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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 of those who have taken the risk have one thing in common: self-confidence.
That’s according to 72-year-old hotel magnate Ho Kwon Ping, founder and executive chairman Banyan grouphotel company with a portfolio of about 80 resorts and hotels in 22 countries.
The Singapore Stock Exchange-listed company raised about S$328 million (about US$240 million) in 2023 year.
Ho is also the executive chairman of the food and beverage company Thai Wah Public Company as well as the founding chairman of the Singapore Management University.
He attributes his success in part to stubbornness from his youth.
“Stubbornness and self-confidence are connected. If you’re not headstrong to some degree … then you’re basically going to be risk-averse,” Ho said CNBC Make It. “You have to (be) a bit headstrong 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 arrogance, 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 fail at everything (but) I still pick up and keep going, so you need confidence. But if you have too much of it, it becomes arrogance, so you need to know where the line is,” he said.
Create your own fantastic PR, but never believe a word of it.
Ho Kwon Ping
Founder and Executive Chairman, Banyan Group
One of the common misconceptions about hubris is that it can cause companies or founders to “overextend” or take on more risk than necessary, but business conditions aren’t always favorable, he explained.
As an entrepreneur, “you always have to be prepared for the worst because no one is going to help you when things go wrong,” he added. Instead of thinking about how much money you can make when starting a new project or business, you should think about how much they can afford to lose, he said.
“Never give in to the arrogance of thinking you’re great,” he said. “I use a saying… create your own fantastic PR, but never believe a word of it.”
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