John Gokongwei Jr., fondly referred to as “Large John,” handed away in 2019, however his legacy and enterprise classes proceed to encourage different entrepreneurs.
The Filipino tycoon is most recognized for being the founder and former chairman of JG Summit, one of many nation’s largest conglomerates. Underneath Large John’s management, he launched Common Corn Merchandise (now Common Robina Company), Consolidated Meals Company (later CFC Company), JG Summit Holdings, Cebu Pacific Air, Robinson Retail Holdings, and extra. When he died, Large John was the third-richest particular person within the Philippines, in line with Forbes.
Large John’s life story isn’t any bizarre “rags-to-riches” as a result of he truly as soon as got here from a rich clan. His great-grandfather, Pedro Gotiaoco, was one of many richest males in Cebu within the nineteenth century. He got here from Fujian province in China and owned an enormous buying and selling firm, Gotiaoco Hermanos.
Life was nice for the Gotiaoco household till the Nice Despair got here, and their household fell into debt. His father left whereas his mom and 5 siblings returned to China. Banks seized their properties, they usually fell into poverty. Left with no selection however to outlive, younger John needed to begin from scratch to construct a greater life for himself and his household.
On the age of 14, he began promoting peanuts within the streets to ship cash to his household in China. He quickly realized he might do extra if he had a bicycle. So, he saved up and was in a position to attain close by cities to promote it.
On the age of 17, Large John rediscovered his household’s love for buying and selling and expanded his enterprise. Utilizing a small boat, he would commerce items from Cebu to Manila and vice versa. This was very tiring, however he endured all of it to ship his siblings to highschool in China. After the warfare, Large John took it as an excellent alternative to develop his buying and selling enterprise overseas. He constructed his first firm, Amasia Buying and selling, which bought and acquired items in the USA, Manila, and the Visayan area.
With the success of his Amasia buying and selling, Large John reunited along with his household again within the Philippines. Collectively, the siblings labored of their father’s household enterprise, American-Asia Buying and selling.
Large John discovered an curiosity within the cornstarch enterprise however didn’t have sufficient funds. He tried to ask for a mortgage from a number of banks however to no avail. Fortuitously, he discovered the sunshine on the finish of the tunnel when China Financial institution’s Dr. Albino Sycip gave him a P500,000 mortgage.
Together with his cash, Large John based his cornstarch manufacturing firm, Common Corn Merchandise, in 1954. This, in a while, turned Common Robina Company (URC) when it ventured into different completed items.
Since then, Large John was unstoppable as he constructed one of many Philippines’ greatest enterprise empires, the JG Summit. URC turned one of many main meals and beverage firms within the nation. Other than their conglomerate, JG Summit additionally has pursuits in PLDT, Manila Electrical Firm, and different international firms like United Industrial and extra.
On the age of 93, Large John died surrounded by his household on the Manila Medical doctors Hospital on November 9, 2019. Among the many timeless enterprise classes we are able to study from Large John is to understand the true which means of being an entrepreneur. He stated, “Select to be an entrepreneur as a result of then you definitely need a lifetime of journey, limitless problem, and the chance to be your finest self.”