1.

Tenacity

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Starting a business is an ultramarathon. You have to be able to live with uncertainty and push through a
crucible of obstacles for years on end. Entrepreneurs who can avoid saying uncle have a better chance
of finding their market and outlasting their inevitable mistakes. This trait is known by many names--
perseverance, persistence, determination, commitment, resilience--but it's really just old-fashioned
stick-to-it-iveness.

"Tenacity is No. 1," says Mike Colwell, who runs Plains Angels, an Iowa angel investor forum, and the
accelerator Business Innovation Zone for the Greater Des Moines Partnership. "So much of
entrepreneurship is dealing with repeated failure. It happens many times each week."

When failure happens, you have to start all over again. Jett McCandless was a partner in a fast-growing
freight logistics operation. But the rapid expansion triggered mistakes, including an invoicing glitch that
left the company without enough cash reserves. The business had to be sold for a fraction of its value.
McCandless didn't agree to the terms and was fired. He lost the company house and car and wound up
moving into his girlfriend's apartment. "It was a very tough time," he recalls. "I came very close to going
bankrupt."

He went on 25 job interviews and got offers for logistics positions paying $200,000 and up. But
McCandless, who grew up in Section 8 public housing, wondered, Should I take a comfortable, secure
job, or could I build something better? "I was afraid that failure could define the rest of my life, and I
wasn't going to let that happen," he says.

So rather than accept one of those big offers, he started over, founding a new company, CarrierDirect, in
Chicago. Hamstrung by the noncompete contract with his previous firm, he created a wholly new space
in the logistics field. Instead of matching shippers with truckers, he switched to consulting, providing
marketing and sales for logistics companies. In two years CarrierDirect grew to $35 million in revenue.
"I'm glad I didn't take one of those corporate jobs," he says now.

2. Passion
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Passion It's commonly assumed that successful entrepreneurs are driven by money. But most will tell
you they are fueled by a passion for their product or service, by the opportunity to solve a problem and
make life easier, better, cheaper.

"Most entrepreneurs I know believe they will change the world," says Jay Friedlander, a professor of
sustainable business who works with entrepreneurs at the College of the Atlantic and at Babson College.
"There's an excitement and belief in what they're doing that gets them through the hard times."

Passion based on your company's specific mission is an intrinsic drive that provides the internal reward
that can sustain you between paydays. John Roulac is passionate about hemp, which has a host of
industrial and food uses and can be grown without herbicide, making it a keystone crop for sustainable
agriculture. With a mission of providing a new market for Canadian hemp farmers, Roulac launched his
company, Nutiva, in 1999 with a hemp food bar. But he quickly ran into interference from U.S. Customs
officials who associated hemp, part of the cannabis family, with marijuana.

"Initially, they tried to harass us," Roulac recalls. "They would say our products couldn't leave the
warehouse; then they could. It was very hard to stay in business." Two years later the Justice
Department published a rule that put hemp products in the same illegal category as heroin. "It was
either go out of business, keep going or go to jail," he says. "It could be bankruptcy or humiliation."

Roulac had more than $100,000 invested in the business by this point. A lot of people told him to quit.
Instead, he decided to go on the offensive and sued the Drug Enforcement Administration. With support
from the natural-products industry, particularly soap company Dr. Bronner's, he won the suit two years
later. Roulac's belief in the power of his mission had prevailed.

"I believed that I was on the side of truth and that there was a government agency trying to prevent
something good happening for the country," he explains. "I feel at a core level that this is my destiny to
help create a better food system."

Today Nutiva sells a variety of organic products, from hemp protein shakes to virgin coconut oil. Roulac's
advice when things get tough: "Dig deeper."
3. Tolerance of ambiguity

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This classic trait is the definition of risk-taking--the ability to withstand the fear of uncertainty and
potential failure. "It all boils down to being able to successfully manage fear," notes Michael Sherrod,
entrepreneur-in-residence at the Neeley School of Business at Texas Christian University.

He sees the ability to control fear as the most important trait of all. "Fear of humiliation, fear of missing
payroll, running out of cash, bankruptcy, the list goes on."

Jill Blashack Strahan knows the fear factor. The founder and CEO of Tastefully Simple, a direct-sales
company for gifts and easy-to-make meals, remembers the calls to her bank when she was three
months overdue on her mortgage. "That fear that I would lose my house almost controlled me," says
Blashack Strahan, who also had to overcome the deaths of her brother and then her husband shortly
afterward. "The night after the funeral of my husband, I thought maybe I should give up, get a job and
be a mom."

This is where the ultimate entrepreneurial test takes place, on the mental battlefield. You can go with
the fear and quit, or push through it. "I said no; this idea is going to work," Blashack Strahan says. "We
have the power to control our thoughts. When we commit mentally, our action follows." She made a
conscious decision to push through the fear. Her company had sales in 2012 of $98 million.

While many would feel powerless in the face of such adversity, "the entrepreneur looks at the situation
and knows he has some control over the outcome," says Jonathan Alpert, a psychotherapist and author
of Be Fearless: Change Your Life in 28 Days.

4. Vision

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One of the defining traits of entrepreneurship is the ability to spot an opportunity and imagine
something where others haven't. Entrepreneurs have a curiosity that identifies overlooked niches and
puts them at the forefront of innovation and emerging fields. They imagine another world and have the
ability to communicate that vision effectively to investors, customers and staff.

Many people would be satisfied with a couple of successful businesses, but Eldad Matityahu saw beyond
his two thriving frozen-yogurt stores. He'd been reading about the fiber-optic space and decided he
wanted in on the technology sector that surrounded him in Silicon Valley. So he sold his yogurt shops
and his Harley and got into a field he knew nothing about. He took a job with a fiber-optic company to
learn the business and discovered his niche there.

