Kenny Tran to Learn & to Share

From Chapter 1 - Secrets Of Millionaire Investors

The first failure came about when I was the Executive Producer of Singapore’s second best production house. I was headhunted and made an offer that was flattering, to say the least. I was soon raking in the big bucks and living the high life. I upgraded my car, bought a bigger wallet to accommodate more credit cards and decided to start a family. Then it happened. The lesson I took from that experience was never to be ignorant of the company’s bottom line. In my capacity, it was not my job or responsibility but in the end, I was left high and dry, out of work, in debt because my cards were heavily saddled with company expenses and expecting our first child in a couple of months. The company’s failure became my problem.

My second failure arose when I was again headhunted and paid a handsome salary to be the General Manager of a once leading leisure and travel group that became defunct. Although I can conveniently blame the Asian Financial Crisis for the closure of my division, I could have done more, in hindsight, if I had been more qualified and educated about managing such a business. I could also seek solace in the fact that in spite of any effort, the group was doomed anyway. But the result was the same; I was again out of work and expecting our second child.

The difference now was that I was getting more expensive to hire as my experience and curriculum vitae was getting more and more impressive. I was also demanding an income to maintain my growing family and affluent lifestyle (which I had become too accustomed to) and the constant need to keep up with the image I had built for myself.

Naturally, those opportunities never came and I decided to go into business for myself. The business was a resounding success and I had to cope with this growth. So I hired more and expanded within a year in anticipation of more business. I spent money I had not collected and didn’t have. I became more ambitious and grew ever more careless. I turned an ignorant eye to the basic rule of business (which I felt was someone else’s responsibility) and neglected my cash flow.

By the end of 1999, recession was evident again. My company’s debts ran high and I compounded my impending fate by personally guaranteeing on several large debts. By the year 2000, I could not afford to pay out salaries and my staff walked out. I could not collect on some of the outstanding invoices owed to my company as these companies were also in dire straits and were about to wind up. The realization of my failure brought on my first and only nervous breakdown and I had become suicidal. All my so-called friends were nowhere to be found. It was the most traumatic experience I would never want to re-live.

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