Building a successful business is a monumental challenge, and for many of those who achieve it, self-confidence plays a key role in their journey. Ho Kwon Ping, 72, the founder and executive chairman of the Banyan Group, which operates about 80 resorts and hotels across 22 countries, knows this firsthand. With a career spanning decades and a company listed on the Singapore Stock Exchange, Ho’s business acumen has helped him amass considerable wealth. In 2023, Banyan Group generated a revenue of about $328 million Singapore dollars (roughly $240 million USD). However, despite his achievements, Ho remains cautious about a common pitfall that many successful people fall into: hubris, or excessive pride.
According to Ho, the key to entrepreneurship is headstrongness—a trait that is closely linked to self-confidence. “If you’re not, to some extent, headstrong… then you’re going to be basically a risk-averse person,” Ho remarked in an interview with CNBC Make It. He believes that self-confidence and headstrongness are essential for anyone looking to start their own business. However, he cautioned that while being confident is vital, there is a fine line between confidence and hubris, and crossing that line can lead to disastrous consequences.
Hubris, according to Ho, is a form of overconfidence that can cloud a person’s judgment, making them believe that they are infallible. In the world of business, this can lead to risky decisions like over-expanding or taking on more than one can handle, even when conditions are unfavorable. As Ho explains, “If you have too much of it, it becomes hubris.” He advises aspiring entrepreneurs to be aware of this distinction, knowing that confidence is important, but arrogance can be a dangerous trap.
Ho’s caution against hubris is not just theoretical; it’s something he’s learned over years of experience. Even in the face of failure, Ho has remained persistent, a trait his wife describes as one of his defining characteristics. She has often remarked that he’s the most optimistic person she knows, noting that despite his setbacks, he continues to pick himself up and move forward. This resilience is, in part, due to the self-confidence Ho has cultivated over the years. However, he stresses that a healthy level of self-confidence is crucial to success. It is important not to become too enamored with one’s own abilities or achievements.
A critical aspect of entrepreneurship is being prepared for the worst, Ho warns. “You always have to be prepared for the worst, because nobody’s going to help you when things are bad,” he said. Rather than focusing solely on the potential rewards of a new venture, Ho advises entrepreneurs to consider the risks and how much they can afford to lose. This approach, he believes, helps to avoid the dangers of overconfidence and ensures a more grounded perspective when making business decisions.
Hubris can also manifest in the way business leaders present themselves and their companies to the outside world. Ho, who has built an impressive portfolio of properties under the Banyan Group banner, highlights the importance of managing one’s public image but cautions against believing the hype. “Create your own fantastic PR, but don’t ever believe a word of it,” he remarked, pointing out that a good public relations strategy should not be confused with reality. Business owners, he believes, must stay grounded and not let external praise cloud their judgment.
While Ho Kwon Ping’s success story is one of resilience, self-confidence, and optimism, it is also a cautionary tale about the dangers of hubris. Successful entrepreneurs must strike a delicate balance between being confident in their abilities and remaining aware of their limitations. By staying humble and grounded, they can avoid the trap of overconfidence and continue to build businesses that thrive even in uncertain times.
