The Person Behind The Success of Jollibee

THE PERSON BEHIND THE SUCCESS OF JOLLIBEE

The role of a business is to produce and distribute goods and services to satisfy a public need or demand. Society does not exist without some form of an economy, and businesses are what make up the economic system of the world. There are many successful business personality here in the Philippines. One of them is Tony Tan Caktiong. Let's explore his Journey together about his business. Tony Tan Caktiong, CM is a Filipino billionaire businessman. He is the founder and chairman of Jollibee Foods Corporation, and the co-chairman of DoubleDragon Properties.

Born: 5 January 1953 (age 68 years), Davao del Sur Nationality: Philippine Net worth: 2.7 billion USD (2021) Forbes Spouse: Grace Tan Caktiong Education: Chiang Kai Shek College (CKSC) | Main Campus, Asian Institute of Management, more Children: Carl Tancaktiong Siblings: Joseph Tanbuntiong, Virgie Tan Chua, William Tan Untiong

From modest beginnings to the top of the world” are the words that succinctly sum up Tony Tan Caktiong’s story, today president and CEO of Jollibee® Foods Corporation, the biggest fast food restaurant chain in the Philippines.

Born in a poor family who migrated from southeastern China to the Philippines in search of a better life, he became involved in the restaurant business from an early age when his father opened a restaurant. The restaurant became profitable with the help of all family members and this success enabled Mr. Caktiong to pursue a degree in chemical engineering in Manila.

At the age of 22, inspired by a visit to an ice cream plant, he set out to gain his own foothold in the restaurant business: relying on family savings, he seized a franchising opportunity with Magnolia Dairy Ice Cream and opened two ice cream parlors. In response to customer requests, he added hot meals and sandwiches to the menu, which soon proved a lot more popular than ice cream. Three years later, in 1978, he decided to capitalize on this development, discontinued the Magnolia franchise and converted his parlors into fast food outlets.

His characteristics include persistence, devoted to his businesses, goal-focused, and networked. This belief has allowed me to sleep well at night. Tony Tan Caktiong was a Filipino Chinese entrepreneur who set up a two-outlet ice cream parlor business in the city of Manila


What lesson in the story of Tony Tan Caktiong that could help us become successful entrepreneurs?

Tony Tan Caktiong, the visionary behind every child’s fast food craving, Jollibee, shared that mistakes are inevitably part of the process to achieve “big dreams.” “If you dream big and put your dreams into action you will inevitably make mistakes. But don’t be scared to make mistakes.

What can we learn from Tony Tan Caktiong?

Here’s the take-away lessons from Tony’s Jollibee.

  • The Key To Being Financially Free is Not in Employment, but in Business. Although Tony’s course was BS Chemical Engineering, he did not continue his course.
  • Take A Risk.
  • Start Now and Adjust Later.
  • Create A Memorable Brand.
  • Conquer Your Competition.
Business Results and Achievements
Jollibee is the most popular fast food restaurant in the Philippines
Since its establishment at the end of the 1970s, Jollibee Foods Corporation has grown spectacularly: today, Jollibee is the leading fast food chain in the Philippines with over 50% market share and hundreds of restaurants all over the country. The company’s public listing at the Philippine Stock Exchange in 1993 broadened its capital and allowed for the acquisition of the “Greenwich” pizza and pasta chain in 1994. Other major acquisitions include the Chinese fast food chain Yonghe Dawang (in 2004) and the Chowking oriental food outlets (in 2000).
The company is also present in Brunei Darussalam, China, Hong Kong (SAR of China), Indonesia, Saudi Arabia, the United Arab Emirates, the United States and Viet Nam. By 2020, the group plans to roughly double the number of restaurants to 4,000 outlets worldwide. Jollibee’s business success relies on its smart branding strategy, complemented by strong customer orientation, superior menu line-up, innovative new products, creative marketing programs and efficient manufacturing and logistics facilities

In a recent survey, the Jollibee group was the only Philippine company that made it to the top 20 of Asia’s best employers list, ranking 16th. Jollibee Foods Corporation ranked third among Asia’s most admired companies in 2000 and was cited as number one in overall leadership among the top ten Philippine companies. In 2004, Mr. Caktiong received the Ernst & Young World Entrepreneur Award.Through the Jollibee Foundation, the company has established an institutionalized mechanism of giving back to the community through projects in the areas of education, leadership development, livelihood, environment, and housing and disaster relief.Tony Tan Caktiong acquired and established a couple other food chains including Chowking, Red Ribbon, Greenwich, Delifrance and Mang Inasal. Aside from bringing Jollibee, Chowking, and Red Ribbon to other countries, they’ve also established new food chains in China and Taiwan which suit the tastes of the people there.


Tony also received awards such as:




References:
https://en.wikipedia.org/wiki/Tony_Tan_Caktiong
https://www.wipo.int/ipadvantage/en/articles/article_0030.html


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