Customers told him they were frustrated that they couldn't have access to see who was on their
networks--important for security. "I realized there was no solution on the market addressing this pain
point," Matityahu says. "I took the time to figure out why."

The products Matityahu created made activity on the network easily visible and also protected the
system. He bootstrapped his company, Net Optics, with $100,000--the proceeds from his two yogurt
stores and Harley (along with a small investment from family members)--turning down venture
capitalists along the way. In October 2013 he sold the company for $190 million.

"Entrepreneurs often face naysayers, because we see the future before the future plays out," Matityahu
says. "You have to be several steps ahead of the market."

5. Self-belief

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Self-confidence is a key entrepreneurial trait. You have to be crazy-sure your product is something the
world needs and that you can deliver it to overcome the naysayers, who will always deride what the
majority has yet to validate.

Researchers define this trait as task-specific confidence. It's a belief that turns the risk proposition
around--you've conducted enough research and have enough confidence that you can get the job done
that you ameliorate the risk.
"You have to have a lot of self-confidence. Be willing to take a risk, but be conservative," says Jason
Apfel, founder of FragranceNet.com, an e-commerce site for beauty products. Apfel didn't know
anything about the beauty world when he started the company, but he believed he could create a solid
website to sell such products. "I thought selling a commodity online at the most competitive price would
work," he says. His company has outlasted well-funded competitors and sees $145 million in annual
sales.

6. Flexibility

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Business survival, like that of the species, depends on adaptation. Your final product or service likely
won't look anything like what you started with. Flexibility that allows you to respond to changing tastes
and market conditions is essential. "You have to have a willingness to be honest with yourself and say,
'This isn't working.' You have to be able to pivot," says Colwell of Plains Angels.

While still a student at Babson College, Matt Lauzon wanted to digitize the process of designing
personalized jewelry. After raising $500,000 from Highland Capital Partners, he launched a custom
jewelry design platform for retailers in 2008; however, a year later there was no payoff in sight.

"In theory, it was a perfect match, but in practice we found that we simply couldn't change the jewelers'
focus on selling the expensive inventory they had sitting in their display cases," Lauzon recalls.

He reached out to his jeweler customers to solicit feedback. "One of them actually said, 'You have built
something so amazing, with so much potential, you should let people use it directly,'" he says.

Lauzon decided to do exactly that, and with additional rounds of financing, relaunched the Boston-based
company as Gemvara.com, selling the custom jewelry experience directly to consumers. He won't
disclose sales, but he has raised $51 million to date, including additional millions from Highland Capital,
which backed his initial concept. He has even hired away executives from the jewelry world's biggest
retail force, Tiffany & Co.
7. Rule-breaking

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Entrepreneurs exist to defy conventional wisdom. A survey last year by Ross Levine of the University of
California, Berkeley, and Yona Rubinstein of the London School of Economics found that among
incorporated entrepreneurs, a combination of "smarts" and "aggressive, illicit, risk-taking activities" is a
characteristic mix. This often shows up in youth as rebellious behavior, such as pot-smoking. That
description would certainly hold true for some of the most famous entrepreneurs of recent years.

In fact, simply starting a business breaks the rules, as only about 13 percent of Americans are engaged in
entrepreneurship, according to a Babson College report. Doing what the majority isn't doing is the
nature of entrepreneurship, which is where the supply of inner resources comes in.

Are these traits in you? There's only one way to find out.

1. Motivation

Entrepreneurs are enthusiastic, optimistic and future-oriented. They believe theyll be successful and
are willing to risk their resources in pursuit of profit. They have high energy levels and are sometimes
impatient. They are always thinking about their business and how to increase their market share. Are
you self-motivated enough to do this, and can you stay motivated for extended periods of time? Can you
bounce back in the face of challenges?

2. Creativity and Persuasiveness

Successful entrepreneurs have the creative capacity to recognize and pursue opportunities. They
possess strong selling skills and are both persuasive and persistent. Are you willing to promote your
business tirelessly and look for new ways to get the word out about your product or service?

3. Versatility
Company workers can usually rely on a staff or colleagues to provide service or support. As an
entrepreneur, youll typically start out as a solopreneur, meaning you will be on your own for a while.
You may not have the luxury of hiring a support staff initially. Therefore, you will end up wearing several
different hats, including secretary, bookkeeper and so on. You need to be mentally prepared to take on
all these tasks at the beginning. Can you do that?

4. Superb Business Skills

Entrepreneurs are naturally capable of setting up the internal systems, procedures and processes
necessary to operate a business. They are focused on cash flow, sales and revenue at all times.
Successful entrepreneurs rely on their business skills, know-how and contacts. Evaluate your current
talents and professional network. Will your skills, contacts and experience readily transfer to the
business idea you want to pursue?

5. Risk Tolerance

Launching any entrepreneurial venture is risky. Are you willing to assume that risk? You can reduce your
risk by thoroughly researching your business concept, industry and market. You can also test your
concept on a small scale. Can you get a letter of intent from prospective customers to purchase? If so,
do you think customers would actually go through with their transaction?

6. Drive

As an entrepreneur, you are in the drivers seat, so you must be proactive in your approaches to
everything. Are you a doer -- someone willing to take the reins -- or would you rather someone else do
things for you?

7. Vision

One of your responsibilities as founder and head of your company is deciding where your business
should go. That requires vision. Without it, your boat will be lost at sea. Are you the type of person who
looks ahead and can see the big picture?

8. Flexibility and Open-Mindedness

While entrepreneurs need a steadfast vision and direction, they will face a lot of unknowns. You will
need to be ready to tweak any initial plans and strategies. New and better ways of doing things may
come along as well. Can you be open-minded and flexible in the face of change?

