Grab CEO Anthony Tan gives his no. 1 piece of advice for aspiring entrepreneurs

From the outside, it looks like Anthony Tan’s got it all — the family, the wealthy upbringing and the success.

Today, he is the head honcho of one of Southeast Asia’s biggest tech companies, Grab — but he’ll be the first to say that the journey has not been easy.

“Honestly, maybe it was — ignorance is bliss, and if I knew it was gonna be so hard, I’m not sure if I would’ve done it,” he said.

“But is it extremely rewarding? Look, I got the longer end of the stick, so yes … but there are many who [aren’t] as blessed.”

Today, the 42-year-old is the co-founder and CEO of the U.S.-listed company that supplies day-to-day services such as ride-hailing, food and groceries delivery, and financial services. As of 2023, the company serves over 35 million users, and provides a source of income to over 13 million people.

Grab currently operates in eight countries — Singapore, Malaysia, Cambodia, Indonesia, Myanmar, Thailand, Vietnam and the Philippines – and brought in over $2 billion in revenue in fiscal year 2023, according to documents reviewed by CNBC Make It.

When asked for one piece of advice for budding entrepreneurs, Tan said: “It has to be your life calling.”

“If you’re ever to start again, or you’re starting for the first time, be very clear that there has to be a calling … I really mean it, like, if you don’t feel it’s from up above or whatever you may believe in … don’t do it, because so many fail. It’s that hard,” he said.

“For me, I believe it’s literally God’s calling to me to serve, and if I have to serve on my knees, I will,” Tan said.

Tan also advises those starting out to find a strong support infrastructure.

His wife Chloe Tong left her career to join him in his mission to build Grab. “My sacrifice is
nothing compared to the sacrifices my wife has made and many others have made to go through this journey with me,” he said.

If you’re doing it for the money or you don’t feel called to it, “you’re going to run out of path real fast,” he said.

“If your support structure isn’t there … It’s very hard. I would say it’s nearly impossible.”

Tan learned the value of hard work at a young age. His father is the president of Tan Chong Motor, a multinational automobile distributor founded by Tan’s grandfather in the 1950s, that today, is publicly listed in Malaysia.

“I think it’s a lot about role modeling … I’ve seen how my parents worked really, really hard nonstop,” said Tan.

“My father used to remind me, ‘Oh, your grandfather beat this into our heads, and now it’s our turn to beat it yours, which is: you can sleep all you want when you’re dead.’”

Tan’s parents also regularly reminded the kids that “if you’re given so much, more is expected from you than the average Joe out there,” he said.

“So, i.e. work from the second you wake up to the time you go to bed, and try to minimize that time you sleep. So, it was that old school, tough love, type of indoctrination, if you may.”

Since founding the company about 12 years ago, hard work has been a constant for Tan. He routinely works 15 to 20 hour days and flies between two to three cities a week.

“It was an uphill battle across multiple fronts,” said Tan. “Every day, we were hyper paranoid about getting beaten or losing or failing or disappointing.”

In the early days, Tan was boots on the ground, hustling from gas station to gas station to give out free coffee to taxi drivers in efforts to get them to sign up to drive with Grab.

Outside of recruiting drivers, Tan also struggled with recruiting operational talent. “I couldn’t afford to pay the way the great tech companies were … so why would they join me instead of joining them,” he said.

“It was just constantly on the road … going to raise money because of the amount of capital required.”

Early on in building the business, Tan also had to sacrifice financially in order to help the company survive.

“There were some capital partners who I’m very grateful for, but I remember they had a lot of leverage, and they said: ‘Anthony, look, you have to take a big beating on your own,’” he said.

“I had a big stake in the company, and I had to shrink it significantly at a massive discount, so that others didn’t have to suffer.”

“So I am grateful that people took bets with me and on me, but it is a journey of suffering,” he said.

Want to master your money this fall? Sign up for CNBC’s new online course. We’ll teach you practical strategies to hack your budget, reduce your debt, and grow your wealth. Start today to feel more confident and successful. Use code EARLYBIRD for an introductory discount of 30% off, now extended through September 30, 2024, for the back-to-school season.

Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.