The CEO of global environmental solutions behemoth, Hyflux shares with us about what inspires her, her advice for budding entrepreneurs and what's next for the company.
What is the best and worst decision you’ve ever made?
Olivia Lum (OL) The best decision I have ever made was to set up Hydrochem (the precursor to Hyflux), believing firmly that the water business holds much promise and had the potential to grow into a big business. I am glad that I took the step to pursue my dreams. I don’t think I could live life without knowing where my dreams could lead me.
In your opinion, what made you a successful entrepreneur?
OL My advice can be summarised in 7 "P"s: You must have the passion to pursue your dreams and the right people who share your vision to help you build a successful business. You must also persevere and be patient because there will be difficult times. Performance is critical to winning the trust of your customers as well as future orders. And do not be afraid to acknowledge that you need help because you cannot be good at everything. Seek partnerships to complement each other and to tap on your partners’ strengths. You must be able to identify the plus factor in your business to differentiate yourself from your competitors and have that competitive edge over them.”
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What has been the biggest challenge of your career?
OL Any entrepreneur would tell you that the lack of funds is the biggest challenge for a start-up. Of the $20,000 that I had to start the company, $10,000 was spent on rental and rental deposits, telephone and fax lines, and basic office equipment. So half the funds were spent even before the business started operating. As funds were limited in the initial years, I multi-tasked as design manager, sales manager, lorry driver, welder, draftsman, and even plumber.