WHEN it comes to entrepreneurship, there is no such thing as a formula. There is no 'one size fits all', no neat and tidy step by step approach nor any tried and true method.
Yet, with sufficient entrepreneurial spirit, hard work, gumption and ingenuity, it is clear that no matter which route you choose, at the end of the day all roads lead to Rome - judging by this year's three recipients of Ernst & Young's Entrepreneur Of The Year (EOY) 2008 awards.
Ong Pang Aik, executive chairman of Lian Beng Group, was awarded Entrepreneur Of The Year - Construction. Sunny Verghese, group managing director and CEO of Olam International, took the Entrepreneur Of The Year - Commodities Supply Chain award and Sim Giok Lak, managing director of Zicom Holdings, was named Entrepreneur Of The Year - Industrial Products.
The three were selected from over 30 nominations received this year. All three have more than 20 to 30 years of experience each.
'It is never too late to be an entrepreneur,' said Ong Yew Huat, executive chairman of Ernst & Young LLP. 'No two entrepreneurs' stories are identical but the fundamentals of success are similar, whether in good or difficult times.'
For instance, Mr Sim and Mr Verghese both started their careers by working at multinational corporations, before going on to start their own success stories. On the other hand, Mr Ong is a second generation entrepreneur who stepped in and built the family business to great heights.
Meeting challenges
'The three winners have demonstrated high levels of strategic thinking, determination and resourcefulness as they embrace the challenges that come with building their businesses. Risk-taking yet resilient, they have either ventured out of their comfort zones to capitalise on emerging prospects, or endured industry downturns by adapting their business strategy to seize opportunities amidst threats,' Mr Ong added.
The Ernst & Young Entrepreneur Of The Year Awards was first launched by Ernst & Young in the United States in 1986 to celebrate entrepreneurs whose ingenuity and can-do spirit resulted in successful business ventures. Today, the awards programme has expanded to more than 135 cities in over 50 countries, with awards presented to over 1,000 of the world's most outstanding entrepreneurs.
In Singapore, the Ernst & Young Entrepreneur Of The Year Awards was launched in 2002, at a point when the government was striving to foster entrepreneurship and groom local entrepreneurs. The awards are now into their seventh year in Singapore.
Previous winners include Ernst & Young Entrepreneur Of The Year Singapore 2006 David Teo of Super Coffeemix Manufacturing and Ernst & Young Entrepreneur Of The Year Singapore 2007, Dr Robert Yap, of logistics firm YCH Group.
Judging criteria
The awards use an international standard of judging criteria for the national awards in various countries to ensure a common yardstick.
From 2007, Ernst & Young has modified the format of the awards to better address the diversity of entrepreneurial activities in Singapore. The criteria looks at entrepreneurial spirit, financial performance, strategic direction, national/global impact, innovation as well as personal integrity and influence. The independent panel of judges is made up of leaders from the Singapore business community, academia and past Ernst & Young Entrepreneur Of The Year winners.
Wong Ngit Liong, chairman and CEO of Venture Corporation and also chairman of the judging panel, said: 'The judging panel was impressed by the business acumen, innovation and perseverance shown by each of the nominees. With a keen eye for opportunities and appetite for risk, these winners have also successfully made their mark both locally and abroad.'
The Singapore awards this year are supported by several sponsors who include Credit Suisse and J Robert Scott Executive Search. Others are The Business Times, Cathay Pacific Airways, Channel NewsAsia, and The Peak. The Action Community for Entrepreneurship (ACE), Singapore Economic Development Board (EDB), International Enterprise Singapore (IE Singapore) and Spring Singapore backed the awards programme.
This article was first published in The Business Times on November 28, 2008.
