Tips from a business titan

His success story: Tan sharing his insights on succeeding in business and life during the 8th CEO Night, organised by the Malaysia Retail Chain Association.

Tycoon shares his experiences in business with CEOs during annual talk

The applause that greeted Tan Sri Vincent Tan as he stepped up to speak at the Malaysia Retail Chain Association’s (MRCA) 8th CEO Night is no surprise.

Tan, with a reported net worth of RM4.7bil, is a famous and respected business figure in Malaysia.

Tan shared his experience on success and business as the keynote speaker at the event organised by MRCA recently.

“I was very nervous when I saw the words keynote speaker. After all, I am just a man with Form 5 education and the son of a lorry driver from Batu Pahat.

“Everything I have learnt, I have learnt from experience.

“But, I thank my father for giving me education — life education,’ he said with obvious emotion.

“You must still get a university degree because it is very important, and that is why we have Berjaya University,” he laughed.

From being the youngest agency manager for AIA Insurance at the age of 21, Tan counts two big breaks in his life which jump-started his successful business empire.

“My two big breaks were buying the McDonald’s franchise when I was 28 years old and then later getting the government to allow me to privatise Sports Toto.

“While I was still in the insurance line in 1973, I remember reading a TIME magazine article, ‘The Burger That Conquered The World’, one day while waiting for a client.

“After that I started sending letters to McDonald’s over and over again, till one day they invited me to the opening of the first McDonald’s in Singapore.

“I thought I did not stand a chance back then, but they told me ‘We have met many people, but we like you the most because you are persistent and you never gave up’”

“I put in RM250,000 and they put in the other half, giving me 51% of the stake. And that’s how it all started.

“But really, I’m just one of the lucky ones. If you work hard, when the opportunity comes you will be lucky too,” Tan said.

Tan went on to acquire Berjaya Kawat Bhd and grow several other businesses such as the Mazda dealership in 2007, and the Malaysian franchise of 7-Eleven which is now worth a reported RM2bil.

“Today, Berjaya Group is worth RM3bil and I myself can’t believe it.

Despite his achievements, Tan reminded the business personalities present at the event of their basic duty.

“Your company succeeds because of you. I am the jack of all trades and a master of none.

“So, I tell all my CEOs to go be a master of their own trade,” said the owner of four football clubs.

However, no successful journey is complete without a few bumps in the road which the owner of 15 companies gladly confesses to.

“I used to own DIGI and Prudential, but during the 1997 Asian Financial Crisis, I had to sell those two crown jewels to help build Berjaya Times Square.

“I had to. I did not want people to see a half completed building when they drive down Jalan Imbi and then think ‘Oh that Vincent Tan is a failure!” said the candid 63-year-old.

A firm believer in mastering the English language, the billionaire admits to having spent a chunk of his wealth on funding free English learning programmes for people in rural areas of Malaysia.

“English is the language of commerce and business.

“All progressive companies use English, therefore we must get our employees and family members to speak the language.

“The world is very small if we can only speak Malay and Mandarin,”

Naming Nelson Mandela, Lee Kuan Yew, Warren Buffet and Tun Dr Mahathir Mohamad as his role models, the Berjaya Group chairman holds them as examples to hollow.

“I especially regard Dr M as my elder. He is the same age as my late father. They are both born in the Year of the Ox and they are both stubborn people.

“From all these greats, I learnt not to leave too much to your children. If they want wealth they should earn it,” he said.

Funding charities close to his heart, Tan said that once he has given his children sufficient comfort he will keep his pledge to give away his fortune.

“I have found my purpose in life. It is to make more money and then give more than half of it away,” he said.

Tan is far from retiring as he admits to be constantly looking for more businesses to explore.

From building a Four Seasons hotel in Kyoto and commercial properties in Okinawa, Japan, to teaming up with a Filipino company for a data mining business, Tan said the Berjaya Group continues to invest in new opportunities.

“I like investing in small businesses, because I believe they can become billion-dollar companies,” he said.

More than 300 leading businessmen and entrepreneurs attended the event held in Berjaya Times Square Hotel.

Organising chairman of the event Datuk Bruce Lim said he personally drew great inspiration from Tan.

“Watching Vincent Tan start up his company since the early 70s gave me great insight in developing my own,” he said.

MRCA president Datuk Liaw Choon Liang expressed his hope the annual event would be a valuable knowledge-sharing and networking platform.

“These CEO nights are a learning platform for businessmen of all ranks and all walks of life,”

“I hope Tan Sri Vincent Tan’s tips and innovative ideas will help us brace challenges ahead,” he said.