Successful people should avoid the mistake of being overconfident: 'Don't let hubris trip you up'

Successful people should avoid the mistake of being overconfident: 'Don't let hubris trip you up'
Successful people should avoid the mistake of being overconfident: 'Don't let hubris trip you up'

Self-confidence is a trait shared by many who attempt to build a business.

According to Ho Kwon Ping, 72, the founder and executive chairman of Banyan Group, a hospitality company with a portfolio of approximately 80 resorts and hotels in 22 countries.

In 2023, the company, which is listed on the Singapore Stock Exchange, generated approximately $240 million in revenue.

In addition to being the executive chairman of Thai Wah Public Company, Ho is also the founding chairman of Singapore Management University.

He attributes his success in part to being headstrong since he was young.

"Being headstrong and self-confident are interconnected. If you lack headstrongness, you will be risk-averse. To be an entrepreneur, you need to be a bit headstrong and have self-confidence."

'Know where the line is drawn'

While confidence is crucial for starting and running a business, hubris can lead to failure, warns Ho.

"My wife has stated that I am the most optimistic person she has met, despite my tendency to fail. However, she emphasized that having too much self-confidence can lead to hubris. Therefore, it is important to find the balance," he stated.

Companies or founders with hubris may "over-expand" and take on more risk than they should, but in business, conditions are not always favorable, he pointed out.

As an entrepreneur, it's crucial to always be prepared for the worst, as nobody will come to your rescue when things go south. Instead of focusing on the potential profits from a new project or business, it's essential to consider how much you can afford to lose.

"Don't let hubris make you think you're great," he advised. "My saying is to create your own fantastic PR, but don't believe a word of it."

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