What is the nature of your business?
I am in 2 businesses now. The first is a marketing company, Venture Creations, which does designing and production of creative work for our clients. The second is a food & beverage establishment with its first branch at NUS Prince George’s Park selling waffles and ice cream.

How does your business work?
Venture Creations is a marketing company. We do design and production coordination for our clients’ marketing and advertising needs. Venture Creations operates from an office rented from the Dean’s office in the NUS Business school. 60% of our clients are NUS departments. The Waffle Shop started with a counter in the Prince George’s Park Residence. The second branch at East Coast Park Marine Cove will open in June 2006. In the Waffle Shop, a flat hierarchy and trendy working atmosphere is emphasized. Employees are motivated and empowered to provide the best service to customers. The Waffle Shop sells a range of specially formulated waffles topped with ice cream. The East Coast Park Branch also serves other foods like Western Sausages.

What made you embark on this entrepreneurial journey?
When I first enrolled in NUS, I told myself that I wasn’t going to let my university education be just an educational journey. I was determined to make the most out of my time in NUS. I joined a lot of activities and expanded my social network. Soon after, I started my first company with a few friends, doing what I like, creative designing.

How long do you need to create an advertisement for your clients?
It really depends on how prepared the clients are. If they already have what they want in mind before coming to me, I can start working on it once I understand their needs and it would take about a week. However, if they only have a sketchy idea of what they want, I would need more time to discuss with them and I would have to take a longer time. Sometimes, it also depends on the length and nature of advertisements that clients require.

What are your charges like?
Due to the young age of my firm and considering that I am still in the phase where I am building my credibility and portfolio, my charges will be around 30% to 50% of the market rate.

I understand that your professor has helped you when you first started Venture Creations. In your opinion, what do you think are the qualities he saw in you?
I am not very certain but probably I was bold enough to speak up for what I wanted and thus, he knew about my plans and goals. On top of that, perhaps he felt that my business plan was sustainable and workable. I am also a detailed person always thriving for excellence in the things that I do.

How are you able to juggle with the demands of schoolwork and business at the same time?
Sacrifices were made. I had less time to have fun and chill out with friends. However, the most important factor is also not to waste time. I believe that everyone has the capacity to do a lot more things than they realize. They just have to plan their time better and spend less time slacking.

What sacrifices do you have to make along your entrepreneurial journey?the way you think and do your business?
It would mainly be having less time spent with family and friends. Sometimes, it can be a challenge having to balance work and social life. While others my age are having fun with their friends, I am usually working on my business. However, that is fine with me as I am doing things that I enjoy as well, it’s just a different kind of enjoyment.

What difficulties did you meet in the course of entrepreneurship?
I face some of the difficulties that most businesses face, like clients not paying up or paying up very late. There are also competitors who will do a lot of things to make my life very difficult, like spreading bad words about my company. Recently, due to the larger nature of investment in my F&B business, I had to partner with a more experienced businessman. The way he conducted business was very different, to the extent that there were a lot of things I did not agree to. The difficulty was to learn how to reconcile different ways of working and being responsible to those who invested money with me by considering each risk carefully.

What development plans do you have for both your business?
I would like to build up a medium sized business and hire 3 or 4 people to join Venture Creations. Of course, I would have to increase my clients first and I intend to do that by approaching companies directly instead of relying solely on referrals. Currently, I am trying to build a higher credibility as a first step to my goal. I have greater plans for The Waffle Shop where there will be 5 phases of development. The first phrase has already been completed, which is starting up with a stall in NUS. The second phrase is starting a shop at Marine Cove. The third phrase would be to set up 3 to 5 branches around Singapore. The fourth phase would be to franchise 6 to 20 shops around Singapore and finally, the fifth phase would be to go regional with more than 20 shops in foreign markets.

How did you cope with the failure of your first business?
I learnt from my experience that when doing business, having the correct partners is one of the most important things that determine whether your business can do well or not. I subsequently found myself a very good partner whom can work very well with me. We shared the same vision and were determined to make Venture Creations a success.

