How to Build a Billion Peso E-commerce Business, According to Great Deals Founder Steve Sy
From getting out of a 12-year debt to starting a business, Great Deals E-commerce Founder Steve Sy shares how these challenges have made him into the great businessman that he is today.
Starting a business from scratch is no easy feat, especially if there's a large debt looming above your head. And in the case of Great Deals E-commerce Founder Steve Sy, he had PHP32 million to pay—all while managing a business, raising a family, and keeping sane.
But with perseverance, a sharp business acumen, and the foresight of what works, he was able to pay off his 12-year debt. What's more, during the pandemic—a time when most businesses would crack under pressure and close down permanently—Great Deals flourished and was able to raise USD$30 million (around PHP1.65 billion) in funding equity.
The success story of this e-commerce company, however, was a big risk, given that Sy could have rested on the security of his family business. But the desire to be his own boss and make a name for himself has forged him into a powerful entrepreneur with an equally formidable business—that to this day boasts of an extensive clientele of some of the biggest brands in the country.
Here's how he did it.