Rachel M. K. Wong is one inspiring lady in the business world. From working alone, saddled with millions of dollars of debts, she has single-handedly brought her company to great heights, both locally and globally within the male-dominated marine engineering industry and with the current 18 dedicated employees, Marunda Utama continues to excel and outshine perhaps even the bigger players in the market. Being a woman, with totally no clue nor background in the business field, the dream of establishing my own business has all along been obscured by uncertainties and self-doubt, but throughout the interview, Rachel not only inspired me to pursue my dream but also patiently explained the ingredients for her success and how as a woman, I could do the same.

Company: MARUNDA UTAMA ENGINEERING PTE LTD. Address: 17 Kaki Bukit Industrial Terrace Website: http://www.marunda.com.sg Interview with Ms Rachel M. K. Wong by Lim Cai Rong on 21-May-2009. Student can be reached at eufbecks@gmail.com   Business Profile: Established in 1985, Marunda Utama Engineering Pte. Ltd was initially involved in the trading business, primarily the marketing of diesel, natural gas and dual fuel engines and generators for industrial and marine applications. Over the years, the company had represented various brands of equipments and today, the company is the exclusive authorized representative of various internationally renowned engine makers. Additionally, the company is also a registered and licensed contractor with the Public Utilities Board (PUB) and the United States Navy.   Interviewer's Comments: Looking at Rachel, who was fashionably dressed up for the interview, looking radiant and dynamic, it was hard to imagine her as a lady, who had single-handedly run a marine engineering firm for 24 years, and what was more amazing was her rag-to-riches story and how her tenacity, vibrant attitude and positive outlook brought her this far. For me, besides being an absolutely inspiring interview, it was also a humbling experience to be able to sit down face-to-face and conduct the interview with such a successful lady, whom despite her success today, remains down-to-earth. Her sincere and warm approach towards people was also evident from the way she communicated with her staff, thus she definitely deserves this award and her kind advice to me shall remain deeply etched in my mind for many years to come.   1. What is the nature of your business? I am in the Mechanical engineering business. We supply diesel, gas, dual-fuel engines and generators, spare parts and services to both marine and industrial markets. This covers both governments and private sectors. Today we represent exclusively some international renowned engine makers from USA, Spain, Italy, Germany, Denmark and UK.   2. When and why did you decide to become an entrepreneur / take over your family business? NOTE: If it is not a family business, ask: Do your parents have their own businesses too? Have they inspired you in one way or another? (Select appropriate question according to the entrepreneur being interviewed.) No, it was not a family business. Back in 1984, I was approached by an overseas friend, who wanted to establish a private limited company and therefore he would require a Singaporean to be on board. So I was approached with that opportunity and I was told the business was trading; buying and selling engine spare parts and offshore drilling equipments. It was something which I had always wanted to go into that would give me lots of opportunity for exposure in the technical field. I viewed that as a good vehicle for me to start and agreed to incorporate the private limited company jointly. That was when I first started in 1985 as a director of my Marunda Utama Engineering Pte Ltd. My parents were not in any way in business. My dad was a teacher in a Chinese school and my mum was working as a domestic helper for senior staff nurses of Tan Tock Seng Hospital, so none of them were entrepreneurs. The decision that I went into was purely because I was given the opportunity then.   3. What are your reasons for choosing to do business in this particular industry? My friend had given me the opportunity in 1984. However I had looked into my own career path too and the direction that I wanted to pursue. Back then, I clearly had in mind that I wanted to have a career that was very different from any industries that were usually associated with women; such as fashion, beauty, food, entertainment, administrative work, spa etc. So trading and engineering sounded good to me. I did not know what I was getting into but it was a challenge that I so looked forward to. In terms of educational background, I was an Art Stream Student, so it was a challenge for me to even say, “Yes, I will jump on board and do technical stuff.” But I never regretted since then and it has been a challenging journey throughout all this years and I thoroughly enjoy what I am doing right now.   4. How did you put together all the resources needed to start your business? For example: getting the start-up capital, hiring staff, doing sales and marketing, advertising, etc. Ok, it was a long story. Here is a 30-second version. My partner was from Indonesia and as I mentioned, he wanted to set up a company and I was put on board as a director so it started off like a one-man show. I was a driver, an operator, an interpreter, a negotiator, so it was all-in-one, everything packaged into one. He was operating from Indonesia while I operate from Singapore. So that was how I started and having been put on board the directorship, I was given some minority shares on paper in the company. My other shareholder was the one responsible to pump in capital into the company. So I started off with a one-desk office, rented from a friend’s premise and trading was done by one single person and eventually to recruiting of some admin personnel. Marketing of products was solely dependent on me as my partner could not speak much English.   