/news/story/0,4574,370019,00.html?)
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Interview by Business Times with Ms. Olivia Lum:
What advice would you give to women looking to build a successful enterprise today?
"I would give the same advice to any man or woman who wants to build a successful enterprise. One would need the '7 Ps' - passion, perseverance, patience, people, partnerships, performance and the 'plus' factor.
First, there must be passion for the business as passion drives one to do better each time. Perseverance and patience are important qualities as there will be many problems encountered in an entrepreneur's journey.
A successful business is not built by one person, which is why it is important to attract, hire and retain the right people for the company. Partnerships are important as a company cannot be good at everything or have the resources to do everything. Tapping on the strengths of others will enable one to accomplish much more. For instance when in a foreign market, one may require the help of a local partner regarding the local laws and business customs.
There must also be emphasis on performance as even a small mistake can be detrimental to a company's standing in the industry. And finally, there is the 'plus' factor, which is 'knowing one's strengths' and competitive edge over its rivals."
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A better version written by my leechie idol, ms. Elim Chew =)(http://www.straitstimes.com/SME%2BSpotlight/SME%2BBlogs/Working%2Btowards%2BSuccess/STIStory_486283.html)
Building a globally competitive company
Elim Chew, Founder and Owner, 77th Street
Feb 4, 2010 Thursday, 11:29 AM
77th Street's Elim Chew explains how she learned to build a successful global company.
I RECENTLY attended the ACE BlueSky Exchange, a collaboration between Action Community for Entrepreneurship (ACE) and The Business Times. This Going Global series features a number of chief executives explaining how they built up their companies' competitiveness and capabilities on a global platform.
In this first session, we got to hear from Olivia Lum, CEO of Hyflux International. She started in 1989 and has since grown her business from a $20,000 company to one worth $1.2 Billion.
Here are some valuable points I picked up from her on going global:
The 7Ps of a Globally Competitive Company
1) Passion
The first key that will ignite the fire is Passion. It is about having the passion to own my own business. When you have passion, you do something not because you have to but it is your dream that inspires you. To be successful in the field you need to have a dream and to take action. You can start to look out for ideas and find the spark to start the idea. When you spot something worthy of your pursuit, dream about it, visualize it and just go for it. Don't limit your boundaries. Think and dream big and grow beyond Singapore.
2) People
The next key is People. You will need people to help grow your Business. Get the right people and the right resources. How do you attract good people? Look around you. Establish relationship with people and find good people to join you. When you have good vision and goals, you will attract people to follow you. When it comes to going global, you will need professional people who have the expertise to help you develop and expand your business.
3) Perseverance
Venturing overseas especially to China can be tough. But challenges are inevitable where opportunities thrive. Perseverance with unwavering determination is the key to overcoming obstacles. On top of that, you need to personally feel the vibrancy of the country and have a better understanding of the culture in any market you want to go to.
No man is an island. We all need a team of people to support us, especially during difficult times. Being connected to your staff is necessary so they will know you are there to go through it with them.
4) Patience
Rome was not built in a day. If you want to build something big, you have got to develop patience for success. Take time to establish strong foundations and take progressive steps to see your dreams and visions realised. People who are impatient will try to look for shortcuts which is sure to lead to doom. Remember, good things are worth waiting for.
5) Partnership
The right partnership is important. Partnership can either propel you forward or hold you down. Find and create good partnerships where both partners are able to contribute their strengths and values equally.
6) Performance
Performance and results are everything. Having a vision and plan is good but execution of a project is the key to determining results. Resources are limited and time is precious. Do not tolerate pessimistic staff and work for zero failure. We can always find solutions and fix the problems.
7)"P" or "Plus" factor
Another key you will need to compete globally is the "Plus" factor or your unique competitive factor. Others call it the X-Factor. How can you stay competitive? Everyone has the same technology and products. What is unique about what you have? Know your personal and company strengths. Use them strategically to win the market competition. But also understand your weakness so that you can work on it and not let it hinder you.
As you plan and move forward, you have got to "ping" or "piah" (meaning 'strive' or 'give it all') to be in the forefront of the market. "Ai piah jia eh ya" - You will only win if you strive hard! As you strive together with your team of good people, they will give you inspiration for more great ideas to achieve success. During tough times, bite the bullet and be quick and decisive to cut your losses if does not work out!
Let's recap the 7 keys:
1) Passion
2) People
3) Perseverance
4) Patience
5) Partnership
6) Performance
7) "P" or "Plus" factor - your Unique competitive factor.
Hyflux has a very big macro vision: To cover every posibility regarding water and water use. Be bold and go for a big vision that is worthy of its cause.
Finally, count your costs. Know your financial capabilities and don't commit yourself beyond it. Whatever funds you have, you must know how to maximize them to keep on growing your company.
As you put your mind, heart and soul into applying these principles, you too, can realize your dream to build a successful global business.
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爱拼才会赢!!!
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