Advertisement
Opinion | Why Hong Kong needs to embrace failure to succeed
- A spirit of adventure – from small businesses to the government wealth fund – is crucial as Hong Kong faces rapid changes and challenges
Reading Time:3 minutes
Why you can trust SCMP
2
Hong Kong faces a pressing need to redefine its approach to innovation and risk. To thrive amid evolving global dynamics, the city must embrace a shift away from the pervasive fear of failure that is stifling creativity and curtailing risk-taking, hindering the potential of individuals and businesses alike.
Advertisement
In a world where betting on oneself has become the cornerstone of value creation, Hong Kong must foster a climate that encourages bold decisions and recognises the educational value of setbacks.
Consider Elon Musk’s audacious journey with electric vehicle maker Tesla, whose shareholders recently awarded him a historic US$56 billion payout – emblematic of the rewards tied to unwavering self-belief against staggering odds.
In Hong Kong, Li Ka-shing’s journey from a plastic flower factory to a global business empire, through calculated risks during economic downturns, illustrates the transformative power of embracing potential where others see peril.
Similarly, Lalamove founder and former professional poker player Chow Shing-yuk’s willingness to bet his entire real estate holdings on a start-up created a revolutionary freight and logistics business. His Lalatech Holdings is seeking what is expected to be a major public listing in Hong Kong.
Advertisement
These inspiring stories are a call to action for Hong Kong to embrace systemic change in its perception and management of failure.
Advertisement