9 Rules to Business and Life

Got this from a book “A Path to Entrepreneurship” that’s written to story-tell the life of one of the top Filipino-Chinese business tycoon in the Philippines, Mr. John Gokongwei (JG).

I’ve made a summary of what I’ve got from the said rules that Mr.JG have shared.

9 RULES FOR BUSINESS AND LIFE SUCCESS (BY: JOHN GOKONGWEI JR.)

1. Change is inevitable and flexibility is the key.

- For someone to survive and prosper, one has to be flexible and adaptable to change and adversity.

(Livelife2fullness: Very True. The only thing that’s constant is change. You shouldn’t fear change, in fact, change is good. Just always keep an open-mind and optimism then everything else will be alright.)

2. Personal stakes in the company encourage everyone to work hard.

- Each person in the company should have personal stake to work very hard for its progress.

- Hiring the right people and at the same time providing them the right benefits. And for deserving people, a stock option to have a part-ownership of the company. This will drive everyone to the same goal of making the business a success.

(Livelife2fullness: Getting cooperation thus comes from making people feel that they are important)

3. Mistakes and disappointments are inevitable.

- One should have a healthy attitude towards failure and adversity.

- Instead of wallowing in self-pity, transform adversity into opportunity.

- If you fail, try to learn the lesson from the mistake and then move on to search for new opportunities.

- Optimism and positive outlook in life enables one to respond to change and to manage failure effectively.

- Everyone makes mistake, the only difference and important factor is how each deals with them. Take them in stride, learn the lessons and move.

(Livelife2fullness: Success and failure comes hand in hand, and those who win just know how to stand up. Success isn’t worthwhile without the setbacks.)

4. Good brand building equals reputation.

- Mr. JG says that his companies were founded on good branding strategies.

- Building good reputation through good branding.

(Livelife2fullness: Nothing beats integrity. Once you build your trust to someone, no matter what you do, that person will trust you. The same goes if it’s the opposite.)

5. Family support is crucial

- Family gives us inspiration and determination to work hard.

(Livelife2fullness: No matter what happens, you will always have your family. Everyone else will leave you but your family will be there standing by just waiting for you to reach out. )

6. Never lose sleep thinking of business risks

- Do not compromise you much needed sleep no matter how much stressed out you may be.

- Try not to let things bother you and believe that sleep is a joy of life.

(Livelife2fullness: Remind yourself each day to take responsibility seriously but never take yourself too seriously. Learn to laugh on yourself when you make mistake instead of feeling sorry and stupid)

7. Pausing to recharge brings new vigor.

- There should be a time to pause, to withdraw to recharge.

- There are emotional costs to leadership, and as a leader, we need to recoup after working so hard, to step back and replenish your energy to bring new vigor into your life.

(Livelife2fullness: Work hard but learn to CHILL and REWARD yourself for working hard. You deserve a path in the back and a break.)

8. Reading and traveling enriches one’s mind.

- Set aside to read books and travel new places to learn more insights and discover new things.

(Livelife2fullness: Two ways to expand your growth in life: a) read books/magazines b) travel to places)

9. Philanthropy is a personal satisfaction.

- Give back to society and share your blessings.

- A sense of social responsibility.

(Livelife2fullness: Everything you have now is temporary. We are just stewards. Learn to give and share it back)