9. Decisiveness

As an entrepreneur, you wont have room for procrastination or indecision. Not only will these traits
stall progress, but they can also cause you to miss crucial opportunities that could move you toward
success. Can you make decisions quickly and seize the moment?

[Ruchira Agrawal is a personal and professional development coach, author and CEO of InnerVeda
Communications. She works with individuals at a life and career crossroads who are looking to change
careers and discover their right work. Her eBook -- Before You Launch Your Business: How to Decide If
Being an Entrepreneur Is for You -- is available at Amazons Kindle store. She has an MBA, along with 21
years of work experience in marketing, recruiting, coaching and entrepreneurship. Visit InnerVeda to
subscribe to her free newsletter.]

1. Passion

Entrepreneurs arent in it for the money. While that may be an added bonus, the true benefit is doing
what they love. Building a business takes a lot of time and effort. It means putting in longer hours and
doing extra work. If you dont love what you do, you're not going to want to do what it takes to achieve
success.

Entrepreneurs arent afraid of hard work because they are so focused on their dream and their vision.
They dont give up when a challenge arises. They stick with their passion and see it through. As Steve
Jobs once said, according to the Smithsonian Institution, I'm convinced that about half of what
separates the successful entrepreneurs from the non-successful ones is pure perseverance.

Related: As Steve Jobs Once Said, 'People With Passion Can Change The World'

2. Motivation
Entrepreneurs are dedicated to their work. They arent reliant on a manager or colleague to push them
toward their goals or to get their work done. Their drive comes from within and allows them to motivate
others in turn.

In his book, Leaders Eat Last: Why Some Teams Pull Together and Others Dont, motivational speaker
Simon Sinek writes, If your actions inspire others to dream more, learn more, do more and become
more, you are a leader.

Entrepreneurs know how to communicate their dream and inspire others to join them on their journey
to achieving it.

Related: An Inspiring Discussion With Simon Sinek About Learning Your 'Why'

3. Optimism

When youre just starting out, it can seem like getting your business off the ground will never happen.
But entrepreneurs dont think like that. They are optimistic about the future and are always looking
ahead.

In his essay Thoughts on Various Subjects, Jonathan Swift wrote, Vision is the art of seeing things
invisible. Entrepreneurs have a vision they share with others. Their team understands why they do
what they do, what the goal is and what their role is on the path to success.

To be a successful entrepreneur, you must be goal-oriented. But its not enough to just set goals. You
must make a plan and do everything you can to reach those goals. Everything you do must have a
purpose.

Related: 5 Ways to Keep Your Eyes on Your Goals

4. Creativity

Entrepreneurs dont think the same way as everyone else. They see the world differently and think
outside the box. Businesses are built on big ideas, and those big ideas need to come from a place of
creativity, from a way of thinking that differs from everyone elses thinking.
 In Conversations with Maya Angelou, Jeffrey M. Elliot quoted Maya Angelou as saying, You cant use
up creativity. The more you use, the more you have.

Entrepreneurs are always looking for new ways of doing things and how they can make them better.
They arent satisfied with the status quo. By being creative, they come up with ideas that change the
world.

Related: 10 Inspirational Quotes From Literary Legend Maya Angelou

5. Risk-Takers

Risk taking is par for the course when youre starting a new business. But taking risks shouldnt scare
you. Its necessary to achieve your goals, and successful entrepreneurs understand this.

In his book The Four-Hour Workweek entrepreneur and author Tim Ferriss writes, What we fear
doing most is usually what we most need to do.

If youre afraid to take the leap, youll never get anywhere. Staying complacent will never allow you to
achieve greatness. Entrepreneurs dont let uncertainty and potential failure stop them from doing what
needs to be done. Instead, entrepreneurs look at challenges and risks as opportunities, not as problems.

PROS

CONTROL. You choose the work you like to do and that makes the most of your strengths and skills.
The result can be more job satisfaction.
EXCITEMENT. Entrepreneurship can be exciting and many entrepreneurs consider their work highly
enjoyable. Each day is filled with new opportunities to challenge your abilities, skills, and
determination.
FLEXIBILITY. Entrepreneurs can schedule their work hours around other commitments, including
spending quality time with their families.
FREEDOM. Freedom to work whenever they want, wherever they want, and however they want draws
many to entrepreneurship. Most entrepreneurs dont consider their work actual work because they
are doing something they love.
 RATIONAL SALARY. As an entrepreneur, your income is directly related to your efforts and the success
of your business.
CONS

ADMINISTRATION. While making all the decisions can be a benefit, it can also be a burden. Being an
entrepreneur comes with a lot of paperwork that can take up time and energy.
COMPETITION. Staying competitive is critical as a small business owner. You will need to differentiate
your business from others like yours in order to build a solid customer base and be profitable.
LONELINESS. It can be lonely and scary to be completely responsible for the success or failure of your
business.
NO REGULAR SALARY. Being an entrepreneur often means giving up the security of a regular paycheck.
If business slows down, your personal income can be at risk.
WORK SCHEDULE. The work schedule of an entrepreneur can be unpredictable. A major disadvantage
to being an entrepreneur is that it requires more work and longer hours than being an employee.

1. Henry Sy - ShoeMart

SM Logo

There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again.
When you do well, do not change your ways. Success is not just good luck: it is a combination of hard
work, good credit standing, opportunity, readiness and timing. Success will not last if you do not take
care of it."- Henry Sy, Sr.

Sh ZhChng, (Henrys Chinese name), was born on December 25, 1923, to an impoverished family in
Jinjiang, a town near Xiamen, China. The entire family left China for good in 1936, so they could be with
their family patriarch who was then a proprietor of a thriving variety store in Manila. Henry remembers
having to clear the stores counter, which served as his sleeping place, after helping his father run the
store for 12 hours.

