What’s the best business advice you can give to young entrepreneurs?
October 9, 2005 | 12:00am
Filipinos are inherently entrepreneurial. We can sell anything to anybody anywhere – from small-scale sari-sari stores to large shopping centers that earn millions of pesos every day. Most of the inspiring success stories that we hear about started small, too, such as taipans Henry Sy and John Gokongwei Jr. Today, the way to go seems to be to start your own business (that’s what the government has been encouraging us to do) and here’s what the top business people advise young people to do.
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DR. ROLANDO B. HORTALEZA, Splash Corporation chairman and CEO: Go for that something that tugs at your heart, inspires you, something that you’ve always been passionate about. Go for innovation. If we didn’t get out of the long shadows of our more established rivals, Splash might not have seen the light of day.
MARISSA M. ANDAL, fiber arts and mixed-media artist, award-winning designer, and exporter: Go with what you truly love to do. Come from your truth. Believe and have total faith that you have done your best. Everything else will flow!
Camarines Sur Governor IRAY VILLAFUERTE, 2002 TOYM Awardee for Entrepreneurship, 2002 World Young Business Awardee, and 2003 Aurelio Periquet Business Leadership Awardee: Entrepreneurs are dreamers. Entrepreneurs want to make it big. Dare to dream. Don’t limit yourself. Some people limit themselves even while dreaming or thinking of where they want to be or what they want to accomplish. If you don’t know how to dream, how can your dreams come true? If other people have made it big and succeeded, why can’t you? This should be the mindset of an entrepreneur. You should set daily, weekly and monthly goals in pursuit of your dream. Don’t be afraid to take lots of risks while pursuing your dream. Dare to be different. Don’t be afraid to try new approaches to business. If you do the ordinary, don’t expect extraordinary results.
MARITEL NIEVERA SHANI, Cabalen, Oody’s, Ebun and Mangan restaurants owner: Business now is entirely different from 10 years ago. The climate is more competitive. For young entrepreneurs going into any business, there are three important factors for them to succeed:
1. They should know and understand very well what their product is all about (product knowledge).
2. They should know different strategies on how to market their products (marketing).
3. Once they’re able to market their product and they are already doing well, they should also be good in finance for them to set their budget (finance management).
On top of these three factors, they should have a good location for their business.
ROBERT YUPANGCO, 1996 Kalakbay Awardee and 1992 Entrepreneur of the Year: Learning your way to success is like learning how to ride a bicycle: you have to have practice, balance, and fall not once, twice, but many times! Remember, it’s not the falling but the rising when you fall that counts...with chin up, especially when the going gets tough!
As entrepreneurs, we all have unlimited potentials. It is like being in the middle of a circle without a circumference. What your mind can conceive you can achieve, as long as you have: 1. a game plan (not only a vision); 2. determination; 3. perseverance and tenacity; 4. confidence in yourself; 5. burning desire. And for me, the backbone of my being an entrepreneur are my parents, Nita Laurel Yupangco and Gary A. Yupangco, founders of G. A. Yupangco and Company, distributor of Yamaha. With these, you can grow rich. That’s why in my company, where we operate (Aqua Primera, Motorkingdom/Motorcity, Tigers on the Run Coaster, Y-com, Ultra Laser, Blu Bianco Suites, Zoobic Safari and Paradizoo – an integrated farm showcase beside Tagaytay Residence Inn), our theme is "To think is to create!"
DOYEE TUMPALAN, First Quadrant Philippines CEO: Entrepreneurship is putting into action what others can only think or dream about. It’s knowing what you want and going after it with determination, perseverance and 100 percent commitment. Most importantly, entrepreneurs should never forget to share their blessings because it is in doing so that success takes on a more significant meaning.
DANNY V. FAUSTO, DVF Dairy Farm Inc. president: An entrepreneur is an individual who takes risks and invests resources to make something unique or new. Aside from being an innovator and risk taker, an entrepreneur takes advantage of a business opportunity once a defined market niche or business vacuum becomes available. Or, he designs a new way to create a new market for something that already exists. An entrepreneur will then try to transform these opportunities into profits.
Our country needs more entrepreneurs. I congratulate the new and young entrepreneurs. They should be creative and introduce innovations in order to sustain their market share. They should also attend seminars and business forums to gain more knowledge and sharpen their management skills. Avail of the financial and technological support offered by government. To reduce risk, start small and grow as you learn.
GILDA SALONGA, Le Donne Shoes vice president: It’s always important to find new ways and approaches to doing things in business. The way we used to work three to five years ago may no longer be effective now. Since the times are always changing, it’s best to be prepared by continuously learning, so we can always make the best decisions every single day. Very true is the saying that the only thing constant is change. A person who is flexible and is always adapting to change will be able to move forward no matter what challenges or difficulties lie ahead.
MA. IRIS FERNAN ARCENAS, FERIMAR Import-Export Inc.: The best advice I can give to our young entrepreneurs is for them to have passion in everything that they do. Dream big and back them up with dedication and hard work! Identify your strengths and hire the right people to help you. It is also a must to learn to delegate, so you can focus on more relevant issues and be more productive.
