Hotel Tycoon: Building a Business Requires Self-Confidence and Humility
Ho Kwon Ping, 72, is the founder and executive chairman of Banyan Group, a hospitality company with a portfolio of about 80 resorts and hotels in 22 countries. In an interview with CNBC Make It, he attributed his success to being headstrong and self-confident since he was young.
According to Ho, headstrongness and self-confidence are closely related. An entrepreneur needs to be headstrong to take risks and push boundaries, but they also need to be aware of the fine line between confidence and hubris. Ho warns that excessive self-confidence can lead to a recipe for disaster.
“It’s important to know where the line is drawn,” Ho said. “You need self-confidence to be an entrepreneur, but if you have too much of it, it becomes hubris. So, you need to be aware of the line.”
Ho believes that hubris can cause companies or founders to take on too much risk, which can lead to over-expansion and financial troubles. As an entrepreneur, he emphasizes the importance of being prepared for the worst and thinking about how much you can afford to lose, rather than how much you can make.
“Don’t get caught up in thinking you’re great,” Ho advises. “Create your own fantastic PR, but don’t ever believe a word of it.”
