Linggo, Nobyembre 10, 2019
It came to my short notice that the late John Gokongwei had finally passed away last November 9, 2019. I decided to finally write a tribute post to honor the legacy of the said man. Just because a person dies doesn't mean the ideals will automatically die. Now, one can consider that the man may be dead but his ideas can still live on!
I decided to select some quotes from Tough Nickel for further discussion on my part. Just remember that I can be wrong in certain areas too. I would like to share these selected quotes for further discussion and reflection:
"A true entrepreneur can find opportunities everywhere."
In business, you have what you call the SWOT analysis. It's all about Strengths, Weaknesses, Opportunities, and Threats. You examine yourself from within and then you finally know what you have to improve. You look at the external factors and see both threats and opportunities.
Here's the difference that must be drawn between the pessimist and the optimist. The pessimist only sees the threats. The optimist sees not only threats but also OPPORTUNITIES. How can there be opportunities? It's a simple game. The capitalist game is based on supply and demand. When people need something and you have what they need then you can start a small business. Then you have the opportunities brought in by foreign investors. What opportunities do they bring? If your suppliers have competitors then you certainly will get more potential suppliers. If your customers have suppliers then you certainly will have more potential customers. You really should consider getting them by every ethical means possible!
"Is there a market? That’s very important. When you find out that there’s a market then you say, 'Who are your competitors? Do you have a chance against those guys if you put up your own factory or your own business? The third question, obviously, is do you have a capital? And the most important, the fourth thing is: do you know the business?' If you don’t know what you’re into, can you get people to help you."
Yes, the market is very important to analyze for capitalism. Business always starts with knowing the 4Ps. No, I'm not talking about the DSWD program. Rather, I'm talking about business means doing real research. Know the product, price, place, and promotion. Some add a fifth P which means people. Maybe, I'll just use 5Ps instead of 4Ps of marketing. Everything starts knowing what people want, what people need, the right price to make a profit and a sale, and how to promote the product.
Yes, there will be competition and that's what you can't avoid it. Knowing your competitors has been the key. Jollibee competed against McDonald's and Wendy's to name a few. You can see Jollibee does have similar offerings with McDonald's while offering their own variety. Jollibee is home to yummy hamburgers. Jollibee didn't start big. The story of Jollibee is one of perseverance. McDonald's was already a huge giant. Jollibee was just well - a tiny bee! But one day that little bee that could do what Watty Piper's The Little Engine That Could do. If you read Piper's book then you can see the tale of that little engine who persevered to success. Jollibee can be compared to that story.
Did you know many big businesses started small? I always want to have a good laugh and admiration at how the late Henry Sy called his mall SM. Yup, he started out his capital with shoes. Jollibee didn't start overnight either. Tony Tancaktiong started out with ice cream and then burgers. He already had to face big giants then he sold what I'd dub Filipino-style burgers. You can also consider Lucio Tan started out as a janitor in a tobacco factory before he established Fortune Tobacco. They knew they had to get the capital so they saved up the money with the assumption that the business might fail. They also considered that they were filling in the supply-demand gap too!
"You have to love your work. You have to save money instead of spending all of it. Look for areas you can compete in. Work damn hard. Most importantly, you have to love it."
It's important to have work but make sure you love your work. I'm amazed at how Filipinos today tend to take courses that their parents want but can't do rather than courses they love and can do. It's stupid how some parents detest taking Hospitality Management calling it a "kurso lang ng katulong sa bahay" or "a course for housemaids". What they don't see hospitality management to be is business administration for people who like to cook. If it were so easy then why's it even offered in college? You have Filipinos forced to take nursing (due to demand abroad) or computer-related courses that have a very slim chance to graduate. In the end, many of them either end up doing something else like real estate, working in the bank, or working in a hotel. They could have taken commerce-related courses like business administration, accounting, or hospitality management (that is if you want to be a cooking entrepreneur) instead.
The problem with many Filipino parents today is making their children their retirement fund than making their own retirement fund. I remembered why did some people want their children to take nursing? It was because of the high demand in the profession until it got oversaturated. Why are some forced to take engineering or computer science-related courses even if their mathematical skills are more focused on daily mathematics (that is, they can only master financial calculus over Newtonian calculus)? It's because of again the demand abroad. Unfortunately, not every Filipino is meant to be a nurse, an engineer, or a computer specialist. True, the late Leandro Locsin was an architect but do we ignore that some Filipinos ended up succeeded in arts and cooking instead?
