Most thriving businesses in the Philippines are owned by Chinese or Filipinos with Chinese descent called "Tsinoys". Observing how they built their successful business empires still amazed me to date and the insights gained from the secrets of their success is very inspiring.
The unprecedented phenomenal success of most Tsinoy companies in the country lies in the following:
1.) First, they know how to find their own niche. They find their own kind of business orientation and go for it.
2.) They start small.
3.) They go for bulk. Don't Strive for instant profit, instead go for volume of sales.
4.) They treat their customers as their best friends. Giving them discounts. Listened to their suggestions or comments.
5.) They strive to live with in their means in the most Simple and Humble way. YES ,this is the most important aspect of business success. You must live less than what you earn.
6.) They establish strong personal relationships.
7.) They rely on good guanxi. They form good and long lasting connections and relationships known as Guanxi.
8.) They always return favors, reflecting the necessity of reciprocity.
9.) They practice the virtues of hospitality. They always ensure the comfort, care and protection of their guest. The food are usually yummy, they are good cooks anyway.
10.) The Chinese are punctual. They make sure that they arrive early during meetings because it is a sign of respect to the host.
11.) They establish trust and cooperation which is a crucial part of any business dealings.
12.) They adhere to the principles of good will. They never said no or bear negative news.
Instead, they will hint indirectly about it in their conversation. They'd rather dwell on the bright side of things.
Business Success is not necessarily about connections, or cutting corners, or chamba - these are the three C's of bad business. Call it trite - but, success CAN BE ACHIEVED only through hard work, frugality, integrity, responsiveness to change - and most of all the boldness to dream.
* From Cute Moments Blog
