Editor’s note: In today’s Female Leadership in Business, Jo-ann Chung (pictured), CEO, Summit shares with FutureCFO audiences her experience of not letting negative feedback defeat her and how she helps team members grow.
Future CFO: When did you start to become interested in product strategy after graduation with a degree in accounting? Did you consider a career in accounting before engaging in product strategy and development?
Jo-ann Chung (JC): My interest in product strategy actually led me to pursue a degree in accounting.
Early in my career as a Product Manager, I recognised the importance of understanding the financials behind the products I was managing, particularly the product profit and loss statements.
This realisation, combined with my love for numbers, motivated me to further my education in accounting. While I never intended to become an accountant, I wanted to enhance my ability to be a better business manager.
Understanding key financial concepts, such as accrual versus cash accounting and differentiating between cost of goods sold and operating expenses, has significantly improved my ability to develop stronger product strategies and make more informed decisions.
My focus has always been on understanding the drivers behind a successful business and exploring ways to create better strategies in this area.
FutureCFO: What do you enjoy doing the most among your current responsibilities?
JC: What I enjoy most among my current responsibilities is the opportunity to engage directly with customers to understand their priorities.
I believe that it’s essential to walk a mile in others’ shoes before you can build products and features that truly matter.
Understanding the people we’re building for—including their rational and irrational behaviors, is critical to creating successful products. This challenge excites me.
Another aspect of my role that I love is working with my team and helping them grow into stronger versions of themselves based on their individual goals and objectives.
I take great satisfaction in developing strategies to help my team members grow, which involves gaining a deep understanding of their strengths, weaknesses, and aspirations.
To truly support someone’s growth, I believe it’s important to understand them holistically rather than just from the work perspective.
I always encourage my team to aim for a position where, in 12 months, they can look back and see significant progress. For me, the ability to keep growing as an individual is the true definition of success.
It’s crucial not to accept others' perceived limitations as your own. That said, it’s also important to be open to feedback, even when it’s hard to hear.
FutureCFO: What are some of the biggest challenges facing you as a CEO today? How would some of these challenges evolve?
JC: As I approach my first year anniversary as CEO, I’m still relatively new to the role, which presents its own set of challenges.
One of the bigger macro challenges facing us is the current economic environment and the ongoing uncertainty it creates for businesses.
Since we serve other businesses, it’s crucial for us to stay informed about what’s happening in this space and continuously work to provide services that help our customers navigate uncertain times successfully.
Drawing from my experiences from the global financial crisis, Y2K and the dot-com bubble, I believe that this is a situation that will continue to evolve.
On a more internal level, my key challenges include keeping our team and company focused and aligned with our core objectives so that we can move quickly and effectively.
Additionally, as we continue to grow and evolve, it’s important for me to support, foster, and nurture the great culture we’ve built within the company.
Balancing these priorities while adapting to an ever-changing environment is a significant challenge, but one that I’m committed to tackling.
FutureCFO: What’s your advice to female executives who aspire to become CEOs?
JC: My advice to female executives who aspire to become CEOs is to never let others define your potential.
No one knows you better than yourself while everyone has the ability to grow and develop.
A number of years ago, a very senior executive told me that they didn’t think I had what it took to become a senior executive, and they couldn’t see that as a viable career pathway for me.
I was understandably upset at the time, but if I had let that comment define me, I wouldn’t be where I am today. It’s crucial not to accept others' perceived limitations as your own.
That said, it’s also important to be open to feedback, even when it’s hard to hear. What matters most is learning from feedback and continuing to work on developing and improving yourself.
Growth comes from embracing these challenges rather than shying away from them.
Finally, go after every opportunity and when you encounter setbacks, pick yourself up and ask: “What did I learn, and what would I change if I had the chance to do that over again?” Keep evolving and developing, as continuous growth will open new doors for you in the future.
I always encourage my team to aim for a position where, in 12 months, they can look back and see significant progress.
FutureCFO: Tell me something about yourself: What are your hobbies? How do some of these help you relax outside work? Do some of them inspire your work?
JC: Everyone who works with me knows that I find it very hard to “switch off”.
I’m always curious about the world around me—everything I see and learn inspires both me and my work.
One of my favourite hobbies is going for walks, as it gives me valuable thinking time. I also enjoy taking public transport for my commute to work and back home because it allows me to observe the world and the people around me, which often sparks new ideas.
I’m someone who loves trying new things and this drives my husband crazy since I’m always picking up a new hobby—whether it’s knitting, learning to play the piano, joining a governance committee, fundraising, or even line dancing.
I’m likely to give anything a go at least once. These activities push me outside of my comfort zone and keep me open to learning, which in turn fuels my creativity and inspires my work.
