As reported in The Star, 15th November

Malaysian Jack Tang, 27 (above, right) became a millionaire at 23. Started in business at age 18. 9 years later his IT business has clients from 137 countries.

After completing his SPM, his family struggled with financial difficulties, so the third of four children decided to work in a cybercafe from 10pm till 6am.

When work ended, he would stay back till noon to research and learn the technical skills needed to start his own business as he did not have money to study in a college until later.

At the same time he pursued a diploma in Comp Studies. During that period he would not sleep for 2 days per week! That seems to be stretching his luck, not mentioning his health as one day he I fell asleep while driving and rammed into construction barriers. Luckily he didn’t fall into a ravine or rammed head on to a 10-tonne lorry.

After quitting his 10-month old job at the cybercafe, he used the RM3,000 he saved to start I Venture Circulation (IVC), a webhosting company that has grown into a large network with offices in America, Singapore and China. He ran the business initially from home.

By the age of 23, he has made his first million.

In later years, apart from IVC, he owns an electrical and home security business under Matrix Integrated, acquired BackBone Technologies for Internet-related services and runs a budget steamboat buffet restaurant called Flaming in Bandar Sunway.

Quotes:

• I made a lot of mistakes till his business was on the point of collapse, especially during dotcom bubble burst: broke even, if not lost money, and had to re-mortgage car.
• During those tough times, I had to withdraw my business to focus on local projects: working extra hours to make ends meet and even collapsing on a bed in my small office at the end of the day.
• Every area I have ventured into is an area of interest.
• When I was young, I wanted to be an electronic engineer in research and development. In Matrix, our R&D department is developing a smart home system, hopefully to be completed in a year’s time.
• IVC is aiming for MSC status to take over the department
• I had wondered why people don’t want to be their own boss. I realised why after I became one. There’s so much to sacrifice. (With a business that operates around the clock and whose clients live in different time zones, Tang traded social and family lives for ambition). No Friday night parties for him.
• Identify and polish one’s skills and strengths instead of weaknesses.
• I really like to see someone advance in life. Part of what motivates me is seeing my employees grow with the company.

His top of the Maslow pyramid: to contribute in a significant way towards the society with affordable products and services.

First million earned is just the beginning for him. No relaxing. In his own words: “I don’t believe in retiring early. It’s a waste to sit home and do nothing.”

Tags: entrepreneur, entrepreneurship, malaysia, millionaire, millionaires, malaysian, young millionaires