Daily Lessons from Life 04 March 2017 - Biz on its own, please!

"Businesses should work on the basis of zero govt grants: Entrepreneur Lim Soon Hock - CNA 04 March 2017

SINGAPORE: Lim Soon Hock is an expert in turning around companies in crisis. He is best-known for taking computer firm Compaq Asia Pacific from a US$30 million dollar company to US$1 billion. He did this as Vice President and Managing Director in seven years, between 1989 and 1996, three years ahead of schedule.

Over the years, besides being a CEO, technopreneur and private investor across industries like IT, air transport and education, he has been active in public and community service in organisations like the National Family Council, and the Halogen Foundation, which mentors young leaders and entrepreneurs.

Lim is currently the Founder and Managing Director of PLAN-B ICAG Pte Ltd, a boutique corporate advisory firm, and has made it his mission to turn other businesses around through restructuring, acceleration, mentorship, and technology incubation.

He went On the Record with Bharati Jagdish about what he thinks is wrong with the macro-economy, what is needed to help SMEs in Singapore and how he pulled off his first big success."

Mr Lim is a MNC guy. In those days, n today even, established MNCs made the person more than the person made the company. That said, there is no denying that he did grow Compaq Asia Pacific from USD30m to USD1b in 7 years.

His point abt SMEs must operate like there will be no funding from the government n find their own resources themselves. 

He is also right to point out the best products, services n/or solutions with the best processes, systems n technologies will fail without good competent n committed people to use n make them work! So, SMEs r being very short sighted if they refused to invest in learning n development of their talents. 

Crucially he mentioned the public servants who r given the budget to help SMEs r too risk averse n did not embrace the brutal truth that the successes rate of a start-up is 1 in 20. While SMEs should not expect handouts, the government would hv to do better n be more aggressive in giving assistance if they want to do it at all. 

Will the mindset change? Maybe. Regardless, u folks cannot afford to stand still as the rest of the world is catching up quickly. 

Good lunch Sgp Inc.