Hard work is one but loving your work makes you work harder. Hard work is useless when there's no heart to it. One can think about how successful Filipinos do it. I could talk about Lea Salonga-Chien loved to sing, the had the heart into it, she was good at it, and she SUCCEEDED. Regine Velasquez-Alcasid has the same testimony. Lydia De Vega loved her athletics and it made her work harder to become a record-breaker. Just think we all need a healthy brain, heart, and body to function properly.
"Especially when you start, you have nothing in your pocket; you’ve got to be frugal. If you want to make one peso and you spent two, you’ll never make it. You must be very stupid if you don’t know what you should save on. Sure you have to eat three meals a day and wear a pair of pants and a shirt. But when you have no money and you go karaoke or disco, I would call that stupid."
Why some Filipino businesses don't grow at all is because of the lack of frugality. Some Filipino people who are involved in some small businesses are renting spaces. Okay, some Tsinoys are still renting until now because their landlords don't want to sell the land. Some people fail to consider that your profit only comes after your net income is computed. You don't get a profit from what you sell for the day. You get a profit from what's left after you've paid for all your expenses.
The problem of Filipinos today whether employed or self-employed has to do with their spending habits. I remembered the whole trend of having had worked with people. What does payday mean to some people? For me, payday means the time to set aside money for a rainy day. Payday for some Filipinos means bangka (treat others out) day. They would eat out and be merry on payday. The problem with them is that every payday means bangka day. They wouldn't think of paying their bills and making sure that they can pay their utilities and perhaps rent if they're renting. Instead, they think of payday as to eat, drink, and be merry all the time. Then payday is over without money. Then they can't wait for payday. Some even buy an aircon if they can't afford higher electricity and others buy a car while they can't afford gas. It's what I'd call don't buy anything yet if you can't afford additional costs.
Another problem is with the choices they make. They could have bought affordable stuff but why buy branded? You could've settled for a Samsung mobile phone but why get an i-Phone if you can't avoid the costly repairs? That reminds me of the joke I wrote about selling 70 to 100 kilos of chili to get an i-Phone XS. If there was so much inflation then why get an i-Phone XS? Please, a Samsung smartphone (preferably Galaxy) has more affordable repairs than if you broke your i-Phone! Some people foolishly decide to go to the karaoke and disco almost every payday. If they were simply eating out in places like Mang Inasal (which has affordable meals) then it's not much. However, going to karaoke and disco to "forget your problems" will just increase your problems. Did they realize that payday may also mean the day your creditor asks for some of your money, too?
"We have changed the marketplace. In the end, it is all about making life better for the consumers by giving them choices."
This is what idiotic communists NEVER get at all now, do they? I always find anti-capitalist videos stupid because these commies don't know the difference between consumerism, commercialism, and capitalism. It's consumerism and commercialism that ruined gaming today - NOT capitalism itself! If there's any reason why video games today have cheesy microtransactions - I blame consumerism and capitalism. The same goes for any business. When a business loses focus on giving customers what they need (and want) and focus more on spending and profits - they ruin themselves. I do enjoy the new improvisations but microtransactions for new content or too much Internet reliance ain't one of them!
The whole start of capitalism is filling in the supply-demand gap. It's an emphasis of the market-driven economy to get what people need and want. I'd want to focus more on need-based capitalism than want-based capitalism. Capitalism, as defined by Investopedia, is the emphasis of private ownership of businesses to fill in the supply-demand gap. Capitalism is about establishing private-owned businesses to get people the needs they want. In exchange, people who need something must pay the capitalists in order for them to continue serving others. If you don't pay then what will the capitalists use in improving their services?
It's true that some malls have indeed ruined certain areas. I still think that destroying forests to make a mall is not good capitalism. Forests supply the construction materials so they need to be preserved. If all forests are gone then you destroy the future of capitalism. However, malls, if used properly, will help the cottage industries grow. Some cottage industries have grown thanks to malls like Bongbong's from Bacolod. The malls have provided spaces for businessmen to rent assuming they have the inability to buy land. Not everyone is willing to sell their land for a profit such as those who profit from the leasing business.
