MANILA – There are a number of lessons we can learn from the success story of Lucio Tan, who was not born rich but worked his way to become one of the richest billionaires in the country.
Tan, known as a tobacco, beverage and airline magnate, has a net worth of about $6.1 billion, according to Forbes magazine.
But unlike other tycoons, Tan has managed to keep a low-profile, and has made rare appearances before the media.
Tan has faced controversies throughout his career, but financial adviser Salve Duplito said this is one of the lessons that entrepreneurs can learn from the businessman.
1) Turn hunger and difficulties into ingredients for success
Duplito said Tan will not be where he is now as the country’s second richest man without his knack for finding opportunities in crises.
“Never fear crises, both external and personal ones. Tan has shown that there are always opportunities in the most difficult times,” she said on ANC’s “On The Money.
2) Stay simple
Duplito said another lesson to be learned from Tan’s success is his simplicity and humility.
“It is easy to gain only little money, and yet be afflicted by a massive inflation of ego. It is such a tragedy when people who have stepped up a little bit in life suddenly act like they are too good for the people they’ve left behind,” she said.
3) It’s not just who you know, it’s who knows you
Tan was also able to make his businesses successful through the relationships he nourished throughout his career.
“Appreciate the value of networks. Increasing the things that have value to the human family are the things that we can do together,” said Duplito.
Duplito highlighted the importance of collaborating, creating joint projects, and speaking about your passions.
“You don’t have to sell your ideas to somebody else. If you involve them, they become believers,” she said.
4) Money cannot buy everything
Duplito said that Tan’s success did not all come from having money, but also from good values.
“Ethics and good governance are things worth sticking your neck out for. If you ask me, if faced with a choice between poverty and ill-gotten wealth, I’d choose poverty,” she said.
Duplito added that Tan's success story is proof that "mindset trumps inheritance."