Singapore’s ‘Bill Gates’ Ultimate Success Formula

Avinash Inarkar-Article 38

Beautiful article i found, its really inspiring, as an entrepreneur. that if you once decided to do than never-ever look back.

Have you heard of Creative Technologies? It is a billion dollar company and the first Singapore company to be listed on NASDAQ. The founder, Sim Wong Hoo, is one of the wealthiest men in this country and is often referred to as Singapore’s ‘Bill Gates’. Like many successful entrepreneurs, Sim Wong Hoo comes from a very poor family with many of life’s odds stacked against him. He was an average student and graduated from a local polytechnic at the age of 19. For most people with a Polytechnic diploma, making a living on $1500 a month would have made them pretty satisfied. Not Sim. What made Sim different was that he had a different set of beliefs and values. He believed that he was not just one of the crowd, he fervently believed that he was capable of a whole lot more. Coupled with his strong internal values of family, success and contribution, he set himself a specific outcome to build the world’s first computer that could talk, sing and play music (besides just crunching numbers). He set this goal at the age of 17, while still a student! In fact, a few years before (at the age of about 15), he already set a goal of selling 100 million units of a ‘new technology’ that would revolutionize the world.

It was this pre-determined goal that got him to start developing all kind of strategies that no one else ever thought of. In 1981, he took massive action and founded Creative Technologies with $6,000. A few years later, he launched his brainchild, the Cubic CT, which was the world’s first multimedia PC. Did he succeed? No! It was a complete failure and as a result, the company lost a lot of money. Instead of seeing it as ‘failure’, he took it as feedback that the market was just not ready for his product. It was just too complex and costly. He had the technological flexibility to develop another strategy, a new innovation. Again, he didn’t get the result he wanted.

Once again, Sim used the feedback to change his strategy and take action again. He kept changing his strategy over and over again until he came out with the idea of a developing a low cost music card he called the ‘Sound Blaster’. When the Sound Blaster was launched, it became an overnight success. It became a best-selling PC card and the worldwide industry’s standard for multimedia PCs. Today, more than 60% of all multimedia PCs are based on Creative’s Sound Blaster Technology. In 1992, Creative Technologies became the first Singapore company to be listed on NASDAQ, boosting Sim’s net worth to the billion-dollar league. Today, Creative Technologies is a multimedia giant with 5,000 employees, over 20,000 outlets in the United States and boasts an annual revenue of $1.3 billion.

The Formula which Sim Wong Hoo used is :-

1.Have a Focused Goal.

2.Make a Strategy.

3.Take Consistent Action towards the Goal.

4.If you FAIL, analyze your failure and learn from it and change your strategy and TRY AGAIN.

5.NEVER EVER give up.