Running your own company is a roller-coaster of victories and challenges. From the inception of an idea to the eventual exit strategy, every step along the way shapes the trajectory of a business and the individual behind it.
In a recent panel discussion at the 10th annual Transpacific Entrepreneurial Conference, STS Capital Senior Advisor of Asia-Pacific, Vivien Webb and three business owners shared their insights, representing the diverse stages of an entrepreneur’s journey: seeding, growth, and exit.
Seeding Stage: Laying the Foundation for Success
At the seeding stage, entrepreneurs embark on the daunting task of transforming an idea into a viable business. Ken Lee, President of Lucy Biotech, shares his experience on this phase. Lucy Biotech, with its pioneering approach to tissue and organ preservation, exemplifies the spirit of innovation driving entrepreneurs forward. For Ken, establishing Lucy Biotech's presence in Hong Kong presented unique challenges but also unparalleled opportunities.
The strategic advantages offered by Hong Kong as a super-connector in the region played a pivotal role in the company's early development. For example, the geographic location, Hong Kong is a highly populated city. If you put this in the context of preserving organs, Canada has around 300,000 deaths per year and the United States have around 3 million. In contrast, China has 11 million and if you include its neighbouring countries, you would look at a combined sum of over 50 million.
Navigating the complexities of entering a new market requires strategic decision-making and a solid foundation. Ken's insights shed light on the importance of value creation during the seeding phase, emphasizing the need for meticulous planning and execution to pave the way for future growth.
Growth Stage: Scaling Up and Embracing Change
As businesses gain momentum, they transition from startup to scaling, bringing in a phase of growth and evolution. Pak Ting, Founder and CEO of Votee.com, shared his journey of transforming a decade-old venture into a thriving enterprise. By embracing AI technologies such as GPT and revolutionizing corporate workflows, Votee.com leveraged the opportunities that became apparent through COVID. They swiftly evolved their strategies from email reliant to e-commerce., helping the company grow from 10,000 users to half a million. Their increase in their user base enabled them to deliver more accurate market research data with faster turnaround times. After well-known brands started using their services, strategically marketing their credibility became a catalyst for their growth.
Pak highlights the significance of continuous evaluation and strategic alignment, underscoring the role of programs like ValueMax in supporting businesses during the growth phase. By assessing key factors such as finances, readiness, and potential exit strategies, entrepreneurs can navigate the complexities of scaling with confidence.
Exit Stage: From Success to Significance
The culmination of an entrepreneur's journey often culminates in an exit strategy, marking the transition from Success to Significance. Shirley Tang, Managing Director of RBC Wealth Management, provides valuable insights into guiding clients through this pivotal moment. With over 30 years of wealth management experience, Shirley understands the importance of holistic wealth management and strategic planning.
Shirley encounters two kinds of exits predominantly. The first is a full exit where the business owner can’t identify a successor (ie perhaps a member of their family) and choose to sell to somebody who would value it and continue to build it. These entrepreneurs typically step away from the business completely post sale. The second kind of exit is a partial one where the business owner invites a strategy partner or interested party to help expand the company before making a complete sale. They may even move to a more passive management role in the business before exiting.
For entrepreneurs contemplating an exit, Shirley emphasizes the need to align personal aspirations with philanthropic endeavors, ensuring a meaningful transition beyond business success. STS Capital’s "Success to Significance" program exemplifies this commitment, empowering entrepreneurs to create enduring legacies that benefit society.
Reflecting on the Journey
The entrepreneurial journey is as diverse as it is challenging, but by reaching out to experts, embracing change, and planning strategically, entrepreneurs can navigate the highs and lows with confidence. As the business community continues to evolve, the guidance of experienced entrepreneurs and advisors remains invaluable, shaping the collective growth of the entrepreneurial ecosystem.
Click here to listen to the full panel discussion.
