ENTREPRENEURSHIP

FIVE SUCCESSFUL FILIPINO

ENTREPRENEURS IN THE INTERNET
Business: The dream of all

We have been there before; that stolen moment in a day when we daydream
of owning a business. Perhaps, our desire to run a business is due to a
moment of inspiration to have the power to transform the lives of the
oppressed citizens in society. After all, business is a powerful lever of
transformation. Abundant resources result in the capacity to help lives and
communities.

By definition, entrepreneurs are risk-takers. They want to be in the driver’s

seat all the time. They take chances but do not mistake their risk-taking
nature for that of gamblers.
Regardless of the reason, everyone wants to own a business, but not
everyone is willing to put in the time, resources, and effort to manage one.
Once the daydreaming starts and the reality of business and its inherent
risks hit home, most budding entrepreneurs remain as they were:
daydreamers.

However, these five most successful Filipino entrepreneurs overcame all the
odds and made their dreams come true. Here are their stories and reasons
why they are the greatest in their appetite for risks in managing their
enterprises.

PREPARED BY
MARY FRANCINE MAGALONG
October 19, 2022
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ALFREDO M. YAO
founder of Zest-O,
Macay Holdings, Inc. and
Philippine Business Bank

Being raised by her mother as a street vendor after his father died in an early
age of 12, young Alfredo did a variety of jobs to help the family such as
working at a printing shop. With his knowledge gained from his job, he then
started a printing company which started thriving immediately. He then
discovered the Doy Packaging technique from Europe and sought to market
the system from other companies but no one showed interest.

Despite other companies turning him down, Yao decided to start his own
juice company, initially concocting recipes in his kitchen. With his
perseverance, his career launched a massive success not only in Philippines
but in other countries as well.

Yao's innovative ideas and fueled will-power makes him one of the most
successful entrepreneurs gaining him my fifth rank. His story suggests that
despite all the circumstances that happened, we must not give up and
continue on striving hard and finding solutions.
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JOHN GOKONGWEI
JR.
founder of JG Summit
Holdings Inc.

Born in China, John Gokongwei Jr. was the heir to one of Cebu’s wealthiest
families. However, when his father died, the family fortune evaporated and he
had to support his family by peddling goods from his bicycle in the streets of
Cebu. He then began to trade by boat and truck until he began importing from
the United States.

He then switched to manufacturing after seeing that low trade margins would
always limit his income. He borrowed PHP 500,000 from Chinabank to launch a
maize milling company that is now known as Universal Corn Products. Although
this business venture was a success, he did not stop there. He began adding
more goods, such as Blend 45, and soon changed the name of his company to
Universal Robina Corporation.

Gokongwei's continued determination despite losing their fortune makes him

one of the most successful entrepreneurs in the Philippines and also garnering
him my fourth rank. His story teaches us that we should not be swayed by the
bad happenings in life but instead rise up and have determination to become
successful and to continue striving still despite reaching our goal.
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TONY TAN
CAKTIONG
founder and chairman of
Jollibee Foods Corporation,
and the co-chairman of
DoubleDragon Properties.

Tony Tan Caktiong, another Chinese immigrant, is the brains behind

Philippines' popular food chain. His family maintained a Chinese restaurant in
Manila at the time, which enabled him to finish college. He then bought an ice
cream shop in 1975, but owing to low sales, he decided to add other items such
as fried chicken, fries, and burgers. Customers came to the store to buy his
products after word spread in his area.

Caktiong was able to expand across the country after embracing the fast-food
business model, growing his humble restaurant into one of the Philippines’
most successful businesses. Furthermore, by establishing a franchise, he has
been able to break into the international market. With over 2,500 outlets in the
Philippines and locations in the United States, China, Saudi Arabia, Vietnam,
Singapore, Brunei and the UK, Jollibee is a fast-food behemoth.

Caktiong's ingenious ideas and flexibility makes him one of the most
successful entrepreneurs gaining him my third rank. His story suggests that
we must continue finding opportunities in every situation life puts us in.
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SOCORRO C.
RAMOS
founder of National Book
Store

Socorro Ramos began her career in publishing and retail as a salesgirl in a

bookshop. With a capital of PHP200, she and her husband launched National
Book Store in Escolta at the age of 19, selling books and school supplies to
children. The Japanese imposed censorship on books and publications at the
time, which included her burgeoning business. She and her husband
supplemented their income by selling other products such as candles and
soaps.

The Ramoses built a nine-story structure along Avenida, after the postwar
boom brought increased revenue for the company. Ramos adopted a hands-
on approach to running her business, even designing the company’s logo
herself. Currently, the National Book Store has around 3,000 employees. At the
age of 98, Socorro Ramos is worth an estimated USD3.1 billion, making her one
of the country’s richest people.

Ramos' hands-on approach and genuine love for her craft makes her one of
the most successful entrepreneurs gaining her my second rank. Her story tells
us that business is not only about earning money but serving the people and
society.
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HENRY SY
founder of Shoe Mart (SM)

Henry Sy grew up in Jinjang, Xiamen, China, in a low-income household. Due to

the challenges in their home country, they moved to the Philippines in 1936 and
opened a tiny convenience shop in Manila.

Shortly after, World War II broke out and ruined the family business. Sy, on the
other hand, with ten centavo as his capital continued to pursue his
entrepreneurial interests by selling worn military combat boots and other
items to American soldiers. This is where the name “Shoe Mart” originates: it
was Manila’s first shoe store at the time. Despite being unable to find vendors
that could make the shoes he wanted, Sy persisted. He spoke to customers
and built his own network of suppliers and manufacturers.

Sy's never-say-die attitude and persistence to succeed got him to where he is

now: one of the richest men in the world and a world-class commercial center
developer who provides opportunities to both entrepreneurs and the working
class. His humble story garnered him my first rank and leaves everyone of us a
lesson that with persistence, everything is possible. We just have to believe in
ourselves and think innovatively.