Entrepreneur 36: TONY TAN CAKTIONG (The Jollibee Story)

TONY TAN CAKTIONG

Business: Jollibee Foods Corp.

Category: The Business Icons

"It started with two ice cream houses. Then it just grew and grew."

In 1975, Tony Tan Caktiong wanted to work as a chemical engineer and marry his girlfriend when a field trip to a Magnolia plant in Laguna changed everything. He saw a poster a poster looking for franchisees, and thought it would be a good idea to sell ice cream to make money. The restaurant business was not new to Tan Caktiong then, because his father was a cook and used to own a small restaurant in Davao City where he and his siblings helped out in their spare time.

Tan Caktiong and his siblings pooled P350,000 to open two ice cream stores in Cubao and Quiapo. The siblings and the Tan Caktiong couple opened and closed the stores and became cashiers, waiters, and store managers. "We were really hands-on, but as we kept on growing we realized we couldn't do everything ourselves; we needed other people to help, " he says.

The started with ice cream. After two years they offered chicken and hamburger sandwiches, because customers were telling them they didn't want to eat ice cream all the time. Then in 1978, when the family had six ice cream parlors, they decided to change into a hamburger house, noting that more people were lining up for hamburgers than for ice cream. That was also the time they decided to incorporate and realized they needed a brand name. "We were looking for a symbol that would represent the group, and because I was very impressed with Disneyland characters, we decided on a bee," says Tan Caktiong. "The bee is a busy creature that produces honey - one of life's sweetest things. We thought it would be a very good symbol top represent everybody." They put the word jolly and just changed the y to i to form the brand name, Jollibee.

Soon they heard that the multinationals were coming in - McDonald's particularly. Friends were advising them to just fold up or get a McDonald's franchise, but Tan Caktiong had a better idea: he would fight the giant at his own game. Another reason he did not want a franchise was it would keep him from growing the company outside the Philippines. McDonald's indeed came in 1981, but it failed to intimidate the Tan Caktiongs because their business was already doing well. Instead, they looked closely at the McDonald's business format and noticed that its food did not fit the local taste.

"We felt it gave us an advantage. As long as other factors were equal, we thought we could win because we were all familiar with delicious food - thanks to my parents," says Tan Caktiong. "We found McDonald's to be very good at everything, but it didn't know the local culture. We did. We knew the Filipino's taste buds and what he liked in food, so we offered him flavorful and good-tasting products."

This streategy of catering to the local taste has served Jollibee in good stead. Three years after McDonald's arrival in the Philippines, Jollibee became the market leader in the fast food industry, landing it a spot in the top 500 corporations, and a couple of years later, in the top 100 corporations in the country. And it never looked back.

Jollibee offered its shares to the public in 1993 to finance its domestic and international expansion. The company acquired Greenwich Pizza Corporation in 1994, the Delifrance franchise a year after, Chowking Foods Corporation in 2000, and the Yong he King fast food chain in China in 2004. In June 2005, the Jollibee Group of Companies was touted as the Philippines' largest fast food network for commanding 75 percent of the market. It now counts a total of 1,200 stores, of which 508 are Jollibee, 310 Chowking, 228 Greenwich, and 33 Delifrance outlets. The Philippines aside, the Jollibee Group operates 121 outlets in eight other countries, among which is China, where it oversees 88 Yong he King branches. Late last year, the group acquired the privately held Red Ribbon Bakeshop - a 26-year-old business with 147 outlets here and in the United States - a transaction that should further strengthen its already powerful grip on the local market.

In monetary terms, the group has been posting a double-digit growth rate in the last few years. System-wide sales -- a measure of sales from company owned and franchised outlets - rose 18.8 percent to P24.11 billion in 2001, to P27 billion in 2002, and P28.8 billion in 2003 with its net income rising 20.8 percent to P1.25 billion. For the first quarter of 2004 alone, net income rose 41.6 percent to P382 million. As of the first half of June 2005, Jollibee declared revenues of P10.2 billion, or a net income of P894.6 million. At the same time, all companies grew by an average of 10 percent compared with the same period in 2004.

