Transformational Leadership Blog

These nine rules were taken from the book of Marites A. Khanser, John L. Gokongwei Jr.: The Path of Entrepreneurship. I wholeheartedly recommend this book to anyone who wants to become a top notch entrepreneur.

1. Change is inevitable and flexibility is the key.

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.

The business strategy of John L. Gokongwei Jr. testify to this principle. When Gokongwei entered the manufacturing industry, he changed the rules of the game in the Philippines. In the telecommunications sector, he introduced the 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.

Failures are a part of life. Deal with it. Gokongwei faced a lot of odds in his business career. At one time, he did not succeed in breaking through a particular sector. Some of his businesses failed. Some even failed to take off the ground. Yet, Gokongwei learned a lot of things from all those experiences and he became a great business tycoon after.

4. Good brand building equals reputation.

Gokongwei has a lot of brands to his credit—the budget airline company, Cebu Pacific Air; telecommunications companies such as Sun Cellular, and Digitel Philippines; snacks company Universal Robina Corporation; and shopping mall chain Robinson’s Place! He has succeeded in building these brands and in turn, his reputation soared!

5. Family support is crucial.

John Gokongwei’s family has been crucial in building his empire. He was not able to finish his college degree, but he sent his younger brother James to the Massachusetts Institute of Technology to study and help him establish his empire. His brothers and sisters helped him in his early endeavors. Until now, family members such as his son Lance Gokongwei are very much active in helping him manage his business 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.

7. Pausing to recharge brings new vigor.

Even if he was very busy, Gokongwei tried to find time to rest and renew his spirits. This helped him keep thinking of new businesses and improvements in his operations.

8. Reading and traveling enriches one’s mind.

When he was young, Gokongwei was not afraid to brave the open seas to sell his goods in Manila. When he was older, he also went to different places to enrich his mind. Reading was also a great part of his lifestyle as he was always on the lookout for good ideas.

9. Philanthropy is a personal satisfaction.

When he became very rich, Gokongwei found ways to help others. His businesses already generated thousands of jobs in the Philippines. Because he values education, he has donated money to the Ateneo de Manila University to support business education in the Philippines.

John L. Gokongwei Jr. is already 80 years old. Yet, he continues to make his mark in the Philippine business environment. His life is a shining testimony to the great benefits of an entrepreneurial life.

image credit: AmericanChronicle

Related posts:

1. John Gokongwei Jr. Biography: Lessons in Entrepreneurship
2. How John Wood Left Microsoft to Change the World
3. 2010 Graduation Speech of Jeff Skoll to Stanford Graduate School of Business