With 32 Million Pesos Debt How did a Losing Businessman Paid it and Get Back on his Feet?
The Journey of a Filipino-Chinese Entrepreneur: Steve Sy
Embracing the Entrepreneurial Spirit
Sometimes, people develop a mindset of entitlement, thinking that once they receive a good salary, they no longer need to exert effort. However, it's not about the immediate rewards; it's about the long-term value of the business that one will receive. This philosophy is crucial in business negotiations, aiming for a win-win situation. If you do your work and business well, your customers will advocate for you. However, it's important to note that entrepreneurship is not for everyone—it's a calling. Three years into marriage, Steve Sy found himself in debt, with a staggering 32 million pesos.
For those willing to go through the challenges of entrepreneurship, it's essential to start now, start small, and fail fast. Always adapt and grow by listening to your customers. This adaptability and flexibility are key to business growth.
Meet Steve Sy., the Alibaba of the Philippines
If you're interested in earning online and selling products, especially from home, this article is for you. Joining us is a pillar in the realm of online e-commerce and selling in the Philippines, often referred to as the Jack Ma or Alibaba of the Philippines.
The Roots of an Entrepreneur
Steve Sy has always been in business, never employed by others. His entrepreneurial journey started as early as age 8 when he began selling. In Grade 2, he recalls buying sticker pads for 5 pesos, cutting them up, and selling them to his classmates for a profit. This early venture into trading laid the foundation for his future business endeavors.
Steve's entrepreneurial spirit seems innate, likely inherited from a family deeply entrenched in business. His father was in the textile industry, and Steve grew up immersed in this environment. At a young age, he was tasked with simple jobs in the family store, learning the value of money and hard work early on.
The Filipino-Chinese Business Ethic
The culture of Filipino-Chinese families often involves instilling the value of money and business acumen from a young age. Steve recalls how summer vacations were spent working in the family store, learning the ropes of the business. This hands-on training is a tradition Steve continues with his own children, teaching them the value of money and the importance of hard work.
Steve's background has deeply influenced his perspective on earning and managing money. He emphasizes that money isn't easy to come by and must be worked for diligently. These values, instilled by his parents, are ones he passes on to his children, ensuring a stable financial foundation for the future.
Overcoming Challenges and Learning Lessons
Despite growing up in a comfortable environment, Steve wasn't spoiled. He shares a poignant memory of his father asking him to work in Divisoria on a Sunday, despite having attended a good school. This experience taught Steve the importance of humility and hard work. After graduating, he returned to Divisoria, helping out with the family business and eventually becoming an entrepreneur himself.
Through his experiences in Divisoria, Steve developed strong negotiating skills—a core strength that has significantly contributed to his success. He learned the importance of getting products at the lowest possible price to maximize profit margins. For Steve, every peso counts. A seemingly small difference in cost can have a significant impact when multiplied by large quantities.
The Strategy Behind Successful Trading
Many online sellers frequent places like Divisoria, Baclaran, and Quiapo to buy products. Steve, however, takes it a step further. He scouts these local markets to understand the prices before traveling to China to find suppliers who can offer products at 30% lower prices. He meticulously plans his trips, considering all expenses to ensure that the savings outweigh the costs.
Expanding Your Business: Strategies and Relationship Building
Planning and Stock Selection
When expanding a business, selecting the right amount of stock is crucial. Steve Sy., a renowned entrepreneur, emphasizes covering travel and living expenses with the savings from cheaper products. He often sources stock from China, which can be 30% cheaper. If you purchase products worth 1 million pesos, you save 300,000 pesos—an amount that covers travel costs.
Research and Preparation
Steve stresses that research is a fundamental step in doing business. It's not enough to buy what is offered; thorough research ensures lower costs and good quality. Many people neglect research, leading to higher expenses. After research, negotiation becomes essential.
Importance of Negotiation
Negotiation is a skill vital for business success. In a role-playing exercise, Steve demonstrated his negotiation skills. He highlighted the importance of creating a win-win situation in every negotiation. It's not just about lowering the price but also adding value for both parties.
Building Long-Term Relationships
For Steve, business is not just transactional. Providing value and support to clients is crucial for building long-term relationships. In every negotiation, he thinks about how to benefit both his business and the other party. This approach ensures mutual success over time.
The Power of Word of Mouth
Steve believes that word of mouth is a powerful marketing tool. Satisfied clients will promote your services or products. He shared an experience where he referred a landscaper through social media, resulting in the landscaper gaining many clients. This type of marketing is invaluable and cost-effective.
Integrity and Honor in Business
Integrity and honor are essential in business. If you're known as someone with integrity, more clients will trust and refer you. Maintaining a good reputation in every transaction is vital. For Steve, his reputation brought him many referrals and long-term clients.
Starting Great Deals E-Commerce
After his experiences in Divisoria and developing essential business principles, Steve founded Great Deals E-Commerce. Despite facing many challenges, his experience and skills in business led to his success in e-commerce.
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