Unfortunately, World War II came and their family store was burned down; but the wars aftermath
gave him the opportunity to earn income by buying and selling post war goods including the shoes of
some enterprising G.I. Joes. The success of the shoe-peddling business later gave the young man from
Jinjiang, China, the idea of opening his own shoe store.
This was how Henry Sy, Sr. came to be the founder of the Philippines largest retailing company known
as SM. The acronym stands for Shoe Mart, the name of the small shoe store business he started in 1958
at the Avenida", which was Manilas most popular commercial district during the post war era.

Initially, however, the young businessman encountered difficulties in finding a local shoe manufacturer
who would cooperate with his ideas on the kind of shoes to sell. He was quite determined and confident
in pursuing his plans because they were mostly based on his own research. He continuously learned
from his customers, his employees, and his suppliers and practically studied the growing needs of the
Philippine market.

Henry never lost sight of his goals even as he succeeded with his shoe store venture; he pursued a
college degree in one of Manilas top universities, because education for Henry was a means to learn
more ways on how to augment his income.

Today, after more than 50 years, the shoe store has evolved into becoming a network of 44 large-scale
shopping malls not only in the Philippines but throughout Asia and lays claim to three of the worlds top
ten shopping centers: the SM City-North EDSA (ranked 3rd), the SM Mall of Asia (ranked 4th) and SM
MegaMall (ranked 7th), which are all located in the Philippines. The malls have become typical
destinations for family weekend recreation and leisure regardless of social stature, since the stores are
strategically scattered throughout the country.

Henry Sy, Sr. was listed by Forbes in its 2010 edition as the richest man in the Philippines and was
honored by the prestigious magazine in 2009 for being one of the Filipino Heroes of Philanthropy.
Through the SM Foundation, solutions to social problems for health, education and spiritual assistance
have been extended to people in remote areas, by way of mobile health and dental clinics, scholarship
awards, and contributions for building public schools, Catholic chapels and youth centers.

2. Tony Tan Caktiong - Jollibee

jollibee

Twenty-seven years ago we didnt have a firm vision that we would be number one, but we had a
rough vision that we would go outside the Philippines. We also had a goal: to take care of our customers
and employees and to enjoy what were doing. Once we did all these things, the profits would come."
Tony Tan Caktiong

Tony Tan Caktiong was born on October 07, 1960 to a working-class family from Fujian, China, who
migrated to the Philippines during the post WWII era. Tonys father found work as a cook at a Buddhist
temple in downtown Manila and accordingly scrimped and saved so he could open his own Chinese
restaurant in order to provide for his family. His fathers hard work and perseverance made it possible
for Tony Tan Caktiong to earn a BS in Chemical Engineering at the University of Sto. Tomas, the
Philippines oldest university.

In 1975, Tony ventured into the food business by buying an ice cream parlor franchise from the once
famous Magnolia Ice Cream House. The parlor was small and nondescript, which catered mostly to the
well heeled shoppers of Cubao. They were customers who could afford to buy cleverly concocted but
rather expensive cobblers, floats, milkshakes, banana splits, sundaes and parfaits.

However, most of Tonys regulars wished that the parlor had something else to offer, other than ice-
cream concoctions. Hence, the small nondescript store started offering sandwiches, fries and fried
chicken, which started to attract the attention of other tired and hungry shoppers, movie-theater goers
and passers-by. The word fastfood was still unheard of at that time, but it was what the small store had
to offer at affordable prices.

Soon after, customers started filling the store beyond its capacity as they patiently waited for their turn
to be served. By 1978, Tony added six more ice cream parlors around Metro Manila, but the ice cream
treats were no longer the attraction. Taking inspiration from Americas fast-rising McDonalds food
chain, Tony and his family decided to transform the ice cream parlors into fastfood outlets.

They strategized with their new venture by coming up with a unique name and symbol. Since Tony
personally felt happy by working busily as a bee to produce honey, which in Tonys case was money, he
and his family decided to work on the busy bee concept. Hence, they came up with the large red and
yellow bee with an effervescent smile on its face and called it "Jollibee".

The once nondescript ice cream kiosk became Jollibee Food Corporation and braved the arrival of the
McDonalds fast food chain in the Philippines in 1981. Jollibee came out unscathed as it became the first
Philippine food chain to break the one billion peso sales mark in 1989. The groundwork for global
expansion was laid out when it became the first food service company to be listed in the Philippine
Stock Exchange, for which capitalization funds started pouring in.
The rest is history, as Jollibee now owns its former competitors in the local fastfood chain business,
Greenwich Pizza, Chowking (oriental dishes), Red Ribbon and DeliFrance bakeshops and lately Mang
Inasal (chicken specialty house). Today, these fastfood chains are found in different parts of the world
along with Jollibee's globally recognized trade name.

Tonys management and leadership style garnered the recognition not only of the Philippines local
award-giving bodies but also that of the World Entrepreneur Award in 2004, in Monte Carlo, Monaco"
He is the first Filipino entrepreneur to receive the prestigious award.

In return, Jollibee Foundation was established in 2005, to specifically address the social responsibility of
the company. The foundation provides assistance to its employees and communities on a nationwide
scale regarding matters of education, housing, leadership and social developments, environmental
conservation and responses to disaster problems in times of calamitous events.

3. Cecilio K. Pedro - Lamoiyan Corporation

Lamoiyan Corp- Hapee

Fighting multinationals was very tough. At first, everyone thought I was crazy. They told me, how will I
survive this? True enough, its by the grace of God that Im still here in the toothpaste industry after 20
years. God is good," Cecilio K. Pedro

Cecilio K. Pedro is another Filipino businessman of Chinese descent but his story is not the typical rags-
to-riches tale but about turning adversity into triumph. He earned his business management degree at
the Ateneo de Manila University, one of the more prestigious private schools in the Philippines.

