Taking a page from Go Negosyo book entitled 8 simple secrets to raising entrepreneurs, the 5Cs of an entrepreneurial mind is an interesting look at what composes an entrepreneurial mindset. Oftentimes, many of Go Negosyo’s mentors and angelpreneurs talk about mindset as an integral aspect of becoming a successful entrepreneur. But what is the right mindset?
The 5Cs aims to help develop essential entrepreneurial traits in anybody. They are Curiosity, Creativity, Competence, Commitment, and Compassion.
“Curiosity is at the core of the entrepreneurial mind.”
Curiosity leads people to develop their own vision. For entrepreneurs, having a vision and maintaining an inquisitive disposition is important. Any entrepreneur will encounter challenges as they grow and develop their businesses. Having a curious mind helps entrepreneurs learn and adapt quicker to these challenges. Also, people who often ask questions are the ones who discover new solutions to a problem. These ideas are what creates a personal vision for the entrepreneur.
Asking questions, seeking answers, doing your research, and experimenting can lead many entrepreneurs to achieving their vision.
“A creative mind gives birth to innovation”
Creativity is the pathway for innovation. Entrepreneurs who develop a creative mind find new solutions, new methodologies and new businesses to establish. Creativity can set apart an entrepreneur’s business from being another run-of-the-mill establishment or product. There are countless entrepreneurs all over the Philippines. The more original your business is, the more chances of it outlasting the competition.
The book shares that the way anyone can develop their creativity is by intentionally seeking to develop new ideas or improve processes. Even if your business may have similarities with other businesses, you must look at how you can standout, perhaps through your marketing or operations. Additionally, creativity challenges entrepreneurs to become more resourceful. Simple things like developing a new system for accounting can save your business much valued money and time.
“Competence will determine whether one’s vision or innovation will become a viable entrepreneurial endeavor”
While vision and innovation are important for an entrepreneur, the capacity to translate them into a business matters just as much. After all, great ideas are never meant to stay as ideas. Investing in educational endeavors to help you become more equipped as an entrepreneur is one way of increasing your competence. Self-awareness is also key to making sure you’re making the most of your abilities.
The book shares that entrepreneurs must ask the question “what am I good at?” because more often than not, the answer to that question is where a thriving business idea lies. For example, many successful food ventures were born out of many home-cook’s passion and knack for cooking. Do not be afraid to explore your strengths and to invest in yourself.
“Many people try to be entrepreneurs, but they ultimately fail because they lack the determination and perseverance…”
Going into business is never a smooth and easy ordeal. Even if you have the vision, the passion and your idea worked out, without commitment, your business will fail. Practicing self-discipline and maintaining a committed mindset is oftentimes the most pressing challenge an entrepreneur faces. There will be times when nothing will seem to go in your favor, but having the resolve to power through because you want to succeed — that takes commitment.
Entrepreneurs are never afraid of failures. They only see it as a lesson they must take to heart so that their businesses can get better. When one has the determination and perseverance to see their vision come to life, there is nothing that can get in their way.
“… while the entrepreneurial mind enables a person to start and grow a business venture, it is compassion that will sustain it.”
Developing your compassion can create long-lasting motivation for an entrepreneur. The high one gets from making great profit can wear off fast. But the drive you get when you know your work is changing lives, that will never wear off. Compassion, as mentioned in the book, is the heart of business. Developing a compassionate mindset determines how you grow your relationships — with customers or employees — and the decisions that set the direction of your venture.
Entrepreneurs can develop their compassion by consciously looking at how their business can improve other people’s lives. As an entrepreneur you must ask how your impact is value-adding to your community, your people and even your country.
Forum 1: ASEAN Build, Build, Build (Infrastructure Development): Building for the Future. In photo (L-R): Tony Fernandes (AirAsia), Diwakar Gupta (Asian Development Bank), Thomas Hardy (U.S. Trade and Development Agency / USTDA), Maria Ressa of Ralppler (moderator), Enriue Razon (ICTSI), Jaime Augusto Zobel de Ayala (Ayala Corporation) and Shinya Ejima (Japan International Cooperation Agency).
MANILA: November 13, 2017 – The first forum of the ASEAN Business and Investment Summit 2017, entitled “ASEAN Build, Build, Build (Infrastructure Development): Building for the Future” focused on the creation of a more connected region by strengthening infrastructure capacities of each country and mechanisms that embody inclusive growth.
