Welcome to Life Series. Following is Chapter 11 in our new Life Series blog, which explores the life story of Cetis Founder & CEO, Dr. Bing N. Sun.
Chapter 11 - Forty-Six Credit Cards.
Q: Pre-selling to 200+ hotels must have been a great launch into the hospitality market, but how were you able to build on this early success?
A: In Q2 1998, I made the decision to expand our Aegis Series model lineup beyond industry standard 2500 sets, to include feature phone models with full-length faceplates and programmable guest service keys.
Q: That was a bold move, but how were you able to compete against entrenched competitors?
A: It took hard work, and commitment, but it also required faith that we could grow sales in the face of tough competition with the right product and business strategies.
Q: How were you able to secure funding for the expanded product line?
A: That was in the 1990s. The banks and venture capital groups weren't interested in taking risk, but because I had a strong educational background and a Ph.D. degree, the credit card companies at that time were ready and willing to grant me credit.
Q: But interest rates were high at that time. How were you able to fund your company's growth and expansion with credit cards and still navigate the impending debt? That certainly required strong faith!
A: It wasn't easy. In fact at one point I had maxed out 46 credit cards! But because our products became an immediate hit in the marketplace, our sales began to grow exponentially at 120% annually, and we were able to quickly retire the credit card debt and return to a strong financial footing.
Q: Retiring the credit card debt was a major achievement, but didn't you still need operating capital?
A: Actually, after retiring the credit card debt, I was careful to control costs and manage cash flow to avoid further corporate debt, which continues to be my operating mantra today.
A: In Q2 1998, I made the decision to expand our Aegis Series model lineup beyond industry standard 2500 sets, to include feature phone models with full-length faceplates and programmable guest service keys.
Q: That was a bold move, but how were you able to compete against entrenched competitors?
A: It took hard work, and commitment, but it also required faith that we could grow sales in the face of tough competition with the right product and business strategies.
Q: How were you able to secure funding for the expanded product line?
A: That was in the 1990s. The banks and venture capital groups weren't interested in taking risk, but because I had a strong educational background and a Ph.D. degree, the credit card companies at that time were ready and willing to grant me credit.
Q: But interest rates were high at that time. How were you able to fund your company's growth and expansion with credit cards and still navigate the impending debt? That certainly required strong faith!
A: It wasn't easy. In fact at one point I had maxed out 46 credit cards! But because our products became an immediate hit in the marketplace, our sales began to grow exponentially at 120% annually, and we were able to quickly retire the credit card debt and return to a strong financial footing.
Q: Retiring the credit card debt was a major achievement, but didn't you still need operating capital?
A: Actually, after retiring the credit card debt, I was careful to control costs and manage cash flow to avoid further corporate debt, which continues to be my operating mantra today.
Read all 18 Life Series chapters.
Click on the chapter links below to follow this remarkable life story in sequence. Click here to submit your comments directly to Dr. Sun. Thanks for reading. We look forward to hearing from you.
Chapter 1 | Chapter 2 | Chapter 3 | Chapter 4 | Chapter 5 | Chapter 6 | Chapter 7 | Chapter 8 | Chapter 9 | Chapter 10 | Chapter 11| Chapter 12 | Chapter 13 | Chapter 14 | Chapter 15 | Chapter 16 | Chapter 17 |Chapter 18
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