ITSMD: #2 Henry Sy

All Filipinos know Henry Sy or at least have used the services of his businesses. He is everywhere – figuratively. Where ever you look, there’s a Henry Sy brand. He is the business magnate that founded SM Group. His group owns all SM Malls, Sm Prime Holdings, Banco De Oro, China Bank, Supermarkets, SM Investments, Highlands Prime Holdings and SM Development. He is the richest Filipino for a few years now, with an estimated wealth of $5 Billion. So if you don’t know a person this big in our country, you must be living in a cave!

His rags-to-riches story is so inspiring. Coming from a poor family, he then became a Tai-Pan or tycoon of Asia. He claimed the title of richest Filipino away from Ayala and fellow tycoon Lucio Tan.

Ever since a kid, I loved SM Malls maybe because this is where my family brings me every week to eat and play at arcade. Malls became the place to be because you can buy anything there and it is perfect for family bonding. Since we are in a tropical country, SM Malls are fully air conditioned and is open to the public. Even poor people know SM because of this, so I doubt it if there’s a Filipino who doesn’t know who Henry Sy is.

Henry came to the Philippines at the age of 12 working at his father’s sari-sari store in Quiapo where he works more than 12 hours a day. And at his young age, he already is thinking of earning more than he has. In 1950s he gained his education of commerce from Far Eastern University (FEU) then went on a business trip. He brought home a lot of merchandising ideas.

He was the first to open a fully air-conditioned shoe store in the country. But due to poor cooperation of his suppliers, he slowly shifted to apparel and other merchandise. As a result, he opened his first department store in 1972 – two months after Martial Law was declared.

In 1983, he started constructing his first mall. It was also a time where the economy was unstable. But with determination and optimism he pushed through and opened in 1985 with their department store, supermarket and few tenants in it. Later on he expanded by opening SM Sta. Mesa and SM MegaMall. In 1997, they are planning to put up a very big mall, but due to the Asian Crisis it got deferred. However in 2006 they finally opened the 4^th largest mall in the world as we know it, Mall of Asia.

Henry also made a splash in the banking industry as his Banco De Oro bought other banks such as Dao Heng Philippines branch, the First eBank, the Banco Santander Philippines branch, the United Overseas Bank branches, and of course Equitable PCI Bank. Those acquisitions made them the second largest bank in the Philippines in 2008 then became number 1 in 2009.

And if I’m not mistaken, he bought 70% of Far Eastern University and 60% of National University.

He is my idol since a kid, and he still and will remain as an inspiration. Like I always say, if he can, so can I. Though in a different path, his formula to success could be used by anyone who is willing to succeed. I hope I’ll be next to him in the list of Richest Filipino.-DE

“There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again. When you do well, do not change your ways. Success is not just good luck: it is a combination of hard work, good credit standing, opportunity, readiness and timing. Success will not last if you do not take care of it.” – Henry Sy

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ITSMD: #1 Erik Cua

I made a report back in college about Erik Cua. That time I didn’t even know who he is so I did my research. As I recall, his parents are the owner of Emerald Garden Restaurant located at Roxas Boulevard. And then of course I found out that his businesses are related to night life. From that day on, I admired this guy because as I said, I dreamt of having my own SuperClub and DJ-ing in it.

Erik Cua is a young business magnate best known for revolutionizing the party and club scene in the Philippines. With the help of his parents he started a Cainta Coffee Co. in 1999 just when he was just 20 years old. In 2000, he opened Jack’s Loft. In 2001, he opened club Basement, and in 2003 Temple Bar in GreenBelt with Tim Yap. Then in 2005, together with Yap, Chef Fernando Aracama and Jon Herrera, Embassy SuperClubwas born. It was probably the most talked about club in the history of Philippine clubbing as it redefined nightlife as we know it today.

Followed by a highly successful club, together with Tim Yap, Juan Elizalde, Robbie Carmona, Iza, Calzado, GP Reyes and Stephen Ku the sand of Boracay was rocked as they opened a boutique hotel called “The Tides” in 2007.

In 2008, with night life king Louie Ysmael, international polo player Iñigo Zobel, and GP Reyes, answered a demand for an elite exclusive club with the opening of Members Only. The name says it all, only members can get it, emphasize on ELITE.

Early 2009 Manor SuperClub, formerly Basement, was born. Again this is with Stephen Ku, Tim Yap, and Bingo Manahan. Two rooms, one superclub. It re-energized the night life of Eastwood City.

The same year, after Embassy SuperClub was shut down because of the stabbing incident at Embassy Cuisine, the club rebranded and reopened its doors to the public as Encore SuperClub. Today it remains the hottest club in the Metro. The legend of Embassy lives on.