Jollibee has also been making steady inroads in establishing its presence in the international market. Its push toward international expansion actually began in 1987 when it opened its first branch in Brunei. The next foreign branch was put up in 14 years later in Daly City, California in 1991. China followed, and the the Middle East. Aside from consolidating its hold on the Chinese market, the group was training its sights on Indonesia and India, countries with huge populations.

Not everything that Jollibee touched has turned into gold, however. In 2001 it closed its Mary's Chicken and Ribs operation for failing to take off. Later, it also let go of Bingo!, its convenience store outlets, because it had problems supplying the stores with merchandise. They also had to close franchised outlets in Middle East, China, and the United States for their failure to get the right partners and the right support.

What Tan Caktiong finds difficult in competing abroad is duplicating their products. "You may have the recipe, but you could get into trouble if your ingredients or way of doing things are different. Can you produce Chicken Joy in the U.S. exactly as we do it here? Can you use different breeds of chicken and still come up with the same product? These are challenges for R&D," he says. Another difficulty is the long time it takes to penetrate a foreign market. Tan Caktiong cites China with its 1.3 billion people. Growing by an average of 30 stores is ideal for a country like the Philippines with 80 million people, but it would hardly make a dent in China.

At home, Tan Caktiong says their secret to being the market leader does not lie in some complicated formula. "The food business is till very basic. It's still about taste. It's still about How did you serve me? Is your place nice? Am I treated well? Do I get value? If you think about it, if we're going out to eat, these are the basic things we look out for, but the execution is the difficult part," he says. "It's not like other businesses where it's the concept or the knowledge that's difficult. Here there's no secret; it's very easy, but it's the execution that's hard. If you ask a lot of restaurants, they know all these things. Executing day by day is what's hard."

GOLDEN RULE:

"Twenty-seven years ago we didn't 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 we're doing. Once we did all these things, the profits would come."

Entrepreneur 35: NELSON YUVILLA

NELSON YUVILLA

Business: Philtec Label Corporation

Category: The Young Millionaires

"I believe that to be a successful businessman, you must learn from your mistakes."

A couple of unremarkable jobs coupled with his father's death prompted him to consider going into business. At the time, he'd been working in a car accessories shop for about a year when he realized he wasn't getting anywhere. Before the shop, he worked for a year at an SM Shoemart department store, where his mother was the treasurer. He started in the package counter, but because of the rash bombings at the time, he was transferred to the gift-wrapping department then to the hardware section, where he worked as a sales clerk.

His first attempt at business didn't start too well, either. He had been a success at selling car air fresheners to classmates in college, but now that he was out in the real world, he had no hits. His misadventures included making and selling car tire polish. The business clicked, but he thought it wasn't that hot. He was only earning five pesos per bottle, and he figured that if he stuck with it, he'd be gray and old before he made his first million.

Philtec had been the result of no more than curiosity. Many of his friends were either garment exporters or subcontractors for local and foreign firms, and he had noticed that robust sales were being made by people embroidering clothes. He figured he could do better by weaving labels, because all clothes needed labels. 

Over the next six months he visited label factories in Hong Kong and Taiwan, and attended trade shows in Asia and Europe for the best weaving technology. He had set his mind on acquiring computerized label looms from Switzerland which cost P6 million each. These machines could weave 10,000 labels in two hours compared with one day for electronic machines, and three days for wooden looms. To start his business, he needed to raise P18 million, and though his family did not have that kind of money, his godfather was so impressed that he offered to put up the entire amount to become his partner. 

They were the first company in the Philippines to acquire those machines. He had the edge in quality and efficiency, but no one knew how to operate the looms.

In the first few months, he delivered the labels himself and manned the looms when the operator was absent. He turned to Hong Kong and Israel for polyester yarn, the main raw material, when local suppliers failed his standards. When he lost a client after the looms broke down, and he failed to deliver 50,000 labels, he bought parts and more machines. Before the end of his first year, he had turned in a hefty profit.

He used the money he made from Philtec to put up Dhunwell Corporation, a paper distribution business. The company supplies to key printers, publication houses, and converters in the industry. These boards will eventually be converted into brand labels and boxes of different products that we buy in the market, such as liquor boxes and labels, books, magazines, and many more. 