5. What are some interesting stories you have about your first few customers/first few years in business? 22 August 1992, I was discussing business with my German friends on board a passenger liner called Royal Pacific cruising over the straits of Malacca and guess what? The liner sank on the night of 22 August 1992. Yes, I survived the incident and I am still pretty much alive and kicking. That was such a traumatize experience and it felt like the sinking of Titanic. Imagine for a moment that life is so fragile, and the thought that tomorrow may never come sank deep into me till today, since I had actually encountered a closed shave of my life riding on high seas and ended up on a life craft paddling to be saved. The next most unforgettable incident was back in 1989 or so when my company was involved in gold mining in East Kalimantan, we had to fly to the remote destination by means of a helicopter. Flying over mountainous area and landing the craft requires a superb, experienced pilot and skills. There was one incident whereby the blade of the helicopter almost hit the side of some mining equipments parked in the open space near the helicopter pad. It was another close shave. Fortunately, the pilot reacted in split seconds by elevating the craft up to avoid collision.   6. What are some of the challenges you faced when you first went into business, besides the lack of qualification in this area? Well, engineering was one of the businesses that I went into with no engineering background and experience, yet I found so much interest and passion to want to make it successful some day. My company was dependent on me to secure product representation, which had put me in the greatest challenge of my life to convince the world renowned engine maker to let us represent their multimillion dollar product exclusively. I succeeded in getting the representation and in selling them, and I never look back since then. Besides engineering, my company was also involved in gold mining. Gold mining was a big thing in Indonesia back then in the 80s. We were given the opportunity to explore some gold mining concessions in Indonesia. In year 1988, I was negotiating with foreign gold mining companies to venture into our prospects. Again, it was a business which I had no prior knowledge or experience but yet I was able to conclude some contracts for joint venture with some big foreign mining companies in exploring our gold mining concessions. That was a big challenge in my opinion.   7. How did you overcome these challenges? Please share some specific examples of the action you took to overcome the challenges. To overcome challenges, you have to believe in yourself that you can do it. Never have the give up attitude. With that 'can-do' spirit, nothing is impossible. There may be obstacles along the way, however one should not fear to fail. Plan your work and work your plan! You got to have the devotion and determination to achieve your goals. Have self confidence and learn the trade fast by acquiring information of competitors' strengths and their weaknesses. Be really sincere in what you are doing. So I think that pretty much covered how I overcame the challenges.   8. Can you remember your worst day in business or a time when you felt like giving up? What happened that made you feel that way and how did you triumph over it? Well, this is a question which I cannot answer in a few words. Let me try nevertheless. Life was not a bed of roses for me. I did not get where I am without paying a price. Earlier on, the company was indebted, millions of dollars, owing to the way the company operated its business. Bearing in mind I was the minority shareholder, back then I had no say in financial decision making and was more like a follower and an executor. My partner was the one who called the shots and he was arrogant and bold in his decision making which resulted in the company becoming heavily indebted. When I was put in that position, I assessed my own situation and I realized that being a Singaporean and my partner being a foreigner, it was very easy for him to say, “Well, I wash my hands off, sayonara! I can't solve the problem. It's your baby now.” I was put in that situation and honestly, I had to rationalize the decision to continue or quit. With the situation I was in, I do not think I have a choice. Probably if I did have one, it would be to submit to my fate of being made a bankrupt. However it would be a defeat to my own self esteem. My partner created a huge debt, of which I allowed it so to speak, because I was a director of the company. I would be made a bankrupt should I not be able to fulfil the repayments to my creditors. That was the moment when the whole world appeared to just collapsed on me. You can imagine a single lady at that moment, when a bombshell was dropped, you either have to survive or simply vanish from this world. I was determined not to submit to my fate to allow my life and future to be ruined. Being a Singaporean, I wanted to be able to walk the streets with my head high up and