Very good lessons to learn from a Manny V. Pangilinan.
5 lessons the young can learn from Manny V. Pangilinan
By Mara Santillan MianoPhilippine Daily Inquirer
5:12 am | Friday, August 2nd, 2013
THE AUTHOR with MVP: “The youth now are definitely brighter than we were.”
The Internet generation is used to
having a world at its fingertips, and though it may be more intelligent
and more creative, it does tend to think everything comes easy.
Reinforcing the belief that everything comes easy are the Mark
Zuckerbergs, Steve Chens and Ben Silbermanns of the world: Young
millionaires who made big bucks—even if some people say
“accidentally”—while in their 20s.
Though in this era it is possible to earn so much, and so fast,
from creative ideas, one must not forget that what fueled such creations
as Facebook, YouTube and Pinterest are hard work, patience and a whole
lot of luck.
The rags-to-riches stories aren’t fairy tales; they are long,
tedious narratives of ups and downs. But they are worth it, and numbers
will prove it. According to the ranking system Bloomberg Billionaires
Index, 75 percent of the world’s billionaires are self-made.
Manny V. Pangilinan, or MVP as he is called, is one of the most
eminent, self-made businessmen in the country, and he’s quite proud of
it. Although his backstory isn’t news anymore, this may need further
emphasis: He grew up in a time when the Internet did not exist.
There was neither magic nor a high-tech, moneymaking Internet
scheme in his life story. He strived through school, riding jeepneys and
buses, moved out to work abroad, and struggled through entrepreneurial
failures.
But his words, spoken calmly and carefully, are conceived
unquestionably by a man of superior education and experience. The
journey has made him wise.
MVP shares with the youth his most important life lessons, in the
hope that while they are young, pliant, and not quite on the Forbes
list yet, they might as well develop Forbes-material habits instead.
He says so himself: The Internet generation is smart. No matter
how clever it may be, however, it is not as smart as it thinks it is,
and clichéd as it sounds, that money does not grow on trees.
Hard work
PANGILINAN encourages the youth to set up their own businesses, find their niche, and work toward becoming their own boss.
1. Be diligent.
Pangilinan stresses that there really are no shortcuts. He was a
consistent honor student, and was on scholarship all his academic life,
up until his MBA at Wharton School, Pennsylvania.
He looks back on his San Beda and Ateneo scholarships as his
“lucky charms,” while his Wharton scholarship was from a Procter &
Gamble national competition he won.
“I was a hard worker in school, I studied very hard. I guess I
had to be studious because I wasn’t necessarily the brightest kid in
class,” admits Pangilinan. “The only way to make up for that was to be
diligent in studying. I was trained by that kind of work ethic. There is
a tendency to be hands-on, a perfectionist and maybe insecure even,
since one tends to get down to the details of the problems at hand.”
When you’re rich, are there rules on spending your money the right way?
Pangilinan, known to be low-key and unobtrusive, answers humbly, “Well, you have to earn it first.”
According to a similar survey he encountered, of the 100 richest
people on earth, only 23 were inherited wealth; 77 were men and women of
no pedigree, and not heirs to vast fortunes.
“The abiding lesson is that enduring long-term wealth, especially
for self-made people, really comes from doing the right thing—no
shortcuts, no corruption—and earning it the right way.”
When success is attained by hard work, one tends to see things long-term.
2. Value temperance.
One of the frequently reported habits of the rich is that they
see money as the way to freedom and opportunity, not the source of all
evil. But when one is rich, does one get to spend money the way one
wants it?
Pangilinan pauses, thinks for a while, and replies, “Well, within reason.” But one can argue, “That’s my money.”
He shakes his head slightly, “But, you know, we don’t exist in a
vacuum. We exist within a certain milieu. If you flaunt your wealth,
some people will be upset, especially in the context of poverty.
“I’m not saying that the rich should give all their money to the
poor,” he continues. “One just has to be sensitive about spending his
money.”
“The traditional role of business is to provide goods and
services for a profit. Businesses have to make money, because if they
don’t, it’s not sustainable. But I believe there is a very significant
social dimension to business, one driven by self-interest. If we assist
the incomes and welfare of all the people, especially the poor who buy
our products, they will be more capable of buying our products. The
rising tide lifts all boats.”
Improve lives
3. Think inclusive.
People are told that the country’s current economic growth does
not trickle down to the lower socioeconomic classes. When this is
raised, he goes into another important lesson: inclusive growth. “It
creates a cycle. We are here to improve lives, because improving lives
helps our business.”
Pangilinan says economic development must encompass as many
people as possible. He mentions two industries that have the greatest
impact on employment: agriculture and tourism.
According to him, “rich getting richer, poor getting poorer” is a rather harsh way to look at the situation.
“The government has been doing well in increasing economic wealth
these past three years. We have to start somewhere. If the economy has
slow growth, it would be more difficult. Now that we appear to be on a
high-growth track, the focus of the government has been on promoting
inclusive growth.”
4. Be practical.
This is evident not only in Pangilinan’s life story, but also in
the way he perceives complex economic issues, such as the great Filipino
Exodus.
“It’s simply a reality in this country, and I take a rather
liberal perspective on this matter,” he says. “I’ve seen OFWs up close,
especially in Hong Kong, where I worked for 22 years. They have been one
of the main engines of economic growth in this country for so many
years, and the largest export and industry of our economy. You can take a
negative view about it, saying we are running out of quality labor or
exporting our people and destroying families, but I don’t think we
should make judgments about it.”
It will always be a fact, according to Pangilinan, and this
should be perceived as a good opportunity to promote economic growth.
“I’m not pushing our people away, but instead of criticizing the
situation, it would be better to deal with the issue. Let’s train our
people properly and upgrade their skills, so they can receive proper
compensation abroad and help out their relatives back home.”
Reverse migration efforts have also been made, according to
Pangilinan. The government and various institutions have been pushing
OFW retirees in the healthcare industry to come back and work here, even
for a few months, to share what they learned abroad and contribute to
local healthcare.
Personal initiative
5. Be independent, then take risks.
He raises a common sociological inquiry: “Why have Filipinos excelled abroad but not here?”
Pangilinan believes that the extended family system in the
Filipino culture tends to incubate a comfort zone: “The youth think that
when they get sick, or lose their jobs, they can rely on their parents
and relatives. This tends to stifle personal initiative.”
That was the reason he left for HK in 1976. “There is nothing
wrong with the warm cocoon of family. It feels good, it is comfortable,”
he says. “But I wanted to be on my own, take the risk and see where my
fortunes are.”
He was then 29.
It is a common notion that Filipino youth are traditionally
inclined to become employees. There is nothing wrong with that, says
Pangilinan, but he hopes that a number will grow to be like the
innovative thinkers in the History Channel television series, “The Men
Who Built America.”
“They should be enterprising and become risk-takers. They are
young enough to make mistakes, and they will learn from them,” he says.
Pangilinan encourages the youth to set up their own businesses, find their niche, and work towards becoming their own boss.
This attitude will be a great engine for growth, not just for themselves, but also for their families and the economy.
“The youth now are definitely brighter than we were, and
certainly more personal thinkers,” Pangilinan says. “I think the younger
generation will be better. I saw a manifestation of that in the 2013
elections. A number of the officials from the Senate down to the local
levels are quite young, which I think is a good trend. I hope to see a
better set of public officials.”
Mara Santillan Miano is associate editor of Inquirer’s luxury monthly, Red Magazine.
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This article published from Inquirer.net.
