Entrepreneur S. Tien Wong speaks on starting a business during a recession

Students gathered last night in the engineering building to learn how to fix their money woes, getting tips on money management and starting a business from entrepreneur and private investor S. Tien Wong.

About 100 students and faculty members gathered in a lecture hall to hear Wong give tips on surviving the recession and thriving in the new economy as an entrepreneur. The speech was part of the Whiting-Turner Business and Entrepreneurial Lecture Series, which begins successful technology enterprise leaders to the campus each semester.

"These lectures are like guidelines for us," junior electrical engineering major Ayodeji Odujinrin said. "They're really, really beneficial to hear from the people who've succeeded."

Wong was blunt in his presentation and painted a bleak picture of what he called the worst economic crisis in years: Banks aren't lending money, China is emerging as a leading economic force, and consumer spending has declined.

Business today has "a lot more competition, maybe as competitive an environment as there's ever been," he said.

But Wong insisted a troubled economy is actually the best time to start a business. He said he opened his first business during an early 1990s recession and cited his experience as proof you can begin in during a downturn and not only survive, but thrive because other businesses will be "running scared," and there will be less competition.

Wong also stressed the importance of customers, saying, "Beauty is in the eye of the beholders." He said entrepreneurs — particularly engineers — have a tendency to obsess over a product they love without considering if anyone will buy it.

Wong also said people hoping to start a successful business need to keep their integrity, stay persistent, remain flexible, and find a team of great people to work for you.

"It's hard to win championships by yourself," he said.

But Wong stressed that the most important aspect of being an entrepreneur or starting a business is having fun.

"Life is short. … Don't waste your time if you're not having fun," said Wong. "Fun leads to passion, and it's passion that leads to creativity."

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