be able to sleep tight and sound at night. So I told myself that, “Ok the company was heavily indebted and it was unfortunate that I was on the same “boat”. He does have a choice, at the very most, he can stop visiting Singapore, but I don't. This is my homeland and I want to be able to hold my head high up.” So the situation was reversed by proposing that either he resolved the company’s financial problem or I will take over to steer the company and be responsible for its debt and what may come next? I was prepared to face the music. Frankly, I did not know how I was going to resolve it but I was affirmative that I was no longer interested to pursue the partnership together. The choice was obvious. I was left alone to “clean” up the mess! So I was indebted, million of dollars. I will not deny that there were moments when negative thoughts set in and that the simplest way was to “visit wonderland” and be done with it, but the other side of me said, “No, I will survive despite what I was put into because I allowed it to happen, so nobody was to be blamed.” I was determined to pull through. I managed to talk to every creditor and convinced them to give me an opportunity to service the company’s debt in my own manner and my own time frame as any recourse of recovering the debt by legal means will not benefit anyone but the lawyers. I was responsible and I knew a debt is a debt, and any amount owed has to be repaid somehow, and I would be the only one left to honour that. After a few years, I did eventually pay off every single creditor. My spirit of enterprise rode me through the roughest and the most troubled waters, and I emerged, not only surviving, but as a stronger “swimmer.” So that was the moment when it was really a downturn and at the same time a drastic turning point of my life.   9. Can you share some of the lessons you learnt from overcoming your own business challenges that you think will help other businesses? Lessons learnt from overcoming the challenges were that when you decide to get involved in a business, especially when you would like to invest your own money, it is my recommendation that you should be able to not only part with your money but also your time. Be involved in the business yourself, and size up your partner(s) very carefully, especially their integrity, before you decide to call them into or join them in the partnership. So make sure you fully understand their background, financial capability and integrity before deciding to 'marry', so to speak.   10. Compared to your first few years in business, are the challenges very much different from what you face now? If they are, please elaborate. Yes, in the earlier years I was “swimming in deep troubled waters”, not even knowing anybody out there who would lend me a hand. In another words financially, neither friends nor banks were willing to take risk to extend monetary aid. But compared to today, I would say that I am on the other side of the table now, where I do have the privilege to accept or reject assistance coming my way. Business-wise, the products are now established in the market, which in turn gives the customer’s confidence, compared to years back when it would be difficult to even sight an installation or application in placed.   11. When did you realize the business would work and support you? Perhaps in the beginning, I did not emphasize the kind of engineering products that my company is marketing. They are state-of-the-art Dual Fuel engine generators, running on Biogas (Sewage gas), generating electrical power to the plant. They are multimillion equipments, so it takes a long time to promote and convince customers into tendering the projects and placing an order. We are talking about a time frame of 4-5 years, between day one (1992) when I started to promote till the day the order was confirmed. I was able to sell the first 4 units in 1996 and it took another 2 years to build and install them on-site. It was 1998, that the engine generators started to be in operation. After nearly 6 years, the income stream from consumables, spare parts and services followed. Simultaneously, I was able to sell another 6 bigger units and so after year 1998 that was the turning point for the company to self support the business more or less, much also owing to my supportive principal from the States. They have contributed to my success in many ways too.   12. Are there any criteria necessary before you can enter the regional market? You must have quality products that can perform and meet the customers' requirements. With a superior product, back-up with superb after-sales services and competent technical service support coupled with competitive pricing, you will have an edge over others in entering the regional market.   13. What are some of your proudest business achievements to date? And why are they so important and meaningful to you? My proudest business achievements were that I was able to penetrate the market and secure contracts with the U.S. and Singapore governments. Getting into the governments' good books was not an easy task. To be able to register as a licence contractor not only requires good quality products, but also performance to their stringent standards. Being able to help them complete their jobs for their critical mission ahead of schedule was also an achievement accomplished to date. As an entrepreneur, being able to steer my company out of troubled waters was another of my proudest triumph. Although we remain as a small entity, clearly we are the preferred choice of vendor/contractor over some other bigger players. That to me was an achievement that was not built overnight.   