My business has been operating for many years. But like other entrepreneurs, I still experience difficulties in running the company. However, it is never an option for me to give up. That is precisely how I motivate my fellow entrepreneurs. Because simply giving up after one hard blow is ignoring everything, including your dream. I dreamt about success. But God has made me realize that success was not always based on the amount of money that one will earn after many years of hard work. Success is feeling satisfied with what you do because you know that you have become an instrument for the success of others. I am a business mentor/motivational guru and my main job is the help people reach their highest potential in building a successful business. It may seem easy to others because all they see is you saying positive things, words of encouragement to make someone push himself hard. However, I believe that if your heart is not in the job that you do and you focus only on the … [Read more...] about Business Mentor: Surviving the odds, grateful for life
Family business succession planning
From second left: Mrs Arinya, Mr Kitipong and Mr Sathit speak at the Forbes Thailand Forum 2019. (Photo by Varuth Hirunyatheb) Digital disruption and workforce management are challenges at the forefront of billionaire families' minds, requiring tycoons' successors to turn their skills towards administrative upheaval.On Thursday, Bangkok Post Plc held Forbes Thailand Forum 2019, "The Next Tycoons", attended by billionaires and influential business people. Piti Bhirombhakdi, director of Boon Rawd Brewery Group, said every business has to survive in the wake of global changes and they should be flexible enough to handle the changes. "The business cycle is moving to adopting digital things and new technologies, so digital disruption is an unavoidable threat," he said. "Instead of fearing it, we should adjust to handle the future situation because disruption has positive and negative aspects." Mr Piti said disruption could destroy businesses in which entrepreneurs … [Read more...] about Billionaires on digital changes and death
At six years old, when other children were perfecting their ABCs, Wendy Chen was learning about data structures from her father. He wasn't intentionally grooming her into a tech wunderkind. Rather, it was his creative solution to help her learn English. (The family had just uprooted from China to Canada.) "He used to write computer programs to teach me things. So my relationship with computer programming and artificial intelligence has always been very personal," shares 33-year-old Wendy. "My dad (who has a PhD in computer science) always talked about coding in terms of algorithms and the design of the systems rather than as a language itself. That's something I now take for granted." The exposure paid off in spades. Wendy eventually took what she learnt at home, and later at university, to work on Wall Street as a quant trader dealing with complex algorithms and trading strategies (just like in the Billions TV series.) In 2013, she set up Omnistream, a retail data analytics start-up … [Read more...] about Tech entrepreneur Wendy Chen is a woman with a game plan
FAMILY businesses are “stronger financially, have higher stakeholders, live longer and are more trusted by the public, Harvard Business Review says, a finding endorsed by Credit Suisse and EY. Despite superior performance metrics compared with non-family companies, family businesses don’t enjoy corporate longevity. One of the oldest FOBs worldwide is Hoshi Ryokan, a Japanese inn, founded in 718 and run by the same family for 46 generations. Other family business centurions are US-owned Hallmark Cards Inc established in 1910 and Germany’s KASTO Maschinenbau, a global sawing and storage technology specialist which celebrated its 175th birthday this year. Transience is the norm, for most family businesses. Only 30% of family businesses last into a second generation, 12% reach the third and a niggardly 3% get to the fourth generation and beyond, data by the Family Business Institute shows. Family businesses face unique management issues: separating family and work … [Read more...] about Yin and yang of family businesses
The beautiful, sun-kissed islands of our tourism paradise of the Philippines have the mixed blessings of abundant natural resources, fertile volcanic soil and also lots of natural disasters once in a while, such as earthquakes, volcanoes erupting, typhoons, and others. How can businesses — most especially the numerous micro, small and medium-scale enterprises (SMEs) — be prepared for any natural or manmade disasters? How can small enterprises and professionals survive calamities and accidents? The following is not based just on textbook research or interviews, but I personally suffered a destructive accidental fire in one of my businesses and it was caused by the fire from a next-door neighbor’s business (which had mysteriously been allowed to operate by the fire department without any fire extinguishers, while my staff had to use up to 13 units of 10-kilo and 20-kilo fire extinguishers). Here are suggestions for all of us: Review and be sure to update your … [Read more...] about How can small businesses & professionals prepare for disasters?