Image by Aaron Friedman via FlickrFinancial IQ Philippines Quick Hit(s):
Warren Buffet, consistently among the Top 3 billionaires, preaches buying companies when they are cheap. Shouldn't it be one of our strategies as well?
One of my favorite business books is Martin Fridson’s How to Be a Billionaire. Although I have no plans or ambitions to be a billionaire, this book shares a lot of interesting ideas that even small and medium entrepreneurs and professionals can learn from. Fridson studied more than a dozen self-made billionaires like Sam Walton, Bill Gates, Wayne Huizenga, and Warren Buffett, and came up with these nine strategies. I will apply these strategies to our local tycoons:
1. Take monumental risks. Lucio Tan buying almost bankrupt firms like Tanduay, Genbank (now Allied Bank), Philippine Airlines, etc. Who is gutsier than he?
2. Do business in new ways. Henry Sy pioneered malls in a big way; Tony Tan Caktiong’s Jollibee was ahead of multinational McDo; John Gokongwei Jr. turned transport upside down with budget airline Cebu Pacific and also the free texts/calls from Sun Cellular.
3. Dominate your market. MVP’s PLDT is dominant in telecom and Meralco is a monopoly; Danding Cojuangco and Ramon Ang’s San Miguel is dominant in beer; David Consunji is a leader in construction; Fred Uytengsu is dominant with Alaska Milk, etc.
4. Consolidate an industry. Like the Aboitizes consolidating power firms and plants.
5. Buy low.
6. Thrive on deals. Like top dealmakers MVP, Roberto Ongpin, Ramon Ang, and Gokongwei.
7. Out-manage the competition. Like George Ty, the Zobels, Henry Sy’s family in malls, Felipe Gozon of GMA 7, etc.
8. Invest in political influence. Not a few tycoons are like Manny Villar in politics, while Ricky Razon of ICTSI is close to all presidents of the Philippines.
9. Resist unions. The late immigrant Jose Yao Campos of Unilab was very benevolent, and I heard of no strikes or labor unions.
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