Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
Synopsis :
(Extract about the Company – this will be the Paragraph that will be publicly used for all
print material in SOE)Elitez provides part-time, temporary and flexible-work job opportunities for homemakers,
retirees and students. It is the largest FMCG promoter management agency in Singapore
and have been the leading in-store promotions agency since 2013, supporting direct and
retail store marketing for established global FMCG market leaders.
(Extract about the Nominee – this will be the Paragraph that will be publicly used for all
print material in SOE)Derrick Teo is co-founder and CEO of Elitez Pte Ltd. Dynamic and driven, Derrick has led
Elitez to achieve and maintain a clear leadership position in FMCG retail marketing since
2013. He actively seeks to share his knowledge and experience by mentoring and providing
career guidance for Elitez employees. Derrick’s vision is for Elitez to be a change leader by
unifying demand for flexible staffing with meaningful employment opportunities that enable
true work-life balance.
Student’s Comment (your impression of the Nominee and the entire interview process):
Derrick’s down-to-earth modesty belies the aggressiveness with which he pushes the
company’s growth. Beneath his unassuming demeanour is a wealth of strength and poise
refined over his years through the entrepreneurial grind. Yet, the simplicity of his journey is
relatable and palatable. It can be summed up in a few phrases – take a bold step, create
value, and follow through with integrity. Derrick turns 31 this year.
Q1) What is the nature of your business?
Elitez was conceptualised six years ago to help our Singaporean housewives re-enter the
workforce. There were many housewives seeking to re-enter the workforce but fear taking
on a full-time job, because they have been out of touch with the market for ten to twenty
years. Hence my co-founder Wayne and I felt this need could be fulfilled. Elitez functions as
their springboard – by giving these housewives training and some income working as parttime supermarket promoters.
Q2) When and why did you decide to become an entrepreneur?
After National Service at the age of 21, I was wilful enough to turn down a scholarship offer
from IDA. I figured that if I were to take on the scholar’s route, my life would be pre-planned
for the next twenty to thirty years. This was quite unsettling because I didn’t want my life to
be pre-determined like that. So I thought, if I don’t become a scholar what could I be? Why
not do something most people can only dream of when they are slightly older? I decided to
become an entrepreneur then. So immediately after National Service, I was involved in a
healthcare business for about two years prior to starting Elitez.
Q3) What are your reasons for choosing to do business in this particular industry?
I had not intended to one day set up a HR firm. Quite frankly, it was by accident. One day my
co-founder Wayne and I, who were strangers at that time, entered into a business meeting
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
which discussed this opportunity. We thought the opportunity was worth a shot and gave it
a try together. After all, Wayne and I were young and foolish then.
Q4) How did you put together all the resources needed to start your business?
Wayne was 26 and I was 24 when we started the business. Despite our young age, we
already had entrepreneurial experience. In fact, we had failed in our prior businesses so we
knew what makes a business fail. So when we set up Elitez together, we made a
commitment not to let it fail.
One way was to minimise required capital – and to achieve that we put in a lot of effort to
compensate. So our hands and legs were on the ground all the time. We were first to get
our hands dirty for most tasks. Only as the business grew with more projects coming in that
we had the confidence to hire our first few staff. And they have stayed with us from Day 1
till now. So to make up for the lack of capital and resources, we put in a lot of effort and
sincerity to get the business up and going.
Q5) What are some interesting stories you have about your first few customers/first few
years in business?
We made a deliberate choice to start off by serving MNCs. But to get the business going we
had to door-knock all the MNCs we knew of. And of course most of them would think, "Who
are these two young dudes coming to sell their services?”. So almost none of them gave us a
chance – all but one.
Our first client was Unilever.