14. How do you differentiate your business from your competitors? Please provide specific examples. You have to stand out from others in the market or you will just blend in with the rest and eventually be over ridden by other more aggressive players. You have to create a niche for your business where you will be termed as a “specialist” rather than just being labelled as another supplier or contractor We emphasize on a first class working attitude, quality workmanship, competent technical team, honesty in our dealings and we accomplish jobs ahead of given schedules, at competitive prices. Full attention will be given no matter how big or small the jobs may be. Our team is dedicated and devoted regardless of the size of the projects. We take pride and excellence in every job. We are on 24/7. In our field of business, any equipment down-time can equate to loss of revenue for customers or jeopardize their operation, hence customer’s dependence on reliable contractors are crucial. We are known in the market to hold the title of “Top Notch”, reliable, competent and responsible contractor. That differentiates us from others. There were many cases of emergencies whereby the equipment(s) were down. Deployment of manpower has to be within 4 hours of notice from customer, and the technicians have to continue to work round-the-clock till we get the equipment(s) up in operation. In such cases, we have 2 teams X 12 hours/ shift. To date, we had never failed to respond in a timely manner.   15. Are there any parameters you use to consistently gauge your competitiveness or performance against competitors? What are the measures in place to maintain them? Parameters will be that you got to constantly be updated with the market information and movements, improve your staff's skills and knowledge through product training, and upgrade your services and knowledge in order to stay ahead of the other competitors. Never be complacent, always monitor, access and evaluate the situation and take corrective actions when the situation is warranted. Be flexible and adapt to changes when the need arises. That keeps us ahead of the competitors.   16. What are some business ideas you have implemented that created great results in your business? The strategic goal in the beginning was to locate a niche market in the energy field where there were no major players. Next, was to find a world-class manufacturer, convince them to team up on a long-term exclusive basis, and begin the long term tasks of marketing, promotion, bidding, negotiation, product supply and installation, followed by after-market services. This goal required an overall plan, followed by modifications to the plan and implementation of new ideas as the business evolved. So you can say that the best ideas were strategic, not tactical, and they included long term planning and a willingness to modify the plan as the business grows to “welcome change”.   17. Where or who do you get your business ideas from? Well, I would say, keeping myself updated with market information through various sources, like talking to friends and overseas customers, searching for material related to the products etc. When you are in a business, you need to constantly be in touch with the society, products and services that are or will be available, or are in the pipeline etc. Also be observant of the surroundings. Often the ideas can be gathered from your surrounding; then again, sometimes you wake up with a great idea and you pursue it. One should not discount the spontaneous ideas as having less worth than the ones you develop over months or years of cultivation. Both have their place in a good business.   18. How much have your company grown since it started? In terms revenue, number of customers, manpower and other areas that is applicable to your business. What do you see for your business in the next 5 years, and does it include any plans for expansion? Well, how much has my company grown since it started in 1985? We started with some capital in the bank, but it was soon wiped out by overspending and subsequently we were operating at a loss. I would not want to say it terms of dollars and value, but I managed to keep my head above water now. That is as much as I can tell you how much the company had grown. Manpower, from one lady in 1985, today there are 18 of us. As for customers, from roadside customers in 1985, today we are serving the most prestigious customers that include U.S., Singaporean and Malaysian governments, and some really good private ship owners and plant owners. This, for me, is something that I would consider going from nothing to something worthy of note. Size in my opinion, does not indicate strength, one need only to look at General Motors, or any number of super large multinational financial institutions to see that size means little if the business is mis-managed or fails to adapt to changes in the marketplace. It is the performance of the business unit that ultimately indicates success or failure. We do not need to have a high-rise office with a view, and hundreds of workers to demonstrate that we are successful. I never believe in that. We are a small business, but we are very focused, devoted and committed. We are like the chilli padi in the market: small, but aggressive, and we perform. We take pride and excellence in every job we undertake and it is a reputation that we