The THINK BIG Entrepreneurs Convention 2013 – Discovering the New Normal
The Changing Rules of Business at the Think Big Entrepreneurs Convention 2013
What is the new normal? Can a traditional enterprise successfully transition to the new normal? How can a business adapt to the new normal? A wider business arena and more competitive players may define the new normal, but with tools that encourage greater productivity and efficiency, businesses have a chance to compete. These and more new ideas were presented at Canon’s Think Big Entrepreneurs Convention held on September 17, 2013.
A Meeting of the Minds
The familiar air of excitement can be felt as participants gathered at the 4th level of the Grand Copthorne Hotel. The Canon Team welcomed the guests and gamely demonstrated the capabilities of the latest Canon Business Solutions on display at the venue.
Inside the grand ballroom, Michael Chua from The Business Times welcomed a crowd of almost 500 business owners, entrepreneurs and professionals who all came to learn more about advancing business in an age of heightened competition. Mr. Lim Kok Hin, Vice-President and Head of Domestic Operations of Canon Singapore delivered the opening address. He expressed delight over the huge turnout of participants and thanked everyone who made the event a success.
(Left) Mr. Michael Chua from The Business Times (Right) Mr. Lim Kok Hin, Vice-President and Head of Domestic Operations of Canon Singapore.
Mr. Lim talked about Canon Singapore’s own business journey and how a staff of 500 employees are empowered to achieve a year’s target revenue of half a billion dollars. He said that apart from products and technology, it is always people who make a difference in any business. “Put people first,” he stressed.
To create a cycle of success where every employee feels accomplished in every aspect of his life, Mr. Lim firmly believes in maintaining a healthy work life balance. He offered some valuable advice about achieving productivity without compromise. “Do more, achieve more, and work less”. To do this, a company must commit to improve its people’s skills, its process, and to maximise the use of technology, “Canon technology,” he added, and the crowd expressed agreement with a round of applause.
The Operation is a Success!
The day’s first success story came from 2013 BT-DHL Businessman of the Year Dr. Loo Choon Yong, Executive Chairman and Co-Founder of the Raffles Medical Group. He shared the story of how Raffles Medical Group grew from a partnership to being a public listed company with a diverse portfolio that includes medical clinics, a tertiary hospital, a consumer healthcare division and health insurance.
Dr. Loo Choon Yong, Executive Chairman and Co-Founder of the Raffles Medical GroupDr. Loo, who started the Raffles Medical Group with his long-time friend Dr. Alfred Loh 37 years ago, presented a list of Helpful Factors that combined traditional values of reliable patient care, hard work and solid partnership with optimising business process through cutting-edge technology.
Despite being a self-confessed ‘old timer’, Dr. Loo is also a trailblazer who recognises the importance of building competitive edge via solid positioning, integration and innovation. Today, with medical centres in Hong Kong and Shanghai, Raffles Medical has already started an innovative central records retrieval system that allows electronic access to a patient’s medical records from various Raffles Medical locations in the region.
Not Afraid to Get Fried
The entertaining Mr. Han Keen Juan, Chairman of Old Chang Kee Ltd shared the brand’s journey from being a hawker stall selling curry puff to being a listed company with 80 outlets all over Singapore and Asia. The Old Chang Kee story started in 1986 when Mr. Han (who was once a Canon employee) acquired the curry puff stall across Rex Cinema at Mackenzie Road.
Mr. Han Keen Juan, Chairman of Old Chang Kee Ltd Like any start-up, it was not always smooth sailing for Old Chang Kee. Much has transpired in 27 years and Mr. Han humbly admitted to facing some setbacks along the way. He told the story of their unsuccessful move to sell curry puff side by side with the French croissant. Singaporeans, who loved Old Chang Kee’s curry puff, did not understand the value of buying ‘atas’ flaky pastry with ‘nothing inside’. Mr. Han stressed that mistakes are nearly impossible to avoid, especially when running a business. But what matters most is that one learns from the mistakes and finds a better way.
With assistance from EDB and Spring Singapore, Old Chang Kee was able to grow tremendously. It now operates from a 20,000 sq. feet modern production facility in Woodlands. Production is carried out in a modern factory and high-end technology and stringent quality control measures ensure that the exacting Old Chang Kee standards are maintained.
The New Normal
After hearing traditional success stories, the convention participants were then introduced to the ingenuity and impact of new business practices. SGE.io Co-Founder and CEO Ms. Gwendolyn Regina Tan and Strategicom Marketing Guru Mr. Jacky Tai discussed the concept of Technopreneurship and business practices that were born and bred in the digital space.
(Left) Ms. Gwendolyn Regina Tan, SGE.io Co-Founder and CEO (Right) Mr. Jacky Tai, Strategicom Marketing Guru.
Ms. Tan, one of Singapore’s leading technopreneurs, has spent time at Silicon Valley and has studied entrepreneurship at Stanford University. She talked about crowdsourcing and crowdfunding. Now an established practice in funding projects and ideas via the digital space, crowdfunding has been used in various ways, from funding public service initiatives to investing in innovative business ideas. Ms. Tan herself has bought into several green technology projects that she believes have great potential for growth.
She cited democratisation as one of the defining characteristics of the new normal in business. Technology has armed people with capabilities they never would have acquired years ago. Now, an individual can manufacture his own prototype or product mock up through the help of a 3D printer. With the Internet, people have unprecedented access to resources. Anybody can have a chance to buy into business ideas, whoever he may be, wherever he may be in the world.
The New Balance
Expounding on the significance of the Internet in business, Mr. Jacky Tai of Strategicom talked about the importance of having a distinct brand image online. He said that with the vast reach of the Internet, businesses could either find growth or commit a costly mistake with the image they create in the digital space. In the Internet, a business must be clearly and concisely defined. Google stands for search engine. Youtube stands for video sharing. Facebook stands for social networking. Amazon stands for online book retailer.
Mr. Tai used something as basic as a URL name as an example. He advised that having the wrong name could actually affect brand presence in the digital space; he suggested 2-syllable brand names like Nike, Canon, Apple, and Google as good examples of easy to recall names. Knowing how to use the Internet to their advantage is a skill that must be mastered by every business. “In the Internet, your brand is naked. The brand stands on its own. No fancy showrooms or other things that can cover your weak points,” he stressed.
Collision or Synergy?
The half-day event ended on a high note with the enlightening panel discussion moderated by Mohan Belani, Co-Founder and CEO of e27. Fellow technopreneur Ms. Tan, Marketing guru Mr. Tai, Raffles Medical Group’s Dr. Loo and Canon Singapore’s Mr. Lim joined him in the spirited discussion.
Everyone in the panel agreed on the power of synergy to move businesses forward. Traditional business models can make use of technology to stay ahead of the curve and similarly, new business models can benefit from time-tested strategies and practices to solidify their foundation.
The new normal is about embracing synergy. It is doing business with a firm grasp of traditional values, openness towards modern practices and technology, and a continuing vision to Think Big for the future. By defining the new normal, the Canon Think Big Entrepreneurs Convention once again gave participants inspiration and knowledge that they can use for their own pursuits of excellence.