He once headed Aluminum Container, Inc. which was the major supplier of the collapsible aluminum
toothpaste tubes that were formerly used by local manufacturers of Colgate-Palmolive, Procter and
Gamble and the Philippine Refining Company (now Unilever). However, technological innovations and
the environmental concerns over aluminum materials prompted the multinational companies to make
use of the plastic-laminated toothpaste tubes as an alternative. As a result, Cecilios aluminum factory
closed shop in 1985, but this didnt stop him from exploring other ways to put his factory equipment
into good use.
Cecilio K Pedro decided to compete with the multinational giants by producing locally made toothpastes
and hit them where it would hurt the most --- the selling price. He founded the Lamoiyan Corporation,
which became the manufacturer of the first locally produced toothpastes Hapee" and Kutitap"
(sparkle). They were sold in the Philippine market at 50 percent lower than the selling price of the well
known foreign brands.

Although Colgate countered by dropping the price of its toothpaste products 20 percent lower than
their original price, Cecilio Pedro came up with another innovation that gave him a further edge in the
local market scene. He developed multi-flavored toothpastes for children that came brightly packaged in
tubes and boxes adorned with Sesame Street" characters. Today, the market for the budget-friendly
toothpaste brands has expanded to neighboring countries like China, Vietnam and Indonesia.

However, the low-priced toothpaste was not the only strategy that took Lamoiyan Corporation to the
pinnacles of success. The company was lauded for having the Most Outstanding Program for Equal
Employment Opportunity" by providing work opportunities to the countrys hearing-impaired
community members.

Lamoiyan's employment program includes free housing for more than 30 deaf-mute staff, while the
companys managers are required to learn sign-language as a means of communicating with the
hearing-impaired staff. Since the founding of the Lamoiyan Corporation, about 180 deaf-mute students
have received a free college education through D.E.A.F. which stands for Deaf Evangelistic Alliance
Foundation, founded and chaired by Cecilio K. Pedro and officially recognized by the Philippine
governments Department of Education and Culture.

Cecilio K. Pedro was awarded with an Honorary Doctor of Philosophy in Technological Management by
the Technological University of the Philippines in recognition of his corporate and social achievements.
Dr. Pedro ingrained his own belief through the companys corporate motto: "Making the difference for
the Glory of God".

4. Alfredo Yao - Zest-O Corporation

Zest-O Juice Drinks

When Zest-O was established, it had a single yet valuable mission, to provide products of immense
consumer value and quality that exceeds even the scrutiny of global measure." Alfredo Yao
Alfredo Yao's story is yet another rags-to-riches tale of a self-made businessman who rose from poverty
through hard work and determination. He had to face lifes hard realities at the age of 12 when his
father died; his mother tried to support Alfredo and five other siblings with her earnings as a sidewalk
vendor.Through the help of a relative, he was able to finish his elementary and high school education.
However, he was unable to complete his college education at the Mapua Institute of Technology, which
he attended while doing odd jobs at a warehouse of a packaging company.

Through a cousin who was working with a printing press, Alfredo Yao learned the ropes on printing
cellophane wrappers for candies and biscuits and went on to venture into operating a printing press
business. The business thrived for about 20 years until Alfredo Yao saw the potentials of the "doy
packs", then the latest European packaging technology. Initially, Alfredo's first intention was to offer the
doy-pack" packaging to some local juice manufacturers, but since there were no takers, he ventured
into the juice manufacturing business himself.

In 1980, Alfredo Yao started concocting fruit juices in his own kitchen and launched the Zest-O orange
drinks in the same year. It became an instant hit as every mother saw the practicality of putting the light
but tightly-packed orange drinks in their kids lunch boxes. Kids loved it that their chilled fruit drinks
stayed cold and fresh till snack time.

Today, Zest-O drinks come in 12 variants and command 80% of the market for fruit juices. It has
expanded its business to China, Australia, New Zealand, Korea, Singapore, the U.S. and Europe and has
helped revitalize the fruit growing industry in the provinces, particularly the Philippines native orange
variety called "dalandan". The doy packs are being recycled by local cottage industries into handbags
and are now being exported to other countries.

Aside from expanding the business by producing other ready-to-eat and ready-to-cook food products,
Zest-O Corporation now owns the former Asian Spirit Airlines, which CEO Alfredo Yao aptly renamed as
Zest Air.

5. Soccoro C. Ramos - National Bookstore

National Bookstore

You have to adjust to the flow of business. If youre not open to change, your business cant move on."
Socorro Ramos
The matriarch of National Book Store, the Philippines largest chain of bookstores, which retails not only
all types of books, but also greeting cards, office supplies and craft materials, was born as Socorro
Cancio on September 23,1923 in Sta. Cruz, Laguna. Socorros mother brought her and her elders siblings
to Manila when she was ten years old. Her elder sisters helped augment the family income by working in
a candy and bubble gum factory. The young girl, however, was able to get odd jobs during summer by
peeling off the paper of discarded cigarettes for recycling purposes, and she was paid five centavos for
every pack of cigarette given to her.

At the age of 18, her brother married one of the children of an established bookstore owner in Manila;
hence, she was able to land a job as a salesgirl in one of its stalls. There Socorro met Jose, the son of the
bookstore clan, who was to become her husband. However, it was a relationship that her parents
forbade. Technically, Socorros brother and Jose were related as in-laws, which made Socorro and Joses
love affair seemingly improper. The young lass was sent back to Laguna in order to cut short the affair,
but the strong-willed Socorro went back to Manila on her own and married Jose.

The young couple braved their parents anger, which eventually died down when Socorro's first-borns
were twins. Jose took over a branch of his familys bookstore, which he and Socorro renamed National
Book Store. As if fate was against them, World War II struck and the Japanese occupation prevented
them from selling most of their books, since they were often regarded as questionable.

