DANNY TEO

Mr Danny started out in the industry at the age of 21, prior to that was what he described as a dull and boring commitment to working with his father at a Seafood restaurant which led him on the very path that made him an entrepreneur. In the early days, after receiving an apprenticeship, he makes it a point to never be choosey about the jobs offered to him, abiding the principle of always standing firm by the decisions you make.

Business Profile:

The all consistent aim and goal over here at Gain City Best Electric is to provide nothing less than the best possible service and bargains for customers . As well as to anticipate and exceed expectations, building long term relationships and as well as setting out standards that you can expect and that we can demand of ourselves

Interviewer's Comments:

Mr Danny is the kind of person who always deliver more than what was bargained, purely only because he always has more to offer. Such as whenever I would a ask a question, he would always somehow find a way to answer beyond the question, which made our entire interview a delight and an eye/mouth opener.

Interview:

  1. What is the nature of your business?
    To deliver the best price and service with the many things we provide, such as retail, project constructions, installations and many more.

  2. When and why did you decide to become an entrepreneur?
    It all started when I was 16, when I was offered an apprenticeship in the air con line, before that I was actually working with my father running a restaurant, which bored me to death, thus here I am. he started to work with his father at a seafood business, he found the work to be too free. he was 16, and was offered three jobs, repairing, selling air cons, installing, because he found singapore to be too warm. since his base was air cons, he could relate, because supply was low. he saw the differnce between the living conditions o the rich thru insallations in the rich areas and was inspired. to be adaptive. air cons were scarce and rare, started at 1975.

    3. What are your reasons for choosing to do business in this particular industry?
    Well, Singapore was and is still very hot isn't it, I saw an opening and I took it.

  3. How did you put together all the resources needed to start your business?
    Well, I didn't do it all alone, I actually approached my parents for loans after loans to buy my tools and equipment, I saved a lot, my first HQ was my backyard back at my Kampong, telemarketing and of course from my loyal clientele from these years.
    thru hard work and his skill sets, loan from family, from his backyard to save cost. bought a small and workable pick up truck, buys only what he needs. could only work with telemarkting, with a respectable reputation thru word of mouth, service and quality. as a sub contractor. to keep quality in check and honesty and trust and compromise and friendship
  4. What are some interesting stories you have about your first few customers/first few years in
    business?
    *Laughs* Sorry no, business back then was pretty straight forward.

  5. What is your company vision and mission? How do you convey these to your company staff and team members?
    That would be to always provide service so good that we stay deserving of being the trusted choice, getting the job done no matter how difficult while following the rules. I do so by getting to know my staff personally and attaching them to mentors for apprenticeships, the same way I was taught.   to be the trusted choice, to get the job done no matter what. honesty and integriity profesionalism, to get the job done and business ethics. to keep things simple. to deliver the best.

  6. What are some of the challenges you faced when you first went into business?
    Well capital back then was definitely my biggest problem , other than that, the straightforward nature of this industry keeps it really simple, I make sure that me and my customers maintains a constant trusting relationship, no problem would be too big to resolve.
  7. How did you overcome these challenges? Please share some specific examples of the action you took to overcome the challenges.
    *Laughs* I stay by this very simple rule in life, I stood by my determination as strongly as the people around me supported me, and never going against the laws, sticking by my ethics

    9. 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?
    I stay optimistic, I always see my problems as opportunities

  8. Can you share some of the lessons you learnt from overcoming your own business challenges that you think will help other businesses?
    whatever you do, you must love it. with determination and relevant skill sets of course and manage risks carefully. Any problem you may face is never too big as long as you break it down into pieces and resolve them one by one.

    11. When was the moment you first realized the business would work and support you?
    As of this moment, I still don't think that I've made it in life yet, there is always room for expansion and improvement, ambition is of utmost importance in business, without it, you wouldn't get anywhere. Sky is the limit I would say.

    12. What are some of your proudest business achievements to date? And why are they so important and meaningful to you?
    Well it would definitely be that time when we were engaged out of 20 other companies to set up air conditioners for the IFM conference, one thousand units were asked of us within a very tight time frame in both the process of installing and tearing down. We managed to impress on both aspects, what made me proud was that we accomplished something most can't, even with the odds stacked against us, and we still managed to do more than asked, this really demonstrated our missions and values.