live by ‘till today. We are very proud of continuing this reputation in the market, and we will continue for as long as market conditions and our ability to adapt allow us. Actually, our strategic plan is for 15 to 20 years into the future. That is where planning is really required. The short term (5 years or less) will take care of itself if we stick to our tactical goals of providing the highest quality products and services to our clients. If we stick to the 5-year question, expansion in this period is driven not by us, but by the market. We do of course have plans to expand with caution as and when the market calls for it. Details on the short term expansion are not released to the public until implemented. Our long-term plans are also continent on the market, and include items that may or may not come to fruition: nuclear power, expansion of natural gas transmission in the region, significant advances in solar and eco-friendly product utilization, and the expansion of military specialty equipment such as submarine systems maintenance. All of these hold strategic opportunity and we are prepared to act when the timing is right. We have plans drafted for each of these markets, and others, but rather than drive the market (which requires significant capital outlay up-front), we have plans to service those markets if and when it starts to move forward in Singapore. In the interim, we stay current on the developments in those fields.   19. So you have actually considered the trend of switching from fossil fuels to alternative sources of energy? Definitely. We are all talking about solar power, save the world, save Gaia and energy, anything that is environmentally friendly and is not contributing to anymore wastage in the world is the current trend and I am into it.   20. What does entrepreneurship mean to you? In two words, entrepreneurship is about taking a “calculated risk”. One could make a case that it is really just about taking “risk” only, since regardless of the amount of calculating, we win some and lose some. I suppose it is my analytical nature that keeps me from reducing it to just one word. When we expand on the two terms (calculated risk), we can say that entrepreneurship is about the ability to lead effectively and successfully, and for profitability of the company; to create jobs and contribute to the growth of the economy as well as sustaining your family. Entrepreneurship is all-encompassing. Everything I do revolve around my business. Everyday I wake up, I look forward to going to office to start a new day, talk to customers and serve them. It is my passion. Entrepreneurship is my whole life. I would take it to the greatest height for the benefit of my family as well as my loyal staff who have been with me through thick and thin for many years. It goes without saying that entrepreneurship requires a dedication to those who have faith and believe in me.   21. What are some entrepreneurship qualities that you have which has helped you come this far? The following words come to mind: honesty, motivation, an analytical approach to problems, hard work, long hours, and the ability to keep your eyes on the market and keep them open! Expanding the thoughts further, it involves keeping ahead of competitors. Good products or services are vital in sustaining your business. Instincts, good judgement and foresight are necessary to foresee what is coming in the near and distant future, and the ability to determine sustainability. Honesty and sincerity are absolutely mandatory in the business dealings. One has to be constantly motivated by an overwhelming need of achievement and a strong urge to build a bigger and stronger business unit. Staying focused. Being prepared to take knocks and bumps along the way and not afraid to keep trying. You have to be a positive thinker and learn to be a decision maker. Never give up, never say die, always have a can-do spirit and take every challenge as it comes along. Never be complacent.   22. Besides all these, do you think that there are other qualities or factors which could influence the way someone do business, such as family influence, attitude, work experience, etc.? Throughout life, be it in business or other aspects, we are always influenced by others. When we are young, the greatest influences come from our parents and immediate families, who teach us the core values: honesty, concern for others, sharing, the value of hard work, etc. As we mature in adolescence, there are a couple of teachers in school whom I can collectively credit with instilling a sense of motivation. Some teachers do this by challenging us, others by example, but ultimately they unlock the hidden motivation. By the time we reach young adulthood, the key elements are already developed within us. From there, it is just putting those elements in the right place at the right time, and stepping forth in business to make your way in the world.   23. In your opinion, what does it mean to have the “spirit of enterprise”? It means to have the positive energy to continue to excel and not be set back by failures. One must believe in oneself/ judgement/ inner instinct and not let external forces unduly influence or obstruct your passage. One should not be afraid to embrace failure and learn from it, regardless of the number of tumbles or obstacles one may face. Especially woman, I would say this to all women in Singapore, never underestimate yourself as a woman. We can still make a statement in a male-dominated world or career, and I am one living example. From where I came from, with no engineering background, to where I am today heading an engineering firm, no women should underestimate their abilities. The sky is the limit.   