Entrepreneurship in a downturn period

MANILA, Philippines - For Ivan Yao, seasoned retailer of quality and branded timepieces, today’s business times call for judicious use of resources.

From the point of view of Florabel Co, passionate chef/restaurateur, sheer fervor in doing what one loves to do keeps the fire burning.

While for a strong-willed businesswoman like Ruby Gan, who offers Italy-designed shoes in a competitive market, staying afloat and above the rest are all about continuously finding ways of standing out and offering new things.

Yao, of the Lucerne Group of Companies, Co of Florabel’s, and Gan, franchisee of schu stores, may employ differing business strategies from various vantage points but their successes in entrepreneurship are worthy of note.

According to Yao, businesses need to constantly watch their cash flow. For retailers who operate many stores, they may analyze which stores are performing well and which stores are not and try to look at the option of moving their well-performing staff to strategic stores to increase sales.

“It might help to locate in new mall or shopping center locations because of Filipinos’ penchant to check out new places with new attractions,” said Yao.

Within the Lucerne Group of Companies, Yao said, they have adopted the strategy of product segmentation. Thus, shops carrying the name Lucerne offer the luxurious, high-end brands while Chronos is for the more mature and serious shopper of watches. LTime Studio stores carry fashionable and trendy watches.

Gan of Schu stores, says opening a business entails being informed and being conscious of what’s already offered in the market and what’s not yet there.

In her case, she took notice of the fact that the market does not yet have the shoes stylishly designed in Padova, Italy. Thus, she opened her first “schu” store in December 2004. Today schu products can be found in nine locations, including an outlet store in Makati and commercial sites in Davao and Cebu.

Ruby’s business, like other businesses, is affected by the current market slowdown but she bears in mind that perseverance and fortitude of character are important in leading her team these days.

“schu will always be there. Together with my team, we employ different marketing strategies to combat the market slowdown and reach more people. New styles and designs of shoes are offered to excite and entice, may they be stilettos, sandals, flats or wedges. We will continue to provide footwear for all occasions and all walks of life,” she stated.

For budding entrepreneurs, these are her words: “Explore, take the plunge and learn from any challenge or experience. Dare to stand out and be felt.”

 “It is important to discover new ways in which we see the world and ourselves,” she adds.

After delighting customers with Florabel — the restaurant Co opened in 2005 bearing her own name — Florabel opened five more concepts — Café Ten Titas, Sumo Sam, Floring’s Famous BBQ, Felix and Crisostomo.

“What’s really fulfilling about having my own restaurants is getting to share what I love most with a lot of people and putting my passion in what I love doing most”. Sure, there were the initial setbacks like where to get great staff, and figuring out how to best manage your shop , and now, how to deal with the recession. But in all of these, what lies under is one’s passion to share what you love doing most,” Co imparts.

“I get to give customers a part of me through food. Seeing them enjoy dining at Florabel or any of my other restaurants with their friends or families, that keeps me alive and going,” she narrates. “I believe that is more than enough to keep me standing and thinking positive amidst the current economic situation,” Co states.

On Aug. 14,2009, these three top entrepreneurs, together with entertainer-turned-businessman Marvin Agustin and Ines Reyes of Reyes Barbeque, will serve as panelists on the topic “Creative Entreprenuership in Challenging Times” at the 18th National Retail Conference & Expo (NRCE) at the SMX Convention Center beside the SM Mall of Asia, August 12-14.

The conference, which is the country’s largest gathering of retailers, product and service providers and business professionals, is held back to back with Stores Asia Expo 2009 organized by the Philippine Retailers Association.

With this conference, supported by PLDT Business Solutions, SM, and Banco de Oro, the PRA flexes the power of retail as it puts together the best minds to speak on the many facets of the retail business and provide insights on strategies for retailing in these trying times.

Prospective entrepreneurs and full-blooded retailers can hear more of their insights at the 18th NRCE. For more information, log on to www.nrceph.com, email [email protected] or look for Allan (conference) or Janeth (exhibit) at 687-4180 to 81, 687-4985. PRA office is at Unit 2610 Jollibee Plaza, Emerald Ave., Ortigas Center, Pasig City.