JCI Manila’s Business Forum: Expert Advice from Chinoy Industry Leaders
Junior Chamber International (JCI) Manila, a business organization that aims to develop leaders, recently hosted an Executive Leadership Summit and Business Expo at the Lanson Place Mall of Asia, Pasay City on June 11, 2024. The theme of the business forum was “Unlocking the Secrets to Business Success”, inviting various successful Chinoy business leaders
Business Advice From Four Chinoy Industry Veterans
The best sources of advice are industry veterans themselves. The event invited four prominent business leaders from various industries to share valuable tips and advice to aspiring entrepreneurs.Below are key leadership insights shared by Chinoy industry veterans.
William Tiu Lim: Passing on the Torch
William Tiu Lim, Chairman of Mega Prime Foods Inc., emphasized the importance of nurturing younger generations within family businesses. “When it’s a passion from one generation to the others, kailangan patrabahuhin yung mga younger generations. Kasi kung hindi, mawawalan kayo ng trabaho,” he shared candidly. His advice underscores the crucial role of mentorship and empowerment in ensuring continuity and success.
Lim also highlighted the benefits of intergenerational learning. “From the older generations, transition to the younger generations. There will be a lot of learnings,” he noted, stressing the value of sharing experiences to facilitate smoother transitions and foster growth within family enterprises. His message resonates deeply in a business landscape where adaptation and innovation are key to sustainability.
Cesar Wee Jr: Embracing Unconventionality
Cesar Wee Jr., President of Wee Community Developers, offered a contrasting narrative of forging his own path outside the family business. “I’m the black sheep that was fired by the family and I put up my own company,” he recounted. His journey of independence and resilience serves as a testament to the power of unconventional thinking and bold decision-making in achieving entrepreneurial success.
Wee Jr. emphasized his divergence from traditional approaches. “I did the opposite of what my dad did, wake up early, go to work, trust people, and partner with friends,” he explained. His willingness to challenge norms and embrace risk has not only defined his career but also positioned him as a beacon of inspiration for aspiring entrepreneurs navigating similar paths.
Chris Lim: Franchising Tips
Chris Lim, CEO of Francorp Philippines, shared his insights on franchise development and its impact on job creation.
“Our goal really is we want to create jobs by growing brands from one to many,” Lim articulated.
His company specializes in transforming local brands into franchise powerhouses, thereby catalyzing economic growth and sustainability through employment opportunities.
Lim’s company, Francorp, aims to scale businesses nationally and internationally. “We develop their franchise program, help them scale up so that, you know, they can scale up both in the Philippines and around the world,” he explained, highlighting the importance of inclusive growth and community development in the corporate sector.
“Franchising isn’t all about food. It can be retail. It can be services,” Lim noted. He emphasized the financial advantage of franchising, where businesses leverage other people’s capital and time. “But the beauty of franchising is it’s about using other people’s money. They pay you a fee to open it, to operate their store. At the same time, they use their own time,” he elaborated.
Lim revealed that the strategic benefit of having franchisees who invest their own resources while leveraging existing networks – “Imagine your stores being managed by someone who has put money into it. At the same time, ginagamit yung mga networks niyo. They create all their connections to grow your business,” Lim explained. Franchising is more than just money, it’s more collaborative and mutually beneficial in nature. While you provide the business structure, they give you access to a wider market, and by working together, you foster sustainable growth.
Edward Lee: Strategic Advice for Investment
Edward Lee, Founder and Chairman of COL Financial Group Inc. & CTS Global, offered interesting insights about the importance of strategic investing during economic downturns. Lee advised to capitalize on market corrections and buy undervalued stocks, contrary to popular sentiment.
Lee also shared his perspective on the Philippine market’s resilience and potential. “They always ask me, do I make more money in the U.S. [stock market] or make more money in the Philippines? I say it’s the Philippines,” he noted, emphasizing the dynamic nature of local markets and the opportunities they present for astute investors.
“Because the Philippines goes up and down. It’s always exciting. So you have to understand that,” he added. To Lee, this volatility is not a drawback but an opportunity. He suggests that astute investors can capitalize on these fluctuations by understanding and navigating market cycles effectively.
This approach, he argues, is essential in the context of an ever-changing global economy where local insights and strategic decisions play a crucial role in investment success. Lee’s viewpoint thus encourages investors to embrace the excitement and variability of Philippine markets, viewing them as fertile ground for informed and potentially lucrative investment strategies.
Transform Your Business
The JCI Manila Business Forum held last June 11, 2024 provided a platform for aspiring business owners to learn from Chinoy industry veterans like William Tiu Lim, Cesar Wee Jr., and Chris Lim. Their insights and experiences were full of valuable lessons for anyone starting out in business. From the imperative of generational continuity and mentorship to the significance of entrepreneurial spirit and franchise-driven job creation, each speaker offered a unique perspective on navigating the complexities of modern business.
Their collective wisdom serves as a guiding light for future generations of entrepreneurs, encouraging them to embrace innovation, resilience, and community engagement in their pursuit of sustainable business success. As the business landscape continues to evolve, the lessons imparted by these industry stalwarts remain as relevant as ever, shaping the future of entrepreneurship in the Philippines and beyond.
JCI Manila is a premiere leadership development organization that believes in learning through reaching out to others. Their projects cover areas like community development, business, government, and the environment. They bring together young men who want to grow as leaders, creating opportunities for learning and making a difference.