“Right now, we are expanding real estate into logistics and warehousing. For seaweed, we're trying to buy companies that we can expand. In the past years, we only looked at the trees. Now, we'd like to look at the forest.” – Lee Hiong Wee
CONTRARY to popular belief, being an entrepreneur does not guarantee instant success. Depending on circumstances, establishing a business takes a great deal of things. Yet, there's typically no definite outcome for most cases.
Lee Hiong Wee — founder and chairman of the W Group of Companies and former Philippine ambassador to Indonesia — credits his hard-fought achievements to hard work and perseverance.
Raised in a financially disadvantaged family in Zamboanga City, Wee reveals being broke has fueled him to hustle hard and lift himself and his family out of poverty.
In an interview with The Manila Times, Wee says: “I realized when you are very poor, there's no choice but to work your way up. When I came to Manila, on the first day, I was already working as a proofreader. Then, I was tutoring schoolchildren on the side. I was also reselling bangus (milkfish) in Divisoria.”
In addition to his part-time jobs, Wee has primarily worked as a physics professor at his alma mater, Mapúa University, where he has earned his Bachelor of Science degree in Electrical Engineering.
Despite not being able to put his electrical engineering degree into practice, Wee firmly believes that the business path has become the right fit for him.
Through highs and lows of entrepreneurship
It was in his high school years when Wee got first exposed to business by assisting his father in running their sari-sari (variety) store.
In hopes of having steady streams of income after his college graduation, Wee has ventured into different types of businesses and sold various things. Selling seashells is among his entrepreneurial endeavors.
“The supplier of seashells told us that they have seaweed and asked if we could sell it for them. That's how we started on the seaweed business. That was in 1968,” Wee recalls.
Initially beginning the seaweed partnership with his siblings, it continues even beyond 30 years.Following his separation from his brother and sister in business, Wee and his family have decided to diversify and enter the real estate and investment industries.
Through Wee's leadership, W Group has made a name for itself not only in seaweed trading, carrageenan production and product export in different parts of the world, but also in the Philippine real estate sector.
Through its real estate arm, W BGC or W Landmark Inc., the W Group has made its mark in Bonifacio Global City (BGC) in Taguig with its symbolic W buildings such as W High Street, W Global City Center, W Fifth Avenue, W City Center, W Sixth Avenue and W Citibank Plaza.
Wee says: “Right now, we are expanding real estate into logistics and warehousing. For seaweed, we're trying to buy companies that we can expand. In the past years, we only looked at the trees. Now, we'd like to look at the forest.”
Wee expounds: “Last time, we couldn't not do things in the forest because we're very hands-on with operations. Now, we are getting COOs (chief operations officers) and CFOs (chief financial officers) to run the operations. So, we could make investments in other businesses. That's our expansion. That's what my children will do while I guide them.”
Wee discloses that he loves working. Even at the age of 77, he chooses to uphold his habit of going to the office on weekdays. Wee has been working for over 55 years now.
Leading tribes that thrive
As a leader, Wee refers to himself as a hands-on boss, who provides thorough instructions and guidance. As a father to his six children — all of whom are involved in business — he leads by setting an example.
Out of the six, one runs his own business in the field of low-cost housing. The other five have been working with Wee for over 20 years now.
In terms of division, two of Wee's children handle the food ingredients arm of W Group, other two are handling real estate while the only girl among his children manages the family council department.
“My children have been working with me for about 20 or 25 years now. It's about time that they take over. They are capable of it,” says Wee.
“[In] the last two years that I've been here, I've been focusing on diversification and transformation. Somebody is going to coach us on practicing family council and constitution.”
As he nears retirement, which he intends to do before turning 80, his wish is to make up for lost time — due to building his building his businesses — by spending quality moments with his family, particularly his grandchildren.
With hope, Wee reflects, “There's a time for everything.”
