For many entrepreneurs in Asia, the balance between growing a business and making a meaningful social impact can feel like a constant challenge. Entrepreneurs often face the dilemma of how to contribute to society while staying profitable and relevant in an ever-competitive market. This tension becomes especially pressing when resources are limited, or market access is constrained. Dennis Tang, founder of Business Leader Who Cares, a business leaders’ network dedicated to making a difference, is a prime example of someone who has navigated this challenge successfully.
His business model not only supports growth and collaboration among entrepreneurs but also champions social impact initiatives. In this interview, Dennis Tang sheds light on the journey behind his business and the unique challenges and rewards of running an SME in Singapore and beyond.
Highlights
Creating a Platform for Business Growth and Social Impact
Q: What inspired you to start your business, and how did you identify the market need?
A: As co-founder of another business leader network for CEOs and Chairmen more than a decade ago, I observed and learned from members of our CEO community that there was an increasing awareness of the need for social impact and contribution in society. Having worked with SMEs, start-ups, and social enterprises/NGOs, I also identified a few areas of need which are important for their business development and sustainability. One area of need is access to resources, and the other is continual business learning.
With the above in mind, I launched BLW, a business network for business leaders who care, in Hong Kong and Singapore in 2018/2019. BLW offers our members in our community the following:
- A platform for continual business learning
- An opportunity for business development, referrals, and collaboration
- An opportunity for collaboration to create social impact
Q: Can you describe a typical day in your life as an entrepreneur?
A: I usually spend time meeting with my members and try to understand what their needs are and the challenges they are facing. I also attend events and meet people from various industries to get a pulse of the market. Additionally, I spend time planning and organizing events for our communities.
Q: What has been your biggest challenge in running an SME in Singapore, and how did you overcome it?
A: The biggest challenge I face in running an SME in Singapore is access to event and meeting venues at highly affordable rates, if not complimentary. I spend a lot of time reaching out to different organizations and convincing them to offer their office premises for our events. This is very time-consuming and often unproductive.
How to Adapt to Local Cultures and Embracing Change By Dennis Tang
Q: How has your business adapted to your country or region’s unique cultural and economic landscape?
A: Adapting to the local culture, mindset, and attitudes is another major challenge that requires time, patience, and active listening. Fortunately, having lived and worked in different countries throughout my career has equipped me with the right skills and EQ to work with business leaders and owners from diverse backgrounds.
Q: What’s your most important lesson about managing a team in the Singapore business context?
A: Currently, I do not have a team in Singapore, but my previous businesses taught me that the attitude of the individuals in the team is just as important as that individual’s skill set.
Q: How do you balance traditional business practices with innovation in your industry?
A: In our current fast-paced business world, the ability to adapt and innovate is critical to the survival of the company. Having said this, we need to be mindful of adhering to business practices where it makes sense.
The Role of Technology and Networking in Business Success
Q: What role has technology played in your business growth, and how do you see it shaping your future?
A: One area that will assist in our business growth is technology. The main inhibitor to adopting technology is resources, especially financial.
Q: Can you share a pivotal moment that changed the trajectory of your business?
A: When more than half of the new members who joined our network came from referrals, I was convinced that the value proposition offered was relevant.
Q: How do you approach networking and building business relationships in your local market?
A: Networking and building business relationships is one of the most important and high-priority activities in my daily routine. One has to be strategic in going about this. Exchanging business cards and shaking hands alone will not make the mark. This is an area where different skill sets are needed. I was fortunate to have developed these skill sets over the years and practiced them when I was managing the other CEO network.
Q: What advice would you give aspiring entrepreneurs looking to start an SME in Singapore?
A: Starting a business and growing it requires different skills and experience. Having a sound business model is one thing; the ability to execute is another. Soft skills cannot be overlooked, and if there is one I want to highlight, it is attitude.
Closing Thoughts: Navigating Challenges and Driving Change
Dennis Tang’s journey shows that combining business with social impact is not only possible but also sustainable when approached with the right mindset. The challenges of securing affordable spaces, adapting to cultural nuances, and leveraging technology are real but surmountable. Tang’s emphasis on networking, understanding local dynamics, and maintaining a learning-oriented business environment offers valuable insights for any entrepreneur looking to start or grow a business in Asia.
In a competitive business world, Tang reminds us that success isn’t just about profitability—it’s also about making a positive impact on the community. Aspiring entrepreneurs in Singapore and beyond can take away the importance of adaptability, relationship-building, and attitude in their entrepreneurial journey.
