As Francis Kong climbed up the second floor of Dôme in Podium, I knew immediately I was face to face with a dyed-in-the-wool entrepreneur. First, he was comfortable in jeans on a weekday at three o’clock in the afternoon. Second, he spoke no jargon. These two things, and his Chinese surname immediately gave me a sense of what I was going to hear for the next hour or so. Or so I thought.
The first revelation was that he was not born a wealthy Chinese. “I started from scratch,” Francis says. But he tells of how his father drilled into his mind not to become an employee, even as a kid.
“Kahit manager ka diyan, di ka yayaman. Kahit konti kita mo, basta sariling negosyo okay,” he recalls his father telling him.
Francis sums up the situation very nicely. If you are dependent on employment, you are dependent on pay and perks. If you are an entrepreneur, you are dependent on earnings, which can be a much more attractive option.
It’s a nice thing to preach. Very inspirational, too. It’s not hard to imagine Francis working up a crowd during his seminars very quickly with his well-modulated voice and street smarts kind of smarts, if you know what I mean. But I just had to know, after all the preaching, if he believes that everyone in that crowd has the genetic makeup to be an entrepreneur.
“Not everyone can be an entrepreneur. There’s the intelligence quotient and the emotional quotient. There’s also what you call the adversity quotient,” he says.
AQ is shorthand for “tibay ng loob and kapal ng mukha”. It refers to a person’s ability to face failure and start again. If your business fails or let’s say you can’t collect from your clients, are you going to quit? Francis says this is the stuff that entrepreneurs are made of – the ability to work hard, eat your pride and fight the odds.
“Around 70% of all startups fail. That doesn’t mean you should stop trying. That’s your tuition,” Fancis says.
Fortunately, AQ is not something you have to be born with. Francis says it can be developed in a person. An entrepreneur’s mind is really made up of a deep desire to succeed even if it means taking risks and an inner meter that values time and opportunity.
“The biggest loss is when you sit down and do nothing,” Francis says. When that happens, the invisible meter of inflation and opportunity loss takes its toll. He explains this concept through the true-to-life story of a young lady who asked him for a job when he was still running a business selling jeans.
(I just love little anecdotes.)
When this young lady applied for a job, Francis recalled that he didn’t have a position for her. After which, the young lady said she would work for free while she was waiting for other companies to call her. “Baka kalawangin ako, eh wala pa namang tawag,” she says.
How do you say no to that? Long story short, Francis took her in and pretty soon noticed that this young lady was working longer hours than regular staff. Not surprisingly, after some time, the store manager was depending on this young lady for strategies in the store.
What do you think happened?
After eight months, they created a position for her.
“There’s one thing we have in common with Bill Gates and John Gokongwei. We both have 24 hours in a day,” says Francis.
Time and opportunity. They go together. Inside an entrepreneur’s mind, these two can be the magic combination.
January 3rd, 2008 at 1:27 am
I just read this article. Francis does inspire.. thanks Salve for sharing this.
September 24th, 2007 at 11:34 am
salve, I’m more a survivor than a winner. I’ve seen many failures and few successes. Winners lose only once and it’s over. Survivors just keep coming back from failures. Entrepreneurs are like that. If you have that attitude, entrepreneurship is for you.
September 21st, 2007 at 7:20 pm
Pinoy Investor, i heard somewhere that winners don’t retire. They refire! You sure sound like someone who refires
September 21st, 2007 at 7:18 pm
Ideal Minds, thanks for sharing! They say the backbone of the economy is really the small entrepreneurs who put blood, sweat and tears on their businesses. Entrepreneurs really just do more than earn money… Of course, that increased cash flow feels good too!
September 16th, 2007 at 7:05 pm
Money will not satisfy a man’s heart. The more you have the more you like it to grow.
Let say you put into the bank one year payment as a employee and net profit as a employer.
Working for ten years, if everything goes well 5M a year 50M in ten years, you would have 50m in the bank.
Investing in a business with one branch expand every year for ten years, So you will end up 10 branches for ten years time. Let say putting up a branch would cost around 1M.
