In the business world, if the definition of success is "success in business", there will be many successful business people engaged in big and small businesses. However, a successful entrepreneur may not necessarily be a "respected" entrepreneur. In my opinion, an entrepreneur can be termed "successful" only if he is also well respected. I think this is what entrepreneurs would aim for.
I believe a respected entrepreneur should possess the following virtues:
- Trustworthiness
- Keep promises and undertake social responsibility
- Be sincere and humble
- Uphold justice
- In social work or charity
I think trustworthines is the most essential virtue for an entrepreneur. We must make it our motto. Doing business is a long-term venture. We have to be trusted by others so that they have confidence in us. As Hong Kong’s Mr Li Ka Shing has said, "You have to do it to the extent that even your enemies trust you and believe you won’t hurt them". This is the highest level of trustworthiness. If you can achieve this, then your goodwill will be naturally established, and you will be able to make friends who will help you in your businesses.
One of the important factors why our Parkson stores in China are doing relatively well is because we have established our hallmark of trustworthiness. Our Parkson stores guarantee the authenticity of all the merchandise in the stores. Any customer who can find any fake item in our stores will be rewarded with RMB 100,000. Hence, customers can be 100% confident of the merchandise sold in our stores.
In doing business, you have to keep your words and promises. No matter what kinds of scenario you may face, even very difficult ones, you have to stick to your promise. If you go back on your words, nobody will trust you in future.
The financial crisis in 1997 was a big challenge to us. Although we had foreseen the uncertainties and made certain preparations, we did not expect the gravity of the crisis which was far beyond our estimation. At that time, we were faced with foreign exchange losses, banks withdrawing their loans, market stagnation and high stocks. All these unfavourable elements contributed to our huge liabilities.
Fortunately, the banking sector had confidence in us as we had established our credit worthiness and kept our words over the years. I had also injected my family funds into the critical companies. The banks were willing to work with us and gave us a grace period so that our business could continue.
At that time, we could have made other choices, but I always believe that we must be responsible to the community and to our shareholders. We have overcome the difficulties gradually with this belief that we must pick up from where we fell and continue to strive on.
I have observed that the more successful the entrepreneurs are, the more humble and sincere they are. It is mainly those who make millions overnight who display their arrogance and presumptuousness.
You may have heard this story of the late Mr Lee Kong Chian who went to visit one of his rubber factories. As he was very early, the gate was not opened yet. The security guard in charge did not know who he was and refused to let him in. He waited patiently until the manager arrived. Mr Lee did not get angry or scolded the guard. Instead he praised the guard’s dedication to his job. | Mr Robert Kuok is also a very sincere and humble person. Although he is getting on in years, he still visits the government leaders in Malaysia and Indonesia during Hari Raya.
Mr Li Ka Shing also shows his humility with his comment:
"People everywhere have their self-esteem. Never hurt anyone’s self-respect, for it is very fragile". Mr Li also said: "Whatever you do, be tolerant and forgiving, because human beings make mistakes, we are not perfect. If we can forgive, just do so".
As you can see from the above comments, Mr Li Ka Shing is a most humble person who cares for the feelings of others and respects them.
I also admire Mr Li Ka Shing’s philosophy of not taking advantage of others. Sometimes he would rather give in to the benefit of the other party. As such, many people choose to work with him, providing land for his company to develop.
Justice is an essential principle in management. Whether it is in handling company or other matters, you have to strictly uphold the principle of justice, so that you can gain the respect of others.
In business, we always cooperate or go into joint ventures with partners. To be successful in joint ventures, besides the key factor of being sincere by both parties, upholding justice is equally important, especially where personal differences or conflicts may crop up. Otherwise, conflicts between the two parties may be intensified and get out of control.
As an entrepreneur, one’s achievements or accumulation of assets do not necessarily reflect one’s values. What is more important is what we have contributed to society, and what we are leaving behind for future generations.
As the Chinese saying goes: "You take from society, and you give back to society". This means returning to society what we have received or contributing to charity.
On our part, as stated in our corporate philosophy: "We are committed to make The Lion Group a caring organisation and be recognised for excellence in quality, growth and profitability". On this basis, we have set up two funds. The Lion-ASM Foundation awards scholarships and education loans, while the Lion Group Medical Assistance Fund provides financial assistance for medical treatment. Lion-ASM Foundation was launched in 1990 and has so far contributed RM 14.4 million. Lion Group Medical Assistance Fund started in 1996 and todate has given RM 4 million worth of aid. In 2005, in conjunction with our Group’s 75 Anniversary, we had held a Charity Gala dinner to raise funds for charity. We will continue to carry on with our Group’s social responsibilities.
To assess whether one is a successful entrepreneur or not, you may have your own criteria. However, to assess whether you are a "respected" entrepreneur or not, the criteria is set not by you yourself, but by the general public. It is only with the approval and recognition by the public that you can be deemed to be a respected entrepreneur. |