Why do they have Filipinos as most of their employees?
What are their common traits and how do they use them to their best advantage?
These are only some of the questions that I've always asked myself. In my town, the biggest sari-sari (convenience) store is owned by a grandmother of mine-a full blooded Chinese.
The grandest malls in this country are controlled by Chinese-Filipino tycoons.
Even the most popular bee in town was created by a Tan Caktiong.
What's their secret to financial success?
In this blog post, I'll talk about a few of the common traits Chinoys have regarding their business outlooks and practical values, most of which was discussed in our class by my Macroeconomics professor, Sir Go.
The other traits and habits are ones that I observed from my Chinoy fiancee as we were starting out our businesses and from digging deeper into the history of the richest men in the Philippines.
They aren't raised to be employed.
Unlike traditional parents, the Chinoys don't instill the standard goal in their children: Mag-aral ka ng mabuti para magkaroon ka ng maganda at marangal na trabaho. Pagkatapos, mabibili mo na kung ano yung gusto mo. Makakabili ka na rin ng sasakyan at bagong bahay. Wala ka nang problema pag may sahod ka na aasahan buwan-buwan.
(Study hard so that you'll have a promising and honest job in the future. After that, you can buy whatever you want. You can buy your own car and a new house. You won't have to worry anymore since you have a monthly salary to look forward to.)
This mentality sets the foundation for youngsters to become corporate slaves.
Instead, the Chinoys encourage their kids to study well, earn, save, earn and save up in order to create businesses that would hire the smartest employees around.
This kind of thinking enables children to understand that they can't always be the best, but they can have the best as long as they would find the right opportunities.
It's important to note that financial education begins at home, and what you say to your children will have a great impact in their lives.
They actively listen to feedback.
Jollibee wouldn't be Jollibee if Tony Tan Caktiong hadn't listened to his customers. Having run a successful ice cream shop, someone told him that they sometimes get tired of simply eating ice cream all the time.
So Mr. Tan Caktiong took the feedback to heart and started selling fries, hamburger, and fried chicken all catered to the traditional Filipino taste.
Now, under the leadership of Tan, Jollibee has become the most popular chain of fast food restaurants in the country.
Today, it is one of the leading fast food chains and dominates 50% of the food market.
Let's not forget other flagship names Jollibee Foods Corporation now owns and controls: Greenwich, Chowking, Mang Inasal, and Red Ribbon just to name a few.
In the end, it's all about learning to value your customers' feedback.
They study the market and play by their strengths.
John Gokongwei Jr., the second richest Filipino.
Back when John Gokongwei Jr.'s father and their empire died, he had to make ends meet and provide for his family. At fifteen, he sold roasted peanuts and opened up a small stall in the market, where he had to compete with other vendors to sell his goods.
He sold soap, candles, and threads to earn money.
Determined as he was, Gokongwei Jr. knew he had an advantage as he was younger, therefore he used this as a strength in his endeavors.
He studied the market and found a great opportunity for trading in the country after the World War II ended.
And the rest?
The rest is history.
They know that the formula to getting rich doesn't include high, immediate profit.
My macroeconomics professor can't reiterate this often enough: Chinese merchants are successful in their business endeavors because of this one retail trick, which I will later share in a different blog post.
These are only some of the striking traits that I noticed among Chinoys in this country. Feel free to comment down below your thoughts and additional insights.
Start a conversation! :)
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