Ho Kwon Ping, 72, is the executive chairman of the Banyan Group.
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Building a business is not for the faint of heart, and many of those who dare to take risks share one trait: confidence.
This is according to hotel tycoon Ho Kwon Ping (72), founder and executive chairman the Banyan grouphospitality company with a portfolio of around 80 resorts and hotels in 22 countries.
The company, which is listed on the Singapore Stock Exchange, generated about S$328 million (about US$240 million) in revenue in in 2023.
Ho is also the executive chairman of the food and beverage manufacturing business Public Company Thai Wah as well as the founding chairman of the Singapore Management University.
He attributes his success in part to being headstrong from a young age.
“Stubbornness and self-confidence are linked. If you’re not, to some degree, stubborn … then you’re basically going to be a risk-averse person,” Ho told CNBC Make It. “You should [to be] a bit stubborn if you want to be an entrepreneur. You also need a little confidence.”
‘Know where the line is drawn’
But there’s a fine line between confidence and hubris, and while the former is important for starting and running a business, the latter can be a “recipe for disaster,” warns Ho.
“My wife said I’m the most optimistic person she knows, because I don’t succeed at everything [but] I still pick myself up and move on, so you need self-confidence. But if you have too much of it, it becomes arrogance. So you have to know where the line is drawn,” he said.
Create your own fantastic PR, but don’t take a word of it.
Ho Kwon Ping
Founder and Executive Chairman, Banyan Group
One common mistake with hubris is that it can lead companies or founders to “over-extend” or take on more risk than they should, but in business, conditions aren’t always favorable, he explained.
As an entrepreneur, “you always have to be prepared for the worst, because nobody will help you when it’s bad,” he added. Instead of thinking about how much money you can make when you start a new project or business, you should think about how much you can afford to lose, he said.
“Never get caught up in the arrogance of thinking you’re great,” he said. “The saying I use… is create your own fantastic PR, but don’t believe a word of it.”
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