A MANILA-based business leader told Cebuano entrepreneurs not to cut their investments during the difficult times.
“Invest because (as entrepreneurs) you have to solve the problem before it arises,” said AYM Holdings president Ambassador Alfredo Yao last Monday.
Yao—who founded the AYM group that has interests in food, banking, beverage and airline industries—spoke before participants of the One Cebu Business Summit and shared his experiences in growing his company amid many challenges.
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He said problems can be transformed into opportunities. He pointed out during critical financial times, he was even able to open new investments.
Zest-o, the first juice drink sold in doy packs, was introduced by AYM Holdings in the 1970s after he brought a doy packaging machine in Germany.
A doy is a stand-up pouch made of a certain type of plastic.
Yao said he booked the machine to get orders from local companies in the Philippines, but then was not able to get any orders. “So, I transformed the problem into an opportunity and the rest is, as they say, history,” he added.
Bold step
During the Asian financial crisis in the late 1990s, Yao opened the Philippine Business Bank, a thrift bank.
Although most companies are still trying to recover from the effects of the global financial crisis, Yao said he is now looking at opening two branches in Cebu.
Last year, Yao said he took a “bold step” in venturing into the airline industry amid the deepening of the global financial crisis. Since most airline companies at that chose not to expand, he was able to purchase aircraft for Zest Air “at preferred prices and at early delivery time.”
Yao said Zest Air will start serving other destinations in Asia in the last quarter of this year.
Yao advised entrepreneurs to remain focused on investments and be sensitive “to what is happening so that one would be able to spot opportunities.”
“Do not wait for opportunity to come. You will be more than lucky if the same opportunity happens to pass you by twice,” he said, adding that he is confident the crisis will “not linger for too long.”
Yao also urged Cebu-ano entrepreneurs “not to look very far” when looking for mentors who can inspire them in running their companies.
“Cebu produced a number of successful businessmen,” said Yao, citing the Aboitizes.
“Cebu must be doing something very right because the list of successful companies from Cebu is endless. We should learn from you instead,” he said.
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