If also goes well net profit of 2M every branches in a year, for ten years it would accumulate to 100M, deduct the Investment cost.
What motivates you maybe the passion to achieve certain things, executing an order from higher ups or creating jobs or changing the society or anything.
In the minds of an entrepreneur would be making money, growing it, sharing it to the environment and society, and helping the growth of the economy of the country.
September 14th, 2007 at 4:23 pm
salve, it’s not just about money. If you’re earning 5M a year as an employee, would you resign to start a business?
It’s human nature to want what we don’t have. When we have lots of it, money no longer motivates.
I’m still motivated.
September 14th, 2007 at 4:37 am
pinoy investor, interesting question. From what I have seen so far, entrepreneurs win hands down, comparing of course the same size of business. Naturally, we can’t compare the earnings of the owner of Binalot, for instance, with the pay of JAZA.
I interviewed the owner of Candy Corner and she also said something that made sense to me. She said to a certain extent, its not just all about the money when you are trying to decide if entrepreneurship is the way to go. She said the idea of actually building an enterprise and employing people rather than being employed has made her stay in the business scene, more than just the earnings.
I’m curious to know what you think about that. Too much mush?
September 14th, 2007 at 4:32 am
ninetails, i agree. Just like the diversity of the plant and animal kingdoms, the corporate world thrives on the different kinds of people that populate it. Question is: which one are we going to be? Unlike plants and animals, humans can choose. Definitely, entrepreneurship is not for everyone.
September 14th, 2007 at 4:28 am
RER, lex and johnelms, thanks for dropping by! Do tell us more about yourselves and your experiences. Are you entrepreneurs or getting into the business scene any time soon?
September 14th, 2007 at 4:26 am
rancy, i’m touched by your fierce defense.
May your business grow and your cash flow strengthen.
September 13th, 2007 at 8:39 pm
critic, LOL. Behind that gruff exterior, I do believe you are trying to be helpful. I mean, most people would just read something else if they don’t like an article and not say a thing! I’m touched that you would take the time to comment :p. For you, I will try to avoid going to the bathroom when writing.
September 13th, 2007 at 1:30 pm
I likethe article though medyo bitin nga, parang it stopped at mid-air. I also like the comments. We are probabaly meant for things we are deeply interested in. More of these please! Thanks.
September 13th, 2007 at 11:47 am
Which is harder to achieve - start a business or be CEO of a large company? Who makes more money? CEOs can earn 50-75M in 10 yrs. Not good enough for entrepreneurs I guess. What’s the best way to make money?
September 13th, 2007 at 9:45 am
Great article! I was inspired of what the lady did.
Hope I could start and run my own business soon.
September 13th, 2007 at 9:34 am
not all people are meant to be businessmen. we are created with individual talents and skills. ano nang mangyayari sa mundo kung lahat negosyante?
September 12th, 2007 at 6:36 pm
[...] Duplito takes you inside an entrepreneur’s mind in Open for [...]
September 12th, 2007 at 6:32 pm
^^
girl/dude, where do you get this angst from? get out of your musty cubicle, you office worker!
this is a nice article. oh, and i just want to share, saw this bumper sticker which says, “work is for people who don’t know how to fish.” nice, eh?
September 12th, 2007 at 5:35 pm
Executive employees can also make a lot of money. I know a lot of them. The advantages of entrepreneurs over employees are independence and longevity.
You run the show when you own the business and you can pass it to your children when you retire. My relatives have done this for 3 generations.
In contrast, even the CEO of the largest corporation has to seek board approval and cannot give his position to his son when he retires (unless he also owns the company).
September 12th, 2007 at 10:46 am
ok na sana kaso you have an abrupt ending which sucks (are you an amateur?)…..had to meet the deadline or rush to the CR?
nakuha mo pang maglagay ng anecdote and say “oh how you love it”. what a drag…..your editor must be busy or….nah, nevermind.
September 12th, 2007 at 8:46 am
This is a very wonderful and enriching article. Keep up the good work!