What is the nature of your business? (Business Profile)
JobsFactory is a provider of innovative and effective career channels for students and professionals. Our products include online career portals, physical career events and our monthly Career Central magazine. Each year, we provide our services to over 150,000 career seekers and to over 1,000 employers and advertisers who are reaching out to them. Our management team consists of five key partners – Shaoning, Michelle, Eric, Christina and myself. We each are in charge of certain functions within the company. I am very fortunate to have such a team.

What made you embark on this venture choice?
It really began during my varsity years in the University of Michigan in the States. It was a real eye-opener for me as during that time, 1996-1999, when it was the Dot-com boom. Many of my contemporaries were embarking on their own start-ups, and that really influenced me. I knew I would consider doing my own business, but I did not know exactly wanted to do. I was on a scholarship from Sembcorp Industries and returned to work for them when I graduated. However, I kept feeling that I wanted to have more control over my own time and also that I wanted to have a direct correlation between what I did and what I got. As such, we started to plan and see what type of business we could get into whereby our age is not a disadvantage. Michelle, and I had also toyed with some internet ideas when we were back in the USA. Finally, we decided to do an internet business focused on job portals.

How does your business work?
JobsFactory acts as a channel for information flow from employers to the targeted student and professional audiences and vice versa. Our channels include online portals, physical career events and a monthly magazine called Career Central. Audience wise, we initially focused on the universities- NTU, NUS and SMU. However, we have since expanded our scope to include polytechnics, ITE and JCs. One new product is BrightSparks. It is a platform which consists of portal, magazine, talks and workshops focusing on scholarships, careers and higher education. Thus, advertisers like scholarship providers and universities are offered a one stop station where they reach students from various JCs in a systematic and planned manner through JobsFactory.

Did you have the capital to start the business or did you have to borrow from someone to get started?
Oh, we started out with very little capital. We started out with $20,000! I will not advise anyone who wants to start up a business to begin with so little cash. *laughs* One should start with at least $100,000 for a service firm. This initial amount we used our own savings and borrowed from relatives. I was fortunate that my parents were financially independent. The $20,000 went to this software company whom we got to design our initial software! At that point in time, Shaoning and I only gave ourselves a monthly salary of $200 to pull through. However, as we went on we needed more money, around $180,000. Part of it we still needed help with the funds, but a larger portion, $100,000; we could afford to fork out ourselves already as JobsFactory was doing well enough.

Do your parents have their own businesses too? Have they inspired you in one way or another?
No, my parents were not entrepreneurs. My Dad is a lecturer while my Mum is working in an MNC. Both are working for employers. My parents were both supportive of me, albeit conservative as well. My Dad was more supportive however, in my decision to go into this start-up, though it meant breaking the bond I had with the scholarship from SembCorp at that time.

What was your childhood dream? When did you decide that you would strike out on your own instead of working for someone else?
I had no qualms with working for someone else, which was why at 18years old; I signed the scholarship contract with SembCorp. However, the influence of the dotcom boom made me decide to strike out on my own because having my own company would give me more control of my environment. Also, I felt that when working for another person, there may be imbalances in the way one is rewarded for his hard work. (i.e. one may not be rewarded as much as he deserves) Finally, I value having a work-life balance, thus in my company, everyone works 5-days from 9 to 6. We try out best not touch our employees on weekends or for late nights.

Why does someone decide to be on their own rather than join an existing company?
As I mentioned earlier, the desire for control, and the passion for what they embark on.

Are there at any point in your life that you experienced a significant event (WW2, racial riots of the 1960s, the Economic Crisis of the 80s or 90s, SARS, new competition or shifts in market behaviour and trends) which affected or influenced you and your business that made you change the way you think and do your business?
During the period of the dot com boom, I saw the share prices of companies like Amazon skyrocket, and many other start-ups doing so well. I traded stocks at that time, and still do, so I kept myself very informed with business news and movements. I am by nature a very analytical person, so all these added to set me thinking that I could do it (a start-up) too.

What are some of the challenges in starting a business from scratch? (Modify question to what are some of the challenges in maintaining a family business if applicable.)
Initially when we first started, we had to do a lot of cold calling. But cold calling and making presentations to strangers was not much of a problem to me, I am a salesman, I like to talk to people and convince them to buy my product. I also had problems as Shao Ning and I did not know how a company operates. We had to learn basic accounting, learn about marketing, learn about human resources and grow in our knowledge as the company grew. The toughest challenge is with handling people. Whether they are partners, clients, employees, partners or shareholders. As an entrepreneur, you need to be able to juggle all their needs and align it well so that the company can function.

Who/What motivates you?
Please refer to Q13

Tell me about the first few customers and the first few years of business.
My first few customers included DSTA and Loreal, with whom we are still working with closely. I remember that I went to make one of my pitches in khaki pants! *laughs* I did not even know what to wear to these meetings; it is really a fortunate thing that they decided to buy my product and idea. I remember also approaching Nanyang Technological University to act as our partner to hold career events. After much persuasion, their staff finally agreed to partner with us for a service. That proved to be a good starting point for us. To this day, we are very grateful to our clients and partners for giving us a chance to serve them.

