Get Rich Through Business Leadership by Eric Cheng

March 13, 2013 by  
Filed under Business

Eric Cheng is the CEO of ECG Group of Companies and a successful property consultant. He won the Entrepreneur of the Year Award in 2010 and is well-known as a self-made millionaire in Singapore.

In his book, Get Rich Through Business Leadership, Eric shares his business experience and tips for aspiring entrepreneurs and existing business owners to achieve success.

He highlights that it is important for entrepreneurs to start change from the inside out, and pay attention to 5 important internal factors for business success:

1. Mindset

Have a desire to succeed, identify what you want to achieve in life, and master your fears.

2. Goal Setting

Setting goals and reviewing them regularly would help you to track your progress and organise your time and resources.

3. Self-Reflection

Spend time on self-reflection and gain insights into your strengths and weaknesses.

4. Perseverance

Believe in your goals and learn from your mistakes. Never give up and strive to do better next time.

5. Showmanship

Have good personal grooming and etiquette, effective verbal communication skills, and sound product or service knowledge.

Eric also shares that it is important to look at key areas that are dependent on external conditions, and understand the 5 important external factors for business success:

1. Be Responsible for Your Own Money

Understand and manage your cash flow, assets and liabilities, as they are the lifeline of your business.

2. Build the Dream Team

Build a good team and leverage on others’ strengths. Set a clear vision and go for a win-win situation.

3. Creative Marketing

Develop marketing strategies to differentiate from your competitors. Explore both traditional and new marketing media.

4. Business Formula

Ensure a standardised way of doing things in your business, and implement a variety of systems depending on your business needs.

5. Time Management

Have good time management by prioritising your objectives and leveraging on others. Respect your time and that of others.

Image: Screenshot of video on Dato’ Eric Cheng – APEA Young Entrepreneur of The Year 2011

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