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Adapting To Changing Market Forces Essential

It is important to know market trends, says Marco Polo Holdings Founder, Yee Wah Sing. Speaking to an interested crowd at University of the South Pacific’s (USP) fourth Entrepreneurial Fair
12 Mar 2021 10:05
Adapting To Changing Market Forces Essential
University of the South Pacific’s Entrepreneurial Fair is one of the largest in the region. Photo: Shreya Kumar.

It is important to know market trends, says Marco Polo Holdings Founder, Yee Wah Sing.

Speaking to an interested crowd at University of the South Pacific’s (USP) fourth Entrepreneurial Fair yesterday, he said: “In the next 20 years, things could be very different. Technologies will transform in a way you did not plan for.”

He said for entrepreneurs and farmers, it was essential that they adapted to the changing market forces to sustain their businesses.

He highlighted three other fundamental values that are needed for a flourishing business.

“I think the first and very important thing is the family support, especially if you are in a rural area in your farm.

“Prime motivation for a lot of businesses, such as small and family businesses, is so our next generation gets a better life.

“It is really hard when you make a loss in the business, so it is the family support from your wife, your husband or your extended family members that will keep you going.”

Mr. Yee said the second core value essential for business success was conservation of resources.

“Conservation is not only saving our natural resources but also our money in the business.

“We should spend all our money at once, you always keep some for the rainy days.”

He said conserving health was also very important, especially when it involved farming.

“Give your 80 per cent physically, so you can conserve that 20 per cent energy and feel recharged the next day.

“I have learnt that you should pace yourself with work.”

Mr Yee said the third important value business owners needed to know was developing capacity.

“It is important to build your network as a business, and manage your network and your skills.

“Improve your technology, if you are operating a business, you need to learn how to make it more efficient because ultimately, business is all about competition.

“It is about offering consumer better quality products at a cheaper price.”

Yee Wah Sing. Photo: Shreya Singh.

Yee Wah Sing. Photo: Shreya Singh.

Mr Yee is originally from Lomaivuna, Naitasiri, having studied agriculture and building his agribusiness with ginger growing and exports.

Now retired, he is Marco Polo Holdings Limited’s director and Garden City’s owner.

USP’s Entrepreneural Fair is one of the largest in the region and is aimed at encouraging individuals to explore their entrepreneurial qualities to contribute to the communities.

The Fair’s week-long programme offers opportunities for networking, business coaching and entrepreneurial skills development sessions.

 

Feedback: shreya.kumar@fijisun.com.fj



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