Mighty Corp., one of the biggest cigarette manufacturers today, shares the secrets behind their success.
The oldest Filipino-owned cigarette manufacturer was only an underdog in the field of tobacco manufacturing before. But with determination and hard work, the company grew into one of the biggest names in the industry today, holding a significant part of the market share.
So how did they get this far? Mighty Corp. shares tips and secrets in order to achieve success.
You need to:
Anticipate future trends and adjust. Most people fail to adapt to present trends and also fail to anticipate future trends, leading them to failure.
According to the president of Mighty Corp., he was just an assistant sales manager of their company from 1983 to 1985 when he noticed the changing fashion in local smoking, and saw how the then-new tax system was killing the native cigarette segment. So they developed Virginia-tobacco type cigarettes in 1985. They also changed their branding to Mighty to go with the change.
Preserve harmony. Preserving harmony within the business, especially in a family business, will help you have a peaceful environment, helping you focus on more important issues.
“If you have family harmony and you can work well together with family members and other people.”
Decide succession based on meritocracy. The president of Mighty Corp. explained that choosing the successor of one’s company, as well as executives and managers, is an important step to make your company grow. He said that choosing these should be based on merit and who’s the most qualified.
Persevere. “There should be a high degree of patience and perseverance. It is like courting a girl, a lot of patience is required,” the president said.
He described how Mighty Corp. struggled for decades under the pile, but perseverance helped the company climb to the top.
Have faith. The president of Mighty Corp. believes that faith is a factor in maintaining peace within your family and company, helping you make the right decisions.
"Faith is important to business or the profession, because faith gives you spiritual development and direction. Meaning, faith keeps you cool all the time, whatever happens to our business, profession or life.”
Maintain people. Taking care of your people strengthens the teamwork within the company, helping it grow and face problems with ease.
Believe in filial piety. The company believes in total obedience to parents and family elders. According to the president, their 87-year-old mother is the guiding force behind Mighty Corp. today.
Work Hard. Hard work has no substitute. According to the president, he and his siblings go beyond work hours, even working on Saturdays and Sundays.
Innovate. Mighty Corp. has always been innovative. From producing modern-style cigarettes to modernizing manufacturing equipment to improve quality and increase yield of production.
Believe in philanthropy. Mighty Corp. believes in giving back to the people. Since their patriarch did not get the chance to finish high school or college, to honor his memory, their foundations support educational scholarships for three sets of beneficiaries: the kids of company employees, the kids of non-employees who are deserving students and need help, and also for children of rural tobacco farmers who want to study agriculture in college.
Show humility. A successful man is a humble man.
“There should be an element of self-denial,” he said.
Focus. The president believes in focusing on your goals, especially on the importance of “concentrating on your core business.”
Be loyal. Loyalty to your family will maintain the peace within your family and business, helping you make the right decisions.
“Having only one family is crucial for genuine success, because if one has too many families, that is a sure recipe for chaos and for nonstop family quarrels," the president said.
Believe in destiny. The president gives his take on “destiny.”
“Destiny is key to success, just like in the Bible. When God called Jeremiah to become a prophet, he said ‘No, I’m a shy person.’ But God said to him, ‘Before you were born, you were already destined to become a prophet.’ It became true, Jeremiah became a good prophet, naging madaldal (he became eloquent). Read the Bible, Jeremiah Chapter 1:4.”
No comments:
Post a Comment