A framework for wealth creation
Michael Lee-Chin, chairman of the National Commercial Bank Group, delivered a highly motivational address to a large gathering of students, faculty and representatives from the business and diplomatic communities at the University of Technology.
Everyone left feeling immensely inspired about the prospects for wealth creation through local and global entrepreneurship, following the third annual Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL) student symposium on Wednesday, March 23.
The student-led symposium held under the theme, 'Inspiring Local Entrepreneurship through Global Innovation,' was hosted by final-year BSc in Entrepreneurship students, JDSEEL, in the College of Business and Management, as part of the final assessment for their course of study.
Lee-Chin took his attentive audience on a journey of his life's work, from his early beginnings as a young financier to his current status as a global investor with direct investments in many sectors, including banking, insurance, consumer goods, hospitality/tourism, media, waste management, telecommunications and agriculture.
His address included useful pointers which he has used as his philosophical framework in making decisions and executing business transactions over his 40-year career.
"In every aspect of your life, your highest value added is to create wealth. His four guidelines were confidence, the ability to differentiate oneself in the marketplace, building the best possible reputation in whatever you do, and addressing clients' needs in a genuine way that adds value to their lives by making them wealthy.
Lee-Chin then shared the "five laws of wealth creation" that he has observed is common among every wealthy person in the world. He said, "Every wealthy person owns a few high-quality businesses; consciously or unconsciously have their businesses domiciled in a long-term growth industry; understands business well and how to mitigate risk; uses other people's money prudently to create leverage, and are holding those few businesses for the long run."
Lee-Chin added that patience, perseverance, a sound intellectual framework, emotional intelligence, good values, access to good role models and good financing must also accompany the prescriptive formula that is applied with consistency.
Lee-Chin urged the entrepreneurship students to pursue their good business ideas, asserting that "the world is awash with equity capital to be tapped in support of the development of good business ideas".
The head of JDSEEL, Michael Steele, shared the vision and mission of the school and the Technology Innovation Centre in the context of their combined contribution to the economic development of Jamaica. Among the outputs, he noted, is the annual research and publication of the Global Entrepreneurship Monitor (GEM) country report for Jamaica, which provides a valuable perspective on entrepreneurial activity.