"We really must take care of our people because they are a company's best resource. And we should take care of our customers. Don't call or visit them just to talk about business. Greet them on their birthday and call them to ask how they are. It is through little acts like these that important business relationships are made."

GOLDEN RULE:
" A small idea can be the seed of a big business venture."

Entrepreneur 34: RICHMOND YANG

RICHMOND YANG

Business: Super Bowl of China
Big Buddha Restaurant
Chili's

Category: The Young Millionaire

"Low prices, big servings, and great service. That is the secret of Super Bowl's success. The idea for the restaurant came when my three partners and I were operating Chili's, an American franchise. Because the market was starting to slow down, we saw a weakening in demand for a concept like Chili's, where people paid P400 to P500 for food. We saw a potential to develop a concept that would fit a P200 budget. We figured that besides Filipino food, Chinese food was very much a comfort food for Filipinos."

Big Buddha happened only because the Ayala Group wanted to operate a new concept in Greenbelt, Makati. They don't put up big stores. Their stores are really small, they can only accommodate between 120 and 140 diners at any given time. In that way they always have lines outside to create an image of having a lot of customers.

They had piracy problem. Their competitors knew that they trained their people well, so they were easily pirated. 

"I can say that we take very good care of our people; we make them regular employees. Besides their monthly salary, they enjoy their tips and service charges, and that's substantial."

One of the right thing they're doing is hiring the right people. They've also been consulting because they are not experts in franchising. They constantly innovate. They launch new products all the time so that people won't get tired of eating the same food. They constantly upgrade their design..

"We are constantly looking for opportunities to expand the business. We have received franchise inquiries for Super Bowl from some of our ASEAN neighbors, and we are looking at that opportunity very closely."

GOLDEN RULE:

Surround yourself with people better and more knowledgeable than you. I can't grow the business on my own, so I am always on the lookout for talented people who can take us to the  next level."

 

 

 

Entrepreneur 33: EMELDA TENG

EMELDA TENG

Business: Maldita 

P99 Store

Category: The Young Millionaires

"My husband and I opened the P99 Store for the adventure, for the fun of doing something we'd never done before. There were immediate offers to expand the business when it opened, but our second outlet didn't do too well. Then we heard that Robinsons was opening a mall in Imus, Cavite, so we decided to open our third outlet there. Now we have twenty five P99 Stores all over the country, including four franchisees."

Their customer base has grown because customers like what they've been offering them, and customers are satisfied with the service. When they started the store they didn't think about profits, much less that it would last five years. What they concentrated on was overcoming challenges and making a mark. A P99 item may actually be selling for P500 in other stores.

They converted some of their L300 vans into a "rolling stores." The idea came when they were thinking of ways to turn their costs into "earners." They figured that they could make better use of their delivery trucksif it could sell goods along the way.

Maldita was born when their female customers started asking for a quality women's line that they could afford. The business was actually created in the spirit of fun. Even the name surprised many people because they thought it couldn't be done, that it was too risky to conceptualize a daring product line that was sexier than the norm. They included the merchandise in The P99 Store inventory two months before they launched its own signature line.

"If you ask me, opening a store is the easiest thing. The hardest part is overcoming a bad day, a bad week or a bad month. Ours is a lifestyle product."

When the economy is down, people cut down on their expenses, but they not to compromise or settle for what's popular.  They have some new brands and concept stores that they'll be opening. They hope to reach more markets that they have not yet satisfied.

"I've never been in a situation where the competition is easy. There are new, better and bigger players, but competition is an incentive for me to better. It keeps me on my toes. To compete better you must evaluate your performance regularly and think of new ideas. It means paying attention to your costs, serving your market well and never shortchanging your customers. Looking after your stores is like raising a teenage daughter. You just hope you're doing things right. It's the same thing with employees. They're my team, my family, but you can't really manage them. You just hope that you can lead them."

GOLDEN RULE:

" Be prepared to step out of your comfort zone. A lot of people who want to do business today think they can be their own boss - that they would be in control of their time and activities. I can tell you right now that when you have your own business, 24 hours is not enough. You will find yourself working very hard just to keep your business going."

