Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee(s): Lester Lee
Name of Company: Asia Optometrist Holdings
Name of Student Interviewer: Ho Shu Jie, Filment
Date of Interview: 16-Jun-2016
Synopsis :
(Extract about the Company – this will be the Paragraph that will be publicly used for all
print material in SOE)
Asia Optometry Holdings understand that entrepreneurs and consumers are entering an era
of speed, on the basis of innovation, swiftness, solid business framework and scalability.
Asia Optometry Holdings focuses on minimal capital set-ups with the fastest return on
individual investments. With at least 12 years of experience, Asia Optometry Holdings
thoroughly knows the optical system and is able to maintain it, therefore making them a
successor yielding the highest return from minimal capital start-up. They are the first group
to revolutionise and innovate this very idea to be extremely dominate in the market, despite
the concept not being fresh.
(Extract about the Nominee – this will be the Paragraph that will be publicly used for all
print material in SOE)Lester Lee: The foundation behind prospering and flourishing businesses, Lester Lee is a man
of humility, ambition, and compassion for the under privileged, such disabled-bodied
people. With more than a decade’s worth of experience, he thoroughly understand the
needs of customers and the need for innovation in order to appeal to the new generation.
His need to provide for his family and obligation to be a sole breadwinner, is the driving
force behind his motivation to push the limits and venture into new business opportunities,
such as e-commerce to better satisfy and serve his customers.
Student’s Comment (your impression of the Nominee and the entire interview process):
This was one of the most inspiring interview that I ever had, I was extremely amazed by Mr
Lester Lee’s journey behind the businesses that we see in reality today. With a passion for
customer service and compassion for under privileged individuals, Mr Lester Lee dares to
take bold business ventures and jump beyond the horizon with his business partners to
expand new opportunities for themselves. The fruits of his labour (the company and other
expansions) and Mr Lee himself is a perfect display and example of what many of our elders
always tried to ingrain in us since young – to work hard for what you want in life. It inspires
me deeply to go beyond my limits and take risks in everything that I do.
Q1) What were your beginnings like as an entrepreneur starting out in the optometry
industry?
Lester Lee: So mainly, the main reason was actually by luck. I would want to actually provide
more for my family in the future. By being in a kind of paid salary situation, basically it is
pretty contained. Once I actually started out, it’s actually pretty stressful initially, but since
the focus is on supporting my family. Yes, I do have quite a fair bit of burden, and also
dependency from my family, so someday eventually I had to adapt.
Q2) What were your main challenges you faced over the past 12 years?
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee(s): Lester Lee
Name of Company: Asia Optometrist Holdings
Name of Student Interviewer: Ho Shu Jie, Filment
Date of Interview: 16-Jun-2016
Lester Lee: The changing economy situation. I actually started out in 2009, so from 2009
to2013, the market was pretty hot, whatever we deal with, opens and expands for
investments, and is positive. After 2013, it provided some resistance, so there’s actually
quite fair bit of economical era changes, which was actually followed on by foreign invasion,
MNCs (Multinational Corporations) from other countries like Japan, Indonesia or Malaysia
and also with the rise of e-commerce.
Q3) How did you managed to overcome these challenges?
As you can see from our entity, initially our strategy was just to build, by the later parts after
2013, I actually modified my strategy in terms of business planning. I came up with ecommerce, and this portion is actually scalable, with very minimum expenses and this
another portion is corporation division, so this will actually show you that we have retail as
the baseline followed by e-commerce and corporate meaning MNCs, insurance, government
sector. It is actually like a passive state which latch on all the functions, so we are actually a
very integrated and prominent in the business.
Q4) Why did you decide to pursue a business in optometry instead of venturing in other
industries?
We have done quite a fair bite of eye screening in Nepal, Indonesia, Thailand, China and
even Vietnam over the years. For my side, I just feel that by being a social worker is actually
just a one-to-one basis effort, but by being in the entrepreneurial kind of setting, I think I
can actually do more to actually expand what I actually wanted to do rather, than a one on
one basis, because on a one-on-one basis, is pretty limited with my strength and also
ideology. By being an entrepreneur, that’s when the whole thing becomes far-stretched.
Q5) How about your friends and families? Did they fully support your decision to venture
into this industry?
I actually come from a very simple family, they don’t really have any opinions or resistance
to whatever I’m doing, so of course I have their support. Basically, when I first started out, I
did actually ask them, and they were actually supportive. At the same time, because I’m a
sole breadwinner for the whole family, they were actually quite worried also because it’s a
bit of a break or loss kind of situation. I decided to go through to the end, I think I’m actually
lucky.
Q6) Were there any negative feedbacks or judgements from your friends, family and
relatives or anyone in general?
Not really, because perhaps like what I mentioned before, it’s really luck and hard work.