One of their marketers took pity on us and gave us a very small project. Most other people
in the right frame of mind would turn away that small project because it could not even
cover its own cost. But we decided to give it a try. The project turned a revenue of only
$18,000 over three months, with very nominal profit that could not cover our overhead
cost. We put in all our effort and gave it our best. When the project ended we didn’t hear
from the client for the next three months – we thought that was the end of our small
venture. But to our pleasant surprise, three months later, the client invited us to tender for
a very major project worth about $700,000 for the first year. We clinched it, and the rest
was history. We managed to establish a name for ourselves then on.
Q6) What is your company vision and mission? How do you convey these to your company
staff and team members?
Our vision is to fulfil human potential without borders. Right now our company is operating
only in Singapore. But with that being said, we intend to expand regionally and implement
our business model in other countries around Asia and potentially on the international
sphere thereafter. So, while this being a very big dream, we want to share this dream with
every employee we have. We educate them on the direction our company is heading in the
next three to five years. And those who have signalled their strong buy-in will be placed on a
special programme which we further groom them for aiding the company’s international
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
growth.
Q7) What are some of the challenges you faced when you first went into business?
Wow. A personal challenge would be self-doubt. We were very young then. I didn’t know
about the unspoken rules of the business community – how people would gauge us by the
words we say and promises we keep. So we had to learn the hard way from mistakes we
made. We made promises that resulted in losses, and had to honour them. So these are the
challenges which along the way, we’ve learnt to overcome.
Q8) How did you overcome these challenges? Please share some specific examples of the
action you took to overcome the challenges.
Sometimes a beer or whisky with a trusted friend helps; someone you can confide in and ask
for advice. Once in a while there’ll also be mentors who come along and provide very timely
advice. But usually when we are in most need of help, there will be someone who provides
advice that works and resolves the issue.
But that being said, on hindsight, we were always very eager to find new and innovative
ways to resolve ongoing problems. That’s why when advice came in, it was timely. And as
we execute it, it tends to work to our favour.
Q9.0) Can you remember your worst day in business or a time when you felt like giving
up? What happened that made you feel that way and how did you triumph over it?
In our third year of business, we clinched a very major project during one of the festive
seasons. It was worth about $700,000 for just over three weeks. We had to deploy about
500 promoters island-wide. Although we did not have such experience before, we decided
to give it a try. So the team worked very hard together to get the project off its feet and
rolling out. All was smooth sailing, until the client told us just four days before the project
ended that they might be going bankrupt.
We were very afraid, and didn’t know how to handle the situation. We only had a small
deposit of 30%, so there was still over $400,000 outstanding. We were torn apart between
pulling the plug at that very moment and recognising the losses, or completing the project
hoping that the client pays up. Subsequently, we completed the project and landed into a
legal tussle dragging for about ten months. Throughout this ordeal, Wayne and I leading the
company at the front, had to show that all was fine. Projects were still coming in and the
company was growing well. We had to come to work every day showing how optimistic the
future was. But on the backend, we worried ourselves to sleep every night.
We were also very, very upset at the possibility that our mistake could have resulted in all
our past efforts – both mine, Wayne’s and the team’s – being erased. Should we have lost
the case, it would have wiped out our entire retained profits, essentially putting us back into
square one. Indeed, it was mine and Wayne’s mistake of not vetting through the contract
thoroughly which got us entangled this legal tussle. So we doubted at that time, “Are we
really cut out to do business?” After all, we made such a major mistake.
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
So those ten months were… I wouldn’t say living hell – it was very good trial and tribulation
for us. It was like walking through the fire to become a true entrepreneur. And we were
thankful we managed to withstand those ten months of uncertainty within the company
while the legal case was being resolved.
Q9.1) How much did this legal struggle did the employees know about?
During then, none of them knew anything at all. Only after did we share the situation with a
few of them.
Q10) Can you share some of the lessons you learnt from overcoming your own business
challenges that you think will help other businesses?
In my opinion, for every single business you embark onto, you have to find your niche as
quickly as possible. You may start off by seeing the profits to be made – that’s fine as an
igniter to get your team assembled. But subsequently, you must quickly find your niche so
that you’ll consistently be able to deliver value to the client. Plus, it’s a huge bonus if this
niche is your personal passion.
