Singaporean Entrepreneurs

Jack Welch, famed former CEO of General Electric once said that even if you are great in everything you do but you don’t have “energy”, you won’t make it.

If there is something Bak2U CEO Paddy Tan has, its lots and lots of energy. Aside from being the ideas man behind Bak2U (a business which helps you locate lost/stolen stuff), he also blogs, networks like mad, and travels around the world to market & sell his ant-theft software. He has flown so much that the air mileage he has earned can now give him free travel – for possibly the next couple of years.

Despite such a whirlwind schedule, he still finds time to help people. And what is so inspiring is that he is genuine about his offers. There are no pretensions with him. He really just wants to help, probably because he understands just how hard it is to be an entrepreneur.

Paddy shared some insights into the technology business last week. Below are some thoughts which made a profound impact on the business students who attended:

(1) Although people think it is easy, it is actually very very expensive to be in the software / technology business. You need deep pockets- around S$150-200K. At first Paddy did not believe in investors, but later realised that they are crucial to growing the business.

(2) You need to start networking as early as possible, especially as a student because your intentions are pure. When you start networking only as an adult and only for business purposes, it becomes very fake and superficial.

(3) Learn from everything and everyone. It’s not up to others to guide you on what you should study. Neither should you be confined to your area of academic achievement. Entrepreneurs should know a little about everything. You can always hire experts and specialists.

(4) Make your own way and be persistent. Paddy had to work out how he was going to get his degree while he was serving NS, at as low a price as possible, as quick as possible. So he negotiated with the university.

(5) Try and try until you find what works. Bak2U started of just as a labeling company (stickers) with coordination services (arrangement of putting back together owner and lost item). It slowly morphed into a technology company, moving from just phones and laptops to all sorts of gadgets and even pets!

(6) When starting out, forget balance, be crazy! All successful entrepreneurs, in one form or another, are crazy. They put in a lot more than what is expected, and often leap before they know just how deep or wide the chasm is. Without this attitude of doing now and planning as you go, many businesses, especially innovative ones, would never be formed. Paddy decided not only to put all his eggs into Bak2U, he even asked his wife to quit her job at the same time to pursue her passion in beading.