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The Many Faces of Elsie Chua
Success is not an overnight thing, it's a profound journey with mentors, life's ups
and downs, challenges and opportunities and self-mastery. Join me in my journey
from a promising nerdy young lady with thick batman glasses into the
confident businesswoman that I am today.
| Formula One: Vision, Mentors and Passion > |
- Father's Wisdom
“Don't waste time and know your priorities,”
My father (who's my first mentor) believed that good management enhances the revenue and efficiency of a company. My father, Dy Piac Gam of Amoy, China who ran his own backyard enteprise supplying spools to companies like Allied Threads. Father taught us the value of being industrious by assigning his children different jobs.
“Learn how to be frugal and enterprising”
Excessive luxury was also something Mr. Gam frowned upon. “During high school, for example, I asked to be taken to school in our family car. He disliked this and made me
commute from Caloocan to Chiang Kai Shek College. I had to walk several blocks under a bristling sun from the terminal I resented his decision back then, but I've come to appreciate the wisdom behind it.”
- Mother's Wisdom
“The value of sharing what we had with other people and making friends,”
My mother, Crisanta Racelis of Camarines doted on us that we should enjoy the company of other people and relatives during summer vacations. My mother was also a gracious
woman who always wanted her daughter to care for herself.
“Look well-groomed and dress appropriately”
Parents creates balance
I remember that I looked like a nerd during my early teens because of my thick Batman eyeglasses. She taught me that being smart and being beautiful at the same time was an
acceptable combination.
- Self Mastery
My father taught the practical aspects of living in the Philippines, my mother on the other hand demonstrated ways of enhancing one's assets and appreciating the psychic
value of sharing with others. I worked for Solid Bank in Caloocan where I discovered the
ropes of credit financing in a way that I would never have learned in school. Under the tutelage of two senior officers, I absorbed the counting room operations like a sponge. I
learned quickly and was soon promoted to the bank teller section and dubbed as “Fill-In-The-Blanks-Elsie” for my capacity to memorize the last notices made by absentee tellers without stopping to search for references. As head of new accounts I successfully scoured the neighborhood of Caloocan in search of new depositors. Also in charge of overdraft accounts, developed a close affinity with the bank's regular clients, knew each client on a first name basis, and could memorize telephone numbers. Building trust among clients and making them feel like close relatives was important then and is a quality that I chose to retain. “These two things, credit access and client relations, are of prime importance if one hopes to become a prosperous and trusted entrepreneur.” Because of the outstanding performance, I became the youngest Chief of Accounts in Solid Bank's history, and helped make Solid Bank the most competitive in the area.
- Life's Biggest Trial
My mother and father were involved in a car accident and died before they could reach the hospital. “It was a very traumatizing experience.” With my brothers having settled with their families, I, as the eldest single child with a career, also had to deal with the financial setbacks faced by the family business. “It was a very tough time for me and my younger
siblings. I promised my father and mother on their funeral that we will never become poor. I wanted them to be proud of my accomplishments.” Instead of being defeated by the unexpected tragedy, my will to succeed as an independent entrepreneur was strengthened tremendously. “My father's motto, 'don't waste your time and know your priorities,' had another meaning which I realized after he was gone.” That was his way of saying “Never give up.”
- Vision of Excellence
“If any of our new employees were absent, I stepped into their shoes and fulfilled their duties.”
“I even did janitorial jobs for a while and focused on improving the business as best as I could.”
“A proper and organized presentation to founders and a trustworthy promise to return their investments sealed the deal”
The financial aspect of their business had a very rough start. Since no banks financed newly-founded companies like ours, I had to convince the Senior Vice President of Far East
Bank, John Gaisano, of the viability of investing in their small business. The executive was so impressed with my salesmanship that he awarded Melawares a PHP 500,000 loan.
Melawares is presently dominating almost 90 per cent of the dinnerware production sector, and is on the way to becoming the nation's first one-stop shop for restaurant supplies.
- Making challenges as Opportunities
1984 was a year of historical and economic changes. Despite the financial and social upheaval caused by the death of Senator Ninoy Aquino in August 1983, Me and my brothers used the momentum of Melawares' triumph to build a residential condominium that boasts of 124 units. It was named Crisanta Tower in honor of my mother.
“Of course there was capital flight, but I've always believed in the Philippines. Even when times looked bad, there was no other place for me."
“Our country is very resilient and has risen from the ashes repeatedly. We must always look into new opportunities.”
When 1987 came, the Philippine economy hit its lowest point. Exploited the current decline by buying an entire block of land from the famed evangelist and former real estate developer, Mike Velarde, who was desperately selling properties in the Multinational Village subdivision. I trans formed the block into a residential area that rivalled the former developer's past efforts.
