Entrepreneurship (Midterms = Intro + Henry Sy)

(08/16/2026)

Entrepreneur

Someone who solves a problem to a person who is willing to pay for.

Lack of sales

Why do most businesses fail?

Growth mindset

a mindset where “I can’t do it right now, eventually I will improve”

Fixed mindset

a mindset where “changes are impossible, innate, and set in stone”

Learning

It is only valuable when it’s hard

Find a market, Find a hungry market, find a market that is easy to find, find a market that has buying power, and find a market that is growing

Steps in finding/creating a business

Cakitong

Founder of Jolibee foods corporation

Profit = (price - variable cost) x quantity - fixed cost

Profit Formula

1936

when did Henry Sy’s adventure began?

12

How old was Henry Sy when he started to travel alone

Fujian, China

Where did Henry Sy’s travel to when his adventure began?

Echague St. in Manila

Where did they set up a small variety store?

Ten centavos

How many centavos did Henry Sy have?

Divisoria

Where did Henry Sy buy goods for their shop?

World War 2

When did their store got destroyed?

Father and brother

Who are the ones who came back to China after their 2 stores got destroyed?

buying cigarettes from American Soldiers and reselling them and bought and sold war material scrap

What 2 businesses did Henry Sy created to restart his entrepreneurial career?

Lease a property in Carriedo St., where he opened the store

When his small business grew, what did he do?

Sell shoes and sourcing them from American importers

What did he sell in his property after his small business thrived?

Sell shoes at fixed prices

What is Henry Sy’s first innovation?

Before 30

What age did Henry Sy reach his first million?

Only the first million is difficult, and after that, the rest is easy. There are countless ways to make money. Only your willingness to work, your imagination and time can limit the ways.

What did he comment after earning his first million?

1950s

On what decade did Henry Sy put up several businesses but sold them to concentrate on shoes?

1955

On what year did Henry Sy travel to observe the latest retailing practices?

United States

On what country did Henry Sy visited to to observe the latest trend of retailing practices?

Social University

What did Henry Sy call when he observed the trends in shoe designs and marketing techniques (including the rise of suburban shopping centers).

1958

When did Henry Sy invest in a shoe store?

Rizal Avenue

On what location did Henry Sy invested a shoe store?

Shoemart

What is the new name of his shoe store after investing in a shoe store

Carriedo

A second shoe store was followed in?

Clothes and bags

What did Henry Sy introduce to his stores?

Airconditioning the shoemart

What is the game-changer in the shoe retailing industry for Henry Sy?

Attractive sales ladies

Who were hired in his store where they are inspired by pretty flight attendants?

Very attractive window displays

These were designed and built to lure passers-by to enter the stores

1970

On what year did Henry Sy dreamt on a larger scale by building a mall?

Makati (38,000 sqm. of space)

Where did Henry Sy planned/dreamt a larger scale building by building a mall?

SM

When Henry Sy dreamt a larger scale building… What is the new name for Shoemart?

Cubao, Quezon City

Where did Henry Sy built another mall after a year, after dreaming a larger scale building in the 1970

SM Department Store

What is the anchor of all SM Malls?

1980s

When did the many of the big malls in Metro Manila were built in these difficult years where Philippine economy plummeted?

In times of crisis, if you can do more, go for it

What quote did Henry Sy said to his children in the 1980s?

1979

On what year did Henry Sy enter the banking industry?

Banco De Oro (BDO)

When Henry Sy bought a bank, what did he renamed it to?

If you have many tubs when it rains, you will catch a lot of water

What did Henry Sy believe in his quote:

Spartan-like ethic

What did Henry Sy attributed his business success in?

Frugal, simple, and lots of hardwork

What is the Spartan-like ethic?

1985

On what year did the SM businesses consolidated to a single name?

SM Prime Holdings

When the SM businesses consolidated in that year, what name it was named under to?

It is done as an intial offering during the darkest economic year of the Philippines since the wars/

2008

On what year did the SM Group acquire a univeristy?

National University

What university did the SM Group acquire?

SM Group

What group did the SM brand acquire a university?

74

How many malls do the SM brand have (as of 2019)?