What's about giving the consumers choices? Can the government do that? The government as a necessary entity should encourage healthy competition and protect the free market. It shouldn't be protecting local businesses from competition but only from unfair competition. That is governments should encourage foreign investors to invest with 100% but there's a set of rules to follow such as paying taxes and treating employees right. When there are businesses then there are choices. Today, you can go to Jollibee to get a burger then go to McDonald's to get a McChicken. You can go to SM to buy this and go to Robinson's to buy that. Having competition gives people choices. Not to mention - it's competition that encourages INNOVATION.
"It’s not that we did not fear the giants. We knew we could have been crushed at the word go. So we just made sure we came prepared with great products and great strategies. We ended up changing the rules of the game instead."
Jollibee started out as simply a place to have snacks. Today it has gone from the little bee that had to face the giants to the little bee that could. I wonder why didn't Tony Tancaktiong decide to write a book called The Little Bee That Could in reference to his success? Whoever says Jollibee progressed because of protectionism is dreaming. There were already big giants like McDonald's and Wendy's. Jollibee faced the giants and became a giant bee itself. What happened was that Jollibee did also what Gokongwei did - changing the rules of the game!
Bravery isn't the absence of fear but overcoming it. If you fear nothing then you must be a lot like Antonio Trillanes IV, right? The whole issue of Gokongwei is this - he started out small. The store that they lost was a regular store. He had to start all over from middle class to poor to rich. He knew there were rivals but he planned it out well. He had his fears but he overcame them.
This also means small and medium businesses can now evolve through foreign investors. Many times those who enter to do businesses are big foreign companies. You can think of it that many small and medium businesses today are need-focused capitalists. Why are many of them stagnant? It's because of their lack of customers. What they may have forgotten is that big foreign companies still eat rice or bread, right? You can consider a rice merchant can sell lower-priced rice to big foreign companies, maintain a good relationship. The ability to sell good quality rice at a lower price to big foreign companies gives you an edge over groceries. Groceries have to sell higher but the average wholesaler can sell lower because they are the SUPPLIERS.
"We must create Filipino brands for the global marketplace."
International marketing is part of the real aim. I think about how Jollibee as the little bee that could. It started out small. Perseverance, hard work, and dedication out of love for the business caused it to evolve into an international thing. You can think of going abroad and feeling happy to see Marikina products making it abroad. Whether we like it or not - isolation of any country proved to be bad. Read about North Korea's and Venezuela's isolationist policies destroyed jobs. You can read about Tokugawa-era Japan and Maoist China as examples of how isolationism doesn't work at all!
What I think about the Filipino brand is this. Why stop with the Philippines when you can "conquer" the world? Do you want to "conquer the world"? Then stop sending OFWs and start focusing on making Filipino businesses become a global brand. OFWs will only send remittances. Filipino businesses that become part of the global marketplace end up contributing towards the income. Sometimes, it can come through franchising or evenly-shared joint venture. Foreigners franchising Filipino businesses means royalty fees. Royalty fees mean Filipino-earned income that will translate into income taxes. Having a Filipino business do business outside may not translate into taxes for Filipinos but it will help businessmen have extra money. Any money that they deposit in the Philippines will get taxed as well.
"Competition is good for the business and every human endeavor. It improves the product, and improves the person. Without competition, you don’t improve yourself. As long as you’re making money, you think you’re okay. When you’re open to competition—especially around the world—you get to be very good."
Gokongwei acknowledged that without competition - there isn't any competitiveness at all! He viewed these two truths like this. First, it improves the product, Second, it improves the person. Is it me or am I too obsessed with Jollibee? As mentioned earlier, Jollibee was hardened through competition. I guess Tancaktiong spent so much time experimenting on making a burger that beats the U.S. burger. It was probably to make a burger that was of the Filipino, by the Filipino, and for the Filipino. If there were no rival burgers then I don't think Tancaktiong and company will experiment until they made the fan-favorite Yum Burgers. TBH, I prefer Jollibee burgers over McBurgers. I don't think I'd get my Yum Burgers if it wasn't for the McBurger either.
It's very true that a lack of competition makes you COMPLACENT. I remembered back in the 90s when it was only PLDT? It took VERY LONG for PLDT to connect your line until Globe arrived. However, with only PLDT and Globe - the Internet speed of the Philippines is VERY LOW with a VERY HIGH FEE. Why did Indonesia and Malaysia get better Internet? It's because they are open to foreign telecommunication companies. The Philippines sadly isn't even open to such deals. The Philippines' business environment is full of Bondyings. The lack of competition has resulted in people who earn high amounts not doing much. In turn, it makes them complacent.