Q11) When was the moment you realised the business would work and support you?
I started the business in mid-2010. And I got married in July 2011. At that point in time, the
business was not even doing well enough for me to make a decision to settle down. But I
feel that decisions made in the business sphere and at the personal level have to be
disengaged. I can’t just say that because the business is doing well, I’ll buy myself a big
house from the dividends I take. I don’t think that’s being fair to the business.
So from this perspective, Wayne and I have trained ourselves to look at the current situation
as always inadequate – with a lot more which can be improved, a lot more latent potential
to fulfil. And I think that’s a culture that has to permeate the whole company – then it will
be geared for growth. So even up to now, the answer is no, I will not be fully confident that
the business will support me.
Q12) What are some of your proudest business achievements to date? And why are they
so important and meaningful to you?
We have provided employment to over a thousand housewives. Over a thousand of them
have walked through our doors, filled up a job application form, got trained by us, worked
with us, and earned an income through us. Although the tenure of many housewives with us
may be short – from three months to a year – but throughout this period, they don’t just
bring supplementary income to their husbands or households. They are able to signal and
instil confidence in their children that, “Hey, your mum is starting to re-enter the workforce,
she’s beginning to be able to take care of her own daily financial needs. You guys can
continue in your tertiary education or job hunting down the road without any concerns.”
We have many who left us – in fact, many of the housewives left us for a better paying job, a
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
higher qualified job, or a more stable full-time position such that they are better able to
supplement their household. So this is something I hope is a significant value-add to the
community and what we feel very keenly about.
Q13) Can you describe the company culture that you have? How does it contribute to the
performance of your company growth?
From Day 1 of the business, we’ve always emphasised on a problem solving attitude. So if
any of our employees encounter a problem in their daily work, they have to come to us with
the problem and a proposed three solutions. So we tell them, it can be very ridiculous
solutions, it doesn’t matter. The whole idea is for them to get their creative juices flowing in
resolving issues. At the management level, our firm belief is that the future of the world
belongs to those who solve problems. So it’s as simple as this that we get the whole
company to look at things from the same direction.
Q14.0) How do you promote learning within your Company? What are the training
opportunities that you provide your staff?
We have our in-house WDA accredited training school which we send our staff to. They
undergo some basic training and attain certifications there. But beyond that, we have set
aside a monetary and time budget for each employee. Everyone has to fulfil 40 hours of
training yearly, be through government subsidised programmes or not. Our focus is on them
proposing and attend training that is relevant to themselves, their job tasks and their
progress path. This training requirement for each employee is reviewed every half yearly.
Q14.1) What sort of basic certification(s) do/does your in-house training school provide?
Our business is mainly involved in retail. Thus our training school is certified in the retail
framework. So basic certificates we train our employees or the general public are in retail
related skills – like selling products and services, maintaining a professional image, etc.
Q14.2) What is the approximate staff training expenditure per year for the last five years?
We tag it to about 2% of revenue. So for the recent financial year, we are spending about
$130,000 to $140,000 on training. Which we see as very substantial for a small company –
this could have very easily been recognised as profit otherwise. But we feel that to progress
sustainably in the long run, we have to reinvest into the workforce.
Q15) What do you see for your business in the next 5 years, and does it include any plans
for expansion?
Definitely. For the next five years, it has already been written that we’re going to push as
hard as we can for the business. We target to be an international firm after five years, with
potential to be listed on the stock exchange – either in Singapore or Hong Kong. And we
seek to push the company valuation to $80 to $100 mil within five years. We are fortunate
that our management team is relatively young – we’re about early thirties to mid-thirties.
And I’m very glad we’ve assembled this team with fire in their belly.
Q16) In your opinion, what is a good and ethical business? And how do you think this
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
helps you in your Company/business?