The war raged on and their bookstore was destroyed when Manila was declared an open city" to
Americas bombing attacks in order to drive away Japans Imperial Army. The post-war era saw the
couple relocating their National Book Store to Avenida", which worked out well because business
started picking up in no time at all. Three years later, a storm tore off the roof of their establishment,
which left them with nothing but worthless goods to sell. The couple didnt give up but instead tried to
rebuild from scratch once again. This time they had a more definite goal. Every cent earned by the
business was used to pay for a nine-story building, where the first official National Book Store was
located.

Socorro Ramoss hands-on approach in negotiating with local and foreign publishers as well as suppliers
gave the bookstore its low purchasing and low-selling power. She became acquainted with writers, book
lovers and other personalities who could provide her with information about the changing times. After
several decades, National Book Store has become an institution with 108 branches dispersed
throughout the country.

Through the companys foundation, they have provided assistance to the underserved sectors of
different communities by way of a mobile library, which brings books and school supplies for different
socio-civic donation programs.
6. Mariano Que - Mercury Drugstore

mercury drugstore

Mariano Que initially worked as an employee of a drugstore during the prewar era but like most typical
successful entrepreneurs, Que found his opportunities after the war and during the advent of the
American occupation. The destruction of the prewar establishments left everyone starting and
rebuilding from scratch, and those who had a wider perception of the peoples needs seemed to had the
greater advantage.

Mariano Que saw the demand for sulfa drugs, since most of the Philippine pharmacies hardly had
enough resources to go by. Using his prewar experience as a drugstore employee, Mariano invested in
100 pesos worth of sulfathiazole tablets and peddled them in single doses so they could be affordable to
the poverty-stricken sector. He rolled over his profits until he had enough money to build a wooden
pushcart. That way, he could peddle a wider assortment of pharmaceutical products.

Other peddlers imitated his marketing and selling strategy, but Que made a difference. He had a
reputation for selling only quality and unexpired medical products, and soon enough he had a steady
clientele. By 1945, Mariano had saved enough resources, which enabled him to set up his first store,
aptly called Mercury Drug. The Roman god Mercury carried the caduceus symbol, which was largely
associated with the medical profession.

Despite the stores establishment, Mariano invested in motorized vehicles in order to provide drug
delivery services to his valued customers. He also expanded his store hours to 17 hours a day, 7 days a
week, since he recognized that the need for medication may come unexpectedly. In 1952, the stores
were open 24/7, which made the drugstore become a valuable part of the community.

In 1960, the Ayala Group of Companies offered Mariano Que a space to lease in the shopping center
that was about to be developed in the heart of Makati. Thus, the second Mercury Drug opened, this
time as a self-service pharmacy. The rest is a history of more innovations and technological adoption of
computer-guided controls and biological refrigerators. These improvements allowed the drugstores
expansion into other life-saving medications. The newer branches of today are superstores as they carry
more than just medicines but other consumer products from food to household to health and beauty
items.
Mercury Drug created a reputation that every Filipino household could rely on; and there was a store in
nearly every town and city accross the country. Today, there are about 700 Mercury stores, some of
which are under franchise. All these fulfilled Mariano Que's goal of making safe medication available and
accessible to every Filipino community. Today, Mariano's daughter, Vivian Que Azcona, continues to
uphold his company's visions and missions.

In return for their customers unwavering loyalty, Mercury Drug celebrates their annual anniversaries by
holding a free clinic to the indigent, for which the appropriate medications for their illnesses are likewise
given for free.

7. Corazon D. Ong - CDO Foodsphere,Inc.

CDO Foodsphere

Corazon D. Ong is a dietitian by profession who used her knowledge to create affordable processed
meat products that could compete with the already well known and established processed meat brands.
Initially, it was only a hobby where she could put to good use her creativity and skill in culinary arts. She
came up with corned beef, hotdogs, meatloaf, hamburger patties and ham, an entity that she later sold
as a home business.

She founded CDO Foodsphere in 1975; as the products reputation for affordable quality became
widespread, the demand for CDO products likewise increased. The creative homemaker understood
every mothers need for quick lunch fixes for their children but convenience should also come in
affordable packages. Corazon likewise understood the taste preferences of Filipino children but her
knowledge of ingredients and their nutritional values gave her product the advantage.

Today, CDO Foodsphere is a highly-recognized supplier of meat toppings for Yum! Restaurant
International, a known operator of global Quick Service Restaurants (QSR) , which includes Pizza Hut,
KFC, Taco Bell and Long John Silver . Locally, CDO supplies the meat toppings to nine out of ten QSRs
operating in the Philippines. The clamor for CDO products stems from numerous awards and
recognitions that the processed meat products have received, owing to their quality and excellence.

8. Engineer Gregorio G. Sanchez, Jr. - Lactopafi

Lactopafi probiotic supplement

Gregorio G. Sanchez, Jr. is a civil engineer by profession formerly engaged in civil construction works. He
served as a Provincial Board Member in Cebu City, where one of his concerns was the malnutrition
among the pigs being raised. On his own, he went into research and performed experiments using only
pots and pans and a small tank as his equipment. His persistence finally led to the development of a
food supplement that would smother the bad bacteria in livestock, which he called LactoPAFI Probiotic
Bacteria.

The success of the probiotic bacteria developed by Engineer Sanchez later on gained global recognition
as a superior bacterial strain for its ability to restore good bacteria to the body. This gave the engineer
greater confidence for developing a health drink (LactoVitale) and personal care products like soaps,
shampoos and toothpastes with LactoPAFI as an important ingredient. As a result, his LactoPAFI
products are now being exported to Norway, France, Australia, New Zealand, Hong Kong, Japan and the
U.S. The US FDA issued its approval of the product in 2005 while locally garnering recognition for
product excellence from different award giving bodies.

