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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 dare to take a chance share one characteristic: self-confidence.
That’s according to hotel magnate Ho Kwon Ping, 72, the founder and executive chairman of Banyan Groupa hospitality company with a portfolio of around 80 resorts and hotels in 22 countries.
The company, which is listed on the Singapore Stock Exchange, generated about $328 million Singapore dollars (about $240 million) in revenue in 2023.
Ho is also the executive chairman of the food and beverage manufacturing company Public company Thai Wah and also the founding president of Singapore Management University.
He attributes his success in part to being stubborn from a young age.
“Stubbornness and self-confidence are related. If you are not, to some extent, stubborn … then you will basically be a risk-averse person,” Ho said. CNBC Make It. “You need it [to be] a bit stubborn if you want to be an entrepreneur. You also need a little self-confidence.”
“You know where the line is drawn”
But there’s a fine line between confidence and hubris, and while the former is important for starting and running a business, the latter can be “a recipe for disaster,” Ho warns.
“My wife said I’m the most optimistic person she knows, because I failed at everything [but] I always pick up and move on, so you need to trust yourself. But, if you have too much of it, it becomes hubris. So you need to know where the line is drawn,” he said.
Create your own awesome PR, but never believe a word of it.
Ho Kwon Ping
Founder and Executive Chairman, Banyan Group
A common mistake with hubris is that it can cause companies or founders to “excessive expansion” or take more risk than they should, but in business, conditions are not always favorable, he explained.
As an entrepreneur, “you always have to be prepared for the worst, because no one will help you when things are bad,” he added. Rather than thinking about how much money you can make when starting a new project or business, one should think about how much they can afford to lose, he said.
“Never get caught up in the hubris of thinking you’re great,” he said. “The saying I use… is to create your own fantastic PR, but never believe a word of it.”
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