A good and ethical business would be a business function that resolves a problem in society
– it’s as simple as that. If a business can resolve problems and operates within a moral
boundary of doing the right things, that business has a mandate to continue.
Although businesses exist to make profit, we have trained ourselves to be less profit driven
and more purpose driven. Our business is designed to solve problems in society. And as long
as we continue to push ourselves towards excellence in this area, we are confident that the
business will unquestionably sustain and make profit. So our overall guiding philosophy is to
continue expanding the value we provide, both to clients and employees – to make sure
that everyone who comes in touch with our company walk away with better value. So that’s
essentially how we treat all stakeholders involved.
Q17) How would you describe your working relationship with your customers, suppliers
and service providers?
We had the good fortune that our first core business in FMCG propelled us to talk to MNCs,
in the likes of Unilever, Nestle and Kraft. We learnt a lot from dealing with our MNC clients.
Each one of them has very strict compliance codes of ethics and conduct, which we imbued
into our company culture and operations from our first few years of business. This was a
very good learning process that our clients had unknowingly guided us through. So
throughout the entire history of the business over the past six years, we use the same
philosophy to treat both internal and external stakeholders.
Towards external stakeholders – our clients – we provide them with as transparent and as
professional a view of what we do. Even down to quotations, pricing models and reports, we
are transparent with them.
Towards vendors, we’ll understand their respective situations and treat them fairly. For
example, before we set up our logistics department, we would rely on sub-contractors to
help us do deliveries of our sampling items in and out of supermarket outlets. Many of them
were just self-employed persons driving their own van. We knew that it would not work out
if we were to operate on a long payment term like thirty or sixty days. So we decided to bite
the bullet, and told them we would pay them on a seven-day payment term, once they’ve
finished their job for the week – which was even better than what MOM wants us to pay
our employees. And we did that for our sub-contractors, because we knew their lives were
not easy and recognised the effort they put in for us. In fact they were a major contribution
factor to where the business is today, although they are not with us now anymore.
Towards internal stakeholders – our employees – we share the gains whenever we can.
When the company makes profit, we give growth bonuses. We have a long-term plan which
employees can, on their free will, opt in to achieve our five-year company goal. There will be
monetary benefits at the end of these five years.
Q18) Can you share the working (e.g. payment terms) you have established with your
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
suppliers?
We are fortunate that we deal with MNCs, which have a very structured way of operating,
including having fixed payment terms. Of course, some SMEs may feel disadvantaged that
the payment terms are very long. And therefore SMEs may try to extend the same kind of
payment terms towards suppliers. But in our company we don’t.
We usually ask our suppliers what payment terms do they work by, and do our best to
follow accordingly. We strongly believe in taking care of suppliers that work with us.
Because the suppliers we work with – be it printing suppliers or hardware equipment
suppliers – are also SMEs themselves. We recognise that there should be some helping
hands lent to each other. And often it turns out very well for us by handling supplier
relations well and paying them on time.
Even once, we paid our branding and marketing vendor ahead of their required payment
term. We knew they had large expenses to fork out upfront in order to service us. Indeed,
when we treat our suppliers with this level of understanding, the quality of work delivered is
usually beyond what they promised. The speed of execution is usually without any
headache to us. We will continue with this healthy practice to further develop relations with
our suppliers.
Q19) How do you differentiate your business from your competitors? Please provide
specific examples.
When we set up Elitez, we were pretty much the new kid on the block. Most of our
competitors had already been established for eight to 15 years. Yet when we started out,
we had no clue how to run the business. The turning point came when we asked ourselves,
“When clients engage our service, what exactly do they want? Is it simply a pair of hands
and legs in the outlet representing their brand?”. The answer is no. However, the former
was the industry norm. We then set out to do things that would create more value for the
client – such as providing comprehensive reports, data analytics – knowledge that the client
will be able to take back to their drawing board and re-craft the next marketing campaign to
greater effectiveness. And this was what quickly propelled us to market leadership within
three short years.
