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Ho Kwon Ping, 72, is the executive chairman of Banyan Group.
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Building a business is not for the faint of heart, and many who dare to take the opportunity share one characteristic: self-confidence.
That’s according to hotel magnate Ho Kwon Ping, 72, the company’s founder and executive chairman. The Banyan GroupA hospitality 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 US$328 million (US$240 million) in revenue for the year in Singapore. 2023.
Ho is also the executive chairman of the food and beverage manufacturing business Thai Wah Public Company as well as the founding president of the Singapore Management University.
He attributes his success in part to being self-motivated from a young age.
“Studyness and self-confidence are related. If you’re not, to some extent, stubborn … then you’re basically going to be a risk-averse person,” Ho said. CNBC Do it. “You have to (be) a bit enthusiastic if you want to be an entrepreneur. You also need a bit of self-confidence.”
“know where the line is”
But there’s a fine line between confidence and arrogance, and while the former is important to getting a business up and running, the latter can be a “recipe for disaster,” warns Ho.
“My wife says I’m the most optimistic person she knows because I fail at everything (but) I still pick it up and keep going, so you need self-confidence. But if you have too much, it becomes pride, so you have to know where the line is,” he said
Create your own awesome PR, but never take a word for it.
Ho Kwon Ping
Banyan Group founder and executive chairman
A common mistake of hubris is that it can cause companies or founders to “over-extend” or take on more risk than necessary, but in business, the conditions are not always favorable, he explains.
As an entrepreneur, “you must always be prepared for the worst, because when things are bad no one will help you”, he added. Rather than thinking about how much money you can make when starting a new project or business, you should think about how much you can lose, he said.
“Never get caught up in thinking you’re great,” he said. “The saying I used to use is… create your own fantastic PR, but never believe a word of it.”
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