By Dennise Williams, Staff ReporterA YOUNG 10-year-old boy looked out over the cliffs of Titchfield in his hometown of Port Antonio, Portland and pondered his future. His dilemma? How to move from being the child of two struggling supermarket clerks to becoming the owner of a supermarket. That little boy was Michael Lee Chin.
During the launch of National Commercial Bank's (NCB) new Small and Medium Enterprises division at the Hilton Hotel on July 20, Mr. Lee Chin, Canadian/ Jamaican businessman and chairman of NCB, spoke on his journey from poor Jamaican to Canadian billionaire. "In 1987, I didn't just want to own a supermarket, I set for myself a bigger mission. To start a business in Canada in the most competitive industry anywhere in the world, the financial advisory business. With a strong Jamaican accent, I would have to compete against Canadian financial giants such as Citibank, Royal Bank, Scotiabank and the like. And I would have to do it without infrastructure or capital. So, how did I do it? I just jumped in with both feet into the water." Mr. Lee Chin's belief is that to have a "business that is both everlasting and successful" is simple. Not easy, but simple, because the formula for success is established.
SUCCESSFUL BUSINESS
"There are four things that you must do to have a successful and everlasting business that will create a legacy for your children. First, you must differentiate yourself. At the end of the day we are measured by our differences. If you are not different from your competition, you will become extinct. Secondly, you have to build a business that is entrepreneurial. These types of businesses create wealth. Third, you have to make sure that your business truly and honestly addressees the short term and long term needs of its customers. Fourth, you have to make sure that your business has a purpose. When you have a purpose, profits are a natural by product." But that's just one side of the equation. In terms of the employees, Mr. Lee Chin states, "The people who work with you are important as without them you cannot create wealth. Your employees must be smart and creative with a hands-on attitude. They must be energetic with high expectations of themselves and the organisation." And what about the needs of the business owner? Mr. Lee Chin states, "Business owners need two things to get an above average real rate of return and to do everything legally possible to minimise taxes."
Another element needed is patience. Mr. Lee Chin stated, "The moral is that every business will need five years to go through its gestation. Don't ask me why, it is just divine measure that it is always five years." Mr. Lee Chin, chairman of NCB, is also the principle owner of Canadian mutual fund powerhouse, AIC Limited. "Today we manage money for one million Canadian people. It didn't happen overnight. In 1987 we started with zero assets. In 1992, we managed C$18 million of other people's money. By 1993, that figure grew to C$100 million, by 1994 C$200 million and by 1995, C$400 million. Within 18 months of that, we had C$12 billion under management. We achieved the fastest growing financial services business ever in the history of Canada. A person once told me, 'Success is one per cent strategy and 99 per cent execution.' Don't talk about being successful, do it."