The panelists were Jaime Augusto Zobel de Ayala, CEO of Ayala Corporation (Philippines), Dr. Shinya Ejima, Senior Vice-President of Japan International Cooperation Agency (Japan), Diwakar Gupta, Vice-President of the Asian Development Bank (India), Enrique Razon, Chairman and CEO of International Container Terminal Services, Inc. (Philippines), Tony Fernandes, Group CEO, AirAsia (Malaysia), and moderated by Maria Ressa, Founder and CEO of Rappler (Philippines).
The forum is anchored on the ASEAN Master Plan that envisions an integrated ASEAN, through an enhanced physical infrastructure development or physical connectivity, by effective institutional arrangements or institutional connectivity and via empowered people or people-to-people connectivity.
To be able to respond to the demands in the market, policy and business leaders call for the need to increase capacities of governments through strong infrastructure development policies across the region.
“Some governments have been more proactive. Those that are accessible and willing to listen have made the most progress. What makes [ASEAN] great is that there is competition. When one country goes ahead, the other wants to improve as well.” Tony Fernandes, Airasia Group CEO said. Fernandes encouraged that more private investment should be funneled into infrastructure and emphasized the importance of the public sector in the drive towards success.
In discussing how ASEAN countries can move forward, Dr. Ejima pointed out that since all the ASEAN countries have been democratized and share a common value, the fair and transparent decision making system can be easily achieved by all.
“You need to increase your capacity if you want to grow. The trickle down sustainability is about having the ability to accommodate all the economic activities.” Enrique Razon, Chairman and CEO of International Container Terminal Services, Inc. (Philippines) stressed.
As the roadmap towards prosperity is not without challenges, Zobel de Ayala underscored that, “The financing needs are tremendous. In the end, we need to get a serious private sector and have a global set of standards to live by. While our country is still low in the FDI list, the potential is definitely there. One the basic moves is to regularize the rules. It needs cooperation from all of us.”
In the application of an effective development framework, Gupta said that, “Level playing fields should be created. If not, there are going to be issues. There should be proper control. It’s about a level playing field, ownership is not important. Governments should be there to provide the superstructure.”
“At the end of the day, PPP, goes back to having transparency and a commitment to both sides.” Thomas Hardy, Acting Director of U.S. Trade and Development Agency said.
ABIS 2017 is the biggest and most prestigious business event in ASEAN presented by the ASEAN Business Advisory Council bringing attention to the business, investment opportunities, global issues, and key strategic directions that impact on business opportunities for ASEAN member nations today.
To commemorate the recently celebrated 119th Philippine Independence Day, here are some local businessmen who have elevated the Filipino brand through their ingenuity and patronization:
Kenneth Cobonpue, Patis Tesoro and Steve Benitez.
Kenneth Cobonpue is a multi-awarded Filipino industrial designer known for his unique designs integrating natural materials through innovative handmade production processes. He began his design career after his studies in Industrial Design in New York, which led him to trainings and further studies in Italy and Germany. After a series of further studies and trainings abroad, Kenneth moved back to Cebu in 1996 to help manage their family business founded by his mother in 1972. Upon managing the business, Kenneth discovered that by the use of natural fibers and materials as a medium, modern design could have a new face. With his masterful way of integrating nature, traditional craft and innovative technologies, designer and creative director Kenneth Cobonpue has earned international awards and recognition for his creative, organic, and expressive pieces. Kenneth has also worked closely with some of the world’s leading designers. Kenneth has been making a name for design in the Philippines and sharing his vision to a global audience. Various Cobonpue designs have also appeared in full-length feature films and television, such as Oceans 13 and CSI while his roster of clientele includes Hollywood celebrities and members of royalty. The whole furniture industry in the Philippines was just plain manufacturers, their products would go under different names and brands. What set his company apart from most of the furniture industry which relied on original equipment manufacturing was that he wanted to be recognized for his own designs. Kenneth Cobonpue was determined to prove to the world that Filipino products can compete with the best.
Patis Tesoro is a woman with several characteristics all rolled into one. She is on the cutting edge of fashion and much more, yet successfully manages to remain a constant champion of the traditional. She is widely known for her flashy, exotic creations, and also a world traveler with a distinct style she calls “Bohemian Filipiniana”. She is also a cultural maven, entrepreneur, book publisher, restaurateur, plant and animal lover, fashion designer, and doll-maker. Though born to well-off parents and whose family is well known until today as the supplier of exquisite Filipino handicrafts, she has always loved to work with her hands — sketching, drawing, sewing or embroidering. She has been making clothes even as a young girl. The provenance of the materials she uses reflects the Philippines’ rich heritage or history. Patis Tesoro believes that “piña” is a cloth of stature and is iconic to the Philippines; losing it would mean losing our identity. With centuries of local traditions—hand embroidery, embellishment, textile processing, and weaving—Patis adeptly employs the fine work of artisans in her own creations. For her, Filipinos have to grow more piña to prevent traditions from going extinct and also to preserve this fragile part of Filipino heritage.
