Turnaround Artist Shares Recipe For Business Success

Turnaround Artist Shares Recipe For Business Success

By CHEN HUIFEN

If he had a young child who was a scholar, Boustead Singapore CEO Wong Fong Fui would encourage him or her to join public service or a government linked company (GLC), instead of striking out as an entrepreneur.

'Perhaps, one day, he or she can also be paid as much as $10-20 million per year as salary/bonus without taking any risk,' he told BT in an email interview. 'Why take a chance when you may lose everything (as) an entrepreneur?'

That may sound strange, coming from a serial entrepreneur and a corporate turnaround king. But it hints at the odds that individuals must overcome when they choose the entrepreneur's path.

Mr Wong himself had his fair share of hardships during his entrepreneurial journey. A chemical engineer by training, he started his first company offering engineering services to the oil and gas sectors in the 1970s. With $30,000 pooled between himself and three other partners, he set off for Indonesia, rather than start out in Singapore first 'because there was no market for me'.

'I couldn't afford to stay in a hotel so I rented a room with no aircon and no fan,' he added. 'And every night, I had to negotiate the mosquitoes but that was not a problem since I had plenty of practice as a rubber tapper when I was young.

'The challenge was huge and the door narrow. I knew there was a big market with Pertamina and very little competition. But even then, Pertamina was a huge organisation with over 100,000 staff. I had six months to size up which of those 100,000 staff was the decision maker. This is where EQ is important.'

According to Mr Wong, he made a breakthrough only when he was down to his last few hundred dollars. 'Thereafter, the rest was history and I made my first S$1 million there.'

The man went on to start new firms in trading, property and construction and is also one of the key Singaporean players in the set up of Myanmar Airlines International, subsequently taken over by the state government. He then spent what he calls the 'second half' of his career turning around loss-making listed companies, including Sunshine Allied, QAF, EasyCall and Boustead, thereby earning himself a reputation as the turnaround ace.

At QAF, for instance, he turned its Gardenia business from a $8 million bakery to a $200 million brand with leading market share in Singapore and Malaysia in seven years. More recently, at Boustead, the engineering firm has been posting record revenue and profit, hitting $517 million in revenue in FY2009, from $64 million in 1996 when Mr Wong first joined the firm.

'Although it may sound like I experienced only success, much of what you see was built on failures in some businesses which then gave me the necessary insight and taught me valuable lessons which were applied to my later businesses,' he said.

Among the key ingredients critical for becoming a successful entrepreneur is the possession of a set of skills, said Mr Wong. Because with skills relevant to the business type, one can increase the chances of success, even without money. And if one fails, there's always those skills to fall back on if one chooses to go back to being an employee.

A keynote speaker at next Friday's Bluesky Festival, Mr Wong will be sharing his experiences as an entrepreneur and manager. Although he finds the entrepreneurial spirit in Singapore growing, it is still lagging behind that in Hong Kong and Taiwan.

'If you look at those markets, they differ from Singapore in one key aspect: there are hardly any government-linked companies competing against private sector,' he said. 'This key difference means that for the past few decades, MNCs and GLCs have been tasked with driving the economies in Singapore. The market in Singapore was not as conducive as that of Hong Kong and Taiwan in building entrepreneurial spirit.

'In addition, the most critical factor in the entrepreneurial spirit is risk reward ratio, which is clearly low in comparison with Hong Kong and Taiwan. Who wants to be an entrepreneur if you, as a young and highly qualified graduate, can achieve wealth without taking any risk of your own money by working for the government? The government's policy of paying civil servants well has a negative impact on entrepreneurial spirit.'

He is of the view that Singapore will never be able to reach the same level of entrepreneurial spirit as that of Hong Kong or Taiwan, unless it restructures the reward system for risk takers. 'But then again, is their society better than ours, especially when you take into account the social order and justice, social harmony, etc?' he asked rhetorically.

The BlueSky Festival is an annual event organised by the Action Community for Entrepreneurship (ACE) and supported by SPRING Singapore. It is a platform for entrepreneurs to exchange ideas and share experiences. Mr Wong's speech will focus on building and re-inventing one's business model to tap on growth opportunities. For more information, go to www.blueskyfestival2009.sg.

Sun, Jul 05, 2009
The Business Times

House Hunting

The restaurant's lease is signed. We are now house hunting. Unlike in Singapore where kids can attend good schools if they make the grade, here in the US it is all about school districts. The only alternative here is an expensive private school.

Belonging to a good school district isn't enough, each school has its boundaries. There are bad schools in good school districts. We had to make sure that the houses we like are in the school zones we like.

So why doesn't everyone just stay in a good school district? Because it's freakin' expensive.

