My Worst Investment Ever Podcast Dato’ James S. W. Foo – Find the Right Perspective
BIO: James Foo has been seasoned by nearly three decades of hard knocks and life-worthy experiences. He offers a unique view of life in entrepreneurship, with valuable insights and advice from a panoramic view of things that can save you time and help your company grow.
STORY: James badly wanted to be rich, and so when he saw his friend’s dad selling this incredible new machinery, he wanted to join him. James didn’t make a lot of background history on the machines and just started selling them to friends and family. After about nine months, the machines started working poorly and needed to be serviced. James had to return money to his customers when reaching his friend’s dad became futile.
LEARNING: Learn the difference between growing and scaling a business. Be aware of what’s happening around you to avoid getting into trouble unaware. Admit once you’ve done something wrong, then apologize and make amends.
“He or she who has a better perspective wins. It’s not just about your insight, your influence, and intelligence. Perspective changes the way you see things.”
Dato’ James S. W. Foo
Guest profile
James Foo has been seasoned by nearly three decades of hard knocks and life-worthy experiences. He offers a unique view of life in entrepreneurship, with valuable insights and advice from a panoramic view of things that can save you time and help your company grow. Many give him the nickname “Business MacGyver.”
James brings the know-how of a CEO-entrepreneur who has “been there, done that, still doing it to” help growth-oriented entrepreneurs meet real-world and marketplace challenges to take their company to the next level. James is also an invaluable connector which matches people with opportunities and connections to make things happen! James has founded 80 plus companies in three countries across 15 industries.
Worst investment ever
James’s good friend’s father was a very powerful individual who brought a lot of new-age machinery equipment into Malaysia. James saw it on TV and wanted to work with him and make lots of money selling one of these pieces of equipment, a water-air generator. So he asked his friend to introduce him to his dad.
James was super excited at the idea of being rich and was probably impulsive, so much so that he just did a little background check on this business idea that he was chasing. He met his friend’s dad, who allowed him to work with him. James went door to door, literally knocking and selling this fantastic machine to family and friends. And they bought it just to support his entrepreneurial journey.
After nine months of selling, James started getting calls from his customers asking him to service the machine. He had no idea how to service the machines, so he’d dismiss them by telling them that this was high-tech and didn’t need servicing. One phone call became two, then four became, and soon it was a trend. It got so bad that the customers even started calling James’s dad.
James tried to meet with his friend’s dad to explain to him about servicing the machines, but he never managed to see him no matter what he tried. After a week or so of trying, James decided to return the money to his customers suffering a great loss.
Lessons learned
- If you can’t differentiate between growing and scaling a company, you’re probably doing the wrong thing.
- Focus on the one thing that will have a domino effect on your business.
Andrew’s takeaways
- Be aware of what’s happening around you to avoid getting into trouble unaware.
- Admit once you’ve done something wrong, then apologize and make amends.
Actionable advice
Check who you surround yourself with.
No. 1 goal for the next 12 months
James’s goal for the next 12 months is to travel abroad with his wife and daughters for a minimum of five months in a year, and when he comes back, his business is not just surviving, but it’s thriving.
Parting words
“Buy Andrew’s books.”
Dato’ James S. W. Foo
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Connect with Dato’ James S. W. Foo
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points