Steve Benitez’s love for coffee began during his time in law school with the late nights studying sessions that called for lots of caffeine-induced energy. When he realized that his true passion was actually coffee, he dropped out of law school and travelled to the United States to learn more about the industry. He brought back with him a deep passion for their coffee culture, but it’s his love for Filipino coffee which truly sets apart his chain of coffee shops. It wasn’t long until he started Bo’s Coffee, with just a single, small location. Bo’s Coffee is the Philippines’ first and largest homegrown specialty coffee chain. Bo’s Coffee sets itself apart by sourcing the best coffee and products from Philippine producers and supports local communities in the process. It focuses on supporting local coffee farmers—sourcing the best of Philippine Coffee from Sagada, Benguet, Mt. Kitanglad, Mt. Matutum, and Mt. Apo—and elevating the quality of Philippine coffee. Bo’s also offers a selection of food and beverages made by entrepreneurs who share Bo’s values, all in a setting of locally crafted furniture and decor. Despite the initial struggles and the growing number of international competitors, he created a business that is locally rooted and internationally competitive. Today, there are a total of 81 Bo’s Coffee Club outlets.
Olivia Limpe-Aw, Justin Uy and Reese Fernandez-Ruiz.
Olivia Limpe-Aw is a fifth-generation leader of the Philippines’ oldest distillery, Destileria Limtuaco and Co.. At present, she is the President and Chair of the company. She is responsible for the company’s new and innovative products such as the Paradise Mango Rum Liqueur, Amadeo Liquer and Manille Liqueur de Calamansi. Limpe-Aw and her company sources and highlights indigenous agricultural products for her business. For, Paradise Mango Rum, the drink which makes use of the Philippines delicious mangoes has been named as the official drink of Boracay and Palawan. Under her leadership, the brand has won many international and local awards. Amadeo Liquer is a coffee-based liqueur and is named after the Philippine’s coffee capital in Cavite. Manille Liqueur de Calamansi is popular with foreigners who liken it to the limoncello of Italy. Her products are now star exports in Asia and distributed in California and New York. Other products include: Very Old Captain’s Dark Rum, Maria Clara Sangria, Manille Liquer de Dalandan, Intramuros Liqueur de Cacao, San Juan Premium Lambanog, Vigan Basi Sugarcane Wine and Imeldifique Cooking Wine.
Justin Uy is the founder of ProFood International Corporation, a leading supplier of Filipino snacks, specifically dried mangos. Today, dried mangos are a bastion for Filipino snacks all over the world. When Justin Uy and his family started their business in the 1970s, they were hoping to address the amount of wasted ripe mangoes in Cebu. Thus, they entered the dried mango business which eventually brought value to mangoes when farmers never really saw much value in them before. To compete with other local producers of like them, they exported their products to countries near the Philippines such as Hong Kong. Upon the success of Hong Kong, they eventually entered into other global markets like the United States. With only one brand name, Justin was able to build a brand that made Philippine mangoes the best mangoes in the world. He championed the “Philippine brand” by marketing dried mangoes abroad as coming from Filipino mangoes. Their other products today include mango puree, canned juices, juice pouches, fruit preserves and concentrates. Justin Uy has also established the Mango Museum to help promote Philippine mangoes as the best in the world.
Reese Fernandez-Ruiz started Rags2Riches with colleagues from Ateneo in hopes of empowering women in impoverished communities. Rags2Riches turns scraps of cloth into high-end fashion accessories. Today, Rags2Riches is now an internationally renowned fashion and design brand that employs women from poor communities and has more than a 100 artisans who are vertically integrated into R2R’s supply-chain. Her enterprise answers many social problems in the country such as low employment and quality of life for women in poor communities and is eco-friendly. She is truly remarkable and innovative because she has employed great design to uplift humble materials into high-end products. With the success of Rags2Riches, she became part of the Forbes’ 30 under 30 social entrepreneurs list.