I was going to be a little extravagant but reconsidered after Tessi's (my broker) advice. We are still buying in a good school zone, just getting something modest. This will allow me to have more cash for business development.

"I can buy you a nice house now, or several nice houses in the future." That was what I told Jen.

I used a mortgage calculator to calculate what I can afford based on a 15-year loan. I plugged less than half our income into the calculator.

Hopefully, we can pay it off in 5 years.

Addendum - Virgin Territory & The Absence Of A Soul

Haha! I cracked up when I read Matt's comments on FB. Reread the part on bastardized food and realized that I sounded pretty harsh.

Actually, I love bastardized sushi rolls. My favorite is the Volcano Roll. They have them in Japan, but they are considered more a novelty.

In 2001, I brought a few Japanese friends out to eat in Oklahoma. They told me that it is not real sushi. I replied, "I know, but what can we expect in Oklahoma."

We still had a great time and we enjoyed the food for what it was.

Volcano Roll
Though I love the Volcano Roll, I will stop short of calling it Japanese. Just as curry pizzas are not "Italian", sushi rolls filled with craw fish and avocados are not Japanese. And yes, curry pizzas are delicious.

Butter Paneer Pizza
Because sushi and pizza have become commonplace, every culture has their own variations. My favorite place for Singapore sushi is Sushi Tei. They are a conveyor belt style restaurant.

Cuisines are constantly changing. For any cuisine to evolve, there has to be an influx of new cooking techniques and/or ingredients. I love trying new cuisine, fusion (bastardized) or traditional.

What is fusion? Is fusion just slapping some teriyaki sauce on a steak? Or is fusion mastering the different techniques and intricacies of different cuisines to create something new and amazing?

I lean towards the latter.

Again, I do not have anything against multicultural foods, just how it is classified.

Virgin Territory & The Absence Of A Soul

Today is forever etched in my mind.

Farrah Fawcett and Michael Jackson passed away today. Today, Gen X lost 2 icons. BUT that is not why today is special.

Today, we signed the lease for my restaurant. This is my virgin foray into the restaurant business. I am excited.

Though this is not the kind of cuisine I want to pander, it is a start. Being a newb, I have partnered a few people with a combined experience of more than 100 years. They have no management roles, just advisory.

Many immigrants to USA get into the restaurant business because they don't know how to do anything else. They sell bastardized food that passes off as ethic cuisine. Their only goal is the gold.

It is true that cuisine evolves. But when the soul of a cuisine is absent, can it still be classified as such? Does dressing an Irish in Chinese clothing make him Chinese?

Is teriyaki brisket still Texas BBQ even if you smoke it in a pit for 12 hours? So why are all those Tex-Mex rolls called Japanese just because they are wrapped in rice and seaweed?

As a business, I will sell what people want to eat. As a foodie, I will try to introduce new culinary experiences. In time, maybe expand the palates of my customers?

No matter what my product, my commitment is to quality!

*Addendum


Beat It - Michael Jackson

Trial By Fire

The last 2 weeks was rough but fun. Henry and Cindy went to China on vacation leaving Sherry and me in-charge. They return today.

Equipment and structural failure, surprise health code inspection, Henry's home A/C broke down, and other small (but no less annoying) issues. All in a day's work of a restaurateur.

Last year, I was asked to manage the restaurant 2 weeks after arriving in the US. Aside from being clueless plus all the unexpected situations that comes with running a restaurant, Chloe decided to pop out 4 weeks early. There isn't a word to describe the stress and anxiety I was experiencing back then.

This time, everything just feels natural. I managed with a lot more confidence and authority.

I think I'm ready for my own restaurant.


Ready Or Not - The Fugees

Jerry's Chicago Style Hot Dogs (San Antonio, TX）

Jerry's Chicago Style Hot Dogs
149 E Commerce St
San Antonio, TX 78205
(210) 465-8200

My first food review is dedicated to Jerry's. A cozy, unassuming place where you can feel the warmth the moment you walk through the door.

Jerry and Maria Cahue have imbued the place with their personality.

While walking back to Drury Plaza from San Antonio Children's Museum, hunger struck. Wanted something quick. Saw Jerry's across the street and thought hot dogs should be fast.

Wrong. Jerry cooks to order and takes a lot of pride in everything prepared. The result was beautiful.

I had the Double (Chicago) Dog. That is two dogs in a bun with yellow mustard, relish, chopped onions, tomato wedges, a kosher pickle spear, couple of peppers and a dash of celery salt.

Best hot dog I ever had. I brought my family (including mom and dad) back there. They all wanted to go back. I ate at Jerry's three times in the five days I was in San Antonio.

