I got played out of a deal
I got played out of a deal
BALD AMBITION: Arena boss Richard Lim's success formula includes surrounding himself with people he can trust. -- ST PHOTO: NG SOR LUAN
YOUNG GUN #4
RICHARD LIM, 30
Managing director of The Arena club which showcases live music
IT'S clear walking into The Arena, a club along Clarke Quay which showcases live music, just who owns the place.
Businessman Richard Lim may be dressed simply in a long-sleeved shirt and jeans, but his presence is undeniable as he coolly orders you a drink while posing for the camera.
The 30-year-old and his younger brother Mike, 27, run the club, which features local bands as well as acts from the United States and Britain. The club made a splash when it opened in June, adding diversity to the live-music club scene.
The guys themselves are nothing if not diverse: They also own Royal Mineral, a mining company which mines minerals in South-east Asia, and another club that opened four years ago in Orchard Towers.
The brothers pumped close to a million dollars into The Arena, which cost $3 million to open. The rest comprises investments from friends and family who have a stake in the club.
The nightclub owner, who has O levels from Tanjong Katong Technical School, appears jovial but switches quickly to serious mode when being interviewed. Ask him why he chose to open a nightclub and he says with a laugh: 'I used to club a lot, so I thought it would be the best thing for me to do.'
As for The Arena, he says: 'You can't stay stagnant in this business. You have to keep pushing yourself and growing. There's always potential for growth.'
With the club covering 930 sq m and having a capacity for 800 clubbers, the brothers have certainly gone big.
'We were lucky to get a club in this location. We don't expect to fill it every day but it's a good size because it can double as a place for events,' says Mr Lim.
He is an old hand in the nightclub business.
'When we first started, there was no one around to teach us. We learnt the hard way every day.
'The most important thing I've learnt is that people must be able to trust you. That is the only way to build solid foundations in business.'
His formula for success is simple: Come up with a concept that you believe people will be interested in, get your finances in order, surround yourself with trustworthy people and treat your staff well.
'When you are selling a product, everyone you work with is a salesman. You have to be flexible when you're working with people, because they are not robots. They have emotions and their own problems,' he says.
He has had his share of knocks in the business. 'Being cheated is part and parcel of life. Some want to take good things from you and some want to give you good things. You learn through experience.'
He recounts being played out of a deal because he hadn't thought of putting the agreement on paper.
Mistakes and failures, it seems, are simply part of the journey. He says: 'There are so many unexpected events. You can't be afraid to fail. All you have to do is get up.'
Asked if he thinks he's now street-smart and he shakes his head. 'No, there's always a lot to learn. You learn every day until the day you die.'
BALD AMBITION: Arena boss Richard Lim's success formula includes surrounding himself with people he can trust. -- ST PHOTO: NG SOR LUAN
YOUNG GUN #4
RICHARD LIM, 30
Managing director of The Arena club which showcases live music
IT'S clear walking into The Arena, a club along Clarke Quay which showcases live music, just who owns the place.
Businessman Richard Lim may be dressed simply in a long-sleeved shirt and jeans, but his presence is undeniable as he coolly orders you a drink while posing for the camera.
The 30-year-old and his younger brother Mike, 27, run the club, which features local bands as well as acts from the United States and Britain. The club made a splash when it opened in June, adding diversity to the live-music club scene.
The guys themselves are nothing if not diverse: They also own Royal Mineral, a mining company which mines minerals in South-east Asia, and another club that opened four years ago in Orchard Towers.
The brothers pumped close to a million dollars into The Arena, which cost $3 million to open. The rest comprises investments from friends and family who have a stake in the club.
The nightclub owner, who has O levels from Tanjong Katong Technical School, appears jovial but switches quickly to serious mode when being interviewed. Ask him why he chose to open a nightclub and he says with a laugh: 'I used to club a lot, so I thought it would be the best thing for me to do.'
As for The Arena, he says: 'You can't stay stagnant in this business. You have to keep pushing yourself and growing. There's always potential for growth.'
With the club covering 930 sq m and having a capacity for 800 clubbers, the brothers have certainly gone big.
'We were lucky to get a club in this location. We don't expect to fill it every day but it's a good size because it can double as a place for events,' says Mr Lim.
He is an old hand in the nightclub business.
'When we first started, there was no one around to teach us. We learnt the hard way every day.
'The most important thing I've learnt is that people must be able to trust you. That is the only way to build solid foundations in business.'
His formula for success is simple: Come up with a concept that you believe people will be interested in, get your finances in order, surround yourself with trustworthy people and treat your staff well.
'When you are selling a product, everyone you work with is a salesman. You have to be flexible when you're working with people, because they are not robots. They have emotions and their own problems,' he says.
He has had his share of knocks in the business. 'Being cheated is part and parcel of life. Some want to take good things from you and some want to give you good things. You learn through experience.'
He recounts being played out of a deal because he hadn't thought of putting the agreement on paper.
Mistakes and failures, it seems, are simply part of the journey. He says: 'There are so many unexpected events. You can't be afraid to fail. All you have to do is get up.'
Asked if he thinks he's now street-smart and he shakes his head. 'No, there's always a lot to learn. You learn every day until the day you die.'
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