The son of distinguished Indonesian business leader Sukanto Tanoto, Anderson Tanoto took responsibility for his own career and secured a position with Bain & Company’s Singapore officer as a consultant at a young age. Since then, he has developed his own unique entrepreneurial style that has allowed him to realize success. A member of the Tanoto Foundation Board of Trustees, Anderson Tanoto maintains a dedication to giving back to the community. Recently, he spoke at a tutorial organized by the Tanoto Foundation in Jakarta to encourage and train new generations of entrepreneurs. During this event, Anderson Tanoto discussed the entrepreneurial style of his father.
At the Tanoto Entrepreneurship Series Event, Anderson Tanoto highlighted three key points for entrepreneurial success. These points are informed by his father’s successes and include lessons that he implemented to make his own achievements.
The first principle of entrepreneurship is survival. Sukanto Tanoto began building his business empire, the Royal Golden Eagle group, at the age of 17, and he persevered with a spirit that taught him never to give up on his dreams. Even in the face of adversity, he believed in himself and continued to move forward, despite setbacks.
The second principle emphasizes growth. For a company to succeed, it requires a solid infrastructure. Growth depends on a reliable core. Thus, entrepreneurs must focus a great deal of energy on developing systems marked by good governance and sound operational processes. When entrepreneurs pay constant attention to the larger business model, they can ensure that their company grows at a sustainable rate. Growth, of course, also depends on a great product. Entrepreneurs realize the most success when they aim to produce not just a good product or service, but one that is better than any other on the market.
Thirdly, entrepreneurs must constantly look for new opportunities. Once a company has become established and has achieved stability, the entrepreneur can continue development by taking calculated risks. During this stage, entrepreneurs can and will fail, but these failures are excellent learning points. Because of this, entrepreneurs should see failure as a lesson, not a mark of shame.