10 time-tested business principles to live by
They are business veterans, they are successful and they share their success secrets here
By: Jimbo Owen B. Gulle With Marie Anne Fajardo, Kendrick S. Go, Mishell M. Malabaguio, And Tino Pamintuan | May 18, 2012 10:00 am
Entrepeneur.com.ph compiles business principles that helped these outstanding entrepreneurs drive their business from startup to success.
Learn from these wisdom gems:
1. Be helpful
“Our service is for people who have no idea where to begin after coming up with a product idea. Most startups have budgetary constraints, and because of this they can't purchase the volume orders that most manufacturing facilities require. PLC comes in at this point, helping startups out so they can be relieved of the headaches during the startup phase."
-Patricia Besinga of Prestige Labels Co.
PLC offers startup entrepreneurs a development package costing P100,000. The package "consists of market research, product stability tests, packaging as well as BFAD (Bureau of Food and Drugs) registration," PLC managing director Patricia Besinga says.
The development package results in a unique product formulation that is for the exclusive use of the client. The formulation is usually retained by PLC, but clients may purchase it if they want to. They may also get discounts on the cost of the formulation if they have products manufactured by PLC.
An example of a product that PLC has developed is Xylogel, a teething gel for babies, commissioned by one of its first clients. Xylogel is created with xylitol, a sugar alcohol that occurs naturally in fruits, vegetables, and even algae, and is found to help oral care.
"We can produce the products and even market the merchandise for the client. The product formulation is retained by PLC, but clients can ask for tweaks as they see fit."
Prestige Labels Co.
2F Jomanique Bldg.
15 Presidents Ave., Teoville Subd., BF Homes, Parañaque City
(02) 825.6202; 0917.526.9127
2. Be financially strong but remain creative and fun
"We're selling ideas. We have the creativity and ingenuity to lead the market...We have kept growing steadily...I believe a company will succeed if it has strong and stable finance, aggressive marketing and business development, and excellent human resources. That's cash flow, clients and brain power."
-Junie del Mundo of EON The Stakeholder Relations Firm, a public relations firm
Ambition is a good thing, especially when it is aligned with the desire to improve not only one's lot but the community as well. EON wants to promote a "more progressive future" for the country through one of its various advocates, "Branding the Philippines."
This advocacy is "rooted firmly" in the belief that the country's greatest asset and most effective brand ambassador to the rest of the world is its people. It promotes the belief that Filipinos can be summed up in 4 C's : colorful, caring, creative and collaborative," EON's website says.
Through articles, speaking engagements and other forums that the PR firm participates in, it consciously reiterates the value of the Filipino people, "in the hope that the sooner Filipinos live and breathe this advocacy, the sooner the world will follow."
EON The Stakeholder Relations Firm
4F Tuscan Bldg.,
114 V.A. Rufino St.,
Legaspi Village, Makati City
(02) 893.5642, (02) 893.5690
3. Be worth your salt
"Our aim is to get back 10 times the investment of our clients in our seminar."
-Jerry Perez de Tagle of Integrative Learning International Inc., an international training and consulting firm.
In 2007, Integrative Learning International introduced another business unit, the IL Institute, when Jerry Perez de Tagle "saw the need to bridge Filipino talent and Australian opportunity and education."
Nine hundred students, ranging from nursing graduates to college students and mid-career individuals, have since enrolled in its three-month Study Work Abroad certificate program, and 138 of them have been issued visas to study in Australia.
Perez de Tagle insists that the IL Institute is not a placement agency, but provides opportunities for people who want to study and work in other countries.
In Australia, for example, students can work 20 hours a week to help support their education."It's for people who want educational opportunities and a new life overseas. We offer the fastest way to make it happen," he says.
In August 2009, IL Institute Australia was set up to provide further support to its students. Besides Australia, IL Institute has included United Kingdom and Canada in its Study Work Abroad programs.
Integrative Learning International Inc.
12/F Milestone Bldg.
1045 Aurora Blvd., Quezon City
(02) 911.9538; (02) 911.8674
4. Be original
"We do not do what others are already doing. It is an original concept."
-Benjamin Liuson of The Generics Pharmacy Franchising Corp.
The Generics Pharmacy supports the government's NARS (Nurses Assigned to Rural Service) program, which sends nurses to hard-to-reach areas to increase access to quality health care. It also sponsors scholarships for seminary students at the Febias College of Bible in Valenzuela City and helps street families at the Center for Community Transformation in Pasay City.
However, Benjamin Liuson adds that the company is nurturing a different type of CSR, "corporate spiritual responsibility," by giving out copies of the Bible in Filipino and helping distribute other Christian publications, such as pamphlets of the Gospel of John and Evangelicals magazine. Its employees distribute them to suppliers, workers at the Bureau of Food and Drugs, and other organizations that do business with the company.
The Generics Pharmacy Franchising Corp.
3F Lawyers Cooperative Building
459 Quezon Ave. corner Banawe St., Quezon City
(02) 712-7777; (02) 731-5555