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yoda
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| 02/04/2010 2:36 PM |
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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.
To find out more about the next Going Global series, visit www.ace.org.sg
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