Q20.0) What are some business ideas you have implemented that has created great
results in your business?
Let’s go back to basics where our business was started primarily with the intent to serve the
mature women community; the housewives. So in the third year of business we became the
market leader in our very small sphere. We had a lot of manpower with us at that time.
Total headcount then was about 250 to 280 part-time supermarket promoters. And we
wanted to upgrade them. After all, these are housewives looking to re-enter the workforce
and are using us as a reliable springboard to gain working experience. We decided that to
really serve and value-add to their lives, just giving them a part-time job and income won’t
cut it. There are a lot of them who require upgrading opportunities to progress in their
career.
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
So how can we create more value for our housewife employees? The only way to deliver our
promise of value to them is to set up a training school, equipped with relevant courses at
national standards. Thus after the three months to a year that the housewives are with us,
they will be able to walk away with better qualifications for free – all fully sponsored by our
company.
So to me, the best business decision made was to set up a WDA accredited training school
to provide retail training to our 200 promoters. Fulfilling the compliance aspect of
accreditation was a tough journey, but it was well worth it. This training school is our best
investment thus far.
Q20.1) How does your business use technology to pioneer innovative ideas?
At the time when business commenced, and even up to recent years, our industry has been
very rudimentary. A lot of information was being conveyed through pen and paper, memory
and phone calls. So a year back – through the help of government grants – we invested and
partnered with a technology vendor to create a mobile app which allows our 100-200
manpower, while working off-site, to report their status back to our command center.
With this technology, we were able to improve our operational efficiency. But at the same
time, implementing this technology throughout the company has also resulted in another
set of upgrading opportunities for our housewife employees. Don’t forget, they are usually
in the mature age group of 40s to 50s, some even in their 60s. Prior to this, many of them
were very fearful and hesitant towards technology. But in implementing this technology, we
put in the effort to draft a training programme, and called them back in batches for training
on the app. We’re very pleased with the results, because almost all of them now are using
smartphones.
Yet beyond for work purposes, they are able to – on their own accord and with our guidance
– learn to use social media, reconnect with their own auntie cliques, nieces and nephews,
and play online mahjong among themselves. It’s all great fun to witness and be part of. So
these are some things they’ll be able to bring away from working with us.
Q21) Where or who do you get your business ideas from?
A beer or whisky! It’s usually hard to pinpoint. But there will be inspiration from our peers
and other business owners when we converse. But I think by and large, it’s about being
receptive to business ideas being floated across to us. Our world is as such that people are
quick to discredit ideas or suggestions that do not sync with their thoughts. However, we
should not discount all these on the onset. So for myself and Wayne, whenever there are
new business ideas that we bounce off each other or come across our table, we will put in
effort to explore, assess its viability and understand what are the positive impacts it can
bring about. I think this has been one of the main engines of growth at the management
level in kickstarting new business entities and ideas.
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
Q22) How have these business ideas impacted your Company or business? Please specify
to qualitative and quantitative terms of the impact.
This is not so much creating a new business pipeline, but more of a business decision that
we consciously made, which impacts and permeates the whole company. So from 2014,
we’ve set aside a yearly budget to do some CSR or community related projects. Every year
we will choose certain community projects or beneficiaries.
In 2014 our beneficiary was Club Rainbow. It was a collaborative effort where we brought
the Club Rainbow children out for Christmas gift exchange. In 2015 our focus was on Lion’s
Club where we helped the old age home they were operating. And in 2016 we were
involved with Daughters of Tomorrow, for women facing family challenges. It has been very
meaningful.
For each of the initiatives, as far as possible we’ll involve the entire company in these
events. The very strong undertone is sensed throughout the whole company, which we
constantly reaffirm – that this business is not just a machine to make money. It is also a
compassionate soul that seeks to reach out to needy segments of the community out there.
