From her humble beginning selling groceries to local
restaurants, Yeni Wong rose to become the most successful entrepreneur in DC’s
Chinatown. Yeni’s journey is a classic rags-to-riches story. She immigrated to
the United States in her twenties to study science at the University of
Illinois at Chicago, and she had only a couple hundred dollars in her pocket.
She now owns several blocks of buildings in Chinatown, including the Gallery
Court, the eight-building complex at Seventh and H Streets—the heart of
Chinatown—which is a major component of Wong’s parent company, Riverdale
International.
Yeni’s now a force to be reckoned with—all because she
took control of her own destiny. We can learn a lot from her by examining
aspects of her life, from the way she runs her company to the way she spends
her leisure time. Young entrepreneurs can learn from Yeni’s ten timeless
lessons that have served her well throughout her career.
1. Cultivate an insatiable
appetite for reading. Think book nerds are losers? It’s
quite the opposite actually. Last I checked, they rule the world. Famous
American entrepreneur Mark Cuban insists on reading for a couple of hours a
day, while Elon Musk reads for one hour as part of his bedtime routine. Ted Turner,
President Obama, Sheryl Sandberg, and Albert Einstein were and are book lovers
too. While she prefers books about history and philosophy, Yeni doesn’t limit
her reading list to these subjects. She also reads trade journals, business
books, and anything related to the industries she’s involved in. Reading helps
Yeni learn from the mistakes as well as the successes of others. Instead of
just diving in—relying on her gut and motivation to lead her—reading gives Yeni
a mental map to bypass rookie mistakes people make in life.
2. Wake up early. Notable early risers include Sir Richard Branson of Virgin
Group, Disney CEO Robert Iger, and Yahoo’s Marissa Mayer. Waking up early isn’t
an easy habit to cultivate, though. Yeni suggests young entrepreneurs experiment
with different techniques, but in general, the most effective ones include
finding a no-mercy alarm clock and not hitting snooze. Hitting the snooze
button and going back to sleep for five to ten minutes will make you feel
worse. “No screen or light at least one hour before bedtime. Light affects your
circadian rhythm and melatonin production, the hormone responsible for inducing
sleep,” Yeni says. Hal Elrod, author of The
Miracle Morning, suggests writing your plans for the next day. The first
task listed should get you excited enough to part with your comfy bed.
3. Appreciate each cycle of your
life. Yeni advises young entrepreneurs to embrace their
situation. Bootstrapping a business or struggling to earn your daily bread is
nothing to be ashamed of. You start young with virtually no money to your name,
and you work hard to get a better life. That’s just how it should be. Yeni
started her first business when she was thirty, with only a couple thousand in
capital. What she lacked in funds she made up for with her desire to learn and
innovate. Now, despite her wealth, Yeni hasn’t forgotten her humble beginnings:
“The fruit that you eat will never taste as beautiful as the fruit that I ate
during the turmoil of war,” Yeni often says to her two children. When success
finally comes knocking at your door, Yeni’s advice is to enjoy every bit of it.
Just as you should embrace the challenges life throws at you, you should also
enjoy your well-deserved pot of gold at the end of the rainbow.
4. Don’t let your ego limit you. Did you know Yeni wore a thirty-dollar watch for years? And she
made sure everyone knew about it! Her ego and money didn’t rule her. The golden
rule applies to everyone even if you have nothing substantial to give. “Don’t
be calculative,” says Yeni. Open yourself to all kinds of work: odd jobs,
apprenticeships, or volunteering—this is how you gain experience. When she was
thirty, she worked at a grocery warehouse for fourteen hours a day. Her
poverty, sickness, and even failure didn’t stop her. Yes, some people might
take advantage of you, but that is part of the learning process. When your
business takes off, it’s time to let others be good to you. “Don’t overthink
their motives” is Yeni’s advice. Just enjoy the gifts and favors that come your
way. In accepting dinner invites and special requests, however, remember to
conserve your most precious resource—time. Don’t let people take advantage of
you for the sake of having a good image.
5. Build your network one dinner
at a time. Yeni is famous for advising people to expand their
network by inviting people to eat out. Coffee is so cliché. It’s as if you’re
saying the person’s time is chump change for you. Take people to lunch or
dinner instead and always foot the bill. Uber-fancy dinners are not required,
of course. Be selective about whom you invite, though. Find people with more
experience and bigger dreams than yours. Choose people you can learn from and
allot a budget to do this every month. In a year, you’ll have a big network
that can generate tremendous value for you in terms of connections, support,
knowledge, and opportunities.
6. Learn to sell well. Many of today’s self-made billionaires had a sales job during at
least one point in their lives. For example, Ralph Lauren had a sales job at Brooks
Brothers, and Charles Schwab once sold poultry. Yeni is no different. At
thirty, she became the top salesperson of the grocery warehouse she worked for
after she outsold everyone in her business. Her total sales were seven times
more than the top two others, so if the company had paid her the correct
commission, she would have received more than the manager. Everyone was
jealous, and she knew this. But like a good leader who knows the value of
camaraderie in a team, she voluntarily accepted less—the same commission as the
top two salespeople—to avoid the jealousy of her then manager and teammates.
Think you’re too good to study sales? You’re limiting yourself and don’t even
know it. Knowing how to sell will open doors you never knew existed. Some things
are only possible if you know how to persuade others to believe in your vision.
7. Get free mentoring by helping
others. Yeni encourages young entrepreneurs to get firsthand
experience by seeking mentorships. Otherwise, “Your company would be here today,
gone tomorrow,” she says. Solo professionals, small-business owners, and even
the multinationals all need help. Use this chance to get your foot in the door
by volunteering for part-time jobs and small projects. This will build your
skills while you learn the ins and outs of running a business for free. Your
only investment here is the time, but the payout in terms of education far
outweighs that. In some ways, it’s better than spending one hundred thousand
dollars for an MBA.
8. Inspire greatness in others. You’re the boss. How you lead others is up to you, but if you
want a great team, the only way is to make them want to follow you. Push your
team to its limits, and be decisive. Starting a business is never easy. That’s
why you have to learn all you can and do all you can before you can even think
of starting one. The front-loaded hard work you do in preparation for any
endeavor trumps opportunities.
9. Make friends. It’s usually not what you know that gets you work without
actively seeking it out. The connections you cultivate and the friendships you
forge can directly lead to paid opportunities. The scary truth of business is
that often all someone needs is passable skills if the person handing out the
assignment is already in his or her corner. Networking
is often considered an ugly word, but it’s really just being useful and
pleasant to be around. Success at networking is basically the same as success
on social media, except you’re talking one-on-one and looking the individuals
in their eyes. If you’re capable of that, take advantage of any events,
conventions, or meet-ups for people in your field.
10. Donate. Successful people allot time to give back to their communities by
working with charities, volunteering, and donating. Thomas Corley, author of Rich Habits: The Daily Success Habits of
Wealthy Individuals, states that 73 percent of the 233 wealthy people he
studied for five years volunteer five-plus hours a month. Bill Gates, Oprah
Winfrey, and Mark Zuckerberg all donate to different causes. Not rich? No
problem. Volunteer at your local museum, help at the soup kitchen or nursing
home, or teach kids to read. Many times, your time and the pleasure of your
company are enough.