24. Who or what motivates and inspires you? Starting with my family, my mum was a honest and very hardworking employee. It tells me one thing: that you really need to be a hardworking person to succeed. Nothing comes easy. You cannot just sit around and expect deals to drop by and contracts to be thrown your way without much effort. My mother is one source of motivation who made me believe that hard work and honesty are essential to be successful. I am also very proud of our minister mentor, Mr Lee Kwan Yew. I always have high regards for this great man. It is such an honour that I am here and able to experience and receive his leadership. From a third world country, he turned Singapore into a developed nation. From an unknown country, I believe now everybody has heard of Singapore. I would say that this is all owing to our minister mentor's far vision; he has such far sight for the prospects of Singapore. I take him as a role model. He motivated me to think positively. His motivation convinced me that from scratch I can build my business and bring it to new heights, in some small way, like what he did for Singapore.   25. What are some of your business values and what would you like to pass down to others, particularly the younger generation? Wow, I love this question! I’m so impressed with the youth of today. They are exposed to so many potentially negative influences (violence in the media, drugs, corporate greed and failure, constant distraction from cell phones and the internet), yet in spite of this, the youth of today continues to excel. They build on the past accomplishments, extract the good from society, and work towards an unknown future with a true entrepreneurial spirit of their own. In spite of overwhelming distractions, the vast majority of Singaporean youth are an example for the world to follow: excellence in educational accomplishment, a sense of giving and support to their communities through small acts of selflessness such as volunteer work, and an underlying commitment to the future without even so much as a second thought! I believe that every generation takes the best from the last generation, and then builds on that. Just look at our major accomplishments in the last couple of generations. One need not study it for long to see that the quantum leaps for mankind come not from those who are “old and wise”, but from the youth that are motivated and take calculated risks. From the youth with a vision, from the youth with a questioning mind, from the youth that goes forth in the world to create a new political awareness to a youth that prides itself on new software developments, we will only benefit from the outstanding accomplishments we will see from our young Singaporeans in the next couple of decades. If I could offer any advice to young people entering the business field, it would be the same advice I would give them in their lives outside business: “Avoid the comfort zone”. Whether they are still in school, or already in the business world, keep pushing yourself to learn new things, to accomplish more, to live life outside the comfort zone and always improve. In another 60 years or so, they will look back on their own lives and it is most satisfying to be able to smile and know that you pushed life for all it could offer. Living “outside the comfort zone” can provide a person with a truly rewarding life.   26. Can you share some of the more significant events / incidents that affected or shaped your business philosophy and the way you conduct your business? I.e. SARS, new competition or shifts in market behaviour and trends, economic downturn, etc. I was fortunate to meet a selected few people in business who truly cared for the success of my business, and who were equally willing to work long and hard to see me succeed in business. The specific examples are many and would take far too long to explain here. Suffice it to say that when times are tough, you see qualities emerge in people that you never would have thought were hidden below the surface. The saying: “When times are tough, people are at their best” is truly more than just a saying.   27. With the changes in the market today, do you think it has become harder or easier to succeed in business? Why do you say so? Every business has its own competitors. The moment your competitors get to know your products, services or niche, they will always try to move one step ahead of you. Changes in the market today? For me, ships are still coming in, engines are still running, generators are still generating power. Our products are not sold in mass, they are specifically tailored for every application. So harder to sell? Yes, because people are tightening their belts. Easier to succeed? Yes, because existing equipments are running and performing.   