entrepreneur

If I am able to excel, it's because, like Newton, I stand on the shoulders of giants. My gurus are from diverse fields: Justice Mendoza in constitutional law, Senator Salonga in politics, Christina Pantoja Hidalgo in creative writing. As an entrepreneur, I've learned a lot from taipan Leticia Uy.

I first heard about the fascinating rags-to-riches story of "Aling Letty" from Tita Violy and Tito Doc one night after dinner in Cabanatuan. She was a battered wife who, after escaping from her husband, supported her two sons by selling sotanghon and pilipit (fried bread) in the public market. Through hard work, she slowly grew her business until she was able to build a bakeshop and then a string of department stores and malls, called N.E., in Central Luzon.

I wrote a cover story about Aling Letty in Entrepreneur's July 2004 issue, after which I began applying what I learned from my interview. At first, I sold prepaid cellphone load and phone cards; later on, I sold indigenous handicrafts, hamburger patties and chicken nuggets. It was a humbling experience, because I grew up with the subconscious belief that selling is demeaning. Yet- I asked myself- if it was demeaning, why was it that Aling Letty, who finished only fourth grade, makes substantially more than I do, despite my two college degrees? I was determined to change and succeed.

Months after the article was published, I got a call from Aling Letty: would I be willing to assist her in reviving her philanthropic foundation? I shared my knowledge about foundations and, in return, I received valuable lessons on business in the span of almost a year.

Below is the sidebar to my Entrep story; looking back, I find it amazing how it encapsulates Aling Letty's business philosophy as I've seen it applied.

Aling Letty's Recipe for Success

1. To succeed, take care of your employees. “Give them a sense of ownership in the company,” Aling Letty said. “I provided P600,000 for our employee coop. I pay for my employees’ hospital bills when they get sick.”
2. Inculcate loyalty to the company and honesty in your employees. “I tell them, ‘If I find out that you’re wasting money on gambling, I’m never lending you money again.’ ”
3. Fulfill your word of honor in order to gain people’s trust. “If you have a good reputation and credit standing, luck will come to you.”
4. Try to maintain your integrity and good reputation. “They’re more important than money.”
5. Borrow money, if you want to make it big. “You just need guts and you should know how you’ll be able to pay your loans.”
6. Read up. Aling Letty continued to educate herself even after she stopped going to school by borrowing her brothers’ schoolbooks. These days, she likes to read the biographies of successful businesspeople like Akio Morita and Lee Iacocca.