Please tell me some stories of your best day in business or your proudest achievement to date.
*Laughs* There is no best day, because I am an optimist and I always think that my future is brighter than what it is now. However, if I had to choose, I would say that my best day was the day when I discovered that JobsFactory was to cross our first million in revenue in 2004. Somebody once told me that for a start-up, you had to ensure that by the first 2 years your company was experiencing positive cashflows, and also, that by the 5th year, you had made your first million. Thankfully, we made our first million at the end of our 4th year.

Do you recall your worst day in business? Have you ever felt like giving up?
There is also no worst day, but I did feel like giving up in the first 6 months because it was just so tough. But it was Shao Ning who kept me going. She told me that, I had spent already 6 months on this, and I should not let it all just go to waste. She suggested shifting our business model to try to do things in a different way. And that is what we did. We changed from wanting our company to be like a generic jobs portal to one that would provide more niche services to target only students and recent professionals in Singapore.

When was the moment you realised the business would work and support you?
I would think that the moment will be when I know that the product can be sold without me having to be involved in the sales process. As of now, JobsFactory has a decent level of recognition. And starting this year, I do a lot more strategic planning for the firm. We believe that is the only way for the company to grow.

What are some of the things you have had to overcome to succeed?
In and through this experience, I have learnt that you need people to make things work. Different people have different motivations, and as an entrepreneur it is up to you to figure out what their motivations are to persuade them to do what is good for the company. Trust is very important, trusting clients, fellow workers and partners. I used to think that getting things done myself was the only sure way to go, but I have learnt that that is not possible if you want to grow significantly. Thus I have learnt to trust people, and also have mellowed down considerably in my approach to people over the years.

What are some qualities that you feel you possess which differentiate you from someone who works for others?
I do not think that I am much different from others to be able to start this business, I think I am lucky to get such a good team that is so cohesive, not only in competence but also in personality. I am fortunate that they acknowledge me as their leader, and yet are people of initiative who do not need to be told what to do but run alongside me in attaining the mission of JobsFactory.

To succeed in business, what qualities are essential? What are some of the secrets in making a successful business?
A good business model is what is required. JobsFactory has a good business model, having entered the market when no one was in that space before. From having a mission and a vision, then objectives and strategies to meet those objectives can be set to ensure an organized flow of events. A good team is also important as I mentioned earlier. We plan very much ahead, we have budgets for everything and we have contingency plans for emergency situations. In other words, we try our best to run the company as professionally as possible.

Who or what inspires you?
I think the thing that inspires me would be the intellectual challenge to see how far I can go in this venture. It stretches me mentally and personality wise. Running a business is highly unlike an intellectual puzzle which has fixed parameters and hence a fixed solution. It is more like groping and fumbling and making best guesses and constantly adapting and adjusting as the variables change.

Have you ever thought of expanding the business in some way or in multiple locations? How and where?
At the moment we are not thinking about expanding overseas, but to expand ourselves within Singapore. I live in Singapore, so I know the various stereotypes in Singapore and how things operate, what kind of students certain schools produce, and what employers are looking out for. The stereotypes are true to a great extent. Thus I would have the upper hand in operating in Singapore but I do not yet know the same for other countries.

What aspects of expansion would you like to see for your enterprise?
Please refer to above

In your opinion, how would you define entrepreneurship?
Entrepreneurship, if I have to define it would be to come up with an innovative product or service. It must be innovative, and also the business must be scalable.

To what extent does one?s educational level help or hinder entrepreneurial-ship?
Education can be a big plus point as it gives you the analytical grounding and intellectual rigour needed to think through the everyday problems that running a business entails. The danger comes when you think you are better because you are a scholar or degree holder. You need to put it aside and just focus on what is best for your company. In the business world, it is about the soundness of your product and service and your sincerity in offering it to your market segment. It has little to do with egos or qualifications.

As we try to select the final 41 entrepreneurs, what qualities would you think a person should have to inspire others?
I think the key quality should be one of being able to inspire certain groups of people to consider and take up entrepreneurship as a career choice. I believe I qualify as myself and my core team show that fresh graduates can make it and that scholars can succeed in the business world. We believe our story would be a good source of inspiration for fresh or recent graduates thinking about doing their own thing but worried about their lack of experience. Equally relevant, my team has 2 ex-scholars and I think we debunk the notion that scholars cannot do business because they are too “book-smart”. It is not always true. It really varies from person to person.

What are some of your own values in doing business and what do you like to pass down to others, particularly the younger generation? And to those who want to start a business?
You got to have a good business model. You got to have a vision for your business. Ask and talk to people who have done it before, you will really learn more through that. It is good to start young, because you have a lot of energy, and drive and possibly will look at things from a different perspective. You are a clean slate, and there are no family commitments or burdens that you have to worry about. It is also very important to have a first mover advantage, and thus an innovative creation, because someone in their forties who enter the market will enter with more network and contacts than you. They have more experience, but that can be overcome.

What advice would you give young people who want to start their own business?
There is no short cut to success; one has to struggle to get what he wants. It is very important to understand this canon. One needs to become unselfish and live for others, give more than what you take. Only then can one be successful in business.

Your Personal Comment [Optional]
Der Shing had been very amicable to talk with and he was very candid and honest with his first hand experiences of plunging into the business world right after graduation. He plunged in and he succeeded. I think his is an entrepreneurial spirit worthy of recognition. He is a very humble man who attributes much of his success to his team, good fortune, and his wife. I respect his dedication to his work and his friends and family, and I wish him luck in attaining this award and in future endeavours of JobsFactory.