Even though I first started out in Queensway Shopping Centre, my first shop, there were 14
shops at that moment, but we actually fought all the way, by the end of the second year, we
were one of the top few shops in the whole shopping mall. That actually brought us to the
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee(s): Lester Lee
Name of Company: Asia Optometrist Holdings
Name of Student Interviewer: Ho Shu Jie, Filment
Date of Interview: 16-Jun-2016
next level. With regards to my family, similarly, they were very supportive, and have not
much criticism, perhaps because of the many challenges (?) I have taken, I was really
fortunate. But if you’re talking about competitors, especially when I started out where there
were 14 shops, all the competitors will actually attempt to sabotage you, or try to stop your
supply. It’s actually a very unethical field. Why we managed to succeed, was because we
provide, service, which is one thing. I changed the old service line which was very slow and
messy, and I improved the service with an essence of healthcare.
Q7) What is your company’s vision and mission? How do you strongly relate it to your
business partners or employees?
We started out as 0 or rather we are small at this moment of time, I hope by pushing on, in
fact, we are right now doing some MNA (?), we are planning to become the number one,
not just in terms of quantity, but with the skillset of a business friend indication (?). We are
in the midst of doing that, as for more information, whether I managed to success or not,
we will have to see in the next two years.
Q8) In the span of 12 years, what do you think have changed in terms of the industry,
business and the market?
A people mentioned that it is a sunset industry, it’s probably all in the mind. Last time in
2012, the whole industry was pretty well distributed in terms and money, but after 2015, its
only limited to the few top dogs, that’s the reason why one would fight all the way to the
top to get that pile of gold. I won’t say that this is a sunset industry, because we are still a
service line, that’s why when you require adjustments or consultation, we are actually there
to help you. It’s a much personalised kind of service.
Q9) In this era of advances in technology, do you think the market has become more
profitable for the optometry industry? Why?
More people are wearing glasses, if you are talking in terms of sales revenues, yes, but if
you’re talking about profitability, its actually been thin and diluted, so its two different
things. Sales revenue go up, but profitability goes down.
Q10) In the next decade, what do you foresee for the optometry industry?
In the next decade or even in the next five years, there will be foreign companies coming in
and the era of e-commerce, so I see a lot of small unprofitable companies closing, or they
will be consolidated with one big merger, just in Europe, there was the merge of two main
monopolys. I foresee this situation happening in Singapore, in the sense that a couple of a
small shops and chains will attempt to consolidate to become one big giant, how they make
use of the capital market is another story.
Q11) Can you tell me more about your online businesses? (visualloft.sg, eyecare24/7.co,
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee(s): Lester Lee
Name of Company: Asia Optometrist Holdings
Name of Student Interviewer: Ho Shu Jie, Filment
Date of Interview: 16-Jun-2016
lenses.sg)
Eyecare247.co is actually a corporate division, there is actually no office, thus reducing our
expenses. It has two main functions, it is actually a new initiative under healthcare, the first
function, for example disabled people, we actually go to their house to do an eye check, just
like in clinic, which would have the full check-up. The good thing is that we are actually
mobile, therefore we are able to help those who need the eye check, but is unable to move
around. For the second function, we are going more into the corporate sector, tied down
with an insurance company and some benefits under MNCs. That is the main function of the
corporate division, eyecare247.co. Another one is visualloft.sg, which is under e-commerce,
as e-commerce is scalable, meaning that with a small layout, you can propel the high
growth. In fact, we are first to have the biggest SKU of glasses in Singapore. Following, we
also have another plan to expand to Malaysia and Indonesia.
Q12) What were your aims and objectives for launching these online businesses?
It acts as a platform to minimise the resistance provided by the retail stores, just like what I
mentioned, retail divisions have to face resistance because of manpower and rental issues.
E-commerce is actually is there to provide a more steady up growth in terms of the whole
business branding.
Q13) What was the creative concept behind your online businesses?
I just thought that Singapore is an IT country, we’re moving very much into an era of
technology, therefore everyone would using e-commerce, so it would be a good thing to
latch on to the incoming wave, at the same time, a lot of people thought that unlike
watches or clothes, which once you find the design, you purchase as it is, how can glasses be
brought online? That’s the reason why we are the first to have an affiliated system, we need
to let people choose the design they want. We do have a unique point, which is, we actually
have a home try-on, they have to pay a certain fee of $15, we will send them 5 glasses to
their house to try on, and the rest would be returned back to logistics. From there, they
would know which design they want, and assuming if they do not have a decision, after they
buy, they can go down to any affiliated stores just to check and that’s all they need to do,
everything is done in a very convenient mode.
Q14) What was the inspiration behind visualloft.sg, eyeycare24/7.co and lenses.sg?
I think the era is different, last time it was more of market expansion, through retail setting.
The new coming of Facebook, online marketing, everyone has shifted more towards to ecommerce, at least this is all I can say for consumer of less than 30 and below, I think they
are actually more in that mode already.
Q15) Based on these business, do you think your bold move to take your businesses online
was successful?
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee(s): Lester Lee
Name of Company: Asia Optometrist Holdings
Name of Student Interviewer: Ho Shu Jie, Filment
Date of Interview: 16-Jun-2016
We are having quite a fair bit of good reviews, and the sales revenue is not too bad
considering the low capital start-out and month to month expenses.
