John L. Gokongwei Jr. : The Path of Entrepreneurship

             Every time I go to the Robinson Metro East. I always see this book somewhere in department store. It’s like a small stall that was filled with this book. It was almost a year ago. I know that this book is related to my course. Let’s just say that not related but exactly related. When we were assigned to read a book that is related to Entrepreneurial or Entrepreneurship, this book came to my mind. I planned to buy this book as soon as possible. When one of my classmate’s give the book that she wanted to read I planned that I will buy the book as soon as I get home. When I got home I drive myself to Robinson Metro east and buy this.

        At the first part of the book it is not about John L. Gokongwei Jr. first. It is all about Entrepreneurship. Definitions of Entrepreneur, definitions of Entrepreneurial and other details to understand more about Entrepreneurship. But many researchers have a problem defining Entrepreneur is. There are many definitions that are written in the book. Even though there is much debate in trying to define an entrepreneur, there are some agreed upon characteristics. Likewise, qualities of creativity, innovation, risk-taking, imagination, and energy, as well as vision, have been ascribed to entrepreneurs. Entrepreneur must create wealth through innovation; this is by introducing new markets, new products, new idea, new technology and better business management practices. According in Schumpter’s model of entrepreneurship, there are five possible scenarios that can create transformation. These are first the introduction of a new product or a new quality, neither of which is familiar to consumer. Second, the application of a new production method or process that relies on innovation, rather than invention. Third, the opening up of a new market. Fourth, the new or innovative servicing of material or components. And lastly, the establishment of new organization, either in structure or type. These are the theories of Schumpter that can apply to entrepreneurship. Introducing new products could drive to competition to find ways of improving. So entrepreneurial is also about improving your innovative product, thoughts and ideas. There are four basic aspects being an entrepreneur that was stated in the book. Hisrich and Peters said that; entrepreneurship involves the process of creation. 

           In my own thought creating something new must be valuable to both the entrepreneur and the customer for which it is develop. Entrepreneurship requires the devotion of necessary time and effort. In this statement entrepreneur must commit him or herself to be persistence and hard work. The entrepreneur assumes the necessary risks associated with the creation of something new. Not in all times luck will be on our side. So we must take every risk to continue what we have started. And last, entrepreneurship provides rewards for the entrepreneur, either in the form of independence, monetary reward or personal satisfaction. Well, God also had his rest day. So you must give yourself a reward in what you did whether you think it is not yet the best give yourself a credit. Be relaxed and be able to improve.

            In the book, The Psychological School constructs an individual attributes or characteristics of an Entrepreneur. Self-confidence, integrity, perseverance, commitment, initiative, positive response to change, foresight, dynamism (charisma), perceptiveness, optimism, and leadership. This are the traits that I can say that One Entrepreneur must have. I know that all of us lack one or more of the traits. But there is always time to improve you more. For good, for better and become the best. While the management school primarily considers entrepreneur as organizing managers in enterprises. They assume that entrepreneurs can be developed and trained, and that they can carry out all the basic managerial functions of planning, organizing, leading, and control. I also learned this in my Management Class. The POLC.

           Entrepreneurship share a common foundation: to explore the motivations, characteristics, and strategies of successful business entrepreneurs.  The personal trait of the entrepreneur that is a common factor is the risk-taking behavior. This is very essential for an Entrepreneur. If you believe in yourself you must have the willingness to take risks. It is the challenge that you must to face. In gambling you just bet any amount that you want but in Entrepreneur I suggest it as a calculated risk.

There are also another way to classify the personal characteristics that define an entrepreneur. Blawatt lists twelve such skills. Resourcefulness, risk-taking ability, creativity, flexibility, ability to get along with people, responsiveness to suggestions and criticism, analytical ability, communication skills, tolerance for ambiguity, recognition of patterns, decisiveness, positive response to failure. 

          We can see that it has a similar to the attribute of Psychological School. I think both of them are right in giving the traits and characteristics of a good entrepreneur must have.

And the last thing that was discussed in the introduction of the book about Entrepreneurship is the Outcome of Entrepreneurial Activity. This is the third element of Blawatt’s modified. He said that in the process of creating business ventures, entrepreneurs must consider environmental factors and adapt their performance accordingly in the expectations of a successful outcome. He also said that the new business ventures, from start-up to growth, profitability and sustainability, must therefore measure environmental factors, performance, and outcome. I agreed on what he said. Because in making a business we should all consider environmental aspects. If our business will be a negative factor to the environment or a positive one. By which we can contribute some ways to have an eco-friendly in the society or to our environment.

     These are just the few things I learned from the book. I also realized that not all the big businessmen were rich at the beginning. Most of them are poor. So they work hard to sustain their needs and to support their family. Like in the story of John L. Gokongwei Jr. his father died because of the wrong blood that was fused to his body. So John is the only one that can support his family. He works hard even though he is the only one that was left in the country. I can’t imagine how life could be without family besides you. Because his family flew back to China because of the loss of their business, properties and money. He did everything to survive life. He started from a small market. But eventually it grows. He think that there’s always an opportunity. Just give extra time, effort, dedication and most of all the hard work. John gives most of his time working. And now, he’s one of the richest men in the country.

       This book teaches me a lot of things. It gives me a lot of ideas, a huge amount of data, facts, information, and details about entrepreneurship. It gave me strength to establish my confidence. It boosts me to pursue my goal. And to achieve more.

And now I am more willing to take all the consequences that will come in my way. Whether it would me negative or positive. As what John L. Gokongwei Jr. said you must take all the risk that you may encounter. You will risk that even though you’re not sure for the result of your product you will take the risk whether to distribute the product or not. We don’t know maybe it will hit the market. But most importantly, know your business very well. Have a research. And think of the opportunities that you will meet. I know that all of the new ideas in industry have their own potential to grow and to expand even more. But be considerate about what others might think about it or have a survey to know each and every one insight about it. Don’t be such a easy-come-easy-go or easy-go-luck. These are the no-no characteristics in entrepreneur.

        While reading the book I imagined the life back then. How our economic status, war, and most especially the lives of Filipinos. It made me also realized that I’m very lucky now, because of the modernization, technology and globalization. Life will be easier because all the things that we needed are easy to find. But you must work with it also. And I learned that what we have right now are blessings that God shower us. And we must lean to share it with others.