2006 Filipinas Magazine Achievement Awards

Entrepreneurship: Daniel Moran
Sponsored by Merrill Lynch

?Many of us dream of eating decadent desserts, sinful chocolate and creamy cakes. Danny Moran turned such dreams into a multinational corporation.
When they were newlyweds, Danny’s wife Tess made a hobby of baking cakes for friends and family. At the suggestion of Tess’ mother, the couple decided to turn her passion into profit. In 1979 they opened their first bakeshop in Quezon City, which they named “Red Ribbon Bakeshop” for the signature red ribbon they tied on their cake boxes back when they were still baking from home and making personal deliveries to each customer’s house. The business was a modest venture, but soon word of Red Ribbon’s delectable delicacies brought the Morans success they had not anticipated.

Three years after opening the first Red Ribbon Bakeshop, Moran successfully launched two more locations in the Philippines. Realizing the potential for even greater possibilities, Moran decided to quit his position at IBM to focus on the family business fulltime. He has no regrets.

“This is not what I imagined at all. I was just looking at making a decent, small business,” Moran says. He has far exceeded his expectations, with 140 Red Ribbon Bakeshops all over the Philippines as well as 18 outlets in California. Moran plans to target the East Coast—areas of New York and New Jersey with large Filipino communities, Vancouver and Toronto, Canada. “It’s all about location, location, location,” he says.

What does it take to be a successful entrepreneur?

“First, you need to be passionate about what you’re doing,” Moran states. “If you are not happy or you are doing it only for the money, you won’t last very long.”

Second, entrepreneurial skills need to develop through constant learning. “It’s the only way to be good at it,” he says. Moran had no experience or training in how to run a business. He simply relied on his own instincts and willingness to learn from others.

“Third, you need good people working with you. Many people have a good product and are passionate about their work, but their relationships with their partners, associates and workers make things break down.” When Red Ribbon brings someone into the company, they also bring that person into the Moran family. “Family is a very important aspect of an individual. We take care of the workers and their family,” Moran says proudly.

When Red Ribbon Bakeshop celebrated its 25th anniversary two years ago, Moran honored two employees who had been working at Red Ribbon since day one. “A healthy, happy home environment leads to a healthy, happy work environment,” says the consummate businessman.

After almost 27 years of running the family business, does Moran still eat Red Ribbon’s products? “Oh yeah, all the time! Three or four times a week.” —Adrienne Salanga