I don’t have an MBA but I made it to AIM
September 3, 2006 | 12:00am
I recently got invited as resource speaker for the seventh batch of the Venture into Entrepreneurship (VIE) program at the Asian Institute of Management (AIM). This program is designed mainly for the aspiring and start-up entrepreneur. Upon the encouragement of Prof. Andy Ferreria, entrepreneurship guru and engaging author of the book Entrepreneurs’ Helpline, I eagerly accepted this invitation.
Having been exposed to and directly involved in our family’s 40-year-old jewelry business (which was started by my late parents and handed down to us as a family legacy to continue), I had too many stories to tell. Unfortunately, I was given a time limit so I really had to prepare and reflect.
My presentation on "Fine Jewelry Retailing" as a business option highlighted among others, the logic of the fine jewelry industry. I was also asked to share the requirements and process of starting this type of enterprise. Thus, I chronicled the history and humble beginnings of our business, which started in the garage of our parents’ home in 1966 and how we got to be where we are today through the second generation. Finally I was able to relate to those warm and enthusiastic students what it takes to succeed in this business in terms of entrepreneurial character.
I would like to share with you some excerpts from my personal list of guidelines. Precious, tried and tested, these golden bullets of wisdom have propelled me through challenging years of managing a family business. May they also guide you through yours. Here are my golden bullets:
• Love your company, love your product – When you love something with a passion, you will surely take very good care of it. You will give your all to it. In turn you can easily make others fall in love with it and then it will be easy to sell.
• Focus – Condition yourself to focus emotionally, mentally, financially, physically on your business.
• Be there – Be there for your people, be there in the workplace, be available so you don’t miss out on opportunities. You need to know what’s happening. Don’t be lazy.
• Communicate – Don’t be lazy to talk. Sharing your knowledge and giving direction is so important. Communication is a very powerful, free and valuable tool. Make time to talk to your people. Likewise, make sure they talk to each other.
• Teach – Be tireless in this. Learning is an endless process for both teacher and students. And, oh, don’t forget to teach and share with them your values. If you share the same values, you will be together for a long, long time.
• Think – Take time to think. Think before you do things. Think about things. Build up a plan in your mind. Visualize. Reflect. Don’t rush. Don’t be pushed into making hurried decisions without properly thinking. Say, "Let me think about it."
• Foster teamwork – Make that extra effort to promote unity. The family that works together, shines together. You will not succeed alone. Encourage good interaction.
• Energize – Energize yourself, your employees, your company! Motivate them with positive energy. "Huwag kang papatay-patay." Be positive, not negative.
• Encourage – Try to bring out the very best in them. Personally inspire them to be the best they can be. Make them feel good about themselves. Inspire confidence by expressing it. Acknowledge, praise, reward them. Give them importance.
• Have attention to detail – Be thorough. Be "mabusisi." Pay attention to the whole process from beginning to end.
• Write it down – Always carry a pen and a notebook. Make a to-do list. Organize and capture those valuable thoughts, names, details or ideas. Write them down so you don’t forget.
• Follow up – It’s okay to be "makulit." It’s part of good delegation, or good customer service as the case may be.
• Consult – Always seek and consult with the right people before making any major moves or decisions.
• Listen – Don’t presume you know everything. "If you think you know everything, you don’t know anything." Be humble. Listen with an open mind and heart. Listen also to that small voice in your head. Don’t ignore your conscience.
• Use your common sense – My late dad always used to tell me, "You don’t need an MBA to succeed. There is such a thing as the school of hard knocks." Also learn to follow your instincts. Be practical.
• Be systematic – Organize a system to be followed.
• Have faith that there’s a solution for every problem – Every problem has a solution. A problem could even be an opportunity.
• Be cost conscious – My late mom said, "Every centavo saved is a centavo earned."
• Exercise – This is a must in order to beat stress-related syndrome. Remember that "Looking good is feeling good." If you exercise regularly, you will eat better, sleep better, think better, function better, look better, be better. Take good care of your health, especially while you’re young. Regular exercise promotes a more productive and positive disposition.
• Pray – Start your every single morning with a prayer. "Lord, take my hand and show me the way." No matter what we do, no matter how good we are, we must acknowledge that we are all under the mercy of God. Whatever He can give, He can also take away.
