Entrepreneur Spotlight

Entrepreneur Hafriz Fayadh shares his formula for success and it’s all about striking the right balance

Hafriz Fayadh was always curious about starting a business. Growing up with an enterprising family, it wasn’t a surprise that when he chanced on an opportunity at the age of nine, he took his first step towards entrepreneurship.

Hafriz started selling ice cream in his neighbourhood. He found a supplier, put the supplies in a cooler box, and went door-to-door looking for people who wanted a frozen treat.

“The funny thing about that experience was… I knew I was interested to sell but I didn't know a lot about the concept of turning a profit, so at the end of the day, I sold everything but realised I ended up with what my initial capital was. I unintentionally sold everything at cost,” said Hafriz.

Hafriz’s grandfather and father are first and second-generation owners of their family business. They are his mentors and have had a big influence on his entrepreneurial journey - imparting wisdom as well as stressing the importance of family values like humility, honesty, credibility, and integrity.

The real meaning of success

While many equate success to the status of wealth or health, Hafriz thinks it should be the “perfect balance” of both.

“I think success means that you can sleep at night without worrying too much. I believe in striking a balance in life…You should not bite off more than you can chew, and I’m always mindful of that” said Hafriz.

When it comes to a formula, Hafriz has observed a pattern from successful business leaders and his five tips for aspiring entrepreneurs can be summarised as ‘one V and four As’.

Firstly, start with a vision. He believes that any entrepreneur who wants to start an endeavour needs a clear vision statement. Articulating what the company is about and what it wants to achieve will help guide every employee towards a common purpose.

Secondly, have the right attitude. Every business owner will go through different seasons in their journey. Tough times will come in the lifecycle of a company, and this will help the entrepreneur stay grounded as well as give him or her a reason to get out of bed.

Thirdly, discover what your attribute is. Everyone is born with a unique set of gifts or talents. Some leaders are passionate about a cause, while others are great at managing talent. It’s crucial for an entrepreneur to discover what his or her strengths are.

Next, sharpen your aptitude. Once a leader knows what he or she is good at, they need to get better at it, whether it is managing a team or having great presentation skills. If you’re in this for the long haul, you will need to develop a habit of lifelong learning.

Finally, increase your altitude. This is your network and the people you associate with, who can help you with insights on your industry and keep abreast of the latest developments. At different points of your career, you may need to change your level of association to keep improving and growing.

Establishing Exceltech Solutions

A decade ago, Hafriz saw a gap in the oil and gas market. With the support of family and friends, he took a leap of faith, and the rest was history.

Exceltech Solutions Sdn Bhd was established in 2012, as a specialist service provider for the oil and gas industry, with Brunei Shell Petroleum and Brunei LNG as its key clients.

In recent years, alongside Brunei’s efforts to diversify its oil and gas revenues, the company has also expanded its services into cybersecurity, smart utilities, and renewable energy. Hafriz views it as a “natural extension” to offer this new suite of services to clients.

In a testament to his determination and dedication, Hafriz won the Young Entrepreneur Award while his company, Exceltech Solutions won Priority Integration Sector (Energy) at the ASEAN Business Awards 2021.

Dealing with disruption

For a generation of entrepreneurs, Covid-19 pandemic forced a rethink and, in some cases, a reset to the way they ran their businesses.

The pandemic was a disruption for Exceltech at the start, but the standard operating procedure (SOP) the company put in place helped ensure things ran smoothly.

Hafriz’s biggest lesson from navigating the pandemic is to have a healthy cash flow.

“Understanding how to manage your finances is essential for any entrepreneur. Practicing financial discipline is really important in running a business, especially during the tough times,” said Hafriz.

He credits the support from Baiduri Bank as making the difference in difficult times. Exceltech has relied on its corporate banking partner since day one, and through the years, it has built trust and established a supportive relationship.

It’s a relationship that Hafriz knows will continue as he plans Exceltech’s expansion beyond Brunei and possibly into other countries in Southeast Asia.