Entrepreneur 32: JOSE MARI TANALGO

JOSE MARI TANALGO

Business: Bacolod Chicken Inasal

Category: The Young Millionaire

"My sister and I went into business in 1993 so we would no longer be financially dependent on our parents. We figured that food businesses always did well, and since we loved chicken inasal, we thought, why not bring this concept to Manila?"

They started with a nine seater take out counter on EDSA Central, but it proved to be too small for the volume of customers coming to them. They wanted enough space to allow their customers to sit down and enjoy the food. In 1994 they opened a 60 seater restaurant also along EDSA Central. But a bigger diner attracted more customers, so this forced them to look for another branch.

In 1998 they found a suitable place on Jupiter Street in Makati. It was being offered only on a nine-month lease, and no matter how pencil pushing they did, they still didn't think it was possible to make money operating a restaurant for just nine months. Yet they wanted to locate in the premier business district, so they took a gamble. Having been able to recover their investment in four months convinced the owner to extend their contract to five years. After the Makati branch everything else follows - 11 Bacolod Chicken Inasal.

They are keen on expanding the business. They've established a corporate office and put up a bigger commissary in preparation for going into franchising. 

They still subscribe to the four P's of marketing:

• P - PRODUCT - Having a good product means they have to offer something the others don't have. The product should be very good that people would always come back for more. Packaging must be good. Part of the product is service; have a good service.
• P - PLACE - Have a good location. It's very important because if you have a good product but your store is inaccessible, you still lose business. Have a good ambiance too. It should be homey or is consistent with the theme.
• P - PRICE - Pricing should be based on the target market. If you're catering to office workers, then your price should be affordable while your food should still taste good. If you're targeting the upscale market, then the premium you charge should be backed by good food, superb amenities and tasty ambiance.
• P - PROMOTIONS - Rely on good word-of-mouth to promote. Good product and service are enough to generate buzz for the business.

They serve good food from Bacolod. It is something that they give to Manileños so they don't have to go to Bacolod to eat inasal. from less than 10 staff in their very first branch they now have 285 employees supporting 150 families. 

"We get our banana leaves from suppliers living in the mountains of Bacolod, while our barbeque sticks and charcoal we source from the other provinces. So this business is benefiting  not just us  and our fellow Ilonggos, but many of our kababayans in other provinces as well. And we're doing business not only for our family, but also to help our economy through the taxes we pay and the jobs we create for people."

GOLDEN RULES:
" Do ordinary things extraordinarily well. Don't just go into business to earn money; do it because it gives you happiness and fulfillment."

Entrepreneur 31: CHRISTOPHER TAN

CHRISTOPHER TAN

Business: Ideal Minds

Category: The Young Millionaires

 "When people ask me what Ideal Minds is all about, I tell them we are about changing the way Filipinos look at television. I've always believed that Filipinos are very creative, and I show that by producing and marketing quality local programming for the Filipino audience."

He find it so fulfilling when he come up with a product that people appreciate. One of their more popular shows, The Misadventures of Maverick and Ariel, it wasn't something that he sat down and thought about. He just woke up at three a.m. one day and had the idea for a show about someone trying to make things work but screwing up wherever he went. He was really excited about it and felt it would be a big hit, and it was. When it was aired in Malaysia, it became the number one show on its channel against all the other foreign and local shows there. And it was awarded "Best Comedy Gag Show" by the Golden Screen Awards, beating other more established comedy shows in other networks. Their other shows are also doing really well. They have two shows on MTV - MTV Homecoming and MTV Get Hitch'd - that are the highest rating local shows on MTV, and are on top five shows on MTV overall.

They started their AVP and TV Commercial production division and they had a fantastic start. They finished the production of a TV ad for No Fear underwear with Manny Pacquiao as the endorser. He's particularly proud of that production since it is the first time that Manny Pacquiao will be seen in an ad that shows him as a true champion.

The road to success hasn't been easy. When they were starting out, they were losing so much money in the first few months that all his partners left. He was doing four shows and dipping into his personal savings to pay for the expenses, but it never occurred to him to give up. He knew things were going to get better and true enough, three months after his partners had left, they started making money, and after a year they paid off all their debts.He and his team made the company grow. They were like family, everyone helps out. His people respect his decisions but he also respect them for their abilities. He think that mutual respect is what makes them grow and succeed.

