Many people strive for success yet they don’t know where to start. Many people aim high yet they don’t know how to get there. Luckily, one of the most successful companies in the local tobacco industry is here to give those people the ways and practices of a successful company.
Mighty Corp. has been part of the local tobacco industry for a very long time. It is labeled as one of the oldest Filipino-owned cigarette manufacturer and has been known for its steady climb towards the top of the ladder known as the tobacco industry. The company has increased its market share from 3 percent in 2012 to 20 percent in 2013.
So how did they do it?
In an interview with The Philippine Star, Alex Wongchuking, President of Mighty Corp., shares his secrets towards the company’s overflowing success.
Alex shares practical ways and mindsets that a person seeking success should have. One of these is anticipate future trends and adjust. When he was an assistant sales manager of their company from 1983 to 1985, he noticed changing fashion in local smoking, as well as how the new tax system was killing the local cigarette segment. So the company decided to adjust and adapt. They developed Virginia-tobacco type cigarettes in 1985, and changed the company and brand name to “Mighty.”
Next is perseverance. Alex shared attaining success is much like courting a woman, you need a high-degree of patience and perseverance.
“There should be a high degree of patience and perseverance. It is like courting a girl, a lot of patience is required.”
There is no substitute for hard work. In his interview, he said that he and his siblings go beyond the eight-hour-per-day shift. Even going as far as to working every Saturdays and Sundays.
Next is innovation. The company always seek to innovate and develop new ways to improve the quality of their product. One of these is by modernizing their manufacturing equipment for improved quality and increased yield production.
Last is focus. Alex believes that maintaining a high degree of focus is another factor in achieving success.
Alex also shared the proper attitude a successful man has or should have. One of these is preservation. It is important to preserve harmony within your family, especially when it’s a family business.
“If you have family harmony and you can work well together with family members and other people.”
He also shared the ways of determining the successor. He touched on how the selection of the successor should be the one who is most qualified. Even the selection of other choices like executives and managers should be based on merits.
Another key factor is faith. As a devotee of Our Lady of Piat, the Virgin Mary shrine in Cagayan province, Wongchuking said that faith is needed in order to run a company with a proper mindset.
“Faith is important to business or the profession, because faith gives you spiritual development and direction. Meaning, faith keeps you cool all the time, whatever happens to our business, profession or life.”
Alex also said that treating your people right will help establish a stronger bond and will strengthen teamwork.
A specific practice that the Wongchuking family does is filial piety. This is total obedience to parents and family elders. Aside from their patriarch, the company puts their trust on the guidance of their 87-year-old mother, Nelia Dy Wongchuking.
Next is Philanthropy. Since the family’s patriarch had no chance to finish high school and college, the company honors his memory by supporting educational scholarships for three sets of beneficiaries: the kids of company employees, the kids of non-employees who are deserving students and need help, and also for children of rural tobacco farmers who want to study agriculture in college.
He also believes in humility. “There should be an element of self-denial,” he said.
He also stated that being loyal and faithful to your spouse is another factor to achieve success.
“Having only one family is crucial for genuine success, because if one has too many families, that is a sure recipe for chaos and for nonstop family quarrels, “he said.
When asked about “destiny”, Alex responded, “Destiny is key to success, just like in the Bible. When God called Jeremiah to become a prophet, he said ‘No, I’m a shy person.’ But God said to him, ‘Before you were born, you were already destined to become a prophet.’ It became true, Jeremiah became a good prophet, naging madaldal (he became eloquent). Read the Bible, Jeremiah Chapter 1:4.”