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“Someone is sitting in the shade today because someone planted a tree so long ago.” – Warren Buffett
During his teaching career, he taught a course in corporate development at the Ateneo de Manila University in the 1980s. This was long before the concept of Ateneo’s School of Management, where he spearheaded his incubation of highly productive businesses established on campus.
It was a fun experimental course and my administrative engineering students enjoyed the application portion of the course. One of his projects worked and eventually he was continued by two group members. This is a t-shirt project, now known as Spoofs Inc., which created a graphic novelty clothing line impersonating a well-known signature brand.
I recall being skeptical at first when the group’s project concept proposal was presented, but that it went very well in execution. They had the highest sales record in their implementation and were a hit with revenue laughter evoked from the campus crowd in their first market.
A major lesson from companies is the importance of bouncing back from adversity for entrepreneurial ventures. This project was originally started “as a joke” and viewed as such by the instructors. However, the group felt challenged and in the end worked out. His two students, Andrew Marcelo and Charlie Doble, pursued ventures beyond school projects as real business activities.
The ultimate role model for entrepreneurial performance, resilience and endurance is Ambassador Alfredo M. Yao. His AMY, Honorary Chairman, is his line of dream stories from rags to riches, as his business is fondly told in his circles. There are many millionaires today, but no one made it from scratch like Amy. A story on the web recounts that after AMY was orphaned by his father at the age of 13, he spent his youth running a stall in the streets of Blumentritt. Both machine operators and salesmen.
He introduced doypack packaging to the Philippines in 1979, but found no interested juice manufacturers. In response, he produced his own juice line, Zest-O, and is now hailed as the juice king of the country. Zest-O dominates today’s market with affordable, high quality juices.
AMY has also successfully built other businesses such as Philippine Business Bank, Asiawide Refreshments Corp. (RC Cola), Movenpick Resort and Spa Boracay and Macay Holdings. A true self-made business his leader, his AMY made it without the benefit of a college degree. In 2005 he was awarded the Ernst and Young Master Entrepreneur of the Year and in 2014 he was awarded the Asean Enterprise Award for Innovation for which he received the most acclaimed MVP Bossing Award.
Those who have worked with AMY testify that AMY inspires, motivates and treats them like family. He is kind and a true mentor to all. Above all, his words are sure and reliable. Honesty underlies everything he does. He is true to his word and never leaves his clients, partners and stakeholders without support, even on difficult and rainy days.
At Philippine Business Bank (PBB), for example, he remains true to his vision of being the bank of choice for small businesses. Roland Avante, president of PBB, has told the bank that he has several successful Fred Yao clones that can grow small businesses into sustainable giants through the support of bank payments and loans. I adopted this when I declared that I wanted it.
Honors are ranks of merit that are selectively awarded upon retirement. Emeritus is often used in academies. AMY’s words are a gem to teach those who want to listen. He has been thoroughly honed in his school of hard knocks and has avoided hurdles. Amy embodies Warren Buffett’s philosophy of always investing for the long term.
In most of his companies, Alfredo Yao is treated as such because he specializes down the succession ladder, but he continues to wield influence in the direction of things. , Amy is an honorable entrepreneur and the deepest reflection, not only in an honorable sense, but as a contributor who continues to move his company forward through innovative practices and very down-to-earth direction.
For our country to move forward, we need more honorary entrepreneurs. The country needs a strong middle-class nucleus and entrepreneurs to create the jobs needed to sustain its growing population.
Benel de la Paz Lagua was formerly EVP and Chief Development Officer of the Development Bank of the Philippines. He is an active member of his Finex and an advocate of risk-based lending for small businesses. Today he is an independent director of a progressive bank and several NGOs. The views expressed herein are his own and do not necessarily reflect those of his office or Finex.
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