Business lessons to learn from Sukanto Tanoto

Sukanto Tanoto is a successful entrepreneur who has managed to grow his business over the years. He is now well respected as a global leader in the natural resource manufacturing. His success, however, did not come overnight. He has gradually grown into the business up to where he is right now.  This is why even now, he is still passionate about mentoring entrepreneurs. Entrepreneurship is about sacrifice and hard work. However, this is not all you need to become a successful entrepreneur in your field. This is why most beginners look up to Sukanto Tanoto for inspiration.

Business lessons

Spot business opportunities and implement them

Just like any other entrepreneur, Sukanto Tanoto is always spotting gaps in the market and looking for solutions. Every business person understands the importance of being unique and taking advantage of the unexploited market. In the case of Tanoto, he discovered the need for plywood in Indonesia and set a plant in the country to process the logs of wood into plywood.

Under promise but over deliver

As an entrepreneur, it is easy to be over ambitious and get excited when a business deal comes your way. At this time, it is important to remember that the main rule in business is under promising but over delivering. The logic behind this is very simple, if you under promise, you lower the expectations of the client, and once you deliver beyond the agreement, they are amazed by your work. Tanotos Plywood Company was completed four months ahead of schedule.

Education is important

The need for education can never be underestimated in the modern world. Formal education helps in doing better in business and achieve more. At first, Tanoto did not have formal education, however, after establishing the business, he realized the need for formal education. That is why he went to universities like Harvard for management courses to improve and grow his business.

The society is important

Creating a business is not all about creating money and wealth. As you grow a business, it is important to remember the society around us. Giving back to the society is part of cooperate social responsibility that every business has. This is why Tanoto’s business is based on people, planet, and profits. Every business that cares about profits only is bound to fail at some point.