9. Ernest L. Cu - SPI Technologies Inc.

CFW Information Services call center workstation

Ernest L. Cu transformed a simple data entry service company into becoming one of the countrys
largest outsourcing service providers. His companys core business sources are mostly contracts for
generating projects, which involve customer service relationships and IT services. The CRM services
became quite successful, which spurred the growth of telemarketing services.

The demand led to the establishment of the first call center in the Philippines in 1999, which was initially
called as e Telecare International". The center is largely focused on providing U.S.companies'
outsourcing needs. The call center company later changed its name to eTelecare Global Soltions in 2004.

Cus company greatly values the services of the human resources behind his company; hence he
acknowledges that his most immediate social responsibility is to provide a lucrative source of livelihood
to its more than 6,000 employees and their respective families.

10. Diosdado Banatao - Computer Chips

678px-CT VGA
Diosdado Banatao was born to a rice farmer in an upland faming barrio in Cagayan Valley and to a plain
housewife; hence, one would have hardly envisioned him as a Filipino version of Bill Gates,. As a child,
he used to walk barefoot just so he could acquire an elementary and high school education. Determined
to pursue a college education, he went to Manila, took up electrical engineering and eventually
graduated cum laude.

Due to his excellent academic performance, he was able to land a job as a pilot trainee of Philippine
Airlines. This paved the way for a job offer as a design engineer coming from Boeing Co., which brought
him to the U.S. Thereafter, he pursued and completed a Masters Degree in Electrical Engineering and
Computer Science at Stanford University.

It was while working with some of the leading-edge technology companies that Diosdado Banatao had
the opportunity to design the first single-chip 16-bit microprocessor-based calculator. In 1981, the
inventor Ethernet was looking for a more efficient method of linking computers and Diosdado was
assigned by Seeq Technology to do the task. This was how Diosdado Banatao came to develop the
single-chip controller that provided the data-link control and the transreceiver in the first 10-Mbit
Ethernet CMOS.

Diosdado saw the opportunity of setting-up his own company by designing chip sets; in no time, he was
able to raise $500,000 as seed capital to put up Monstroni 1985. His companys determination paid off
after they successfully developed the first system logic chip set that lowered the cost of building
personal computers that were more powerful. He then went on to build another company called Chips
and Technologies, which created another chips set for enhancing the so-called graphic adapter.

In less than a year, Diosdados company realized sales of $12 million in the first quarter alone, thus
creating a tremendous response from investors when the company went public. In 1996, Diosdado sold
the Chips and Technologies Co. to Intel for $430 million.

Diosdao Banatao went on to invest, oversee and sell companies by assuming the role of master investor
and master capitalist. In all these successes, Diosdado never forgot his roots and Filipino heritage. His
Banatao Filipino American Fund" provides assistance to Northern California students who are of Filipino
heritage, to help them build a future by pursuing a college degree in engineering. The elementary school
he attended in Cagayan Valley is the only public school in the region with the most modern computer
system.
These ten great Filipino entrepreneurs worked their way through different challenges in order to
succeed. They succeeded by keeping their sights focused on goals that are governed by the values of
business ethics and social responsibility.

1. Oprah Winfrey

I think Oprah Winfrey has one of the most amazing modern rags-to-riches stories of all time. As you're
probably well aware, Oprah is the richest African American of the 21st century, and with a net worth of
over $3 billion, she is regarded as arguably the most influential woman in the world.

Her incredible success is all the more impressive considering her rough upbringing. The daughter of an
unmarried teen who worked as a housemaid, Oprah grew up in extreme poverty. Her family was so poor
that, as a child, Oprah was teased at school for wearing dresses made of potato sacks. She also was the
victim of sexual abuse at the hands of family members, which she discussed with TV viewers during a
special episode of her show.

Oprah's first big break was her gig at the local black radio station. Stations managers were impressed
with her oration and passion, leading Oprah to work her way up the ranks to bigger radio stations,
eventually resulting in her appearing on TV as well.

It was actually Robert Ebert who convinced Oprah to sign the deal that launched The Oprah Winfrey
Show. And the rest, folks, is history.

2. Walt Disney

Walt Disney started off as a farm boy drawing cartoon pictures of his neighbor's horses for fun. When he
was older, Walt tried to get a job as a newspaper cartoonist, but was unable to find one and ended up
working in an art studio where he created ads for newspapers and magazines. Eventually he grew to
work on commercials, became interested in animation, and eventually opened his own animation
company.

Disney's first original character creation was Oswald the Lucky Rabbit, but it was officially owned by
Universal Pictures because he was working under contract at the time. When Walt walked out on
Universal Pictures after getting a pay cut, he needed to create a replacement, which is how Mickey
Mouse came into being.
Disney was wildly successful with his animation company, but he wasn't satisfied. He was determined to
make the biggest and greatest theme park ever seen, saying to a colleague, "I want it to look like
nothing else in the world."

One of the biggest entertainment moguls of all-time, with an unrelenting spirit and commitment to his
vision, Disney is undoubtedly an entrepreneurial all-star.

3. J.K. Rowling

Today J.K. Rowling is a household name for fans of the beloved Harry Potter book series, but she wasn't
always gifted with magic. The fact is, J.K Rowling was at her rope's end before her misfit gang of witches
and wizards saved her. Before her bestseller cast a spell on readers, J.K. Rowling was living on welfare
and struggling to get by as a single mother.

Today she is estimated to have a net worth of $1 billion. Rumor has it she's also the president of
Gringotts Wizarding Bank, although it's a bit of a secret among the goblins.

Did you know that some people believe that J.K Rowling sold her soul to the devil in exchange for the
Harry Potter inspiration? When you're so successful people think you're making deals with the devil,
you're a pretty big deal.

