Time and Chance
When Mr Timothy Yew was being informed to share with budding entrepreneurs on the website about his success story, he started to reflect and review his entrepreneurial journey.
Seriously, he thought, what is the measure of success?
And does he really have a success story to tell?
To Timothy, he felt that this seems particularly pertinent for anyone planning to venture forth into the Wild Wild West, that is, Entrepreneurship. His technology company, formerly known as Element Hub Pte Ltd was awarded 2nd winner in the augural Shell LiveWIRE Awards in 2001.
Being recognized and rewarded certainly help to raise the company profile further. However, there were other major problems and obstacles to overcome, for instance the funding issues. Looking back, Timothy reflected that there aren’t many things that he would have done very differently. The concept and technology was sound; the management team was solid; the fire was in the belly. The proposition, till today, remains an issue that many enterprises, SMEs and consumers are acutely aware of.
Timothy shared that at times, many start-ups did not take off due to one important factor. This can be summed up in one statement:
 ...the race is not to the swift, nor the battle to the strong, but time and chance happens to us all. |
Element Hub Pte Ltd met his nemesis twins in the form of:
Time: Although his team were revolutionary, customers were cautious and looking for evolutionary. The company had pilot customers, but not enough market momentum to swing things to our favor. This did not bode well for the revenue streams, which in the end dried our coffers.
Chance: The team did not speak to or know the right people. Relationships (and the right ones) can take you places. Like it or not, we are in an Asian environment, and one word of recommendation or introduction with the right people (not just those that pay lip service) can go a long way in opening up opportunities, businesses, and clients.
Timothy never regretted his career choice of being an entrepreneur. He continues to pursue his dreams and today, he runs a boutique interactive agency that helps MNCs and local customers strategize and implement the digital component of their organizations. “The lessons I have learnt have ensured that my current endeavor stays at the top of our game for the last 9 years. I am humbled to be named one of the hall of fame honorees.”
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