ROBERT BLANCAFLOR, floral stylist and owner of 1816: Aside from the basic business strategies, such as knowing your target market and competitive advantage, honesty in all business dealings is a must, especially to clients. Don’t commit to something that you can’t deliver. A good entrepreneur must also be ready for all eventualities, so make sure you have a contingency plan so that it will always be "business as usual" for you. And most important, enjoy what you’re doing. It will make you very successful.
DR. ROLANDO B. HORTALEZA, Splash Corporation chairman and CEO: Go for that something that tugs at your heart, inspires you, something that you’ve always been passionate about. Go for innovation. If we didn’t get out of the long shadows of our more established rivals, Splash might not have seen the light of day.
MARISSA M. ANDAL, fiber arts and mixed-media artist, award-winning designer, and exporter: Go with what you truly love to do. Come from your truth. Believe and have total faith that you have done your best. Everything else will flow!
Camarines Sur Governor IRAY VILLAFUERTE, 2002 TOYM Awardee for Entrepreneurship, 2002 World Young Business Awardee, and 2003 Aurelio Periquet Business Leadership Awardee: Entrepreneurs are dreamers. Entrepreneurs want to make it big. Dare to dream. Don’t limit yourself. Some people limit themselves even while dreaming or thinking of where they want to be or what they want to accomplish. If you don’t know how to dream, how can your dreams come true? If other people have made it big and succeeded, why can’t you? This should be the mindset of an entrepreneur. You should set daily, weekly and monthly goals in pursuit of your dream. Don’t be afraid to take lots of risks while pursuing your dream. Dare to be different. Don’t be afraid to try new approaches to business. If you do the ordinary, don’t expect extraordinary results.
MARITEL NIEVERA SHANI, Cabalen, Oody’s, Ebun and Mangan restaurants owner: Business now is entirely different from 10 years ago. The climate is more competitive. For young entrepreneurs going into any business, there are three important factors for them to succeed:
1. They should know and understand very well what their product is all about (product knowledge).
2. They should know different strategies on how to market their products (marketing).
3. Once they’re able to market their product and they are already doing well, they should also be good in finance for them to set their budget (finance management).
On top of these three factors, they should have a good location for their business.
ROBERT YUPANGCO, 1996 Kalakbay Awardee and 1992 Entrepreneur of the Year: Learning your way to success is like learning how to ride a bicycle: you have to have practice, balance, and fall not once, twice, but many times! Remember, it’s not the falling but the rising when you fall that counts...with chin up, especially when the going gets tough!
As entrepreneurs, we all have unlimited potentials. It is like being in the middle of a circle without a circumference. What your mind can conceive you can achieve, as long as you have: 1. a game plan (not only a vision); 2. determination; 3. perseverance and tenacity; 4. confidence in yourself; 5. burning desire. And for me, the backbone of my being an entrepreneur are my parents, Nita Laurel Yupangco and Gary A. Yupangco, founders of G. A. Yupangco and Company, distributor of Yamaha. With these, you can grow rich. That’s why in my company, where we operate (Aqua Primera, Motorkingdom/Motorcity, Tigers on the Run Coaster, Y-com, Ultra Laser, Blu Bianco Suites, Zoobic Safari and Paradizoo – an integrated farm showcase beside Tagaytay Residence Inn), our theme is "To think is to create!"
DOYEE TUMPALAN, First Quadrant Philippines CEO: Entrepreneurship is putting into action what others can only think or dream about. It’s knowing what you want and going after it with determination, perseverance and 100 percent commitment. Most importantly, entrepreneurs should never forget to share their blessings because it is in doing so that success takes on a more significant meaning.
DANNY V. FAUSTO, DVF Dairy Farm Inc. president: An entrepreneur is an individual who takes risks and invests resources to make something unique or new. Aside from being an innovator and risk taker, an entrepreneur takes advantage of a business opportunity once a defined market niche or business vacuum becomes available. Or, he designs a new way to create a new market for something that already exists. An entrepreneur will then try to transform these opportunities into profits.
Our country needs more entrepreneurs. I congratulate the new and young entrepreneurs. They should be creative and introduce innovations in order to sustain their market share. They should also attend seminars and business forums to gain more knowledge and sharpen their management skills. Avail of the financial and technological support offered by government. To reduce risk, start small and grow as you learn.
GILDA SALONGA, Le Donne Shoes vice president: It’s always important to find new ways and approaches to doing things in business. The way we used to work three to five years ago may no longer be effective now. Since the times are always changing, it’s best to be prepared by continuously learning, so we can always make the best decisions every single day. Very true is the saying that the only thing constant is change. A person who is flexible and is always adapting to change will be able to move forward no matter what challenges or difficulties lie ahead.
MA. IRIS FERNAN ARCENAS, FERIMAR Import-Export Inc.: The best advice I can give to our young entrepreneurs is for them to have passion in everything that they do. Dream big and back them up with dedication and hard work! Identify your strengths and hire the right people to help you. It is also a must to learn to delegate, so you can focus on more relevant issues and be more productive.
ROBERT BLANCAFLOR, floral stylist and owner of 1816: Aside from the basic business strategies, such as knowing your target market and competitive advantage, honesty in all business dealings is a must, especially to clients. Don’t commit to something that you can’t deliver. A good entrepreneur must also be ready for all eventualities, so make sure you have a contingency plan so that it will always be "business as usual" for you. And most important, enjoy what you’re doing. It will make you very successful.
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