As part of his retirement preparations, Wee has commissioned someone to write and illustrate a children's storybook. The purpose of the book is to narrate his life story and share the lessons he learned, failures he faced and milestones he has achieved with his grandchildren.
Apart from businesses he built from the ground up, Wee says, “This storybook is a legacy that I will leave to the family.”
Enjoying a successful and simple life
Wee reminisces about the early years of his career, dedicating himself to working 16 to 18 hours a day. Despite the hardships, Wee has conquered it all, saying his success today wouldn't have been possible if not for hard work.
“I don't know where I got my energy, but if you're poor, working hard as much as you can is needed,” he shares with The Times.
Over the years, one of Wee's secrets to success is maintaining a routine and turning it into a habit.
His weekdays are simple. Wee wakes up at 5 a.m. and sleeps at 9 p.m. He typically arrives at his office between 8 to 8:30 a.m. He heads home around 2 p.m. or 3 p.m. After which, he engages in physical activities, whether it's hitting the gym, swimming or playing golf.
On weekends, Wee can be found savoring the life and luxuries earned through more than 50 years of hard work.
When he's not in the office, Wee can sometimes be found visiting his family beach house in Nasugbu, Batangas. The Wee family also owns a 12-hectare farmhouse in Mendez, Cavite that's home to numerous fruit trees. It is where he envisions spending his retirement years.
A new resort is also in the works not only for the Wee family to enjoy, but also for their employees to experience during team building.
With over 5 decades of entrepreneurial background, Wee firmly embraces the saying, “No pain, no gain.”
For aspiring entrepreneurs, the seaweed magnate imparts valuable advice: work hard, remain humble, keep an open mind and most importantly, view every mistake as a stepping stone to success.
* * *
QUICK QUESTIONS
What is your biggest fear?
To be rejected — I don't want to be rejected. That's why I'm very persistent and have a lot of grit.
What really makes you angry?
Teaching in an unreasonably repetitive manner without any observable changes or improvement in staff performance
What did you want to be when you were small?
I wanted to be an engineer. I was accepted by the Massachusetts Institute of Technology before, but I didn't know it was in Boston, United States. So, I went on to teach here, eventually forgetting my dream of being an engineer and became a businessman instead.
What motivates you to work hard?
Basically, to get rich; that's because I came from a poor family. At a young age, I used to sell sweepstakes, newspapers and more. Being poor motivated me to work hard and earn a living.
What makes you laugh the most?
When I succeed
What would you do if you won the lotto?
I don't like to gamble because I don't like losing money from those kinds of games of chance.
If you could share a meal with any individual — living or dead— who would that person be?
My mom — she was my inspiration. Despite not having a formal education, I saw her work tirelessly to raise 12 of her children — the 10th being me.
What was the last book you read?
It's called “Grit” by Angela Duckworth. The book resonates with me.
What celebrity would you like to meet for a cup of coffee?
Elon Musk — he's very open-minded. I read an article about him, and he's donating $100 million to people, who can develop the best seaweed farming technology that can capture carbon dioxide from the atmosphere to fight climate change.
What is the most daring thing you've ever done?
To [enter] the seaweed business with barely [anything]. I realized borrowing money from the bank was also difficult. So, that was the most daring decision I made: to enter the seaweed business with only about P5,000 and sheer determination to risk and try things out until I became successful.
Where do you see yourself in 10 years?
I want to be a philanthropist. I want to do something that will help the people. Right now, there are about 2.5 million Filipino seaweed farmers, who are taking advantage of seaweed. What I do is I buy about 50 percent of their produce.
Now, I'm also going to Indonesia to do the same thing. To me, what's important is helping people get out of poverty while also taking care of the environment. A social enterprise is another thing I would like to pursue.
Having experienced poverty firsthand, I would like to help lift others out of it because I understand what it feels like to be in their shoes.
What is the one thing you will never do again?
[Nothing]. I have no regrets.
Be the first to comment