Over the next few days, I had the Italian Combo, Maxwell Polish, gyros, pizza puff and corn dogs.

The Italian Combo is Italian sausage in a bun topped with beef. Option to have it dipped in gravy or dry. I had mine dipped. A well orchestrated combination of meats and flavors.

The Polish is another good dog. Almost as good as the Chicago. Choice of sauerkraut or onions with a kosher pickle spear. I had both. One half kraut and the other onions. Mustard, of course.

The gyro was excellent. Lots of meat, feta cheese, fresh tomato wedges and onions. Never expected a hot dog place to have such an awesome gyro.

Emily loved her corn dog. Emily usually doesn't eat the batter, but she ate it all this time.


I am told that if cops eat at a place, it has to be good. Well, the Police Chief was in line behind me.

How can something so simple be so good?

Because Jerry only uses the freshest ingredients and tops it off with lots of love. He takes 5-10 minutes to prepare each dog. It is like eating art.

Get a Flat Belly Without Diet or Exercise

Interesting article from MSN Health & Fitness.


Get a Flat Belly Without Diet or Exercise
Check out 10 of our favorite minimal-effort moves.
By Quick & Simple Staff

Perfect your posture

"Straighten up," advises former "Biggest Loser" trainer Kim Lyons, and your figure will look better. "When your posture is good, you're automatically engaging and toning your stomach muscles." If you need to remind yourself to stand tall, she says, a few strategically placed Post-it Notes should do the trick.

Drink up!

Keep those fluids coming! "Being dehydrated causes the body to hoard water," says Lyons, which can lead you to carry up to four excess pounds around your midsection. Try for six to eight 8-ounce glasses of water or other fluids daily.

Have a seat!

"Most women don't want to talk about it, but you really have to set aside a specific time each day to use the bathroom," notes Judith Reichman, M.D., a professor of obstetrics and gynecology at the University of California, Los Angeles. If you don't, it's too easy to give in to feeling rushed, and ignore the urge to go." Once you've trained your brain to dismiss your body's signals, you set the stage for bloat-inducing constipation.

Masticate mindfully

Rather than scarfing down meals, make a point of chewing each bite at least 10 times before swallowing. "The body has to work overtime to break down food in the stomach and intestines, which can lead to major gas and indigestion," Dr. Reichman says. Plus, when you eat fast, you're more prone to swallowing air, which can ratchet up your risk of developing a potbelly.

Turn to the "pros"

"Probiotics are 'good' bacteria that help your digestive system break down food, preventing the gastrointestinal issues that can keep you from having a flat stomach," explains nutritionist Jonny Bowden, Ph.D., author of The Most Effective Natural Cures on Earth. To ensure your plumbing is working at optimum capacity, Bowden suggests eating a daily serving of a probiotic-rich food like yogurt (or drinking a glass of buttermilk), or taking a supplement containing at least 50 milligrams of probiotics. (Look for versions that contain the strains acidophilus and bifidobacterium, and are produced by reputable vitamin companies, like Nature's Way.)

Walk it off

Try to squeeze in a 30-minute walk daily, says Lyons. The simple boost in metabolism will help you burn waistline fat more efficiently. And if you want to work out, skip those gadgets that promise "miraculous abs in minutes": A study from Kansas State University found most devices designed to target abs (think infomercials) don't live up to their promises. You'll see better results with traditional exercise.

Give up gum

Because chewing forces you to swallow more puff-producing air, it can also keep you from squeezing into your skinny jeans, explain researchers at the American College of Gastroenterology. If you need to freshen your breath, you're better off sucking on a mint.

Supplement!

Consider adding calcium D-glucarate (1,000 mg) and B-complex supplements to your regular vitamin regime, recommends C.W. Randolph, M.D., author of From Belly Fat to Belly Flat. "Excess estrogen causes the body to retain fat around the waist, but both supplements have been shown to help you excrete the hormone, which can lead to a smaller middle."

Relax already!

"When you're frazzled, your body increases its production of steroids and stress hormones, which negatively affect your digestive system, causing major constipation," says Dr. Reichman. And as if that weren't enough to leave you looking pouchy, stress also amps up the production of cortisol, a "fight or flight" hormone that sends excess fat directly to your midsection in its attempt to protect your vital organs. To minimize tension, Dr. Reichman advises, "take 20 minutes a day to do something that truly relaxes you."

A chuckle a day

Laughing is a quick way to tone the transverse abdominus, a muscle that most forms of exercise don't isolate—and one that, according to Lyons, "has a major effect on how flat your midriff looks." Try to find at least 10 minutes' worth of giggle-fodder daily!

Check out these ab workouts. She has a great workout routine and an awesome bod to show for it.