From a humble suburb to the bustling boardrooms of Manila, Joseph Calata’s rise in the business world is a story of ambition and harrowing challenges. Calata was raised by entrepreneurial parents who managed a modest poultry feed retail store. His early exposure to business, combined with a degree in Management of Financial Institutions, set the stage for his future endeavors.
During his college years, Calata’s entrepreneurial spirit truly began to shine. Venturing into multi-level marketing, he turned a $100 investment into $10,000 within six months.
Such early success demonstrated his knack for business and set the tone for what would be a tumultuous career as an entrepreneur. After graduation, he joined his family’s farm store, which, at the time, employed only five people. Recognizing the need for modernization, Calata introduced computerization to the business despite initial resistance from his parents and customers.
“Success is not achieved merely by passion. It is dictated by hard work, perseverance, and obsession,” Calata once said, putting into words the tenets of his mindset.
The Battle for the Calata Corporation
Calata’s efforts to modernize the family business paid off, leading to significant growth. By 2003, the company’s annual revenue had soared to $4 million; by 2006, it had reached $20 million.
In 2012, the Calata Corporation was listed on the Philippine Stock Exchange (PSE), making Joseph Calata the youngest CEO of a publicly listed company in the Philippines – all at the age of 31. The IPO was a resounding success, with the company’s market capitalization reaching as high as $175 million. He was tagged by the news outlets as the youngest self-made billionaire during his time.
However, Calata’s journey was not without challenges. In 2017, the Calata Corporation was delisted from the PSE due to supposed violations of disclosure rules.
Calata’s Agriculture App
Despite these setbacks, Calata’s resilience never wavered. To modernize the agricultural market, he launched KROPS, a novel smartphone app. This platform aided farmers by allowing them to sell their produce directly to consumers. It effectively eliminated the need for middlemen and increased their profits. Calata intended to elevate the Calata Corporation from a solely brick-and-mortar business into a prominent tech company.
Like the Calata Corporation’s rise, the app quickly gained traction, recruiting thousands of farmers. From $2,000 in the first month, the transactions grew exponentially to $6 million monthly in a span of 10 months. However, regulatory challenges again resulted in authorities issuing a cease-and-desist order, which forced Calata to suspend the app’s operations.
“It is difficult to do business in a country where political connections are everything, and technology develops faster than outdated laws,” says Calata.
Lessons in Resilience and Innovation
Calata’s story offers several key lessons for entrepreneurs. First and foremost is the focus on technological growth. Calata’s steadfast interest in modernizing his family’s business acted as the pivotal point for his success. This tech-first slant was also reflected in his later ventures, especially in the novel concept behind the KROPS app.
Despite numerous setbacks, including regulatory challenges and market controversies, Calata remained resilient and pursued his vision. Besides relying on modern technology, Calata’s decades of entrepreneurial success can also be credited to faith — both in himself and in a future worth building.
Reflecting on his experiences, Calata noted, “Any setback is a learning opportunity. The most resilient of people learn the hard way. But to build this resilience, they must build a deeper understanding within themself. They must stay true to their ambition and, above all, teach others what they’ve learned.”
His tale is one of great heights and the deepest depths. For entrepreneurs seeking to glean wisdom from his life, one need only examine the words from Calata himself, “If you have an idea, go fight for it. Don’t rest in the hopes of success, always chase that next big idea.”
Calata certainly had the Midas touch. He has a knack for making businesses incredibly successful in the quickest time. It was just a case of investing in the wrong location, where regulations are resistant to unconventional ideas.
Such a mindset has driven Calata’s rise and will likely continue to shape his future endeavors. He has since shifted his focus to assisting enterprises that are located outside of his country of birth. Business spectators might encounter Joseph Calata in the global arena.