Why are foreign businesses from first world countries competent? It's because the first world countries didn't evolve by protectionism but by free trade. Whoever made that statement that first world countries evolved by protectionism has to be incredibly DEMENTED. I remembered going to Singapore, China, and Hong Kong and man are the services much better. Even small businesses do good there. The reason is because there's a lot of competition. Also a bit of a question - did the foreign investors take over those countries or did these countries retain their sovereignty?
"I have always wondered, like many of us, why we Filipinos have not lived up to our potential. To be a truly great nation, we must also excel as entrepreneurs before the world."
I remembered writing a post about Filipinos bragging how great they are while hating competition. Do you want to let the world know how great the Filipino is? Then ACCEPT competition as much as possible. The Philippines has a strategic and very favorable location for business yet snobbery to competition has caused it to decline. It's sad to see the Philippines has the potential to evolve yet decades of long economic protectionism from the late not great Carlos P. Garcia, down to the late not great Ferdinand E. Marcos Sr. and up to present caused it. Noynoy should've considered totally removing 60/40 but I guess he was giving in to peer pressure. He probably wanted to do it. I even think both Mar Roxas and Bam Aquino wanted to do it but they gave in to peer pressure. President Duterte better not give in to peer pressure.
How can Filipinos excel as entrepreneurs if there's hardly any competition? As said, NONE because they will be complacent. The gap between the small Filipino businesses and huge ones has just gotten wider thanks to the Filipino First Policy by both Garcia and Marcos. Right now, Marcos truly deserves to be buried near Garcia because they're both heroes of protectionism. You can think of the statement that the late Ninoy Aquino spoke about Marcos. Marcos' crony capitalism caused the oligarchs to get richer and Filipinos to get poorer. The 60/40 system worsened the very Marcos crony system advocated for - shielding the Filipino elite from any competition. In return, the oligarchs become a bunch of Bondyings. If PLDT and Globe had to face off against many telecommunication companies then you can imagine how they'd have to STRAIGHTEN UP on their services.
The problem is also Filipinos who hate to see fellow Filipinos succeed. It's a sad thing to have Filipino commies who hate rich Filipinos for several reasons. Sometimes, they hate rich Filipinos for simply not being "Filipino by blood" as if they're pure-bred. A very stupid reason to hate Tancaktiong? It's because he's singkit-Intsik never mind that a lot of Filipino businesses belong to TSINOYS! Then when a supposedly "racially pure" Filipino becomes a big-time entrepreneur - the same group that hates Tancaktiong for simply being Chinese will still hate the former, right? This kind of crab mentality is very prevalent. Filipino commies hate to see anyone succeed even if it's their fellow Filipino, right? They appeal to "Filipino racial purity" to hate the Tsinoy and then hate the "purebred Pinoy" who succeeds in life. They don't care how stupid they become as long as they hate successful people. How can the Philippines emerge when you've got Filipinos who keep hating successful Filipinos regardless of ethnicity?
A good example to name is Germany's bankruptcy under the Nazis. Adolf Hitler himself hated the Jews for being richer. He did temporarily get a lot of money from his shenanigans but he ended up spending it all. The German economy was heavily reliant on Jews who lived in Germany. Germany started losing its wealth because Hitler only knew how to spend money. Without the Jewish businessmen - Germany became bankrupt. Try getting rid of all Tsinoy businessmen (and let's include ALL who aren't "purebred Pinoys" too) and the Philippines will really lose a good portion of its economy too!
"Everything involves risk. No risk, no reward."
Risk is always part of life. A business will always have Strengths, Weaknesses, Opportunities, and THREATS. While being too much of a risk-taker is a bad thing (such as thinking only of returns without thinking of the risks) but expecting high returns with low risks is just as stupid. Of course, it would be good to minimize risk but that's still risk, right? In the study of finance and investment - you look for the least risk as much as possible. You want to lose less and earn more, right? But if you refuse to do any investment out of fear of risk then you are losing a lot.
The big Filipino businessmen knew the risks they were getting into. I would dare say Tancaktiong knew the risk of competing against McDo when he was still a little bee. I would dare say that Gokongwei knew the risks when he was expanding. Expanding one's business involves the risks and calculating it. Risk avoidance is not risk management. Risk management people take the risk but not to the extent they can't handle it. That's why they are careful risk-takers. They carefully consider the odds before entering into the project with both short-term and long-term.