I was soon immersed in the world of property development, sales and marketing. Began purchasing wholesale lots and sold single homes to interested buyers.
- The Big Break
The break came when Ayala Land offered a square block of properties in Makati Avenue
“I looked so young that the Ayala Land President, Mr. Francisco Licuanan, asked whose daughter I was. Clutching a P5 million Manager's check in my hand, I had to introduce myself as the buyer from ANTEL.”I formed another organization called Le Meriche and sold a record PHP 350 Million in just 30 days.
The next year, she embarked on another ambitious project by developing Millenium Plaza, a residential complex, on a full-scale basis. Promoted this property along Makati Avenue
as the first condominium hotel with professional management. Later renamed “Le Mercure,” the establish ment serves foreign and domestic investors.
- Sharpen the Saw
Instead of resting on achievements, I began lobbying for special entrepreneurship seminars to be utilized by pro fessional organizations. Joined the Management Association
of the Philippines, (MAP) the Philippine Chamber of Com merce and Industries, the Financial Executives of the Philippines (FINEX) and the Women's Business Council where I became President for two years. My rich experiences within the country and abroad kindled
a spark of ideas: instead of merely setting up real estate ventures and profiting hugely from these projects, I decided to teach other Filipinos how to expand their potential as self-made entrepreneurs.
- Looking for New Opportunities
CDC Holdings, Inc. tapped into the huge market of Filipino Overseas Foreign Workers (OFW) in different foreign countries by offering them decent, affordable housing.
Launched this globe-spanning project in at least 18 countries where OFW communities thrived. According to various OFWs in the Middle East, I stand by my word and treats others with sympathy. I believe that CDC Holdings, Inc. is more than a commercial undertaking.
It is a humanitarian project designed to uplift the spirits of migrant workers by gathering them in a community that understands and respects their culture.
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Formula Two: SUCCEEDING IN A BUSINESS >
Most businesses have four important P's, product, price, personnel and promotions. |
- PRODUCT
On the first P, the product, urges entrepreneurs to conduct market research first of all and then to make a business plan on supply and demand.
Create the product that will meet the demand. You have to have a product to sell, something that you truly believe in. Give the right information about the product and have a very clear unique selling proposition about it. Tell clients about its benefits and the reasons why they have to have it.
“And then you will need to know how to finance the business. You need to do your costing as well as your basic accounting. But as a leader, show how much you can sell, how to reach your market, and then distribute your product. And then you have to have efficient management. Do role playing where personnel act like managers so that your team can always be aware of the goal.”
- PRICE
Put a price on the product that is competitive, have a team that will support your actions, and plan pro motions and marketing strategies that will build the trust in your product. Be alert and proactive. Anticipate the needs of your buyers. On the marketing side of my housing projects, I have never stopped looking at the challenges.
Sell to get the best return. Have a business where you have a fast turn over and where your returns are greater than your earnings as a paid employee. Selling is a career and a business.
- PROMOTIONS
The information materials have to be visually appealing and attractive, first and foremost. A visual image is the first way by which a prospective customer can get to know your product. So whether it is a store, a restaurant, or a condominium interior, you always present it in the best possible light.”
“Have diskarte and be ma-paraan,” she says about re sourcefulness. “Of course, this depends on the personality of your kausap your client, business partner, funder, etc. Use either the hard sell or the soft sell approach; adjust it to your kausap.”
But most of all, talk sense. There is a two-way approach to negotiating and meeting halfway: I learned the art of making deals along the way. I think and plan them way ahead, very early as the morning. And so, aim for the bigger chunk and give it your all.”
- PERSONNEL
On personnel, an entrepreneur should have a team who will support his or her actions. The first thing is to develop a professional team to do a good job of the things I myself cannot do, like the engineering, the architectural aspect. Tap the right people to do the job. But
you yourself should also know what the work entails - how they go about accomplishing their jobs - and how you can push them to do their best.”
It is likewise important to set expectations and quotas but at the same time, to develop the skills of the staff so that they build their confidence in themselves. Once they hit the
target, they should immediately get incentives.
- CLOSING
Sell by checking the background of products and people. Know all about your product. Believe in it; this is your capital. And lastly, manage your business with love, interest and
passion.
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PREPARING EVERYONE ENTER A BUSINESS
“My motto is Kabahayan, Kabuhayan, Kagandahan, Kaunlaran (Housing, Livelihood,
Beauty and Advancement. It includes teaching overseas Filipinos workers how to save
and invest properly and how to be resourceful and to study thoroughly if there is a
demand for a product and then move and grow.”
The most-often asked questions by OFWs preparing to return to the Philippines > |
