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A Failed Business Did Not Stop Him From Creating The Next Successful One

� Teo Ging Siang became an entrepreneur in 1992 when his former company had a

major retrenchment exercise. He was then 26 years old. � Defeated by the 1998 financial crisis, he was forced to close down his business in

2002. That did not stop him from setting up his current company thereafter. � Today, his electrical engineering company has over 30 employees, with a steady flow

of customers and is actively involved in various volunteer and community work.

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Determined For Success

Receiving the Singapore Prestige Class Award [Credits: TP Pte Ltd] He came from Malaysia to work in Singapore during the early 80s when he was 16 years old. He worked as an apprentice in a local electrical engineering firm. Though he has no academic qualifications, he has a very good working attitude. He will work harder and longer hours than anyone else and he would learn as much as he can. Therefore, in a short span of years, he mastered the expertise in the electrical engineering industry and was given leadership roles in the former company. In 1992, his former company went through a major retrenchment exercise. This was when he decided to start his own electrical engineering company. He was then 26 years old. Times were hard back then. One of the reasons was that he was young and inexperienced as a businessperson. Hence, his business had several cashflow issues due to bad debts. During the 1997-98 financial crisis, his business suffered an even major loss. He eventually was forced to close down his business during the early 2000s. Though he may have suffered a business failure, he used it as a learning point. Though money was lost, friendship and experience was gained. A good friend in the electrical engineering industry decided to invest huge amount of money in Ging Siang to open TP Pte Ltd. The chinese name of the company is called ‘Jing Ye’, which means prosperous business. Indeed, with many good business relationships accumulated over the years, his business grew larger and larger. Today, the company has grown to a workforce of 30 employees and has had become a reliable name in Singapore electrical engineering industry.

Entrepreneurship is like driving a car. First, you need to have a clear destination of where your company wants to go. You can’t drive too fast or too slow as it may cause an accident. Sometimes you can be very careful but accidents (unforeseen circumstances) may still happen. Therefore, you need to prepare in advance to equip yourself with the skills manage any risk if it happens. Teo Ging Siang

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On Recruiting Talents

At the National Day Event in Istana. [Credits: Teo Ging Siang] Ging Siang strongly believed in recruiting the right talent to his company. When it comes to recruiting, he believes that the candidate must have a good temper. Someone who is quick tempered may tempt to be very impatient. This may result in a communication breakdown between him and the client. Especially for professionals in the electrical engineering industry, a good temperament is important to ensure better relationships with the client and the main contractor. The next quality Ging Siang looks for in a candidate is his or her learning attitude. He does not worry if the candidate does not have enough work experience but the same can’t be said about candidates with bad learning attitudes. Be it the technical skills or the soft skills that needs to be learnt, a candidate who has a good learning attitude will take the initiative to improve themselves. This links with the final quality, initiative. Instead of waiting for orders or being unsure of the work, the candidate can take the initiative to ask for advice on the work and do the work immediately. Though the cost of finding skilled and professional talents in the engineering and construction industry is very high, Ging Siang strongly believes in paying well for good talents to join his company.

Be open-minded and explore different industries to meet more people. The more people you meet, the more opportunities will come to you. This is because opportunities are offered by people who have established the trust in you. Teo Ging Siang

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Leaving A Legacy

Ging Siang and his team on a company trip. [Credits: Teo Ging Siang] With regards to his business, Ging Siang wishes to pass on his management philosophy to the next generation. To him, managing a company is like being the captain of the ship where you have to bring everyone together to achieve the company’s goals. To let others work happily with you as a team, you have to treat each individual as an integral part of your company. Ging Siang felt that so long as a boss does not act like a boss, people will respect him. He or she must be more like a supportive mentor to his subordinate than an authoritarian boss. Ging Siang believes in empowering every single staff such that they have the freedom to creatively think of new ways to help the company. At 52 years old, Ging Siang has no plans of retirement. He believes with his current team of talents, the company can excel into greater heights He said that one day even if he is not around, his company will still stay for many years because he has many trustworthy and talented staff.

Receiving an award for his volunteer work in the community. [Credits: Teo Ging Siang] Despite his busy work schedule, Ging Siang also spends quality time with his family and also in his community work. He volunteered in the local residential committee and is also an active member in Singapore’s toastmasters community. Ging Siang believes that giving back to society is his civil duty and encourages people to do the same

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Work Harder Today For Your Future

Ging Siang with our editorial team The entrepreneurship story of Teo Ging Siang teaches us that whatever effort you put in your company, even if it is not making profits at the moment, will eventually pay off in the future. You just have to grit your teeth, face the storm and work harder for your business. In time, you will have a steady flow of customers as well as a strong team of managers and staff to help you achieve your goals.

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Know your passion, skills and what your talent is. Do something you love to do which you can also make money with it. Then, commit your time and energy to do the work! Teo Ging Siang

Many people may give up during the first three years of their entrepreneurship. Don’t give up easily. I did not make enough during my first few years of business so I continue to work harder. Eventually, the happy customers will refer more business to you and your brand name will be known as a trustworthy and reliable one in your industry. Teo Ging Siang