THERE are many successful entrepreneurs in Cebu, the reason why SGV Foundation Inc. is urging Cebuano entrepreneurs to participate in Ernst and Young’s (EY) Entrepreneur of the Year awards.
Marlu Balmaceda, SGV senior director, believes that entrepreneurship really thrives in Cebu.
“There was even a year when there were six of them (finalists) from Cebu,” Balmaceda said, during the launch held at the City Sports Club Cebu on Wednesday, March 27.
This year, there are four award categories: Master Entrepreneur for big business establisments, Small Business Entrepreneur for those with assets not exceeding P100 million, Woman Entrepreneur for women who have shown exemplary management, and Young Entrepreneur for those 35 years old and below.
Balmaceda said that it is only this year that they have changed the age range for the Young Entrepreneur category.
With the digital revolution, Balmaceda expects that there will be a lot of young entrepreneurs who will participate in the event.
“We really hope we get a lot of young entrepreneurs, especially now that there are new businesses because of social media,” said Balmaceda.
Balmaceda said entrepreneurship has been an alternative career for young people.
Philip Tan of Wellmade Motors Development Corp. also encouraged Cebuano entrepreneurs to take part in the search.
Tan believes in the capabilities that Cebuano entrepreneurs have.
“I hope that entrepreneurs here in Cebu would take up the challenge to show that we Cebuanos are also at par,” said Tan.
Experience
Tan, who won Innovation Entrepreneur of the Year in 2015, said the program made an impact on his business, not just in the technical side of things.
He recalled that when he received the award, his son was there, who proudly took a photo of him and pushed his son to take charge of their business.
“I can now resign early since my two sons are taking over our business,” said Tan, which for him was one of the greatest impacts the program has had on him.
Tan was already nominated before and got nominated again in 2015, which was the year he was finally selected.
When the Mandaue Chamber of Commerce and Industry endorsed him again, he told them that he was probably not qualified, but the chamber insisted.
Tan said that after they had submitted all the required documents, he received a notice, informing him that SGV was coming to Cebu to personally interview him.
The process went on and during that year, he finally got the title.
“Maybe they were amazed how an engineering company, operating big machines and all these things, can employ PWDs (persons with disabilities),” said Tan.
Five percent of his employees, according to Tan, are persons with disabilities.
“Maybe I got the emotions of those who audit,” Tan said.
After the award and the changes his company has gone through, Tan said that the real challenge is succession.
“Even if you’re the most successful businessman, if you cannot inspire the next generation, sayang (what a waste),” said Tan.
As a successor himself, Tan does not believe in the Chinese proverb, that no wealth can go beyond the third generation, saying his son is already from the third generation and his family is now expecting the fourth one.
Tan believes that the award he received would create the legacy of the next generation.
“The award, that feeling, will touch the heart of the next generation to really move forward,” said Tan. “Do not just be contented because that is what will kill the company.”
The program is held every two years.
The EY Entrepreneur of the Year 2019 is open for nominations online. Deadline for nominations is on May 31.