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."