How to Be a Billionaire, According to Mang Inasal Founder Injap Sia
Injap Sia is #LifeGoals.
(SPOT.ph) What’s your biggest dream? Is it to become such a hotshot someday that you won’t need lengthy introductions? Or is it to have a mansion with an infinity pool? Or to be so rich that you can live by the beach and never have to work again?
Well, Mang Inasal entrepreneur and business magnate Edgar "Injap" Sia II seems to be living the dream. He is, after all, the youngest billionaire on Forbes Philippines' 50 Richest People List. Sia founded the Mang Inasal chicken chain in 2003, and later sold it to Jollibee Foods Corporation at a 70% stake for P3 billion in 2010. He was just 33 years old then. He also co-owns DoubleDragon Properties, a fast-growing real estate company that's reportedly planning to build 100 malls by 2020. This journey to success wasn’t easy, of course, and he shares the wisdom he has gained so far through Summit Books’ latest offering, Life Principles by Injap Sia.
We round up a few of the tips Sia has shared through the book.
"Don’t be afraid if people think your idea is crazy, because good things come from crazy ideas."
Tony Tan Caktiong opened Jollibee despite having to compete with big fast-food chains in the 1980s. Henry Sy, Sr. built SM City North EDSA at the height of an economic crisis. But look at them now!
"Zero in on a goal. You will be bombarded with many distractions along the way…but you have to stay on track."
Have a clear business plan.
"There’s a very thin line between being aggressive and being purely reckless; I’m aggressive, but not reckless."
Taking a challenge head-on is important in putting up a business, but you have to know your limits.
"If 99 out of a hundred people give up when they’re faced with rejection, you can distinguish yourself by being the one who keeps at it."
Don't expect anything to be easy.
"Deliver on all your commitments, big or small."
It doesn't matter if that includes opening and closing the store yourself.
"Be practical and learn how to sacrifice. Sometimes there’s a bigger prize waiting."
Clichéd as it may sound, patience is a virtue.
"The right mix is a 50/50 balance: 50% for work and society, and the other half for yourself and family."
You may have to start with 90% for work, but the goal is to have quality time for both.
"The number-one reason for not starting a business: Fear of failure."
There's no fool-proof way to avoid failure, but the fool-proof way to success is to not be afraid to fail.
"Make it a point not to get caught up in what’s only up front; you have to go beyond what everybody sees from the outside."
Always look at the big picture and approach a situation from different perspectives.
"Figuring out your unique mission in life takes time, but it is something you really have to search for and understand."
Knowing what you have to do gives you the drive to do it.
Life Principles by Injap Sia (Summit Books, 2017) is available in book stores for P295.