With the likes of Sy, John Gokongwei, Lucio Tan, and other Chinoy entrepreneurs making it to the list of Forbes’ wealthiest every year without fail, there is no doubt that Chinoy businessmen are among the most successful in the country.
It has even come to a point where the word ‘business’ comes hand in hand with the Filipino-Chinese that it has become a common stereotype among the community. For sure, most Chinoys would relate when said that other people have assumed they own a business, are taking a business-related career path, or are taking up a business degree.
This association with business is proof that the Chinoy community is a formidable player in the world of business and is rightfully so.
With so many business owners aspiring to reach the success of Chinoy businessmen, we could certainly pick up a thing or two about them and learn what Chinoy values and traits are essential to become a future Henry Sy– or at least, make your business a success.
Aside from being business-minded, Chinoys are often stereotyped as “kuripot”. Although it has a slightly negative connotation, it just means choosing not to spend that extra money on unnecessary wants.
This not being cheap but instead being frugal, which is an important Chinoy value to have for your business. By being frugal and holding off spending money on something not needed for the business, you are able to save it for something more essential for your business’ success. It may mean more possible investments for marketing and promotions, product development, or whatever aspect of your business needs improvement.
2. Loyalty and courtesy
The prevailing culture when it comes to doing business among Chinoys is largely inspired by Confucianism. This means putting great emphasis on building relationships and creating networks for the business.
Because of this, loyalty and courtesy is vital to creating long-lasting and fruitful relationships with people who are not only a personal friend but can also potentially add value to your business.
3. The value of “face”
Chinoy entrepreneurs are always willing to go above and beyond for their business but this doesn’t mean forgetting the value of 面子 (‘mianzi’) or “face”, which in general refers to your dignity and reputation as an entrepreneur.
Whatever character you translate to other people as a leader and businessman will also reflect the outcome and success of your business. This is why it is important to “save face” and maintain your trustworthiness and upholding your image by following through with all your words and obligations.
By doing so, you are able to build a close relationship with people, which lets them trust your business and you as its captain.
In China, humility is not just simply being modest. For them, humility is what makes an enlightened and empowered business leader. This value often manifests in how the entrepreneur interacts with his/her employees.
Keeping in mind that employees are vital to keep the business going, successful Chinoy entrepreneurs are humble and maintain a good relationship with them. This is not only an effort to build lasting relationships with them but also ensures more productivity and better output from their work when employees are treated well by their superiors.
Humility also manifests in how the business treats its clients. By engaging with their market, this humanizes the business and makes them more approachable, hence becomes a top choice compared to its competitors.
These four key attributes from the Chinoy entrepreneur will not only propel your business to success but more importantly, will build your character and allow you to know what it is to become a true Chinoy entrepreneur.