By Rizal Raoul Reyes
Richprime Global Inc. Founder and CEO Myrna Yao enjoys her role as a female executive and entrepreneur. She believes women are blessed with a natural ability to solve business problems.
“This is because women are particularly adept at complex decision-making. Their capacity to digest and synthesize information, to engage abstract thought and intuition seem to be in women’s DNA,” Yao said.
Yao acknowledged that business problems will not be solved by linear thinking alone. With this, some intellectuals belonging to the world’s distinguished universities have proposed that women executives should take the leading positions in the 21st century.
Study also shows that there are many senior male executives, who are now taking courses to develop their right brain capacity. As an entrepreneur, Yao said learning must be pursued continuously to be able to cope with the changes. She admitted managing and heading the business involves a lot of challenges and rewards that mean birthing a dream and passion.
“Learning was an important element to my earlier success. It takes courage, determination and foresight to succeed as an entrepreneur,” Yao said.
“The DNA of an entrepreneur is measured by their capability to take risks and act decisively with convictions to the dream and passion,” Yao added.
A firm believer of further learning, Yao continued studying, reading and upgrading her knowledge. In fact, she recalled attending numerous seminars, conferences and workshops to learn continuously. Despite being on the family way, Yao took up Masters in Business Administration. She was then also running a business and trying to be a good wife as a newly married entrepreneur at the age of 19.
“I believe that higher education is important. The days of our forefathers were based on gut feel. Luck alone is the thing of the past. I believe that, to be successful, one has to be equipped with knowledge and information needed for decision-making,” she said.
Instinct, sixth sense, intuition and luck are only contributory factors in becoming a successful entrepreneur.
She successfully passed on the passion for learning to her eldest daughter Liza, who is currently the CFO of the company. She graduated from Saint Jude Catholic School and Wharton School of Business in Pennsylvania as salutatorian and summa cum laude, respectively.
“Learning is imperative when you want achievement. The inroads of globalization and rapid technological advancement are two realities that we need to confront with preparation,” she said.
In 1971 she joined the family’s commodity trading selling copra. Being a young woman, Yao believed it was an advantage because people did not consider her as a threat. They taught her the ABC’s of commodity trading. At the age of 20, she was privileged to learn the trade secrets of experienced and successful businessmen. By the age of 22, Yao was accepted as the youngest and only woman trader, even surpassing the feat of her male counterparts. She recalled that she had to work quite hard to achieve a high batting average in commodity trading. Together with the team, she helped build the company, formerly known as Richwell, and make it to the top 300 corporations in the country. “The bonus was that my father now trusted me as a woman to achieve and run our coconut business with him,” she said. She pointed out that entrepreneurs must also embrace technology as a tool to success, especially in the retail industry. “E-commerce is what we have to grasp and understand very well to maintain our competitiveness within our market sector,” she said.
After establishing Richwell Trading Corp. 34 years ago, the company has grown to be the exclusive Philippine distributor of Goodyear tires, Mattel toys, such as Barbie, Fisher Price, Hotwheels, Disney Toys, Chicco, Megablocks, V tech and more.
She also started the Filipina Barbie series, which became collectors’ items in doll museums in the US. In her collections, there are Barbies in Muslim, Igorot and Flores de Mayo.
Finally, she gives credit to her team for supporting her. “I am very privileged to have dedicated and committed employees. Some have been with me since the beginning of Richwell Trading 34 years ago.”