The founder of Mega Sardines Willaim Lim shared his inspiring story of success and a few business tips every aspiring entrepreneur would want to learn.
From a small fishing vessel in 1975, Mega Global Corporation has expanded to one of the leading canned sardines manufacturing companies in the Philippines. It now has 88 vessels and 2 operational manufacturing plants and one under development, and two headquarters.
Lim got interested in fishing because his then-girlfriend, who later became his wife, Marylou, came from a family that worked in the fishing business. This was the beginning of his successful business. Their journey to success wasn’t a walk in the park and Lim shared some of the business lessons that have helped him along the way.
1. Communicate Well
According to Lim, it’s not enough that your product is good. You need to be able to sell it to customers as well. To do that, they needed to learn to communicate well with store owners. By learning how to communicate to others about your brand, you will be able to differentiate it from its competitors.
He said on Esquire, “Because nobody knew our brand, supermarket owners did not want to accept our products to be on their shelves. I had to personally go to them to talk and convince them to give us a chance. It was difficult from what we used to do in fishing where you just need to sell your catch to a broker. But in distribution, you have to do it one by one.”
2. Don’t Settle For ‘Business As Usual
It’s also important to adapt and change according to the needs of the time. He said you shouldn’t settle for old ways of working that don’t work. You should take it as an opportunity to be better.
3. Take Risks
Another important trait that entrepreneurs should have is to be a risk-taker. Lim recalled how spending on advertisements was so expensive. He said you should know how to take calculated risks and foresee the possible results ahead.
“You have to take the risk. When we came up with advertisements, in three to six months, our sales started to improve slowly. You need to spend to build your brand name so people will have confidence in your product,” Lim said.
4. Remain Focused On Your Vision
Lim said that challenges often divert or focus on your vision. Understand your brand’s mission and vision. Always remember what your goal was when you started and what your company stands for. These principles will be your driving force and direction in making business decisions.
He was quoted on Philstar saying, “If you keep changing your focus, you have less time to succeed. You have to put your heart and mind to your vision and never give up, no matter the odds.”
You may think that these business tycoons may seem far-fetched to those still starting their business. But surely, we can learn a lot from the business mindset and principles. To learn more, you can also read the story of how Converge Founder Dennis Uy started his business.