Indeed, we have been providing a lot of jobs to housewives but at the same time, we also
educate our housewife employees that there are other pockets of community out there that
also require help – not just through financial terms, but through a pair of hands to help in
doing something. This has allowed our business to have a soul, that while in the zest of
progressing the business direction forward to increase revenue, profit, or market share, at
the back end there’s a mechanism for the business to contribute back to society. This is an
area we’re happy that has been considered and implemented.
Q23.0) How do you think your business has made a positive impact or contribute to the
community you serve?
We aren’t being shameless in saying we have a huge community impact. But even so, I think
we are barely scratching the surface. Many of our business associates have told us that our
business model is so fantastic – we are providing jobs for a latent workforce, and yet are
creating a business out of it. But we look at it simply, in the sense that there is a need to be
fulfilled. The clients need us to fulfil a function, and that is to execute brand awareness in
supermarket outlets. Companies in our arena have the choice to either hire students, or
young professionals to work on weekends, or hire mature women. We made the conscious
decision to focus all our hiring efforts on mature women and provide them the platform to
re-enter the workforce.
Initially this idea was just a very pure notion – but now on hindsight it turned out to be a
very viable business. And the value we create for clients, is on the flipside of similar
magnitude for what we create for our employees. A brand awareness project for the client
means we get to train our promoters and equip them the necessary skill sets to execute
their job.
In addition, most of these housewives are no strangers to our clients’ brands. All of the
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
housewives are users of toothpaste or washing detergent. But it could be part of their
dream that, for example, after using Breeze detergent after so many years, they now get to
educate other housewives in the supermarket on using this detergent. It is these intangible
elements which makes it very fun for all of us.
Q23.1) Do you have a criteria adopted by your company for staff promotion?
Yes, definitely. We have our own HR department of three staff. Policies on having strict KPIs
tied to each position have been set in place. Each KPI is graded during a performance
appraisal as least twice a year. In addition, there is constant supervisory oversight. There is
also a feedback channel for employees to rate their supervisors and the supervisors to rate
their managers and directors. So this closes the loop, to ensure each person’s performance
is accurately graded. And thereafter they are set onto different progress paths – whether
they become more specialized in the area they are operating in or whether they have the
potential to be promoted to the next level of progress.
Q24) What does entrepreneurship mean to you?
I started out when I was very young – 21 years old. At that age, I didn’t have much of a
notion of guiding principles for entrepreneurs. So when I was young it was all about gaining
experience. But as I progressed and failed a few times, I started to develop my own
framework on what it takes to be a successful entrepreneur, which at this point in time, I’m
still learning and refining.
But a few things are key: Morality, Ethics and Integrity would be very fundamental towards
how an entrepreneur will would turn out in the long run. A person may make money today,
but if this person is making money through means that are ethically or socially unsound, or
against his integrity, then his profit will be short lived.
Q25) What are some entrepreneurial qualities that you have which has helped you this
far?
I’m not used to blowing my own trumpet, so I don’t really have a ready answer. I have been
told before that I tend to be a good judge of character. And this has helped me greatly
because by nature I’m a very trusting person. Yet it seems that I have this internal gauge
that allows me to very quickly size up a person – whether is this person a sound and worth
investing my trust or the company’s faith. So that’s one thing I’ve been told I’m quite good
at.
Q26) In your opinion, what other qualities does a person need to be successful in
business? And why?
Whatever that could be tangible are irrelevant to being an successful entrepreneur.
Tangible things like skill sets, certifications, education. I don’t think these are the makings of
a true entrepreneur. But I believe to really push it through in this entrepreneurial world,
there has to be a huge emphasis on honour and integrity. Because people will gauge us not
by our certificates, but by the words we say. They will weigh our character by the words we
speak and our ability to deliver what we promise. At the same time, what guides and
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
inspires the team and company is inevitability leading by example. So if you want something
to be done, you jolly well have to know what are the difficulties and challenges behind it.
Should it come down to the daily grind, you will also need to show that you are able to
execute things alongside the rank and file of the team.