In February 2010, replacing Temple Bar, together with nightlife staples, Marco De Guzman, Distillery’s Raj Sadhwani, Ivan Zalameda, Premier DJ Manolet Dario, GP Reyes,Izakaya Sake Bar was launched. The Japanese inspired sushi, sake, speakeasy chic talkbar drew Manila’s beautiful young crowd.

And the latest installment of Erik Cua’s Legacy, is Republiq SuperClub. Boasting a floor area of more than 13,000 square feet, the biggest club in the country today opened its doors to the party populate of Manila July 2010, once again continues to revolutionize Philippine clubbing.

His family is rich, but what’s amazing with him is he still made his own fortune and became so successful before the age of 30. Being business minded, hard working, supportive parents and starting out very young really paid off. There are numerous clubs in the Philippines, however they never last long. With Encore on its 5^th year in the business and still going strong, it shows that Erik’s business are made to last. The way he revolutionized clubbing would definitely make people remember him for a long time.- DE

P.S.

ITSMD - Icons That Shaped My Dreams.

This is a continuation of my preview blog ICONS THAT SHAPED MY DREAMS.

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BANKS: The Only Option For Savings?

Money is an object we as adults work hard for. It is a medium wherein we use to exchange for something that adds value to our life. Every people have different definition of what money is and what it is for – positive or negative or both. This allows us to have things that answer your basic needs and wants. The more money you have, the more you become comfortable mentally simply because you are assured that for the coming days your basic needs would be provided for. It really makes the world go round.

All our lives, rich or poor, educated or not, we work just to earn money. Poor people, as early as they can think, they are trained to make money in whatever way possible – begging, collecting and selling garbage, and sometimes committing crimes. For us educated people, we were trained for 16 years more or less from nursery to college also to make money. We specialize on a certain field which will turn out to be our career that would provide us high paying salaries or business earnings. At the end of our formal educating years, what do we do next? Yes, make money. Everyone does, except of course kids who don’t want to work because they have filthy rich parents.

Once we start earning money, we take care of our basic personal needs. Then when our salaries will eventually be bigger than our basic needs we now can afford things beyond our basic needs – shopping, travel, etc. But there will be a time, either right away or later, when you would realize that this wouldn’t go on forever. Thus, we start saving money for our future.

Before, saving money is very simple. Keep it in a safe place in your house which would make it very vulnerable or keep it in a bank. This traditional way of saving is still being used right now. Banks certainly bring a lot of convenience to us. Deposit in your account, and the bank would be the one to protect it. Need money? Withdraw using ATM or through the bank teller. This makes us love banks even more. But will your money ever grow with them? I don’t think so.

Savings account earns 1% minus tax. Time deposit earns you 3-5% minus tax depending on the amount of deposit. Our inflation rate sometimes reaches to 5%. TRANSLATION: Your money isn’t earning well in the bank or sometimes the value even depreciates. Not everybody understands this, but you should! Your hard earned money depreciates in value over time in the bank. What if 10 years or so of saving you still haven’t found an investment vehicle? Then your money just depreciated before your eyes.

Are there any other savings tools aside from banks? My answer could create different reactions: LIFE INSURANCE. How? Through investment linked products of Life Insurance. Yup Life Insurance today isn’t just about claiming a lump sum amount when somebody dies. You can use it as a savings tool that earns 6% or more.

This savings tool is a bargain because it gives you life insurance coverage for free. The moment you open an account, not only did you simply open an account, you also are covered immediately. How’s great is that for a savings account? And just like the bank, you can withdraw and deposit.

That right there is an alternative when it comes to savings. But I am not saying that you empty your bank account and move it to insurance companies. Your bank account should be for immediate cash need purposes and Life Insurance for long term savings purposes because it out grows inflation rate and earns way bigger than banks.

So my question to you is, do you just let your hard earned money depreciate like that in banks? Or do you let it grow for savings purposes until you have come up with an idea where to invest it? What’s your pick? - DE

P.S.

Do you have a better savings tool? Comment here or contact me! Should you want to know more about investment linked products of life insurance, you watch out for my coming blog about that it. It would be a simple explanation of what it is. But if you want to know about it in full details, you can contact me through email first. Cheers!

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Why Food Carts Worked

Food cart businesses boomed a couple of years back. A lot of people say how could franchisors saw it coming while we did not? Well I always hear that when we see new businesses. But why did food cart business boom in our country? And why did it happen so fast?

These businesses would usually be found in public places where foot traffic is heavy. These are small food stalls at the side of the streets, train stations, bus terminals and many more people heavy places. Two unhappy people manning the cart with the food they offer which are usually less than 10 kinds of products. Though they offer only a few items in each stall, a number of food cart side by side can be found. From siomai, to fried noodles, to quail eggs, to sisig, and to the newest I have seen which is the scramble (Filipino desert sold in the streets).