"I'd like to think of myself as an inspirational leader. Every Monday I do a Quote for the Day, and I try to help everyone reach their personal goals."

"I find that a lot of young people these days spend too much time thinking about what they want to happen rather than making it happen. The trick is to get over your fears and just do it - when the worst that can happen is that you'll lose money. But money can always be made; what's more important is the experience, knowledge, and expertise that you gain - things that no one can take away from you and that will help you build character. And as long as you're doing it, do it in such a way that it doesn't feel like work. Have fun."

GOLDEN RULE:
" A successful entrepreneur must possess the 3 C's - Character, Conviction, and Compassion - to help create a working environment conducive to business excellence and personal growth."

Entrepreneur 30: RICHARD SANZ

RICHARD SANZ

Business: The Tea Square

Category: The Young Millionaires

"You have to take risks if you intend to strike out on your own."

"I was working as an engineer for a multinational computer firm when the combination of being overworked and underpaid drove me to explore other opportunities. After one particularly depressing day at work, I racked my brains for a business idea, and I was thinking so hard that  I got thirsty. As I was getting a glass of water, I suddenly remembered the way mother used to make really good iced tea for us kids. She would brew tea bags and sometimes real tea leaves and put in lots of ice and pure honey. It was then that I decided to venture into the specialty iced tea business."

He came up with the name The Tea Square after the t-square, a drawing tool for engineering graphics that he was very familiar with as a graduate of electronics and communications engineering. Then he took stock of his savings and realized there was no way he could start a business with what he had. He borrowed some money from his wife's employer to increase his capital to P100,000 but even then it was barely enough to set up a retail venture from scratch.

Creating a business involved creating a product line, a company name, a logo, and designing and building the kiosk. He approached the management of Alabang Town Center and was invited to present his product, and a few days later he was allowed to build his stall. he opened it on March 16, 2004, selling just one product, Black Iced Tea.

The first five months were hard. They were just breaking even and he had to learn everything mostly by trial and error. He hired one crew to serve the customers, and he did everything else: the product mix, operations, procurement, logistics, sales, delivery, cooking, accounting and bookkeeping, marketing and business development. 

By August 2004 he had developed an efficient operating system. Sales jumped especially after they put up posters at the Alabang Town Center. They were grossing P8,000 to P10,000 daily. They also introduced Iced Green Tea - they were the first to do so and it was an instant hit among customers. The next month, they were serving iced tea to the smartly dressed yuppies in Greenbelt and Glorietta in Makati. The items were hit from the start and they were soon grossing up to P20,000 daily.

Right now, their existing iced tea line is focused on four flavors of Iced Green Tea and three flavors of their new Iced Fruit Infusions, which are prepared in front of the customer as they order. They also introduced six flavors of Natural Tea Shakes, featuring 100% real brewed tea mixed with fresh fruit and blended with crushed ice.

From an employee of one, it now has 18 full-time and two part time staff, including those working at the head office. They also have six branches, five of which are company owned and one franchised. Their plan is for all outlets outside Metro Manila, except for Cebu, to be owned by franchisees. They just launched their franchising program and now negotiating with applicants from Cagayan de Oro and Davao.

He was also looking at the possibility of setting up a sort of "Tea Square Cafe" -- a bigger outlet with a seating capacity and possibly a more diverse product line.

"It amazes me to see the way The Tea Square has flourished, considering that I started with little capital and no business experience. But it was the same inexperience that taught me that I had to take risks if I intended to strike out on my own. You must also look beyond the bottom line, enjoy what you're doing and be creative, disciplined, hardworking, generous and humble. i have seen some people go into business and then let success go to their heads. They splurge on expensive cars and the latest cellular phones instead of putting the money back into business. There's nothing wrong with enjoying your earnings, but don't do it to the point of taking money away from the enterprise."

GOLDEN RULE:

" Maintain a proper balance. Entrepreneurs have the tendency to focus too much on their business that they end up neglecting other aspects of their life. It's very difficult, but I strive to strike a balance between work and family, activity and rest, worldly and spiritual pursuits. It would be very ironic if you spend most of your time working but end up losing the people whom you are working so hard for."

