Grab CEO Anthony Tan says no. One piece of advice for entrepreneurs

From the outside, Anthony Tan appears to have it all: family, wealthy upbringing, and success.

Now, he’s the chief executive of Grab, one of Southeast Asia’s biggest technology companies, and he’ll be the first to tell you that the journey hasn’t been easy.

“To be honest, it might have been. Ignorance is bliss. If I had known it would be so difficult, I don’t know if I would have done it,” he said.

“But is it very rewarding? Look, I got the long end of the stick, so yeah… but there are a lot of people [aren’t] Be blessed. ”

Today, the 42-year-old is the co-founder and CEO of a publicly traded U.S. company that provides everyday services such as ride-hailing, food and grocery delivery, and financial services. As of 2023, the company serves over 35 million users and provides a source of income for over 13 million people.

According to documents reviewed by CNBC Make It, Grab currently operates in eight countries – Singapore, Malaysia, Cambodia, Indonesia, Myanmar, Thailand, Vietnam and the Philippines – and will generate over $2 billion in fiscal 2023. It is said to have brought in profits.

When asked for advice for budding entrepreneurs, Mr Tan replied: “It has to be your life’s mission.”

“If you ever start again, or if you start for the first time, be clear that there has to be a calling…I really say that, like if it’s from above… If you don’t feel like it is, or whatever it is that you believe…don’t do it because a lot of people fail,” he said.

“For me, I believe this is literally God calling me to serve. If I have to kneel and serve, I will do it,” Tan said.

Tan advises those starting out to find a strong support infrastructure.

His wife, Chloe Tong, left her career behind to join him in his mission to build Grab. “My sacrifice is
“It’s nothing compared to the sacrifices my wife and so many others have made to be on this journey with me,” he said.

If you’re doing it for the money or don’t feel a sense of purpose, “you’ll quickly run out of options,” he says.

“If you don’t have a support system in place…it’s very difficult, almost impossible.”

Tan learned the importance of hard work from a young age. His father is the president of Tan Chong Motor. Tan Chong Motor is a multinational car dealership founded by Tan’s grandfather in the 1950s and currently listed in Malaysia.

“I think it has a lot to do with being a role model…I saw my parents working really, really hard, non-stop,” Tan said.

“My father used to remind me, ‘Oh, your grandpa slapped this on our heads, now it’s our turn to slap yours. I mean, dead. You can sleep as much as you want.”

Tan’s parents also regularly reminded their children, “If you’re given so much, you’re expected to do more than the average Joe out there.” .

“So you work from the moment you wake up until you go to bed, and you try to minimize your sleep time. So you could say it was old-fashioned, tough love, kind of indoctrination.”

Since founding the company about 12 years ago, Mr Tan has continued to work diligently. He routinely works 15 to 20 hours a day and travels between two to three cities a week.

“It was a tough battle on multiple fronts,” Tan said. “Every day we were extremely paranoid about getting beaten, about losing, about failing, about being disappointed.”

In the early days, Tan was on the ground, running from gas station to gas station, handing out free coffee to taxi drivers and trying to get them to sign up to drive with Grab.

In addition to hiring drivers, Tan also struggled to recruit operational staff. “I couldn’t afford to pay like the great tech companies…so why would they join me and not join them?” he said.

“It was always on the road…There was a lot of money needed, so we were going to raise money.”

In the early stages of building the business, Tan also had to make financial sacrifices to keep the company afloat.

“There were also some capital partners that I was very grateful for, but they had a lot of influence and I remember saying, ‘Anthony, look, you’re going to have to take a big hit yourself.’ ” he said.

“I had a large stake in the company, but I had to significantly reduce my stake at a deep discount so other companies didn’t have to suffer.”

“So, I’m grateful that people have bet on me and on me, but it’s a painful journey,” he said.

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