28. What advice would you give young people who want to start their own business? Because nowadays in Singapore, I think young people are less willing to take risks, given this environment they are in now. Let’s look at risk from two points of view and then we can discuss the impact to our young people. First, the two overview points to consider: a) Life (and business) is a risk regardless of one’s attempts to control it. Singapore can not control the acts of other nations; we as entrepreneurs cannot control the financial stability of banks and our clients; and on the micro level we can not control every aspect of our own business. There are risks regardless of the actions you take or don’t take (remember, even “no decision” is actually a decision… it is a decision not to take action). So we should not be duped into thinking that we can avoid risk in business. b) Life is a risk. You can not avoid risk in life either. Whether you “take a risk” or not, one can generally assume that in 90 years or less from now, you are finished and gone from this world. So regardless of the business risk or other risks you take in life, at the end of your life, the end result is the same. (We will all pass from this world one day.) So philosophically, it becomes clear that if the end result is the same, it must be the “journey” through life that makes all the difference. Just living isn’t enough. And just living is not without risk either. This philosophy, if logically accepted, leads one to the logical conclusion that if we are taking risks, then the best case is to take “calculated” risks. Our youth today is an outstanding asset, and they are the future. As noted above, I would advise young people today to “Avoid the comfort zone”. Having said that, I would recommend anyone entering business today, to do his/her homework and analyze the business opportunity critically. Don’t be afraid to ask other business people in the same or an unrelated field to critique your ideas and lend you their advice. A successful person in business can be a valuable resource when considering entering any new field. But above all, remember that risks simply can not be avoided, they have to be managed instead.   29. So I would say that the idea of taking risks is not so advisable for young people who just started their own business? Well, taking risks is one thing that, if they come from a wealthy family, well sure, they can take many risks, they have big mountains behind them but for people who part with their hard-earned savings to start a venture, they have to take calculated risks and do research before pumping in their money, because the wrong move may wipe out all their savings, which can be very demoralizing. So taking risks is one thing, make sure you can afford that risk. If you are born with wealth, it is fine. One failure after another, maybe after 70 failures and you succeed, no worries, you have the backup but for people earning their living, risk is something you must always have in mind to minimize. The way to minimize risks is to do your homework, what is good and what is not good to go into. It is something they have to access, and to go into market research to find out what is out there and is there a future or prospect for them. If there is a demand, would they be able to sell the products or services? Will they be able to sustain their business for 1 year, 2 years, 10 years or 20 years? It is something they have to access very carefully before they enter into a business of their own.   30. One last question, do you have any plans to pass on your business to your children in future? I have to say that in terms of my children, the business is secondary. What I want for them is first to provide them with the values they need as human beings to grow up to be honest, kind, and caring contributors to the society to which they belong. Secondly, I want to give them the tools they need (education, motivation, and an understanding of how the world “works”) to succeed in life. Third, I want them to ultimately enjoy a passion for whatever they choose in life. Their choice may be to be the best formulae one driver in the world, or to save starving children in Africa, or invent a cure for cancer. I can not assume that they will have the same passion for my business as I do, nor would I want to force this on them. It is there if they are interested and willing to work to succeed in it. But instead of a desire to have them take over in my business, I strive instead to develop in them the passion for what interests them, to give them the educational and social tools to succeed in life, to instil in them a sense of right and wrong, the value of honesty, and value of dedication. What they choose to do with those attributes remains for them to decide at an appropriate time. Naturally, as a parent I also wish to provide them with the opportunity to take over the business one day. By the way, my eldest boy is only 9 years old and my youngest girl is only 2 years old. It is a long shot to even think about passing on my business down to my children at this point in their lives. Obviously, it has to work first for the children themselves, then for the entire family. Ultimately, what is harvested and amassed from this business will eventually go to the family. The question is, will they grow up fast enough to join me in my business? And are they interested in this business? It has to be their passion if they are to succeed. It is one question for which I still have an open mind. If I had children, who were in their mid 20s, and they were already training in my office, I could give you a more definitive answer. At this time, I do not have that privilege as my children are still very young. Certainly, I wish to pass on my assets to my children. But the physical assets remain secondary. The primary concern is for their development as contributing members of society. For the business assets, the question is whether they can grow up fast enough to take over my business, and do they have the passion for this business. We shall see.