 

Entrepreneur 29: ANTON RAMOS

ANTON RAMOS

Business: Music One Corp.

Category: The Young Millionaires

"When you're passionately involved in something, you don't necessarily count the pesos and centavos."

Music One, a partnership with National Bookstore and Radio City, originally opened in Glorietta 3 in the year 1997. He put up together the best from all the music stores big and small that he'd been to in the world. He wanted to make people find new stuff and not just walk in and find the typical albums.
Since people liked Music One, they were able to build a loyal clientele. Anton Ramos is involved with the purchasing and marketing  of the store. "It's all a matter of taste. When you're buying records for a store, you don't buy for yourself; you buy for the public. After many years of doing it, you learn to know what is going  to sell and what won't. Retail is a very hands-on business."
He learned that it's important to be involved. His family has always been into retail. In the beginning, there was some credibility immediately because of his family background. You really have to prove your worth. And he think they have spent the last nine years trying to build a name for themselves.
When Tower Records approached him, it gave credibility to the little brand that they are. mall operators did not even want to give them space as they wanted international brands. Tower Records for him is like the supermarket of music; Music One has always been niche marketing which is more of a specialty items. Tower has been around since 1950, and they must have learned something in those years. If combined, he think they do a better job. He learned from Tower that they basically advertise to get people into the door. There are different kinds of buyers: those who know what they want, those who look for top selling items, and those who just like to browse. Music retailing is a very low-profit venture.
He pride himself in being objective when it comes to his staff.

• He lay his cards on the table.
• Never ask people to do something you're not willing to do.
• If they deserve something, be the first to give it to them not the first to take it away.

He learned to hire professionals to do the things that he can't do himself. He'd like to think that they would be the most prominent music retailer in the country. They have eight stores now - seven Tower Records and one Music One store.

"My biggest dream has always been to go into broadcasting business. I'd like to put up my own radio station someday.Deejaying is my creative outlet; if I don't have it, I wouldn't be able to do my job properly. On a personal note, I've released four more albums as a part of The Chillout Project Series."

"To open a music store, you really have to love music, that's the heart of it; you have to believe in your product. Also, you have to find your niche. There's still a lot of room for new players, especially in smaller niche markets like deejay record stores. Lastly, be patient; success doesn't happen overnight. I'm quite happy with the way things are, and although I wouldn't say I'm a complete success, I'm well on my way."

GOLDEN RULE:
" You can't always have it all; what you can do is make the best decisions given the information and resources that you have. Always strive for more and continue to push the limits to attain your dreams."

Entrepreneur 28: RONALD PINEDA

RONALD PINEDA

Business: Folded and Hung

Category: The Young Millionaire

"Folded and Hung has evolved into a distinct style and personality that competitors would be hard put to imitate."

He studied dentistry to please his father, but after he graduated he realized that his calling was in the garments business. He invited his friends and siblings to partner with him in Folded and Hung. The first branch was opened in Shoppesville, Greenhills in 1997, where they sold ready-to-wear clothes for yuppies and teenagers.
Clothes at Folded and Hung are designed here but manufactured abroad. They've maintained their brand positioning as a fashion store that offers the latest trends at affordable prices.
They've learned that hard work and focus are key factors to success. They started the company with less than  10 employees who did everything from tagging, packing, delivery, store maintenance, selling and marketing.
As their way of giving back to the community, they mounted a major marketing campaign, dubbed the F and H Denim Dream Holiday Promotion. They partnered with other corporate sponsors to raise funds for ABS-CBN's Bantay Bata 163.
Although garments retailing is one of the most competitive industries in the Philippines, he's not fazed by competition. Their having a clearly defined brand is what prods the group to strive to be better by coming up with new product lines that are attuned to shifts in market preferences.

"Most of us are scared of the future because we don't know what it would bring. But by inventing the future, somehow we can control it."

GOLDEN RULE:
"The only way one can predict the future is to invent it. We are always on the lookout for opportunities to widen  our product lines to address all our customers' needs."