So why did this kind of business clicked?

SPECIALIZED ITEM

I say specialized item because usually a food cart revolves around one type of product like siomai. There are food carts that only sell siomai. Other stalls have added items like fried noodles or rice. This makes it easy for franchisors to sell their item to numerous people at a time and at the same time get their brand easily remembered.

PRICE

Food cart products are budget friendly. Usually priced at 50pesos or below, the price triggers the impulsiveness of people. People always think that few pesos wouldn’t hurt their budget anyway. And for a cheap price that could fill one’s stomach, it’s a sure hit in a country like ours.

FRANCHISING

Franchises have a system that clearly have worked, and a brand that already is known by public. Everything is provided for the investor – cart, use of name, equipment, access to commissary, trained employees. Since there have been increasing number of entrepreneur-wanna-bes in the country, franchising would be an easy and cheaper way of doing business. Investors just to give the money and everything would be provided to you including training how to run your own business.

CHINESE INFLUENCE

Since there are a lot of Chinese in the country, Filipinos learned to love Chinese food as well. Not only is it delicious, it’s also easy to make. Again budget friendly items especially food will surely attract Filipinos. Some of these foods that Filipinos got to love are Siopao and Siomai.

COMMISARRY

Having a commissary just saves food cart owners time, money and effort because there wouldn’t be a shortage of goods unless they screw up their own production. Having a steady stream of goods coming in with consistent quality, this gives franchisors more time to give effort on marketing and selling. This would create a huge gap to those planning to imitate a franchise business.

MARKETING STRATEGY

No matter how many franchisors are scams or just selling false promises, they get entrepreneur-wanna-bes to invest in their franchise business. Kudos to their marketing strategies! Call it well marketed or scam practices, it still worked. They make their presence felt in any media possible to get their target clients – internet, magazines, expos, and even sometimes giving fliers in public places.

POVERTY

It’s sad that the Philippines, a third world country, is rich in resources but the government just can’t seem to find a way to utilize it well in favor to our country. On the flip side, due to budget constraints, food carts somehow solve problems of poor citizens. This is a quick fix for a starving stomach.

After all those factors mentioned above, location and marketing would still be the biggest factor for any business success. For food carts, location played a very big part because these are low-cost products that would need people who suffer budget constraints. Marketing also is a big factor because this would get more investors to buy the franchise. More franchisee, the more stores in more locations there is.- DE

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SURESEATS: Cinema Tickets Online

Don’t you hate it when you go to movie theatres on premier night, only to see a barrage of people in line? Instead of everything happening as planned, it becomes a nightmare. This doesn’t not only happen on premier nights but drags all the way to its first week.

What if you can’t skip class of work to buy ticket on a weekday morning? Then you really have to rush all the way to the theatre after work. But then you just found out everybody was thinking what you’re thinking; everybody did what you did, rushed to the theatre ticket counter and wait in a very long time. This is very frustrating especially when you see Twitter and Facebook updates of friends saying the movie was the best movie ever. Doesn’t this just makes you wanna punch someone?

This always gets in my nerve, I hate waiting in a very long line without a guarantee I’d be able to buy a ticket because some cinema like Ayala Cinemas sell guaranteed seating. No more seats, no more tickets to be sold. You don’t get a ticket for the day? Better luck tomorrow. That’s how it goes.

But I wouldn’t let this thing happen over and over. I must find a solution to this. And I did! Behold SURESEATS.COM. This site allows you to check movie schedules from all Ayala Cinemas. But the best part is you can buy your ticket online for the same price minus the long queue line!

To get started, register to sureseats.com

One registered you have to purchase credits from Ayala cinema counters. I suggest you buy in thousands because the credits don’t expire until 6months. Don’t forget to get your credit code and ask for an M-Pass card.

Log on to you SURESEATS account and just load your account with the code given to you.

Then, purchase your tickets online with schedule and seat you desire!

Finally, print the ticket! It’s as good as the tickets bought in cinema counters. Present it directly to the cinema usher.

Kudos to Ayala Cinema! You’ve solved our problem! Now, guaranteed seats are just a click away!

Don’t let long lines ruin your well planned movie date! Register to SURESEATS now. - DE

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World Food Expo 2010

WHAT: World Food Expo 2010 “The Country’s Biggest & Most Effective Food Show”

WHEN: August 4-7, 2010

WHERE: SMX Convention Center & World Trade Center

Check out what ACTIVITIES to attend to.

For more information visit WOFEX 2010 Website.

Top culinary experts and scrumptious food awaits you. This would be a great show! See you there!- DE

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