In the realm of Dragons: A passion, a business.
Sep 23rd, 2006 by mark
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Ever since he was 3, Mr Admond Tan has been hooked, line and sinker, into his hobby, fish keeping. Today, his passion for fish, has brought him to a whole new level. He is now the proud owner of Imperial Palace, which deals in the import and export of the exotic arowana.
First steps
Prior to taking over the ownership of Imperial Palace, Admond worked at Qian Hu Corporation, one of Singapore’s, if not most, largest business in the ornamental fish industry. Admond graduated with an IT degree but did not stay long in the IT line as fish, was his passion after all. He joined Qian Hu as the export manager of accessories. It was not his first choice as he wanted to work with lifestock. Nevertheless, the position provided Admond with lots of experience and contacts in the industry.
It was only about 3 years ago, when Admond decided to venture into something of his own, to have his own shop as well as an import & export business.
“It’s a very big decision for me because it encompasses a lot of things. I want the freedom to have control in what I want to do,” said Admond.
However back then, the local ornamental fish market was experiencing the downturn of the Flowerhorn boom. Many local fish shops were closing and it was not a favourable time then. So he waited and now when the industry has stabilized, he jumped in.
The transition
Admond credits his business sense and knowledge through his work in Qian Hu, especially with regards to the ornamental fish industry. However in terms of managing a company, it is a learning process for him everyday. He also describes the big difference in being a boss and an employee, “Now I’m my own boss. Everything falls back on myself. As a small operation, I have to do everything from bottom to top.”
Through this transition, Admond says that now he is more disciplined especially in financial matters. It has also made him open his business mind to plan for the future. He also said that now he “has to be a risk taker from now forth”.
Passion and customer service
“It’s the passion that kept me going.”
What drives him till this day in this business is his passion for fish keeping. Over the years he has built up his own private knowledge base of fishes especially the arowana. He uses his knowledge of fishes by educating and sharing with many of his customers. In the end, his customers become more like friends and they are welcome to walk into his shop to have a chat. He also makes personal trips and calls to check up on the wellbeing of the arowanas that were sold. He feels very strongly in customer education as he feels most shops are just “executing the deal”.
When asked my all time favourite question on demanding customers, he responds saying that he serves them the best that he can. He strongly believes that a demanding customer is a potential customer and they should never be turned off or be shut up.
Competition in the arowana market
“Just let the arowana do its own talking.”
That’s how confident Admond is in his stock of arowanas. High quality arowanas, together with good service and customer education, make a powerful combination. This becomes his unique selling point and it has served him well.
In terms of business, Imperial Palace also has an import & export arm. Singapore is one the major producers of arowanas and local farms do flood the market thus resulting in a stiff local market. A smart business move, as he states that the bigger picture is the global market.
Tips for those starting out
Concluding the chat, I asked what advice he could contribute for new business owners like himself and to those who are planning to do something of their own.
“Have your base secure.”
Explaining more he said that one should recognize the potential customer base, recognize the kind of suppliers that one would be liaising with instead of just jumping into it.
“A lot of sacrifices”
He warns that one must be willing to bear with sacrifices. This includes spending lesser time with family. Working on public holidays. Being prepared for “firefighting”.
“Drive is important”
Admond cautions that if one does not have the drive to do the business, the person will only be wasting his time and will more often than not, feel the fatigue from the long hours spent in the business.
Thank you very much Admond for sharing your experiences. I wish you all the best in your passion and business.
Head on down to Imperial Palace’s website at http://www.imperialarowana.com/
If you’re in Singapore, just drop by the showroom.
Imperial Palace
41,Tai Thong Crescent
Singapore 347864
Tel:62888382
Email: admond@imperialarowana.com