What kinds of satisfaction do you derive from your business?
I only engage in business in which I have the passion for. I like designing and feel very satisfied when I create a piece of work that my clients like. For F&B, I like to manage my group of employees and see them enjoying their work and responsibilities. Another special thing about retailing is that nothing can beat the feeling of seeing many people buying and enjoying my food.

What is your greatest achievement by far?
My greatest achievement would be the building of a very dedicated team of about 10 people to help me in the running of my businesses. I am also proud that one of my advertisement designs was selected by NUS and was published in over 20 international publications including The Economist and The Straits Times.

What kind of relationship do you share with your employees?
Entrepreneurship is a very difficult path, especially at the start. It is through my passion and vision that I will one day succeed and able to make an impact in the life of others that motivates me through good times and bad.

What motivates you?
Passion is motivation that it keeps me going and allows me to overcome all obstacles. Getting to do what I like in the course of my work motivates me, it is like a natural “push” factor.

Is there anyone who inspires you?
Yes, that would be one of my friends who is also an entrepreneur named Nigel. He is extremely passionate with what he is doing. He is daring and started his business from scratch. I have learnt to be cool about things from him. He has a lot of faith in himself and whatever comes his way, he always believes in overcoming it. These are the qualities that I admire in him.

What roles do your parents play in your life? Do they encourage your business ventures?
My parents allow me to do anything I want and as a result, I am very independent and very capable of making my own decisions. They are not as risk seeking as me and always ask me to be more careful, but ultimately, they still trust what I am doing.

How did you get the funds to start your business?
For Venture Creations, the initial capital came from the savings of me and my partner. For the Waffle Shop, it was a mix of retained earnings from Venture Creations and new investments from my friends.

What is your goal in life?
My goal in life is to make a positive impact in society and be an inspiration for others. I believe that I must make my life significant by adding value to the world such that I will be remembered for my contributions. I don’t want my life to be just a passing phase in this world.

How do you define entrepreneurship?
Entrepreneurship is about pursuing your passion, daring to break away, and putting your heart, mind and soul in pursuing that dream of yours.

What are the qualities that an entrepreneur should have?
Again, it would be passion, faith and determination. Passion is important because I believe if one likes what he is doing, he will naturally do better in it. For example, I will never go into selling electric drills. Determination is obviously important because the path of entrepreneurship is very difficult especially during the start. Faith is needed because there are a lot of occasions where you must really make decisions based on your intuition and belief. Without faith, an entrepreneur will never have the courage to take risks.

Do you think education helps or hinders entrepreneurship.
My general feeling is that even though not everything we learn in school is applied in business, getting an education is more that just learning to do what is required. An education to me is the learning of concepts that can be applied to other things in life, like decision making skills, communication skills and networking skills etc. These are all part and parcel of learning. Having broad based knowledge also makes a business person more tuned to the world around them, making them more effective. I also believe that the singapore education system used to produce students who are passive and just receive knowledge, but now, I see a very big difference in the way students are taught. Over the years, our education system has changed to encourage participation and the raising of personal opinions and creative thinking. These, I feel are all skills that help in entrepreneurship.

Do you think entrepreneurs are born or made?
I don't believe that some people are just born entreprenuers and some are just meant to be working for others forever. To me, being an entrepreneur is about having the passion for something, and at the same time, having the attitude to want to strive for that passion. Attitudes, I believe can be shaped by circumstances, experiences and other stimuli. For example, a child who is brought up to be a more confident person because he/she is always encouraged to have his own independent thought, will definately be more likely to believe in his/herself and strive for the things he want. Opportunities, another important factor of being an entrepreneur can also be shaped by a person's willingness to participate in activities or network. I think that Singapore has some very good measures put in place for ease of setting up businesses, and if the attitude of a person is correct, there is little stopping anyone from being an entrepreneur.

How would you like being in the final 41 honourees?
Sometimes, I feel that I just work and work but never take stock of where I am. I will feel very honored and happy to be in the finals as it means that some other people feel that my achievements so far are commendable.

An Afterthought
It has been great meeting David in the sense that he has shown me a different side that most students his age would not experience. It has certainly broaden my perspective and make me step out of my nutshell. I find him a confident and motivated young man, and am truly impressed by his achievements. Being able to be part of this project is my honour and it is an enriching experience for me as an interviwer.