A prime mover of empowering MSMEs, DTI Sec. Ramon Lopez believes that making entrepreneurs ‘smarter’ through skills-training, mentoring, education and various capacity-building programs are integral in enabling the massive MSME group
Department of Trade and Industry’s Secretary Ramon Lopez joined the panel discussion on driving growth for the micro, small and medium enterprises (MSMEs) during the Prosperity for All Summit last April. A prime mover of empowering MSMEs, Lopez believes that making entrepreneurs ‘smarter’ through skills-training, mentoring, education and various capacity-building programs are integral in enabling the massive MSME group that comprises 99.6% of the entire business sector.
Lopez shared that under the Duterte administration and during his work as the Executive Director of Go Negosyo, the advocacy was always about making the Filipino negosyante smarter. An entrepreneur is someone who is innovative and solutions-oriented and Lopez believes that if MSMEs had the right tools and guidance given to them, growth and progress will become exponential.
Citing a product of the Go Negosyo Act, Lopez shared that the 460 Negosyo Centers nationwide has already spread the access to money, mentorship, and market. This spread of financial support, market access, skills and knowledge have effectively created better equipped and better informed entrepreneurs.
Lopez believes that the current ecosystem that is emerging wherein the public and the private are actively engaging in scaling up the micro and small is bringing to life the advocacy of smarter entrepreneurs nationwide.
Prosperity for All Summit Session 1: Creating an Enabling Environment in Achieving Prosperity for All. In photo (L-R) Dr. William Dar (InangLupa Movement), Sen. Bam Aquino, Former President and Cong. Gloria Macapagal-Arroyo, DTI Secretary Ramon Lopez, Rami Sharaf (The Royal Group, Cambodia) and Cathy Yang (moderator).
Be a partner for change and become a mentor for entrepreneurship in ASEAN! Visit www.aseanmentors.org and fill out the application form online.
Myanmar’s Union Minister for Planning and Finance His Excellency Kyaw Win.
H.E. Kyaw Win, Union Finance Minister of Myanmar, delivered a speech in the Prosperity for All Summit on behalf Myanmar’s State Counsellor Aung San Suu Kyi.
During his message, Kyaw Win gave recognition to the ASEAN Business Advisory Council’s initiative to empower micro, small and medium enterprises. He emphasised the agency of the MSMEs in the economic agenda of the ASEAN Community.
Due to integration, Kyaw Win said, the region has become less susceptible to crises and consequently, more valuable to the global economy. He then stated the private sector’s role in ensuring the commitment of the region to growth and cooperation. As such, an overall theme to Kyaw Win’s message was closer coordination and cooperation amongst governments and the private sector in order to drive growth and integration.
The MSMEs has been a key driver in ASEAN’s progress as they have drawn more interest to the region and account for a lot of our region’s GDP contribution and employment. Ultimately, Kyaw Win’s message in light of Prosperity for All was to equip and educate the MSMEs in the ASEAN in order to narrow development gaps across the ASEAN.
Vice President Leni Robredo presented ways on how we can create an inclusive environment for micro and small entrepreneurs. She said, “This is why putting the welfare of MSMEs at the center of ASEAN’s agenda – essentially inclusive growth – is the challenge of our time.”
In her stirring address to the most powerful and influential in the business community of ASEAN, Vice President of the Philippines Leni Robredo brought up the challenge of making “prosperity for all” centered on the poor.
Echoing the statements of Presidential Adviser for Entrepreneurship and ASEAN Business Advisory Council Chairman Joey Concepcion and Prime Minister Najib Razak of Malaysia, Robredo also cited the promising future of ASEAN as one of the world’s largest economies. With this promise, Robredo said, is the true challenge of making the welfare of MSMEs and inclusive growth the center of the ASEAN’s agenda.
Robredo called into attention that at the other side of the growingly prosperous ASEAN is the startling fact that we are still home to many of the world’s poorest. If prosperity is not trickling down, then the problems of our brothers from the West, such as the crumbling of the European Union, will be inevitable for our region as well. This is why creating inclusive business environments is imperative in addressing growing gap between the powerful and the powerless.
With agricultural being one of the industries that directly impacts the poor, Robredo cites inclusive programs, both by public and private institutions, that have achieved positive change in the lives of farmers and fisherfolk. Examples included the World Food Programme’s Zero Hunger Program in Robredo’s former district Camarines Sur and Jollibee’s incorporation of farmers into their supply chain.
To close, Robredo highlighted the role of convergence in the public and private sectors across the ASEAN, in order to lasting prosperity for all. In a final reminder to the business community and government leaders, she voiced out that what happens to the last, the least and the lost is what will truly matter in the long-run.