STEVE BENITEZ
Business: Bo's Coffee Club
Category: The Young Millionaire
Steve Benitez started in business at Ateneo de Manila University thru a "rolling store". He stores different items in his car and sold it. The idea of putting up his own coffee shop is when he hang around the coffee shops during his travels abroad. He got the idea of having coffee in the Philippines instead of those abroad.
He attended coffee industry conventions and trade fairs in Europe and the U.S. and decide that there is a niche that he could tapped back in the Philippines.
He opened his first coffee kiosk at Ayala Center in Cebu with only six tables. It was the first gourmet coffee shop in Cebu but failed to make an impression because the market felt that it was overpriced.
Two years after he changed the name of the shop into Bo, a name of an American coffee roaster who trained him during a trade show. He also designed his coffee shop and kiosk that emphasizes on the Italians "sip-and-go" tradition. That soon made it easy for people of all ages to visit Bo's for its coffee, pastries, pancakes, waffles and sandwiches.
Because he doesn't pay any franchise fees he was able to offer competitive prices. In 2002 Steve formed Bo's Coffee Franchise Corp. and have financed the company's expansions.
Today Bo's Coffee Club already counts 23 branches from all over the country. When Starbucks arrived in Cebu he didn't feel threatened at all even if it's branch is located just next to his first store. But instead he considered the entry of any foreign franchises as an opportunity to beat them on their own games.
He was inspired by the Jollibee story, of how local David beat the foreign Goliath. It shows that if you only do your homework then you can compete and even do better. His ultimate vision is be the premiere homegrown specialty coffee shop in the country that offers world class standard coffee and tea, known for its excellent customer service in a cozy and friendly ambiance.
"Business is not all about profit. it's all about fulfillment, with profit being just a necessary bonus. I support local businesses by buying our milk from domestic firms and using recyclable products."Steve Benitez is also active with some charitable institutions such as Operation Smile Medical Mission in Cebu and in the National Breast Cancer Awareness Campaign.
Today Bo's Coffee Club already counts 23 branches from all over the country. When Starbucks arrived in Cebu he didn't feel threatened at all even if it's branch is located just next to his first store. But instead he considered the entry of any foreign franchises as an opportunity to beat them on their own games.
He was inspired by the Jollibee story, of how local David beat the foreign Goliath. It shows that if you only do your homework then you can compete and even do better. His ultimate vision is be the premiere homegrown specialty coffee shop in the country that offers world class standard coffee and tea, known for its excellent customer service in a cozy and friendly ambiance.
"There's value in being local, and we try harder."GOLDEN RULE:
"Never force things when it is not yet the right time."
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