MANAGEMENT

The STORY of SUCCESSbehind

Submitted by:TESALONA, JIN MEI G.

Submitted to:MRS. FE EDITH ORONICO

Edgar Injap Sia II: Mang Inasal Founder One of the Philippines Richest

The founder of the 2003-founded company Mang Inasal from Ilo-ilo City, Edgar Sia II was included in the list of the Philippines Richest according to the latest list released by Fortune Magazine with a net worth of $85 million. He is the youngest member of the Philippines millionaires club listed on the worlds most reliable magazine Fortune Magazine.The 34-year-old founder of Mang Inasal was the main man behind one of the Philippines most successful restaurant chain famous for its roasted chicken. The Mang Inasal fast-food chain is the countrys third most popular chain with a total of 380 stores. The youngest Filipino millionaire founded Mang Inasal when he was just 26-years-old. He was a former college drop-out.The Ilo-ilo native Injap Sia sold 70% of Mang Inasal to the Philippines most popular food chain, Jollibee Foods Corporation (JFC) for a staggering amount of $68 million last year. The deal earned the 34-year-old entrepreneur a net worth of $85 million. The JFC also controls the countrys top two fast-food chains, Jollibee and Chowking.Jollibee Food Corporation is owned by the 11th richest person in the Philippines, Tony Tan Caktiong. Edgar Sia II has a 30% stake in Mang Inasal although it was already sold to JFC. Sia heads the operations and holds a three-year non-compete contract. The youngest Filipino millinaire plans to have 425 Mang Inasal branches this year and hopefully 500 by next year.Youngprobinsiyanoentrepreneur shows the way

The Philippines is the 12th most populous country in the world with over 90 million mouths to feed. Without a doubt, getting into the food business remains a very viable opportunity for entrepreneurs. But with so many players, how does one stand out to be noticed? More importantly, how can another food business make it big time?

Edgar Injap J. Sia II answered these questions by conducting his research in a very methodical manner. He looked at the 16 different regions in the Philippines and recognized that each has a unique set of culinary traditions and eating habits. He then analyzed and identified what type of food would have the most potential and mass appeal. This was the ubiquitous barbecue (inasalin Ilonggo).With much perseverance, innovative thinking and a deep understanding of business, Sia created Mang Inasal in Iloilo City in 2003. Today it has emerged as the countrys sixth largest fast food chain and its growth seems to be unstoppable.

That the boyish Sia would venture into business comes as no surprise. Born into a family of Chinese-Filipino entrepreneurs, he was exposed to business from a very young age.He recounts how, at the age of 10, he would spend his after-school hours stacking merchandise or manning the counter in his parents grocery store in Roxas City. While many of my friends were playing or riding their bikes, I would be moving inventory and counting soap, he recalls.The family store became the training ground that cultivated Mr. Sias drive for success. Learning from the example of his industrious parents, Sia developed what he refers to as an almost sixth sense for business. At 20, he was already running multiple businesses a photo developing franchise, a 58-room three-star hotel and a laundry shop in Iloilo City.

Sia seized another opportunity that came knocking in December 2003 when he was offered a 250-square meter space behind Robinsons Place Iloilo. The space, in an unused car park, was being offered at a very attractive price. Listening to his well-honed business instincts, he jumped at the chance to acquire it. In retrospect, Mr. Sia admits that he acted on a hunch.

The price was so attractive that I couldnt forego it, even if I had no business plan in mind. I bought the space not knowing what to do with it! You can say that the space came ahead of the concept.

While mulling over ideas, Sia was sure of one thing whatever he came up with had to have the potential to expand on a nationwide scale. After much consideration, he eventually decided to go for the time-tested appeal of the Ilonggos comfort food, chicken barbecue orinasal, served fast-food style. Mang Inasal fuses Filipino cuisine with the fast food dine-in concept.

Mang Inasal was Sias first venture into the food industry and the challenges he encountered were daunting. When he started, the concept of a fast food restaurant serving traditional Filipino dishes was a novelty and Sia knew he was up against the top players in the Philippine fast food industry. Without a real system in place during his first year of operation and no commissary to supply their raw materials, he had to learn the hard way.

Sia in fact had to do most of the work, from managing the business to preparing and serving the food to cleaning up afterwards. This complete lack of hesitation to do backbreaking work, however, enabled Sia to achieve in seven years what others have taken twice as long to achieve.Barely a year after Mang Inasal opened, Sia was able to set up another branch, this time in his native Roxas City. Their second year of operation saw six more branch openings and, in their third year, over 20 more. This phenomenal growth brought a flood of franchise offers but Sia held back until 2005 when he was completely confident of the stability and brand recall of the business. Only after a year of sustaining market demand and developing his customer base was he convinced that Mang Inasal was en route to expansion.

When Sia finally opened Mang Inasal for franchising, he concentrated his efforts on his own backyard Visayas and Mindanao whereinasalis most popular. Not long afterwards, potential franchises from Luzon showed much interest, paving the way for Mang Inasal to penetrate Metro Manila. Mang Inasal now counts 306 branches nationwide of which 28 are company-owned.

