Angkas chief executive George Royeca reminded business owners to listen to their customers if they want to survive a competitive business environment.
The staunch advocate of MSMEs and inclusive mobility was asked by one of the viewers how to be the last man standing in an industry during Friday’s Nakaka Local Go, Grow, Negosyo Forum.
Royeca said there is no such thing as zero sum game in business, instead business owners should change their mindset in a competitive business landscape.
“I don’t believe in winner take all. Walang ganun. Lahat tayo negosyante. How do you survive in a competitive environment? You listen to your customers. How do you do that? When you say that you’re going to launch a product in six months. Launch it right now. Get it out there even if it’s half done then use it to get more information from your customers. Get feedback from them and iterate your product,” Royeca said.
The Angkas CEO used Google as an example. He said that the tech giant is the best practitioner when it comes to knowing the best for its customers because they involve their customers in the process of building and developing their products.
“The worst thing you can do is make a perfect product because you fall in love with your solution, you fall in love with your product, then you stop listening to your customer. So get it out there. Done is better than perfect,” said Royeca.
Royeca and Pinoy firm Angkas have been providing livelihood opportunities and helping aspiring entrepreneurs get a headstart in running a business. Since Angkas started in 2016, around 30 thousand motorcycle owners have been given the opportunity to improve the quality of life of their families.
Royeca also revealed that they extend business loans in kind for their bikers if any of them want another source of income,
“Kung gusto mo ng kiosk ng siomai, bibigay namin sayo ang kiosk ng siomai and you also have to be able to prove that you understand the business. Sa amin, mentorship is very important. We do this in our community, we make a lot of effort to teach financial literacy to our fleet,” Royeca said.
When asked when business owners could say they are ready for expansion, Royeca advised entrepreneurs to revisit their unit economics.
The negosyante champion shared that business owners usually fall in love with growth potential and forget the fundamentals of the business.
“Unit economics is simple. Ano yung sales mo, expenses, at yung kita. Habang lumalaki yung negosyo mo, your unit economics should not change. It has to be the same. Marami kasi pag lumalaki yung negosyo, nakikita yung pera, lumalaki din yung gastusin. Hindi na sila kumikita. That is the pitfall of growth. A lot of people can grow too fast and it kills the business,” Royeca said.
The young Angkas CEO said their goal is to create one million jobs. He said that people often asked him if Angkas is an advocacy or a business given how providing livelihood opportunities is their main thrust.
Royeca said there is nothing wrong in pushing for an advocacy while ensuring that the business is sustainable. “Ang goal po namin isang milyong trabaho. That’s what we want to do in the next few years. This is a commitment that we’re gonna be making and this is something that is very achievable. When we start getting those numbers, we know we’re truly making a difference,” said Royeca.