Entrepreneur Gain Business Insight From Dato Timothy Ong

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ENTREPRENEURS ought to be resilient and realistic when doing business.

Founder and chairman of Asia Inc Forum, Dato Timothy Ong recently addressed some 60 entrepreneurs to discuss key qualities that entrepreneurs should have.

The discussion, “Finding Resilience Amidst Economic Turbulence” was part of an event dubbed “INSIGHT: Business Networking and Dinner” organised by the Young Entrepreneurs Association of Brunei (YEAB) at the Raddison Hotel.

“It is the ability to continue to believe in yourself even when things are not going well. When facing setbacks, good entrepreneurs usually do not look for people to blame but put up to their (own) mistakes,” he said.

“It (resilience) goes hand in hand with being realistic. Being realistic means you have your big dreams and ambitions but you know exactly what is needed to be successful in the business.”

Despite the challenging business environment, said Dato Ong, it does not mean that there are no opportunities. 

“When there is very little growth, it doesn’t mean that there are no opportunities. It means that the odds are not as good and opportunities are scarce. Having said that, there are a lot that we can be thankful for, we have the cleanest air in Asia, strong sense of community, we have tranquility and stability which is the envy of the world,” he said.

“It is clear that the way forward, as the government of His Majesty The Sultan reminds us, is to diversify the economy by strengthening the private sector, promoting entrepreneurship and foreign direct investments. So, the direction I think is well established. The challenge we have is how do we get from here to a diversified economy?”

He further told entrepreneurs that they must bear in mind of the slow growth economy when making plans.“(The economy is) improving in a stable environment but there is still a transition challenge that we have to face. And until the challenge is faced, this will remain a slow growth economy.”

Dato  Ong also told entrepreneurs on the importance of doing and learning from mistakes in doing business.“Everything that I learned about doing business has been from doing, observing and learning from mistakes. If you want to do business, if you believe that being an entrepreneur is for you, there is no substitute for doing, observing and learning from mistakes. That was the best lesson that I learned…” he added.