As Mang Inasal gained popularity, there was a need to maintain top quality. To safeguard consistency in all aspects of the business, such as product quality and cleanliness, Sia established several monitoring systems and procedures. A highly skilled research and development team was tasked to handle product development and guarantee a consistentinasaltaste. To facilitate smooth transactions with their commissaries and ensure consistent supplies, Sia implemented an advanced online supply ordering system for his branches.

The 32-year-old Sia considers sheer hard work and innovation as the primary reasons of Mang Inasals success. He also cites the uniqueness that allowed him to beat the odds as a new player in the fast food industry.

He says, Mang Inasal is a truly Filipino-style fast food chain. Our concept, ambiance and even the way our food is served on banana leaves is authentically Filipino.

This, according to Sia, differentiates them from the other fast food giants in the country. In addition, Mang Inasal was one of the first quick-service restaurants to offer unlimited rice, which strongly appealed to diners.

Despite the success of Mang Inasal, Sia recognizes theres still a lot that can be done to even make it bigger. He is constantly thinking up new ideas to maintain Mang Inasals competitive edge, such as their recently launched delivery service.

Variations in the breakfast menu are being developed and he is also looking at giving fast food dining a whole new feel with patented combo cups. The company is preparing to go public by the end of 2010 to solidify its stronghold in the Philippine fast food industry.

While he listens to his instinct, Sia is very calculated and strategic in his approach to business. He firmly believes in hard work and perseverance, and encourages aspiring entrepreneurs to do the same.

He also urges them to believe in their capacity to make their dreams come true, saying Nothing is impossible with the right attitude. Do not be intimidated by problems. Instead, look at them as opportunities for growth. I was lucky to acquire the right entrepreneurial attitude as a young boy. You could say I developed the rightasal(behavior) forinasal, he quips.

SOURCE: http://planetphilippines.com/people/the-man-behind-%E2%80%98mang-inasal%E2%80%99/

By Nestor P. Burgos Jr.Inquirer Visayas

ILOILO CITY, Philippines. An Iloilo-based barbecue chain has plans for an initial public offering (IPO) in the first quarter of 2011.Ilonggo businessman Edgar Sia II, chair and chief executive officer of Mang Inasal Philippines Inc., says the public listing of the company would help transform the business, as this would be a means to raise more capital and at the same time, share profits with employees and other investors.The Mang Inasal food chain has opened its 300th branch less than seven years after it established its first branch in this city.On Oct. 1, Sia II led the opening of the store?s 300th branch at the SM Mall of Asia along with business tycoon Henry Sy Sr. founder and chair of the SM Group of Companies.Mang Inasal, which opened its first branch in Iloilo City on Dec. 12, 2003, is considered the country?s fastest-growing fast food chain.From its first branch, the store grew to two branches in 2004, 12 in 2005 and 28 in 2006 and 49 in 2007. By early 2008, the company had 53 mostly in the Visayas and Mindanao and some in Luzon.Today, half of the 300 stores are in the Visayas and Mindanao with the other half in Luzon including Manila. These include 28 company-owned branches and 272 franchises, Sia tells the Inquirer Tuesday.By December, 130 new branches will be opened for this year alone.The business started from Sia?s concept seven years ago of putting up the country?s first barbecue fast-food chain.He had noted that while barbecue restaurants could be found in almost every corner, these were all fine dining and none were fast-food chains.The concept has caught fire and the expansion of the company has surprised even Sia.Mang Inasal has become popular for its chicken and pork barbecue and other Filipino favorites and for offering unlimited rice servings.The phenomenal growth is due to a totality of factors including good business concept, quality of food, affordable pricing and effective expansion and marketing strategy. But the x-factor which has made all these happen is the blessing from God,? Sia says.The fast-paced expansion of the company has also provided additional employment, with the companys employees growing from 20 in 2003 to 10,200 as of Sept. 30 this year.It has also provided opportunities to tens of thousands who were involved in supplying calamansi, charcoal, banana leaves, vegetables, bamboo sticks and other ingredients.Mang Inasal has helped Ilonggo bamboo growers by tapping cooperatives in Maasin town as supplier of thousands of barbecue sticks used daily in its branches. The food chain also sources banana leaves used as rice wrappers from the island-province of Guimaras and San Enrique town in Iloilo.Next year, the focus of the company?s expansion will be in Luzon and Manila.He says the experience of Mang Inasal has shown that small and medium entrepreneurs from the provinces with the right business model and a lot of perseverance can make big even in Manila.?It is heartwarming to know that we are able to inspire other ?provincianos? and budding entrepreneurs. Sometimes all it takes is an inspiration and a little capital,? Sia says.

THE 10-STEP MARKETING PLAN of MANG INASAL1. Mang Inasals preferred target market are family breadwinners.2.