Q16) One thing that caught my attention was the fact that eyecare24/7.co can be catered to
the disabled as well as a corporate event? Have your past executions been successful?
I would say so, so far one insurance company has signed a MOE contract with us for two
years, and actually our schedule is very packed for eyecare247.co, last week we actually
went to a property company for a three day roadshow and the responses were
overwhelming and prior to that, we actually had another roadshow engaged by the RC in
Jurong. Health Minister, Dr Amy Koh was actually there, so we actually acted as a support to
help with the eye screening. This Sunday, we are going for the Nee Soon CC(?) to help with
the eye screening for elderly, so the market need is actually there, we are just pulling back.
We actually intend to expand in the past modes for the next few months already.
Q17) What were the challenges you faced while you were executing them?
The transport, initially, because it was a low cost set up, we wouldn’t want to invest so
much on the amenities, but it seems that the ventilation and the need is well-received.
From the profits we made within three months, we actually bought a van, so we can actually
carry the equipment. Last time, we actually used our own vehicles to send the equipment
down, which was actually quite challenging because all the equipment tend to be big and
the size and measurements of the vehicle needs to be accurate. We tried to have as little
movements as possible, but the car is too small, that’s when we made the decision to have
van just recently.
Q18) Many would have overlooked the needs of the disabled, were there any inspirations
behind catering to the needs of the disabled?
Exactly, for this idea, I actually have to give credits to my partner, it’s actually him who came
up with this idea, but he actually talked to many people, and it was not well-received. Many
people rejected or gave a very negative feedback. For myself, since I was handling the retail
decisions, I am very open to ideas and we do have our worries, because I was not sure
whether this business can actually be done or if it is sustainable. I decided to give him a try,
so that’s when we realised that this is a relatively untapped market and the need is there.
From then on, it’s another story.
Q19) How do you ensure that customers are satisfied after they have engaged in these
services?
From the review, for the servicing expect ourselves to give a 100%, when you mentioned
satisfied, we can see it through their smile, feedback and when we actually talked to them.
The same as when you walk into a clinic and you want to know about your ocular condition,
we are there to give all the advice. No one in Singapore done all these, even when you walk
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee(s): Lester Lee
Name of Company: Asia Optometrist Holdings
Name of Student Interviewer: Ho Shu Jie, Filment
Date of Interview: 16-Jun-2016
into a normal optical shop, what they perceived is they see the design, buy glasses, check
their eyes, then they leave, without any involvement of the ocular motion, but that portion,
we actually touch on it.
Q20) Can you tell me what your worst day like while you were developing your business?
I had first off in the third month after opening my first shop, as it is retail setting, sometimes
even after 4pm, we did not managed to have a single sale and receipt. That’s when all the
stress and pressure comes in, but I’m quite fortunate, until now, we have not hit a 0 in a
single day, at least there are some dollars and receipts, that’s why I’m pretty lucky in that
area, and that is the whole stress of an entrepreneur.
Q21) How did you find the motivation to continue pushing forward?
Providing for my family, it’s of very big importance to me. No matter what, people will go
off, in the sense that people would die off, and what’s important to me is that the people
around me will survive well and live well, and have a comfortable life.
Q22) What do you foresee in the future for your business?
We are in the midst of MNA, hopefully I can get a transaction across, and we become the
biggest branch in Singapore. From there we are going to become beginner and by the third
stage, hopefully we can get listed, because in Singapore, no one has actually done it before,
that’s the reason why we want to be the first, it’s a very tight call considering the
background we come from. I’m in fact doing a lot of things to push through the whole deal.
Assuming the deal is pushed through people will think, “This guy is actually very lucky to
have this deal”, but they don’t actually see the things that have been done, for the past
years to push it across.
Q23) What do you think is the key to good entrepreneurship?
Openness and also action, but of course you need to have a motivating factor, that is the
most important part, but otherwise if you live day to day in a very negative mode, that’s
very hard to get by.
Q24) What are some advices you wish to give to young entrepreneurs who are starting their
business?
Talk to someone with slightly more experience, hopefully they can actually provide you with
mentorship. As for myself, I started out from 0, I didn’t have any guidance, that’s why the
pathway was a little bumpy over the years, with much trials and errors. Assuming if you
have a mentor and have someone to talk to, with a proper channel, you can actually shorten
your pathway by at least 40%, that’s why having a mentor is very important. Of course, with
your positive mind-set and your willingness to fight on, and also execute. Execution is the
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee(s): Lester Lee
Name of Company: Asia Optometrist Holdings
Name of Student Interviewer: Ho Shu Jie, Filment
Date of Interview: 16-Jun-2016
key thing, the idea without execution is equals to 0.
Agreed and acknowledged by (Chop & Signed):
_________________________
Signature
LESTER LEE
ASIA OPTOMETRIST HOLDINGS
Paya Lebar Square
60 Paya Lebar Road Road #1-59/60
Singapore 409051
Prepared and Acknowledged by:
________________________
Signature
HO SHU JIE, FILMENT
REPUBLIC POLYTECHNIC
9 Woodlands Ave 9
Singapore 738984
16-Jun-2016