Since I love an audience, my three sisters were worried that I would end up performing a dance number for the class instead of delivering a substantial talk. So they rushed to AIM to watch me, just to make sure I behaved. The above is proof that I did.
Have a beautiful Sunday! You may e-mail me at miladayjewels@yahoo.com)
Having been exposed to and directly involved in our family’s 40-year-old jewelry business (which was started by my late parents and handed down to us as a family legacy to continue), I had too many stories to tell. Unfortunately, I was given a time limit so I really had to prepare and reflect.
My presentation on "Fine Jewelry Retailing" as a business option highlighted among others, the logic of the fine jewelry industry. I was also asked to share the requirements and process of starting this type of enterprise. Thus, I chronicled the history and humble beginnings of our business, which started in the garage of our parents’ home in 1966 and how we got to be where we are today through the second generation. Finally I was able to relate to those warm and enthusiastic students what it takes to succeed in this business in terms of entrepreneurial character.
I would like to share with you some excerpts from my personal list of guidelines. Precious, tried and tested, these golden bullets of wisdom have propelled me through challenging years of managing a family business. May they also guide you through yours. Here are my golden bullets:
• Love your company, love your product – When you love something with a passion, you will surely take very good care of it. You will give your all to it. In turn you can easily make others fall in love with it and then it will be easy to sell.
• Focus – Condition yourself to focus emotionally, mentally, financially, physically on your business.
• Be there – Be there for your people, be there in the workplace, be available so you don’t miss out on opportunities. You need to know what’s happening. Don’t be lazy.
• Communicate – Don’t be lazy to talk. Sharing your knowledge and giving direction is so important. Communication is a very powerful, free and valuable tool. Make time to talk to your people. Likewise, make sure they talk to each other.
• Teach – Be tireless in this. Learning is an endless process for both teacher and students. And, oh, don’t forget to teach and share with them your values. If you share the same values, you will be together for a long, long time.
• Think – Take time to think. Think before you do things. Think about things. Build up a plan in your mind. Visualize. Reflect. Don’t rush. Don’t be pushed into making hurried decisions without properly thinking. Say, "Let me think about it."
• Foster teamwork – Make that extra effort to promote unity. The family that works together, shines together. You will not succeed alone. Encourage good interaction.
• Energize – Energize yourself, your employees, your company! Motivate them with positive energy. "Huwag kang papatay-patay." Be positive, not negative.
• Encourage – Try to bring out the very best in them. Personally inspire them to be the best they can be. Make them feel good about themselves. Inspire confidence by expressing it. Acknowledge, praise, reward them. Give them importance.
• Have attention to detail – Be thorough. Be "mabusisi." Pay attention to the whole process from beginning to end.
• Write it down – Always carry a pen and a notebook. Make a to-do list. Organize and capture those valuable thoughts, names, details or ideas. Write them down so you don’t forget.
• Follow up – It’s okay to be "makulit." It’s part of good delegation, or good customer service as the case may be.
• Consult – Always seek and consult with the right people before making any major moves or decisions.
• Listen – Don’t presume you know everything. "If you think you know everything, you don’t know anything." Be humble. Listen with an open mind and heart. Listen also to that small voice in your head. Don’t ignore your conscience.
• Use your common sense – My late dad always used to tell me, "You don’t need an MBA to succeed. There is such a thing as the school of hard knocks." Also learn to follow your instincts. Be practical.
• Be systematic – Organize a system to be followed.
• Have faith that there’s a solution for every problem – Every problem has a solution. A problem could even be an opportunity.
• Be cost conscious – My late mom said, "Every centavo saved is a centavo earned."
• Exercise – This is a must in order to beat stress-related syndrome. Remember that "Looking good is feeling good." If you exercise regularly, you will eat better, sleep better, think better, function better, look better, be better. Take good care of your health, especially while you’re young. Regular exercise promotes a more productive and positive disposition.
• Pray – Start your every single morning with a prayer. "Lord, take my hand and show me the way." No matter what we do, no matter how good we are, we must acknowledge that we are all under the mercy of God. Whatever He can give, He can also take away.
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