Richard Mills and Daryl Urbanski shared their insights on starting and growing a business, offshoring, and being a CEO or leader. They emphasized the importance of a structured approach, flexibility, scalability, and a long-term perspective to achieve success. Daryl Urbanski and Richard Mills discussed the potential and challenges of conducting business in the Philippines and Singapore, highlighting the need to understand the local culture and market, address negative perceptions, and adapt to the environment. Daryl and Richard also discussed the Philippines' rapid economic growth and potential for first-world status, citing factors such as its young population, growing middle class, and increasing global connectivity.
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Episode Highlights
Entrepreneurship, leadership, and overcoming challenges with Richard Mills
- Richard shared how he got into business after being fired, with two young kids.
- Richard Mills faced challenges in starting his own business, including cash flow issues and the need for support from his wife.
- Richard Mills overcame these challenges by having a clear plan, being persistent, and having a supportive partner.
Entrepreneurship, business growth, and promoting the Philippines as a business destination
- Richard Mills emphasizes the importance of focusing on client acquisition and retention for new businesses.
- Richard recommends dedicating 40% of time to client-facing activities, even when business is starting to come in.
- Richard Mills emphasizes importance of identifying and targeting ideal clients.
- Daryl Urbanski shares insights on Philippines' transformation from a negative news story to a successful business hub.
- Richard highlights the potential of Filipinos, emphasizing their hard work and intelligence.
Doing business in the Philippines, cultural differences, and market potential
- Daryl Urbanski and Richard discuss the Philippines' potential as a destination for outsourcing work, highlighting its advantages such as good English skills, reasonable cost of living, and cultural amicability.
- Richard notes that many people are unaware of the Philippines' strengths, including its English proficiency and business-friendly environment, and suggests that the country needs to do a better job promoting itself as a destination for IT work.
- Richard Mills shares experiences on doing business in Asia, highlighting cultural differences and affordability.
- Richard Mills suggests starting in Singapore or Indonesia for consumer goods or B2B services, depending on the market.
- Richard believes Singapore has no future as a business hub due to high costs and lack of growth opportunities.
- CEO moved operations to Philippines to access cheaper labor and improve efficiency.
Outsourcing to Philippines as a training ground for global clients
- Urbanski argues that prioritizing pronouns over real-world issues is detached from the habits and behaviors that create success.
- Local BPO providers in the Philippines are training their workforce to meet global standards.
Entrepreneurship, leadership, and business growth in Southeast Asia
- Richard highlights the potential of Vietnam, Indonesia, and Philippines as growth markets due to their large and young populations.
- Richard Mills and Daryl Urbanski agree that the Philippines will become a first world country or close to it by 2040 due to its positive birth rate and large population.
- Successful CEOs work hard and find growth in unexpected places, like caring for seniors.
- Daryl Urbanski discusses challenges of managing a team while prioritizing inclusivity.
Leadership, self-reliance, and future trends in the Philippines
- Daryl Urbanski discusses the importance of taking responsibility and being self-reliant in business, citing the example of Elon Musk's "woke mind virus" and the need to prioritize results over ideologies.
- Urbanski emphasizes the importance of mental fortitude and competence in the face of challenges, using the metaphor of a lion chasing its prey to illustrate the need to be resilient and adaptable.
- Daryl Urbanski identifies eight critical success factors for small and medium-sized businesses.
- Richard Mills predicts that the Philippines will become a first-world country in the next 20 years.
Philippines' economic growth potential using the Lewis transition model
- Richard discusses Philippines' economic growth, projecting $16,000 per capita income by 2040.
- Richard Mills argues that Philippines can become a first world country despite corruption and education issues by leveraging the income increase of 30 million people through urban migration.
Doing business in the Philippines, with insights on cultural adaptation, market knowledge, and local partnerships
- Daryl Urbanski disagrees with the idea that IQ determines success in life, citing examples of Filipinos who have achieved success despite low IQ scores.
- Richard overrates the need for IQ, arguing that interpersonal skills are equally important for success.
- Top education doesn't guarantee success in the Philippines.
- Richard Implementing foreign ideas without understanding local context can lead to failure.
- Richard Mills shares insights on doing business in the Philippines, emphasizing the importance of adapting to the local environment and building relationships with Filipino companies.
- Richard advises against focusing solely on international customers, as Filipinos want to see commitment and long-term potential before investing their time and resources.
Philippines' economic growth potential and the importance of recognizing the opportunity for growth
- Daryl and Richard discuss the importance of family ties and friendships in the modern world.
- Richard highlights Philippines' growth potential despite Filipinos' desire to leave the country.
- Richard Mills highlights the demographic challenges facing China, including an aging population and shrinking workforce.
- Richard expresses admiration for China's economic progress and poverty reduction efforts, while acknowledging their geopolitical challenges.
- Richard highlights Asia CEO Awards as a platform for leaders to connect and grow.
