Entrepreneurship has always been at the heart of innovation, positive disruption, and progress. In his keynote address at the recent EY Entrepreneur of the Year Philippines 2024 awards gala, Lance Y. Gokongwei, President and CEO of JG Summit Holdings, celebrated the spirit of entrepreneurship and its potential to create lasting impact.
Addressing the organizers, winners, and guests gathered at the Makati Shangri-La on October 23, 2024, Gokongwei, the winner of the award in 2005, offered an insightful reflection on the Entrepreneurial Mindset—one of the Gokongwei Group’s core values—and how it shapes opportunities for individuals, businesses, and communities alike.
From Humble Beginnings to a Legacy of Innovation
Gokongwei opened his remarks by sharing the origin story of the Gokongwei Group. It began with his father, John Gokongwei Jr., then a young boy who sold peanuts and assorted goods to support his family. "From selling peanuts," he recalled, "he started a single product company called Universal Corn Products almost 70 years ago."
This modest venture eventually grew into one of the Philippines' largest and most diversified conglomerates, spanning industries such as food and beverage, real estate, air transport, petrochemicals, financial services, and retail.
The company’s success, according to Gokongwei, is attributable to its unwavering purpose: "an unrelenting commitment to provide our customers with better choices, creating shared success with our stakeholders."
This customer-centric mindset has driven innovations that democratized access to essential services in the Philippines. From making air travel affordable through Cebu Pacific to transforming telecommunications with Sun Cellular and advancing financial inclusivity with GoTyme Bank, the companies of the Gokongwei Group have consistently redefined industries to improve lives.
Shaping Opportunities Through the Entrepreneurial Mindset
The theme of this year’s awards, “Shaping Opportunities”, resonated deeply with Gokongwei, who sees it as a defining attribute of entrepreneurship. Entrepreneurs, he said, possess "a unique ability to reimagine and mold our economy." Through their innovation, passion, and determination, they do more than create businesses—they transform markets and lives.
"To shape opportunities means focusing on the needs and aspirations of our customers and crafting tailored experiences and solutions that not only provide what they need today, but even anticipate what they may need tomorrow," Gokongwei added. By building stronger connections with consumers and understanding their evolving preferences, businesses can create opportunities that benefit both parties.
Entrepreneurship is also about the people and communities that the businesses serve, making it important to nurture strong relationships and foster growth within teams. "By providing opportunities for personal and professional growth for our people, we empower them to innovate and, in turn, shape opportunities for others," he explained.
Responsibility as a Steward of Change
In his brief speech, Gokongwei highlighted the profound responsibility that comes with leading a business, a sentiment closely aligned with Stewardship, another core value of the Gokongwei Group. Defined as "being fully responsible for the resources entrusted to us—be they financial, environmental, or people—and managing them with sustainability at the forefront," Stewardship reflects the company’s commitment to sustainable and ethical growth.
"To lead a company is not a privilege; it is a responsibility that has been entrusted to us," Gokongwei remarked. He emphasized the duty of business leaders to prioritize long-term growth and societal impact over short-term gains.
Gokongwei underscored the role of sustainability in entrepreneurship, urging leaders to take proactive steps to ensure a better future. "As business leaders, we have the power to make a positive difference for our people, our communities, and our environment whenever we can."
This responsibility also extends to maintaining the trust of stakeholders, a concept he encapsulated as earning a "social license to operate." This trust is built through contributions to economic growth, job creation, and products that enrich lives while addressing global challenges such as environmental sustainability.
A Call to Action
Gokongwei’s speech concluded with an inspiring message for all entrepreneurs: "Let us all continue to shape opportunities that drive economic growth, nurture our people, and contribute to the well-being of our society." He reminded the audience that the entrepreneurial journey is filled with challenges, but perseverance, integrity, and vision can turn adversity into opportunity.
The entrepreneurial mindset, as Gokongwei described, is not just about creating wealth—it is about serving a greater purpose: "Let us all continue to dream boldly and build businesses that not only prosper but, more importantly, serve the greater good."