Q27) In your opinion, what does it mean to have the “spirit of enterprise”?
The “never say die” attitude. I think this really sums up everything, because a person can fail
multiple times, but the moment he throws in the towel and says this is the last time I’m
going to fail – he’s set for failure for the rest of his life. We have to take in the reality that
every day, every time, behind every corner that we explore, there’s always a possibility of
failure. And if we’re afraid of that, there’s going to be no progress.
Q28) Who or what motivates and inspires you?
Lee Kwan Yew. I’ve always regarded him as an inspirational mentor although I’ve never
spoken with him before. It was through his actions, determination, grit and tenacity that he
had managed to infect his team with – resulting in everything you see around you today in
Singapore. My personal belief is that a great person like this comes by only once in a few
decades. And we are fortunate to be the direct beneficiaries of his actions and willpower.
None of us would be here if this person hadn’t walked through our lives in the past 50 over
years.
Q29) What are some of your business values and what would you like to pass on others,
particularly the younger generation?
I’d say discipline and innovation. Why discipline? Right now with modern technology,
smartphones, the Internet, it somehow seems to sap at a person’s discipline to get
something done, because there are too much distractions. So I think this is something we
really need to readjust our focus towards. Discipline is really a focal point to drive your
energy towards to achieve something.
Yet, with the advent of technology, a lot of things are moving fast – in fact faster than what
many of us can adjust to. That’s why we need to build an innovative spirit into our blood. It
has to really flow through us. We are facing problems every day, and if we are to approach
each problem with time tested solutions, we will only get mediocre results. It will get us by,
but it will not produce colourful results. So there has to be an innovative approach towards
resolving issues – they can be new issues, they can be old problems – but they has to be an
innovative approach. So it’s discipline and innovation.
Q30) Can you share some of the significant events / incidents that has affected or shaped
your business philosophy and the way you conduct your business?
On a personal level, I had the good fortune of getting married and settling down at a young
age of 25 years old. And by then, I was already running the business. Jumping into this huge
commitment, I knew I had to adopt the 破釜沉舟 (i.e. burn all boats) method. I had to go
all out to make things work as this sets in place all the mechanisms to keep me moving.
Student Interviewer Kit | (2D) INTERVIEW TRANSCRIPT
Name of Nominee: Derrick Teo
Name of Company: Elitez Pte Ltd
Name of Student Interviewer: Lim Vina
Date of Interview: 9 June 2016
So the single event that gives me the biggest motivation is my marriage to my wife, where I
know I owe her a commitment. When I dated her I was a nobody. I dated her with a big
black van which I picked her up with and sent her around. And she chose to place her faith
and trust in me. Even when I got married in 2012, I was also a nobody. So to me this is the
biggest motivation in my life for me to make sure I do good, not just for my business, but
also with myself, in the way I treat people around me. So far it has been a good guide.
Q31) With the changes in the market today, do you think it has become harder or easier to
succeed in business? Why do you say so?
It’s all in the mind. Every era has its own challenges, during which people always feel that
they are facing a tough time. So I don’t think there’s any significant added difficulty or lack
of difficulty at this point of time. To me it’s not so much of trend spotting or profit making –
it’s more about doing something that you can really enjoy and create value for others. This
would be the formula for success.
And if you can do something that allows you to always leave positive footprints in other
people’s lives, it’s definitely going to benefit you.
Q32) What advice would you give young people who want to start their own business?
Do not wait. Just do not wait and go ahead. Because the longer you wait, and as your life
progresses, you will tend to find more and more excuses or hindrances between you and
the entrepreneurial route. This would be the advice I’d give to my kids as well.
Agreed and Acknowledged by (Chop & Signed):
_________________________
Signature
Derrick Teo
Elitez Pte Ltd
18 Howard Road, Novelty BizCentre, #11-08, Singapore 369585
9 June 2016
Prepared and Acknowledged by:
________________________
Signature
Lim Vina
Nanyang Technological University
9 June 2016