INTERVIEW: ipay88's Executive Director says "Success is a Decision"

Mr Chan Kok Long, the Executive Director of ipay88 was one of the Nurture Growth Conference 2015 speakers. Here he shares his story with us.

1. You have a history of both failures and successes. Most people know only about the successes. If you could share one piece of advice to someone who just failed in a business, what would it be?

Look back on the failed business model and find out what had gone wrong then ask yourself whether the business venture has a potential or not. 

This is where all successful people will tell you that you must believe in yourself and the business but they usually fail to tell us that if the business model is a bad idea, continuing to believe in your business will bring you more losses than before. If the original idea is bad there is no harm to explore a new or adapted idea. 

2. What is a typical work day for you?

Wake up late like 8 am, newspaper and all social medias to get updates on what is happening in the business and the world that we live in! 

Of course, doing all these with my favourite freshly squeezed fruit juices and all my vitamins and supplements. Do my prayers. Then head to office and during the journey, I do my thinking and planning for my top two things to do for that day. 

You can do this when you have the luxury of having a driver. I usually reached the office at 10 am. I'll then have a quick 25 minute meeting with the sales team and say hello to all my staff. 

My first important task for the day is to be completed in morning and then later after lunch the second most important task should be done. 

I should be free by 3pm to 330pm to spend some time with my staff if I am still in the office. 

At 5pm, I'll have my networking session at bars or restaurants. I always reach home by 830pm and then have my light dinner and then have my shower.

I then spend some time with my children to monitor their studies and and spend time with my wife. 

After 11am, I reflect seriously on what I have done and what mistakes I have made during the day. Also what achievements I accomplished for the day. 

I then end the night with a big hug and good night kiss to my wife. 

In principle, we work 24 hours. 

3. Our economy is facing a bit of a slowdown right now. How do you ensure that your companies continue to strive?

To me, this is my biggest moment in my life. I have planned and anticipated this economic slowdown. Every crisis, there will be an opportunity as well. 

As I always mentioned in my sharing or speaking engagements, our business always go through a 10 year cycle. Never believe that you are the exception. So if you have been enjoying good business years for the last 7 years then you know you are at the peak of your business and this is the time you must start planning for the downturn and sustainability of your company. 

The problem is most of business entrepreneurs always believe that their business will continue to strive and make money. I personally experienced having a great business and being number one. We lost the business overnight and lost a lot of money.

4. When you’ve been in a business for so long, it can be challenging to change how things are done because of a set culture. How do you adapt to change and how do you make sure your staff understand that change is necessary?

First you must accept the change. Example, we travel and visit many world class companies all over the world including the Silicon Valley. We see that we must change in order for our company to stay relevant and not to just change for the sake of changing. 

Then we educate and share our findings from top down. Start with all department heads and go all the way down the lowest level in the organization including our dispatch boys and drivers. The key is education and sharing the reason why we need the change.

5. Who is your number one role model and what have you learnt from him/her?

OG Mandino. The great successful entrepreneur that built the most successful magazine in the states and motivational speaker. He almost committed suicide at the age of 15. He had learned that life was never fair to him. Never is and never will be. The second number one is my mother. How she single-handedly brought up a family of six with determination and hard work. She can work from morning 7.00am till the next day 1.00 am just to put food in our mouths. She failed sometimes but we became tougher and more determined to succeed because of it.