From great debt to great deals: Investing in people key to scale up
Steve Sy is founder and CEO of Great Deals Corp., the Philippines’ leading e-distributor providing end-to-end solutions to maximize the e-commerce potential of brands. He is a recipient of the 2nd Mansmith Innovation Awards, among other awards.
With 6 hectares of warehouse space, over 50,000 products and more than 2 million annual transactions, Great Deals has firmly established itself as a leader in e-commerce fulfillment. In this interview, Steve shares insights from his new book, “From Great Debt to Great Deals,” which chronicles his entrepreneurial journey.
Question: Your career has evolved from insurance to importation and eventually to e-commerce fulfillment. What inspired you to shift industries, and how did your background in insurance influence your business mindset?
Answer: My career has been about constant learning. I learned a lot about sales and customer relations in insurance, but I always had an entrepreneurial mindset. The move toward importation was driven by my travels to China and recognizing the opportunity in that space. My transition to e-commerce fulfillment came from seeing the growth of the digital economy and the chance to help brands scale online.
Insurance taught me resilience, to face rejection and to always prepare for tough times.
Q: Before the success of Great Deals, you experienced failure in an earlier business venture. What was the toughest part of dealing with that failure, and how did it shape your approach to entrepreneurship?
A: The emotional toll was the hardest part. I felt like I had let down my family, team and myself. Financially, I was deep in debt and had to find a way to bounce back while supporting my family.
Failure taught me resilience and to learn from mistakes. It also made me more strategic, data-driven and humble. I now approach business with a service mindset—helping others grow because I understand how tough the journey can be.
Q: After experiencing failure, how did your mindset shift, and what led you to launch Great Deals?
A: I began seeing failure as a lesson, not the end. My mindset shifted from seeking quick wins to focusing on long-term, sustainable growth. Business became about solving problems and creating value.
The turning point was when I sold cell phone accessories online and realized the potential of e-commerce. I saw how brands struggled with fulfillment and logistics, so I created Great Deals to provide solutions for them.
Q: Great Deals was recognized as the “Fastest Growing Company” in Asia-Pacific by the Financial Times in 2022. What key strategies helped you achieve this success?
A: Our success came from a focus on efficiency, technology, customer success and a unified team vision.
- End-to-end e-commerce solutions: We didn’t just handle logistics; we provided a full ecosystem—from digital content creation to warehousing and data analytics. This made us indispensable to brands.
- Tech-driven operations: We invested heavily in artificial intelligence and automation to optimize inventory management and order fulfillment.
- Strong brand partnerships: We focused on being more than service providers; we became growth partners for brands, working closely with them on strategies for platforms like Lazada and Shopee.
- Agility and adaptability: Our ability to pivot quickly in response to market changes helped us stay ahead.
By combining technology and operational excellence, we didn’t just grow; we built a sustainable business.
Q: You’ve shared that your faith plays a central role in your life. How has being a Christian influenced your entrepreneurial journey?
A: My faith is the cornerstone of my journey. In the competitive world of e-commerce, my Christian values shape how I lead, make decisions and mentor others.
- Integrity: I believe success should never come at the cost of integrity. I’ve always prioritized honesty and transparency.
- Servant leadership: Leadership isn’t about power; it’s about serving others. Whether empowering my team or mentoring young entrepreneurs, I aim to create a culture of service.
- Resilience: Faith kept me grounded during tough times, helping me see obstacles as opportunities to grow.
- Purpose-driven mentorship: I encourage young entrepreneurs to build businesses that uplift others, create value and make a lasting impact.
In a competitive business world, faith helps me make decisions with clarity and humility, guiding me toward a legacy of purpose.
Q: What was one of the most difficult decisions you made while scaling Great Deals, and how did you summon the courage to move forward?
A: One of the toughest decisions was taking on significant investment to expand our operations. As demand for warehouse space and technology grew, we had to make a bold financial commitment, betting on the long-term vision.
At times, doubt crept in—what if market conditions changed or we expanded too quickly? My faith played a huge role in giving me courage. I believed that if our intentions were right—to help brands scale and create jobs—then we had to take this step forward.
The decision paid off, helping us expand and position Great Deals as a market leader. It reinforced the lesson: Growth requires boldness, and boldness comes from clarity of purpose.
Q: As Great Deals scaled, how did you build and nurture your team? How has your leadership style evolved over time?
A: Scaling Great Deals wasn’t just about increasing revenue; it was about building a strong team to sustain that growth. I focused on hiring people who aligned with our values—integrity, adaptability and excellence.
I empowered leaders within the company, encouraged decision-making at all levels and fostered a “One GDeC” mindset to unify the team. As the company grew, my role evolved from being hands-on to focusing on strategy, culture, and long-term sustainability. I learned to delegate and trust my team.
Ultimately, investing in people was key to scaling Great Deals.
Q: For young entrepreneurs just starting out, what crucial skills or mindsets should they cultivate?
A: Young entrepreneurs need to be adaptable, resilient and purpose-driven. Some key mindsets include:
- Growth mindset: See challenges as opportunities to learn and grow.
- Execution over perfection: Take action, test and iterate quickly.
- Resilience and problem-solving: Develop the resilience to face setbacks and use them as stepping stones.
- Data-driven decisions: Leverage data and digital tools to make smarter business decisions.
- Customer obsession: Focus on solving real problems for customers and delivering value.
Having a clear mission from the start is important, but be flexible enough to adjust as the market evolves. Adaptability, combined with a strong sense of purpose, will set you apart.
The book “From Great Debt to Great Deals,” which chronicles Steve Sy’s entrepreneurial journey, is available on Lazada, Shopee and TikTok Shop.
