A 72-year-old hotel tycoon, who is a prominent figure in the global hospitality industry, issues a stark warning against the dangers of hubris in business. As the founder and executive chairman of Banyan Group, a hospitality company with a robust portfolio of about 80 resorts and hotels across 22 countries, he has seen it all. Banyan Group, listed on the Singapore Stock Exchange, reported an impressive revenue of approximately $328 million Singapore dollars (around $240 million USD) in 2023. Besides his role at Banyan Group, he also serves as the executive chairman of Thai Wah Public Company, a food and beverage manufacturing giant, and is the founding chairman of Singapore Management University.
The seasoned entrepreneur emphasizes that self-confidence is crucial when starting and running a business. However, he cautions that hubris can be a "recipe for disaster." He believes there is a fine line between being headstrong and being overconfident.
"Never get caught by hubris into thinking you are great," he advises.
He underscores the importance of maintaining a balance between confidence and humility. According to him, headstrongness and self-confidence go hand in hand. In his words:
"Headstrongness and self-confidence are related. If you're not, to some extent, headstrong… then you're going to be basically a risk-averse person."
He believes that being willing to take risks is essential for any business leader, but warns that excessive self-assurance can lead to over-expansion or taking on unsustainable risks. His vast experience in both the hospitality and food and beverage industries has taught him that business conditions are not always favorable, and wise decision-making is paramount to success.
To further illustrate his point, he shares a personal anecdote about his optimism and resilience.
"My wife has said I'm the bloody most optimistic person she's known, because I fail in everything [but] I still pick up and go on," he reveals.
This optimism is tempered with a healthy dose of skepticism about one's own achievements.
"The saying I use… is create your own fantastic PR, but don't ever believe a word of it."
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