"First of all, I have four rules. First, we make a study whether we can do it. Secondly, do you have the capital or deep pockets needed? Third, do you have the people and can you compete? The fourth is, can you sleep at night?"
There's so such thing as an overnight capitalist. A business is not a business if you have no careful study, no capital, no resources, and no people. One can consider not everyone can be capitalists but if you want to be one - make sure that you have a capital. You can be a contributor to the capitalist if you're not meant to be one. Did you even study your potential market or are you just opening a business without knowing the supply and demand gap? If you know the gap then do you have any competitive advantage? What planned advantage do you have then?
I remembered making a joke about opening North Korea's Koryolink Philippines at the slums of Tondo Manila. Who in the right mind would open a cell shop in the slums of Tondo? Would you open a lechon house in a Muslim community or would you open a roast beef station in a Hindu or Buddhist community? Knowing the community's wants and needs really come first. You wouldn't open a refilling station if the place didn't have residents who need water. You wouldn't sell gardening tools to people who don't have gardens. Capitalism is, as said, filling in the SUPPLY-DEMAND gap. If there's no demand then why bother to supply?
"You can’t do everything by yourself."
Business is not a one-man army. True, the decisions of the CEO or Director can affect the business but it can also be caused by people you hire. What's worth thinking is this - if you're a businessmen you owe your success to people you worked with. It was your idea but what good is a business idea if you don't have the people to carry it out? I remembered the line that was said, "If we're not around then you will not have your success! If you weren't around we wouldn't succeed too!" It's a give and take relationship between the boss and his employees. His success should be shared with all those who contributed to it.
I remembered thinking about doing it all yourself. Sometimes, you need to do things yourself. But if you can't help it then you need to ask for help. If you see someone having a hard time - volunteer to help without being told. A leader needs followers. No leader is a leader unless he has followers. I would value those under me because without them - I am NOBODY. Gokongwei and Tancaktiong both valued their employees and the results have been very pleasing. Bad bosses are destined to crumble one way or another because they will have nobody to follow their orders.
"To be frank about it, you’ve got to hire outsiders, otherwise you run out of relatives. We’ve hired a lot of good, young people."
I remembered the panic that "Chinese are taking our jobs!" when Chinese workers were hired. What amazed me is how the skilled Chinese workers delivered the job with quality and ease. You can consider this fact that hiring outsiders is sometimes necessary. True, you can start a family business but can your relatives purely do it? If you've got repairs then you certainly need to pay someone to repair it while you get the supplies.
Here's my illustration. If you're a Filipino who wants to open a martial arts dojo - wouldn't hiring martial arts teachers from South Korea and China be a good start? You really need these foreign employees, as temporary as they may be, to teach martial arts to Filipinos. Then Filipinos who learn martial arts will eventually become masters. Then you can consider restaurants that hire foreign cooks to train Filipino chefs. These places weren't afraid to hire outsiders. It's the fear of outsiders for the sake of it that also helps block progress.
Gokongwei couldn't establish his empire if it wasn't for hiring outsiders. He knew that he had to do what he had to do. His business hired outsiders. He may have even hired foreign trainers to train his Filipino employees with the necessary skills. If he didn't do it then he wouldn't have succeeded.
"Right now, Malaysia, Thailand and Indonesia are on top. Our economy is good but the President has been sitting for only two years. You don’t achieve miracles in that short time. If Europe descends into deep recession, America follows and China also declines, we will be affected because we export to these countries. Our OFWs will not be able to find jobs."
Maybe Gokongwei isn't open to federal-parliamentary (which I can't verify) but he's sure to economic charter change. There's one thing worth asking of who makes the better teacher regarding economics. Would it be Hilario Davide or him? Davide is a lawyer but not a business lawyer. Who is the founder of businesses? If I want legal matters then I would go to Davide. But if I want advice on running a business - I'd consult the Gokongweis.
The truth about OFWs is that it's very unreliable. He acknowledged that the Philippine economy is good but there's still other problems. To say that Noynoy's economic boom is Asia's next miracle is an overstatement. President Duterte has to learn from both Gloria Macapagal-Arroyo and Noynoy too. President Duterte did bring in some investors but is it enough? The truth of OFWs is that it relies too much on other country's economies than trying to build the Filipino economy. Allowing foreign investors to invest in the Philippines will help build the economy through the form of income taxes and employment. More employment means more spending and more spending means more taxes, get it?
