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Ron Sim Chye Hock, 50, is the founder, chairman, and CEO of OSIM International, a Singapore based company that sells lifestyle products with a strong emphasis on healthcare and well-being. The company is particularly well-known for its luxury massage chairs, and has more than 1,100 outlets in over 360 cities across 28 countries. Sim was the winner of the Ernest & Young Entrepreneur of the Year award in 2003, and was also named Master Entrepreneur of the Year. In 2006, Sim was ranked No.15 on Forbes list of the 40 Richest Singaporeans, with an estimated net worth of S$255 million.
Personal Background and History
Sim is one of 7 children born in a struggling family, and was an average student in a neighbourhood school. The values of determination and diligence were quickly instilled in him during his youth, as he took on odd jobs to help support his family even before he turned 9. These odds jobs included selling prawn noodles from door-to-door, as well as waiting on tables at a fishball noodle stand. When his family was unable to afford the tuition for his tertiary education, he worked a variety of jobs, including positions at shipyard and construction sites, as well as selling encyclopedias and insurance, in order to fund his education. He realized his own flair in selling while in those positions, as he found himself overwhelmed with job offers from appreciative companies. Despite his lack of academic credentials, Sim was eventually awarded with an honorary doctorate in Business Administration by Wisconsin International University.
Corporate Background
Sim's diligence eventually allowed him to start his company in 1980, that which specialized in trading household goods but was forced shut during the 1985 recession. In 1987, he began to break into the healthcare sector, starting a company named Health Check & Care. This was renamed OSIM in 1994. Sim is a firm believer of branding, and in his own words, one of OSIM's main mission is "Selling Lifestyles, Creating Desires". The name OSIM is a combination of his own surname, with the "O" to represent the world. He believes that the company's name is more memorable and marketable than its previous name. He aims to build OSIM into an international brand name, similar to the successes enjoyed by Starbucks and Nike.
Unlike other entrepreneurs, Sim is not dispirited by economic downturns. He believes that periods of recession provide him with the best opportunities to expand his business, as it reduces both startup and advertising costs. Sim has also diversified OSIM by starting up 4 different healthcare specialization lines Health Focus, Hygiene Focus, Fitness Focus, and Nutrition Focus. In spite of his diversification efforts, he believes that the company would not loose sight of its core business, as each OSIM division is run as a separate business entity.
Sim is a strong advocate of a healthy lifestyle, and fully subscribes to the portrayal of good health that his company conveys. He runs numerous local and overseas marathons and triathlons. He frequently works out on the top floor of his office, where he has had tennis courts, a gymnasium, and a swimming pool built. He challenges his staff to participate in Singapore's annual international triathlon, offering a week off from work to anyone who finishes the endurance event. Sim alludes the great effort of managing a business to running a triathlon; both undertakings require strength, stamina and endurance, and demand long, grueling hours of preparation and training.
Accomplishments
At current, OSIM has more than 1,100 outlets in 28 countries, including Asia, Australia, Africa, the Middle East, United Kingdom and North America. In 2002, Gallup Organisation and AC Nielsen ranked the company as the No. 1 brand in Singapore, Hong Kong, Taiwan, and Malaysia. It was also selected as Forbes Global Top 200 Best Small Companies in that same year. The company has also won numerous brand awards in Singapore, including 5 successive awards for The Brand with Exceptional Performance from 2001 to 2006. In 2002, the company was included in the prestigious Forbes Global List as one of the "200 Best Under a Billion" companies outside of the United States.
Sim himself was awarded the Ernest & Young Entrepreneur of the Year accolade in 2003, and was a judge on this award panel in 2008.
OSIM has also contributed vastly to numerous charity organizations, including setting up a scholarship fund for international management in the local PSB Academy. In 2002, the company adopted the Children's Cancer Foundation (CCF) over a 4-year period. It has also helped raise funds for the OSIM Singapore International Triathlon in 2004, 2005, and 2006.
Sim has set a personal success target for his company, and that is to cross the S$1 billion mark in profit turnover by 2010.
Personal Background and History
Sim is one of 7 children born in a struggling family, and was an average student in a neighbourhood school. The values of determination and diligence were quickly instilled in him during his youth, as he took on odd jobs to help support his family even before he turned 9. These odds jobs included selling prawn noodles from door-to-door, as well as waiting on tables at a fishball noodle stand. When his family was unable to afford the tuition for his tertiary education, he worked a variety of jobs, including positions at shipyard and construction sites, as well as selling encyclopedias and insurance, in order to fund his education. He realized his own flair in selling while in those positions, as he found himself overwhelmed with job offers from appreciative companies. Despite his lack of academic credentials, Sim was eventually awarded with an honorary doctorate in Business Administration by Wisconsin International University.
Corporate Background
Sim's diligence eventually allowed him to start his company in 1980, that which specialized in trading household goods but was forced shut during the 1985 recession. In 1987, he began to break into the healthcare sector, starting a company named Health Check & Care. This was renamed OSIM in 1994. Sim is a firm believer of branding, and in his own words, one of OSIM's main mission is "Selling Lifestyles, Creating Desires". The name OSIM is a combination of his own surname, with the "O" to represent the world. He believes that the company's name is more memorable and marketable than its previous name. He aims to build OSIM into an international brand name, similar to the successes enjoyed by Starbucks and Nike.
Unlike other entrepreneurs, Sim is not dispirited by economic downturns. He believes that periods of recession provide him with the best opportunities to expand his business, as it reduces both startup and advertising costs. Sim has also diversified OSIM by starting up 4 different healthcare specialization lines Health Focus, Hygiene Focus, Fitness Focus, and Nutrition Focus. In spite of his diversification efforts, he believes that the company would not loose sight of its core business, as each OSIM division is run as a separate business entity.
Sim is a strong advocate of a healthy lifestyle, and fully subscribes to the portrayal of good health that his company conveys. He runs numerous local and overseas marathons and triathlons. He frequently works out on the top floor of his office, where he has had tennis courts, a gymnasium, and a swimming pool built. He challenges his staff to participate in Singapore's annual international triathlon, offering a week off from work to anyone who finishes the endurance event. Sim alludes the great effort of managing a business to running a triathlon; both undertakings require strength, stamina and endurance, and demand long, grueling hours of preparation and training.
Accomplishments
At current, OSIM has more than 1,100 outlets in 28 countries, including Asia, Australia, Africa, the Middle East, United Kingdom and North America. In 2002, Gallup Organisation and AC Nielsen ranked the company as the No. 1 brand in Singapore, Hong Kong, Taiwan, and Malaysia. It was also selected as Forbes Global Top 200 Best Small Companies in that same year. The company has also won numerous brand awards in Singapore, including 5 successive awards for The Brand with Exceptional Performance from 2001 to 2006. In 2002, the company was included in the prestigious Forbes Global List as one of the "200 Best Under a Billion" companies outside of the United States.
Sim himself was awarded the Ernest & Young Entrepreneur of the Year accolade in 2003, and was a judge on this award panel in 2008.
OSIM has also contributed vastly to numerous charity organizations, including setting up a scholarship fund for international management in the local PSB Academy. In 2002, the company adopted the Children's Cancer Foundation (CCF) over a 4-year period. It has also helped raise funds for the OSIM Singapore International Triathlon in 2004, 2005, and 2006.
Sim has set a personal success target for his company, and that is to cross the S$1 billion mark in profit turnover by 2010.