Entrepreneur 27: PATRICK PESENGCO, HERWIN SEE

PATRICK PESENGCO & HERWIN SEE

Business: Philippine Vending Corp.

Category: The Young Millionaire

The cousins Patrick and Herwin wanted a convenience store, but because 7-Eleven was already there, along with their friends set up Philippine Vending Corporation and Philippine Food Service group instead to offer customers the convenience of quick retail service. They spent around P7 million to import 30 vending machines, buy a truck, and rent a small warehouse with office space. They started with five employees.
They decided not to franchise the business because they intended Philippine Vending to be of full service vending operator. They would take care of product replenishment, coin collection, service and maintenance of the machines, logistics and warehousing.
Operating their own vending machines allows them to build long-term relationships with customers and to introduce new systems and products. And by establishing economies of scale with more and better machines and importing technology from vending operators, they've made the business profitable and world-class. They've also succeeded in offering a wide array of products, from cold to hot beverages to snacks and frozen goodies. They also partnered with Globe Telecom and Smart Communications to produce a vending machine that allows consumers to electronically load credits.
They share their blessings by donating to charitable institutions and providing college scholarships.

"We feel we have succeeded when we hear people say 'teka muna, kukuha lang ako ng softdrink sa vendo.' That and when people call us to install vending machines in their school or office when not long ago we were begging them to let us install them. Now we install them all the time, and practically all offices have vending machines."

GOLDEN RULE:
"To succeed, you have to recognize your capabilities and synergize these with those whose strengths are your weaknesses."

WIPING TEARS

Someday God will wipe away your tears. The same hands that stretched the heavens will touch your checks. The same hands that formed mountains will caress your face. The same hands that curled in agony as the Roman spike cut through will someday cup your face and brush away your tears .. FOREVER

Tears that fall because of pride

Tears streaming down because someone lied

Tears that flow without relief

Tears that strip away all disbelief

Tears filled with emotions raw and torn

Tears that say goodbye as we stop to mourn

Tears of regret in the restless morning hours

Tears of self-pity, like dismal, misty showers

Tears that well up in frightened eyes

Tears of pain that burst forth from darkened skies

Tears of realization that your life will not last

Tears of joy for a forgiven past

Tears that come because of shame

Tears for losing and success just the same

Tears coursing quietly down bruised, beaten faces

Tears of remorse over poorly chosen places

Tears rushing forth, a result of true rage

Tears that won't stop as you reread the page

Tears that flood over an anxious heart

Tears without reason that suddenly start --

All these tears will be wiped away; When Jesus calls us home to stay

No more need to weep and cry

When He wipe dry every eye.

~ Campus Journal ~

Entrepreneur 26: PENNY NGU-ONG

PENNY NGU-ONG

Business: Apple & Eve

Category: The Young Millionaires

The business started during her trip to Los Angeles during her senior year in high school. It struck me how Manila lacked high quality clothing that didn't come with a high price tag. At the age of 23 she started Apple & Eve with a single store and a handful of employees.

She had one goal in mind for the business which is to provide customers with clothing and accessories that enhanced personal style. And in order to achieve the goal she designed her own collection and scouted for suppliers around Asia who could make the clothes using high-quality fabric. At her young age no one was taking her seriously. Suppliers would give her a price and it was take it or leave it, she had to conform to what they wanted. 

When the store started, she used to go abroad every two months to meet with her five suppliers. But when she have established a good working relationship with her suppliers she only do her designs here and the suppliers ship the clothes.

The biggest challenge was achieving the perfect balance between quality and price. Another was to stand out against other local brands that were heavily into advertising. 

They make sure they only have a few pieces of each design and new styles are added to the stores every week. They try to be low key and subtle in our approach to business. They are uncompromising when it comes to quality. And to our prices, they keep them reasonable.

"My advice to aspiring entrepreneurs is that they should be sensitive to their market and to adapt to change. We always listen to our customers; they're the people who best determine what the brand really needs... I see my being young as an advantage because it gives me an edge in knowing my market; it has never been a hindrance. And I don't follow any script formula - I learn mainly through experience. Our ultimate goal is to expand throughout Asia."

GOLDEN RULE:

"Do what you think you should do, not what others expect you to do."