Or more accurately, who doesn’t? In a world where money talks, we speak to three financially successful female entrepreneurs to find out what it takes to bring home the Birkin.
Or more accurately, who doesn’t? In a world where money talks, we speak to three financially successful female entrepreneurs to find out what it takes to bring home the Birkin.
So here’s the question. We all know that life isn’t just about making money, but it’s also true that most of our long-term goals – like home-owning, having a family, or maintaining a certain lifestyle – require just that. But, short of winning the lottery, money doesn’t just fall into one’s lap out of nowhere.
What does it take to be a millionaire? Most of us associate raking in the millions with being a corporate big-wig, and we’re not that far off. A survey involving 227 Chief Executive Officers by PayScale reveals that the median income for CEOs is around $245,000, a figure that is not inclusive of any bonuses or profit-sharing (for instance, shares in the company) that a CEO would also be taking home. The good news here is that according to a 2014 Credit Suisse Research Institute report, Singapore has the highest number of female CEOs in Asia and ranks third worldwide. The bad news is that number is a mere 15 percent.
But just because you aren’t statistically likely to be a CEO, doesn’t mean you can’t carve out a lucrative career path holding a position in the upper echelons of management, right? Well, according to employment data from the Ministry of Manpower, the numbers aren’t exactly in your favour. While the top jobs for men past 65 are professional or managerial roles, the glass ceiling seems to kick in at the professional level for women. Granted 14 percent of employed women over 45 are managers, but on average they earn $9,154 a month – $1,460 less than their male counterparts. Plus, for every female manager, there are just as many clerical support workers and, in fact, even more women who are in services and sales*.
Perhaps this is why you so often hear of women’s success stories that often go hand-in-hand with a tale of entrepreneurship. I asked Huang Shao-Ning, who famously co-founded JobsCentral with her husband in 2000, whether she believes that success would have happened if she hadn’t chosen to be an entrepreneur. Her enlightening response? “That depends on how one defines success. [If you define it as having] ultimate financial freedom and the ability to do whatever you want with no material worry, the answer would be a no.”
However, she also adds that, “Many brilliant traders or property agents attain financial freedom via their own efforts, without needing to lead,” so don’t mistake entrepreneurship as the only way to financial success, just maybe a more common one. With that, we asked three female entrepreneurs who’ve made bank what it takes to be successful, and how to grow your savings account from the sapling it is now to the redwood of your dreams.
Do you need to “have money to make money”?
WENDY :You do not need to have a huge start-up capital to begin your entrepreneurial journey. I started my business with only S$52 in 2000 and now I am a multimillionaire with a portfolio of over 100 properties internationally. How I started was through marketing other people’s products and services first. After I had become more established, I then created those of my own.
You also do not necessarily need to use your own money. With seed funding, crowd funding, angel investors and venture capitalists, there is no shortage of money to support a startup. You only need to understand that it is not businesses that invest in people, but “people who invest in people”. Therefore, you need to become the person that others will invest in. You have to let people know why they should invest in you to help them generate profitable returns.
“Your attitude is the most important factor in determining your future.” Pauline Ng, Managing Director of Porcelain, The Face Spa
Do you think it’s more difficult for women to succeed?
PAULINE :I can’t tell you [if there is a glass ceiling in our society] because I haven’t worked in another firm for long enough [apart from Porcelain], and at the few I’ve worked at, there were many female managers. In Singapore, there are no lack of women entrepreneurs who have done amazingly well.
SHAO-NING :Venture capitalism investment data suggests that women founders get less support for funding than men, thus I would say [it is] more difficult to succeed.
Did you ever feel like less was expected of you because you’re a woman?
SHAO-NING :I never thought that more or less was expected of me because I am a woman, but I’ve been asked the question “How do you manage work and family?” many times during interviews. This question seriously irks me, as I don’t think male leaders are asked this but women leaders [are asked] all the time! I read this as a bias that society levies on women […] Women struggle more with ourselves; many of us, especially after having kids, would put family first, and hence put career success off to a later stage.
WENDY :As a woman, I believe that more was expected of me. In the relatively male-dominated societies of many parts of Asia, there are still some men who perceive women as less than qualified. I need to have the confidence in myself and be willing to face the many skeptics out there. Most people are skeptical before they are convinced that I am competent. To give an example, I like to wear dress suits as I embrace the feminine part of myself, but I have had men telling me that my business would do better if I wore a pants suit instead! I told them politely, “Thank you for sharing.” I acknowledged their feedback but stood firm about embracing who I am as a woman.
What’s the number one weapon in your arsenal of qualities?
PAULINE :I’ve always believed in developing people. Helping my team grow on a personal and professional level gives me tremendous pride and satisfaction. Perhaps that focus on developing my team, spending time on their growth, is something that I feel has helped me become a better leader. In return, it has also helped us to find exceptional leaders who can become our managers, and that’s how Porcelain can slowly grow.
WENDY :What prepared me most is having the right mentors. Mentors can come in the form of inspirational books, the biographies of successful people, having good coaches and surrounding yourself with people who are more successful than you. Your network will determine your net worth.
“When you appreciate yourself and are confident in yourself, you can achieve what you want to achieve.” Huang Shao-Ning, Co-Founder of JobsCentral.
How did you find the motivation to stay patient and continue to work hard while the rewards seemed to be so far off?
SHAO-NING :Honestly speaking, I never aimed for a big prize. It was always milestones that I was working towards. I had a business goal that was nonpersonal (well, it was driven by pride, I suppose) – I wanted to prove that JobsCentral could be a strong local player even if we didn’t have the financial backing.
WENDY :There is the universal “law of gestation”. Women would understand that to conceive a child, we need to go through the gestation period of nine months. We may also have to endure discomfort, morning sickness and labour pains before the miracle of our child arrives. To plant trees, you need to sow the seed and nurture it for a period of time before it bears fruit. As such, I understand that success is mine as long as I persevere despite the challenges. This helps me understand that failure and disappointment are a part of creating jobs, adding value to society and making millions.
PAULINE :I think it was telling myself that you cannot build castles in the sky and expect them to hold. Everything requires a strong foundation, and that strong foundation requires hard work. If you have the right foundation, when things go wrong and your work crumbles, at least your foundation will still be there for you to work on. I am still building that foundation.
