Adapt to thrive, not just survive

Adapt or die. It’s a saying that often comes up when talking about entrepreneurial adaptability — the ability to adjust strategies and business models in response to changing markets, customers, and challenges. Entrepreneurs who have mastered adaptability are able to innovate or pivot their business to stay ahead of the competition.

The more I speak to entrepreneurs, the more I am convinced that adaptability is key to their success. It’s often a crucial element in a company’s survival. I’ll take that statement a step further. Top entrepreneurs don’t adapt to just survive. The best adapt to thrive.

Renold Verano, President of Investphil Realty and Development Corp., is an entrepreneur who embodies adaptability, and I was lucky to connect with him during the most recent National Convention of Filipino Homes. Today, Investphil is a real estate developer best known for its projects in Palawan, but its success has catapulted it into partnerships with other developers in Laguna, Rizal, Bacolod, and Lipa. Yet over Mr. Verano’s 28-year career in real estate, this fast-growing company has undergone tectonic shifts in its mission and its business model numerous times. And, as many entrepreneurs may relate to, it all began when Mr. Verano was a real estate broker.

Join me as I take a closer look at Renold Verano’s remarkable entrepreneurial journey, and find out what you can learn about entrepreneurial adaptability from this master of the real estate industry. Highlights of our conversation follow, or watch the full interview on the RJ Ledesma Podcast.

ADAPT TO SURVIVE
Armed with a broker’s license, Mr. Verano set out not to create a real estate development empire but simply to sell homes. Eventually, as a real estate broker, success came as he partnered with other brokers to build a brokerage. He soon learned that he could sell 20 or even 50 homes in a day.

It was at this point when, as he worked with one developer, Renold’s company ran out of inventory of homes to sell.

“The shift of the business really happened when we sold out a project nung isang (of one) developer. Then I found out, wala na pala kaming mabebenta, wala nang (there was nothing left for us to sell, there was no) source of commission.”

Left hanging with a fleet of 20 vehicles and their car loans, Mr. Verano knew he had to change his business to survive. He calls these moments of adaptation “shifts.”

“That was the lowest moment of my career,” Mr. Verano said. “We were going nowhere. So, if I don’t shift and do something now, baka lalo akong mahirapan (if would be even harder) in the next six months kasi bumababa na ’yung commission  (because commissions were going down). So, that’s why I started doing build and sell.”

From there, Mr. Verano entered construction, starting slowly with three to five properties. Over time, he would develop and build entire subdivisions. He estimates that in his long career he has sold thousands of homes and condominiums.

MASTER OF ENTREPRENEURSHIP
Looking back at these shifts from brokerage to construction company to full-blown real estate developer, Mr. Verano said that it is constant learning that enabled his entrepreneurial adaptability.

“It took me five years to really know how to sell,” he said. “Then after learning how to sell, it took me about another five years to learn how to train people and manage people. And then, nagde-develop na ako (I started to develop), it took me another five years to really learn how to really develop properly.”

It is this humility to constantly seek skills and knowledge that led him to pursue a Masters of Entrepreneurship degree at the Ateneo Graduate School of Business. And it was there where Mr. Verano underwent another shift — one that would take Investphil to the next level.

Mr. Verano recalls a conversation with one of his professors about focusing his company on what makes them successful. “I have construction,” he said. “We sell for other developers… We also process the loan of developer partners. So, I decided, no, we will let go of the business that doesn’t help us survive the company… We focused on, saan ba talaga tayo kumikita (where are we really making money from)? That’s when we started letting go of our developer partners and focusing on projects na mismo ni (that were by) Investphil.”

By locking in to real estate development, he redefined the focus of his business and renewed and expanded its mission and its purpose.

LESSONS FROM AND ADAPTABLE ENTREPRENEUR
Beyond entrepreneurial adaptability, there are so many lessons we can learn from Renold Verano’s journey with Investphil.

1. Focus on what the market wants. As a real estate developer, Mr. Verano wasn’t interested in maximizing profits at the cost of the customer. His experience as a broker taught him what the market wanted. And Investphil would deliver.

“Ninety plus percent of Filipinos prefer a house with an excess lot,” he explained. That’s why Investphil homes have a modest garden in front and a multi-purpose area in the back. Giving the market what they want may seem obvious, but it is often forgotten or ignored by too many businesses. For Investphil, it has translated into a gold rush of sales.

“Kaya nga sabi ko, ang concept natin (that is why I say that our concept) is we bring high-end to the low-cost market. Hindi kami nagbebenta ng bahay, para lang ma-fulfill ’yung dream nila, para lang kumita kami (We’re not selling houses just to fulfill their dreams, just so we can make money.) Right now, it’s more of a mission na (that), our goal is to deliver homes where people build on their dreams.”

2. Teams are built on trust. Throughout our conversation, Mr. Verano was quick to share credit with his partners and his team.

“It really takes a team to progress as a big organization,” he said. “’Yun ’yung sinasabi nila (that is what they say), you can run fast. But, to run longer, to run further, you need a team.”

3. Be humble. Renold Verano ended our discussion with a lesson in humility. While it may seem off-topic, it is actually at the heart of his success. After all, it is humility that allowed him to pursue shifts in business models that didn’t work. It is also humility that is at the core of entrepreneurial adaptability. It led him to partner with others, and it directed him towards seeking learning when he needed it.

“It also takes a lot of humility,” he concluded, “constant humility to learn from people who are more experienced than you. That’s actually the most important. Because you will find success and failure. But the way you sustain your growth and your failure, the way you recover, is by being humble to people who supported you.”

RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker, and business mentor, podcaster, an Honorary Consul, and editor-in-chief of The Business Manual. Mr. Ledesma can be found on LinkedIn, Facebook and Instagram. The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts. Are there entrepreneurs you want Mr. Ledesma to interview? Let him know at ledesma.rj@gmail.com.