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IAOLAI ∞∞Qian Hu

-Kenny Yap e Entrepreneur-

Clinston

Overview

Setting up a business• About Qian Hu• Qian Hu’s Business Culture• About Kenny Yap• Business Plan• Finance or Funding a Business• Areas that need to prepare

About Qian Hu

Qian Hu is an integrated ornamental fish service provider.

Its services includes breeding, farming, importing, exporting and distributing of ornamental fish as well as manufacturing of aquarium and pet accessories. Its cliental includes local and overseas.

Qian Hu’s Culture• A positive, supportive, fair environment

• Contributing staff are rewarded

• Staff who do not contribute are penalized

• Regular chill-out sessions

• Job enlargement and rotation

• Training

About Kenny Yap• Also known as "Kenny the Fish".

• The current executive chairman of Qian Hu Corporation.

• Won numerous awards and commendations among which includes Singapore Youth Award for Entrepreneurship (1998), Spring Singapore's International Management Action Award (2000) and the Ernst & Young Services Entrepreneur Award (2003).

• Graduated from Ohio State University with a 1st Class Honors degree in Business Administration.

Insights of the Inside

Don't contribute, don't receive

His family instill the value of if one did not contribute, one should not receive.

Three important pointers

1) Don't be greedy - One cant get rich overnight. 2) Diversify learner - One must keep on learning in various

areas.3) Differentiating factor - In terms of product, certification,

customized solution, comparative advantage, culture, touch love (contribution), concept of distribution (based on the need)

Insights of the Inside

House RulesSince Qian Hu was a family business, predominantly every family will have its own set of rules.

• All sister in laws no involvement• No politics• Have interest in fish (Business Interest)

Attitude is key

• Sincere, be yourself• Encourage• Wisdom accumulate from experience

Insights of the Inside

Communication to build culture

• Print out a card, to pass them to the new peers• Place them at strategic locations• Anonymous box to seek feedback• Monthly meetings both informal and formal

– Informal meetings – catering of food and beer

Insights of the Inside

Innovation• Often misinterpreted to be related to R&D. Innovation can be

applied to processes as well, areas such as productivity and efficiency could be further improved. – Ie intelligent customer service phone hotline

• Mr Yap mentioned that continuous research and development (R&D) and innovation are key survival factors. – Developed a new range of revolutionary aquarium

accessories and is exploring new form of ornamental fish farming technology to meet the changing demand in the ornamental fish market.

Main Entrepreneur TraitsFocus

• He mentioned the necessity of being focus in business, "focus on what we are good in" .

• It should not operate the business by diversifying, one should remain focus.

• When asked whether there is a future of diversifying his business in other areas, he mentioned that the focus of his business would be in the fish business.

Main Entrepreneur TraitsOpen-minded

• He mentioned of his "open door policy" to allow people to communicate or feedback to him.

• He ensure that there are both a formal and informal meeting.- The informal meeting is usually the fruitful one, as he would get his staff drunk in order to receive honest feedback.

• The attitude of having an open-mind is important, one should keep on improving himself.

Reflection

Components That Sustain Businesses

Unique Ideas

Management Team

Profitable Business Model

Critical Areas That Drives Businesses

Resources

Leadership

Strategies

The 4 Ps

Passion - It is the eternal drive or motivation.

Purpose - There is a goal in every business, the short and the long term goal. Every achieved milestones will enable one to reach its goals.

Performance - Purpose always drive performance.

Profitability - It is the bottom-line for every businesses.

Three Areas of Pitfalls

1) Relationship decisions, 2) Roles decisions, 3) Rewards decisions

Anticipate long term issues, to solve them in these areas

QnA