Dennise Williams, Staff reporter
Hill
"I WANT TO talk about the oldest ambition, not the oldest profession (please, I am not in that business). The oldest ambition since ancient times to become wealthy."
Aubyn Hill, unpaid chief restructuring officer at Air Jamaica and managing partner of Corporate Strategies, spoke at the Mayberry Investment forum on Wednesday at the Knutsford Court Hotel about the reasons we should own our own businesses.
"Now everyone cannot be wealthy and those of us who are still poor must continue to work on it.
"And creating wealth is the most potent entrepreneurial motivator.
"Now, honest to heaven, I don't want to be poor, but most people I know do not go after entrepreneurship for the money but the achievement that drives them. However, the money comes from the achievement. So the goal of creating wealth is a very potent motivator, so please go out and get wealth."
And according to Mr. Hill, it is ideas that produce wealth. "It is not what you have, it is what you do with it. Ideas are free (except from consultants). Poor people with good ideas become rich
by managing their ideas well. Rich people become poor by mismanaging their wealth."
Of course, ideas without
execution mean nothing. Mr. Hill explains, "Really successful entrepreneurs are persons with very high aptitude who pioneer change and possess characteristics of business acumen and drive found in a very small fraction of the population."
THINK OUTSIDE THE BOX
Just like the definition of insanity (doing the same thing over and over but expecting
different results), Mr. Hill does not see wealth creation in doing the same thing everybody else is doing. You have to think outside the box. And so Mr. Hill says that entrepreneurs place a high value on innovation. But he notes that the inventors of the space ship are not wealthy people, so innovation has to be done strategically. "Entrepreneurs look at ways to develop new products, new production methods, new markets and new forms of organisation. And above all, the respond to the market place and its needs and requirements."
And so, wealth is created when such innovation results in new demand. He gave a few examples in the Jamaican environment.
"Look at Lasco. The idea was simple: provide low-cost food and drug items. Juici Patties came with a variety of patties and 25 years later, they are
market leaders. Other examples are Guardsman Group in the security field and Chukka Cove in the adventure tourism field."
However, Mr. Hill admonished that, "We need more legitimate U.S. dollar-millionaires in Jamaica. We need more entrepreneurs to launch out on their own and to form partnerships and shareholding companies."
At this point, Mr. Hill spoke about the fear of risk that tie
people to their jobs and prevent them from being innovative.
First, he looked at risk. "Risk on an entrepreneurial venture must be high otherwise with the incentive of sure profits, many entrepreneurs would pursue the idea and the opportunity no longer would exist."
WAGES ARE ALWAYS FIXED
And the greatest risk Mr. Hill believes is being tied to your wages. "How many people you know who become really rich from earning wages? Do you know the problem with wages? They are always fixed! But there is no limit to how much profit you can make with your own business. And while wages can earn you a living, profits will make a you fortune."
Therefore, Mr. Hill urges Jamaicans to look at the
opportunities that currently abound.
"Look at services to the tourist industry. There are opportunities to provide food, staffing, flowers, laundry services and transportation.
And there is the airline industry. They need baggage handling, maintenance and people
training."
Speaking of people training, Mr. Hill spoke about something that he has benefited from. "We should be looking to training people with skills for the local market and to be fit for export. Jamaican nurses and teachers are in such demand overseas. Many North American states pay
companies between US$15,000 to US$30,00 as a finder fee to provide them with qualified workers. When we start there, we can then train masons, carpenters, steel benders and accountants. There is no limit for the creative mind."
Mr. Hill believes that we should take the long view. "Go for profits rather than wages, take some calculated risks, start a business and be a job and wealth creator."
