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John gokongwei
John Gokongwei Jr. is a Chinese-Filipino businessman and the third richest person in the Philippines as of 2010, with a net worth of $1.5 billion. He has holdings in various industries including telecommunications, financial services, petrochemicals, power generation, aviation, and agriculture. Gokongwei had a humble upbringing and started his first business, a secondhand goods store called Amasia, after his father's death to support his family. He grew his business empire through hard work and risk-taking, establishing major companies like Universal Corn Products, JG Summit Holdings, Cebu Pacific Air, and Universal Robina Corporation. Gokongwei faced many challenges but transformed them into opportunities
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John gokongwei
- 1. By: Karen delosSantos
- 2. As of 2010,Gokongwei is the third richest entrepreneur in the Philippines with a net worth of $1.5 billion, ranking behind only to Lucio Tan and Henry Sy. A Chinese-Filipino businessman with holdings in telecommunications, financial services, petrochemicals, power generation, aviation and live stock farming.
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- 4. John Gokongwei Jr.was the eldest child of second-generation Chinese immigrants. They started out as a wealthy family; his father owned the first and only movie house in Cebu. Their life changed after his Father’s death... He became the breadwinner of the family: “ He became an entrepreneur to survive.” After the war, Gokongwei accumulated 50,000 pesos from his trading activities. He opened Amasia, first ukay-ukay (secondhand) dealer in the country. In 1956- China Bank provided him with a character loan of 500,000
- 5. In 1957 heestablished Universal Corn Products Gokongwei had competitors like Procter and Gamble and Nestle. He established CFC (Blend 45) and positioned it as “the poor man’s coffee”. Gokongwei established the JG Summit Holdings which was also expanded overseas. JGS purchased 23% of United Industrial Corporation of Singapore. His company now employs 30,000 people
- 6. Adversity and survivalplay an important role in the life of an entrepreneur. Entrepreneurs tend to have that special optimism that makes them hardy and resilient in times of difficulties in their environment. Entrepreneurs transform each challenge into an opportunity Entrepreneurs are not afraid to take the next steps. Entrepreneurs are uncommonly lucky!
- 7. 1. Change isinevitable and flexibility is the key. telecommunications sector: Unlimited Texting and Unlimited intra-network calls that changed the Philippine cellular phone industry. 2. Personal stakes in the company encourage everyone to work hard. By involving subordinates and members of the organization, they will feel that they truly belong to the organization. As such, they will become stakeholders in the company and they will work for the improvement of the organization. 3. Mistakes and disappointments are inevitable. Gokongwei faced a lot of odds in his business career. Source: http://www.transformationalleadershiphq.com/nine-rules-of-business-success-of-john-gokongwei-jr/
- 8. 4. Good brandbuilding equals reputation. budget airline: Cebu Pacific Air; telecommunications: Sun Cellular, and Digitel Philippines; snacks: Universal Robina Corporation; shopping mall: Robinson’s Place 5. Family support is crucial. John Gokongwei’s family has been crucial in building his empire. 6. Never lose sleep thinking of business risks. Gokongwei knew how to enjoy life! Yet, he enjoyed the game of business, more than just the rewards with it. Source: http://www.transformationalleadershiphq.com/nine-rules-of-business-success-of-john-gokongwei-jr/
- 9. 7. Pausing torecharge brings new vigour. Gokongwei tried to find time to rest and renew his spirits. 8. Reading and travelling enriches one’s mind. Cebu Pacific Air– Inspired by the low-cost carrier models in the United States. C2 Iced Tea- popularity of bottled iced tea in China 9. Philanthropy is a personal satisfaction. His businesses already generated thousands of jobs in the Philippines. Gokongwei Brothers Foundation (GBF) Source: http://www.transformationalleadershiphq.com/nine-rules-of-business-success-of-john-gokongwei-jr/
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Editor's Notes
- #5 Sentence 5: Gokongwei became a market vendor and was the youngest in the palengke. He decided to trade in Manila where everything was in short supply. To reach Manila, he traveled by a batel – a small, sail-powered outrigger. On a trip, the batel hit a rock and sank. Fortunately, Gokongwei had loaded the batel with rubber tires he planned to sell in Manila. By clinging to the tires, Gokongwei and his fellow passengers were able to make it to the shore as each passenger had hung to at least one to keep from drowning. Sentence 7:Two factors that made Gokongwei to rethink his business was first, he realized that trading would in time become a low-margin business, as they would always be at the mercy of their suppliers and buyers. Second, a change in government policy favoring local production over imports loomed. Gokongwei diversified into manufacturing different products. The problem was; Gokongwei didn’t have enough capital.
- #8 Entrepreneurs gladly accept change. If it is not happening, they stir up the status quo and make important changes. Change is inevitable. Instead of being the victims of change, entrepreneurs just look for opportunities to make the best out of important changes. Jchzjhf Failures are a part of life. Deal with it.
- #11 The Lasallian MASTER recognition was awarded to Mr. John Gokongwei Jr. at the launching of the DLSU College of Business and School of Economics last June 11, 2010 at Dusit Hotel in Makati City.