4. John Paul DeJoria

Today he's known for his Paul Mitchell hair products and for Patron Tequila, but John Paul DeJoria
started off at the bottom. A first-generation American, DeJoria was born to German and Italian parents.
He was sent to live in a L.A. foster home, and he even spent time in a street gang.

When he first created John Paul Mitchell Systems, he was selling his hair products door to door while
living out of his car. It all paid off, though--today John Paul Mitchell Systems earns over $900 million a
year.

John Paul DeJoria proves that things have to get worse before they get better.

5. Madam CJ Walker

Sarah Breedlove (aka Madam CJ Walker) was one amazing lady. She is regarded as the first black female
self-made American millionaire.
Born in 1867, her parents and older siblings had been slaves on a Louisiana plantation. She was the first
of her family to be born into freedom (that's some lucky timing!).

Madam CJ Walker started her own line of beauty and hair products specifically designed for black
women. She saw a market that wasn't being met, and created a solution to a problem no one else
seemed interested in solving.

As you can imagine, during her time she had to fight tooth and nail for every step up the ladder. A smart,
strategic, and enterprising woman, she perfectly embodies the entrepreneurial spirit (with stylish hair to
match).

6. Steve Jobs

You can't really make a self-respecting "famous entrepreneurs" list without throwing in Steve Jobs. Jobs
dropped out of college because his family couldn't handle the financial burden of his education. He
unofficially continued to audit classes, living off free meals from the local Hare Krishna temple and
returning Coke bottles for change just to get by. Jobs credited the calligraphy class he stopped in on as
his inspiration for the Mac's revolutionary typefaces and font design.

Jobs went on to have an unbelievable career, eventually forming the Apple Computer Company with his
childhood friend and electronics expert Steve Wozniak. Often referred to as "The Grandfather of the
Digital Revolution," Jobs forever changed the consumer electronics industry. At the time of his death, his
net worth was over $8.3 billion, and his influence will be felt for many digital generations to come.

7. Andrew Carnegie

Just hearing Andrew Carnegie's name brings back yawns and daydream distractions from high school
history class. I had no interest in Carnegie back in school, but today he serves as a pretty amazing
example of entrepreneurship.

Carnegie had a really rough life growing up. He spent his childhood working in factories, and at night he
forced himself to sleep as a way to forget his constant hunger.

Carnegie eventually worked his way up to becoming a superintendent for the Pennsylvania Railroad
Company before creating several of his own businesses, the most successful being the Carnegie Steel
Mill. Despite being one of the richest Americans of all-time, he also serves as a class act example of
generosity.

Following his belief that "the man who dies rich dies disgraced," Carnegie donated nearly 90 percent of
his wealth to various charities and foundations. His is widely considered one of the largest benefactors
of libraries and educational institutions across the country. Thank you, Carnegie, for giving a second
home to us nerdy kids who practically lived in our local libraries.

8. Benjamin Franklin

Only an entrepreneur would conduct some of the wacky experiments old Benny was always up to.
Franklin is credited with creating the lightening rod, bifocals, and the Franklin stove (yeah, that last one
might have been a bit of a flop).

Like many famous entrepreneurs before and after him, Franklin was a man of a thousand hats. Scientist,
printer, politician, inventor, author, diplomat, and savvy businessman were just a few of his many
trades.

9. John D. Rockefeller

Even though we give these Gilded Age guys a lot of tough love for being so filthy rich, you can't say they
didn't do good with their fortunes.

One of the world's wealthiest individuals of all time, Rockefeller was born the son of a traveling
salesman. He showed early entrepreneurial promise selling candy and doing odd jobs for neighbors,
eventually going on to become the founder of the Standard Oil Company. There's no business quite like
oil business, and it made Rockefeller filthy rich.

While Rockefeller is accused of using shady business tactics to wipe competitors off the map, over his
lifetime he donated $500 million to philanthropic causes (which he was inspired to do by Carnegie).

10. Hans Christian Anderson

Hans Christian Anderson's fierce determination and self-starter mentality make him another great
example of a famous entrepreneur.
Anderson grew up poor, but set off alone to Copenhagen at 14 when a fortuneteller told him that
although he would suffer early on, eventually he would become famous.

Those predictions came true, as Anderson first tried and failed to become actor and singer. Seeing
something special in Anderson, the director of the Royal Danish Theater took him under his wing and
attended to his education. Anderson was teased terribly at school and harassed by students and a
hateful headmaster, and he considered those some of the darkest days of his life.

After leaving school, Anderson began to publish his writing. His fairy tales became immensely popular
and eventually earned him the fame he was promised as a child. He never forgot his initial poverty--The
Little Match Girl was inspired by how his mother was forced to go begging in the streets as a young girl.

Today Hans Christian Anderson is still beloved, known for rich fairy tales, many of which have inspired
Disney animation classics (which, it should be noted, have much happier endings than the original tales).

11. Bill Gates

Bill Gates is one of the most famous entrepreneurs of our era. The richest man in the world, Gates has a
net worth estimated to be over $79 billion. He's held the title of "world's wealthiest individual" for 16 of
the past 21 years.

Co-founder of the world's largest PC software company, Microsoft, Gates was one of the defining figures
of the personal computer revolution.

Gates showed an interest in computer programming at a very young age, spending all of his free time
creating programs on the teletype terminal computer his school had donated. Gates went on to create
Microsoft and develop the Windows operating system, which continues to be tremendously popular.

Bill Gates is, like many other famous entrepreneurs, also known for his philanthropic activities, donating
very large amounts of money to charitable organizations and scientific endeavors. Gates established the
Bill and Melinda Gates Foundation in 2000, a private philanthropic foundation dedicated to reducing
poverty, enhancing health care, improving education opportunities, and providing access to technology
worldwide. Gates himself has donated over $28 billion to the foundation, which he continues to work
for.