    13. Can you describe the company culture that you have? How does it contribute to the performance of your company growth?
    Living up to the standards you portray, it has allowed us to build trusting relationships with customers that has kept us going for so many years.

  9. How do you promote learning within your Company? What are the training opportunities that you provide your staff?
    All our staff will go through apprenticeship before he or she will start to work on anything, I've realized that this method which I personally went through, works the best in this industry, followed by sending them to BCA classes and more, to ensure that everyone is well trained, to uphold the quality we promise.

  10. What do you see for your business in the next 5 years, and does it include any plans for expansion?
    Well it is pretty competitive nowadays, I would like to see ourselves staying in the race, maintain what we have and more. We also have plans to build up a 11 storey branch the following year, to expand our product range and keeping up with the demands, and of course, to get listed.
  11. In your opinion, what is a good and ethical business? How do you think this helps you in your Company/ business?
    A business that operates with honesty, an attitude to never cut corners, and abides by the law, is a good business. This of course keeps the clientele strong.

    17. How will you describe your working relationship with your customers, suppliers and service providers?
    Well, we are all in very good terms , we don't make enemies, we deliver on time, we pay on time.

    18. Can you share the working terms (e.g payment terms) that you have established with your suppliers?
    Like again, we make punctuality a priority here at Gain City, and that extends to our suppliers as well.

    19. How do you differentiate your business from your competitors? Please provide specific examples.
    On the surface, there isn't much difference, we stand out by always paying attention to the details, not being choosey, not cutting corners and making friends instead of enemies.
    20. What are some business ideas you have implemented that created great results in your business?
    We like to keep things simple in this complicated industry, we're not afraid to get our hands dirty, the literal sense of course, and aiming to be better than yesteryear, this has kept us going so far.

    21. Where or who do you get your business ideas from?
    My life experiences, and of course careful market evaluations.

    22. How have these business ideas impacted your Company or business? Please specify the qualitative and quantitative terms of the impact.
    It has allowed me to hire even in the worse market phrases unlike other businesses, but most of all, it let us to keep the talents we already have and further groom them for higher positions in the company.

  12. How do you think your business have made a positive impact or contribute to the community that you serve?
    Well we do a lot of charities, more than I can count actually, I believe in good karma, we set aside 3% of yearly profits to donate to several charities we deem fit to support. We also did fund raising activities to help earthquake victims, and donate several of our vans to the charitable organizations and orphanages.
  13. What does entrepreneurship mean to you?
    Earning money the honest way, giving back to the community, and lastly, being willing to learn no matter how old you are.

    25. What are some entrepreneurship qualities that you have which has helped you come this far?
    Being practical, and of course always delivering the best we can offer.

    26. In your opinion, what other qualities does a person need in order to be successful in business? And why?
    Hard work after hard work, you want to be double as good, you got to work double as hard. Being firm on your values, ambition, and being able to think out of the box.

  14. In your opinion, what does it mean to have the “spirit of enterprise”?
    To always aim to be the best, understand that there will always be someone better than you, staying practical, to deliver what is promised and more and lastly, lead by example.
  15. Who or what motivates and inspires you?
    My father, and the entire industry as a whole.
  16. What are some of your business values and what would you like to pass down to others, particularly the younger generation?
    You must first understand yourself before trying to understand anything else, identify what you ae good and what you are bad in, and lastly, your greatest enemy is always going to be yourself.

    30. Can you share some of the more significant events / incidents that affected or shaped your business philosophy and the way you conduct your business?
    The internet bubble, it made me realized that there's no telling how drastic the environmental changes will be, and that taught me a hard lesson to always stay adaptive.

  17. 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?
    In my opinion which may differ from most, is that with the increasing population, means increasing opportunities, means higher chances to succeed

    32. What advice would you give young people who want to start their own business?
    That would be to always work your hardest, never lose your spirit to learn and most of all, you make your fate.