What has made Malaysia, Thailand, and Indonesia go on top? Was it economic protectionism as the commies would suggest? On the contrary, it's all about economic liberalization. They accept foreign investors. Thailand still remains as the land of the free even with foreign investors doing business there. Whoever thinks that foreign investors are invaders is a loon. I suggest Davide better go to Thailand and see things for himself before he inevitably dies.
"Companies today are more efficient. You learn more because of communication and electronics. The world is changing. If we don’t change, we might not be able to compete. That’s why most of the money goes to education."
I confess that I'm pretty much old school with a lot of my music and entertainment. Yet, what I can't deny is that while I enjoy a lot of old school music - I'd still want to play classical tunes on my smartphone or PC than on a cassette. I may enjoy old school style photos yet I'd want to take them with a digital camera or a smartphone. If you're still asking for cassettes and negatives then you really must be dreaming. If you want me to fax my request then forget it! You want a typewritten document when there's already the PC? Then you really are not moving at all. Some businesses will eventually collapse if they refuse to upgrade their equipment especially the digital age is here!
I remembered how record-keeping was so hard without the computer. The computer came and helped provide soft copies though hard copies will never disappear. The computer helped write books better and save more time. Typewriters were such a hassle. Parents who refuse to let their children's new skills into their businesses are not doing their business a favor. True, there are lessons to learn from the aged but not all old people are wiser. It's just like that 4Ps-obsessed old man who still continues to insist it's the people but not the system. You really do need to change equipment when you need to. It's just like how typewriters were gotten rid in favor of laptops. It's like how photography companies stopped selling negatives and focused on digital photography. I went to Kodak and threw a joke, "Do you have negatives?" and they thought I was crazy. See? Upgrading equipment when necessary is really needed!
Business is all about embracing and introducing change. While not all change brings progress (and I hate to admit it but many companies today are making changes for the worse at times) but we do need it for progress. While a traditional formula stays yet there are some changes. I was thinking that the piaya I enjoy still has the same recipe yet the method of making it has changed. I think about how traditional methods do get semi-modernized. It's like how we still have people making some stuff by hand (to maintain quality) yet the flour was produced through modern industrial means. Those who can't see to combine the best of old and new are bound to fail.
"Through the years, I've stayed an entrepreneur, working hard and always learning from the school of life. Today, I'm 92 years old. I still know what has been going on in my company and I study and learn and always read books and now stories in this new digital age."
A stupid person is not necessarily unschooled. The real sad fact of life is that some of the most educated people are also very stupid. Some stupid people have master's degrees and doctor's degrees to brag about or even graduated with honors they got without cheating. Stupidity should be viewed as a lack of common sense and not a lack of education. Some of the most stupid people in politics are considerably more intelligent than I am. You can take that many of them graduated in hard-to-enter schools such as the University of the Philippines, Ateneo De Manila, and Wharton University yet they are doing really poorly in real life. The best way to stop being stupid is to learn common sense. Is it me or has school made people stupid instead of achieving its actual mission?
What Gokongwei wanted to state is that he may have finished college but he saw this. Graduation is not the end of learning but the beginning of another stage of life. Graduating from graduate school or doctorate school is just another step. It doesn't give you everything you need to learn. He thinks life as the best school ever. Experience is the best teacher. Sometimes, the best businessman today may have suffered losses yesterday. He was thinking about him entering at the age of 92. Unlike a certain 4Ps-obsessed old man - he doesn't consider himself the epitome of wisdom. He has finished school yet he still learns neww stuff. He's open to change and doesn't appeal to the hundred years fallacy. The reality is all about the fear of the unknown. Gokongwei confronted that fear and guess where it took him.
Prime Minister Mahathir Mohamad from what I heard advised to never retire until you're no longer able. I'm just reminded of how some people did all they can in their bonus years until they were no longer able. I mean, the great Prime Minister Mohamad himself is already in his 90s and he's back as Malaysia's prime minister. Gokongwei kept reading books and learning new stuff until the day he died. Retiring in your old age and just having fun makes you ugly. Continuously learning new stuff in your old age makes you still beautiful even as your skin wrinkles and hair turns gray or white.
_____
RIP Gokongwei you will be missed!