Excerpt from Jamaica Observer column published Monday, March 08, 2021
By Jean Lowrie-Chin
“There is life beyond this valley,” declared Michael Lee-Chin during a recent interview on a Canadian television station. He noted that “crisis equals danger plus opportunity” and stressed the importance of long-term planning. He said that, because he had done this for his businesses, there was no need to change their strategy, even in the face of the COVID-19 crisis. “Stay in your lane and stay in your long-term plan,” he advised.
For those who did not have such a plan, now is the time to get one done, and they may find Lee-Chin’s “five rules for wealth creation” useful. These are:
1) own a few high-quality businesses;
2) understand them well;
3) ensure they are in strong, long-term growth industries;
4) use other people’s money prudently;
5) hold the businesses inter-generationally.
He said that, as a Baby Boomer, he went into the investment business when he saw this large cohort of the population looking to retirement planning. Now, Baby Boomers are ageing and health care is looming large on his radar, particularly, the sub-trend, cancer. He is therefore investing in peptide receptor radionuclide therapy (PRRT), described as “molecular targeted therapies [which] use drugs or other substances to identify and attack cancer cells while reducing harm to healthy tissue”.
To entrepreneurial aspirants Lee-Chin says one should ask oneself: “How am I making sure my businesses are relevant?” He says they should look at differentiating themselves, be in a constant reputation-building mode, and focus on making sure they are solving customers’ issues. This is the practice of successful businesses — reading the market, gathering the data, making the plan, executing, and preserving your competitive advantage.
Tricia Williamson’s Bambusa straws became popular with the ban on plastic straws and since then she has expanded her line, offering world-class items made from bamboo, some with enthralling digital interface. When Monique Powell introduced her company, QuickPlate at a PSOJ meeting a few years ago, little did we dream that her service would be in such great demand with the arrival of Covid. IT companies are busy, helping companies get up to speed in the new work-from-home dispensation.
Bamboo straws made by Tricia Williamson’s Bambusa
We can take advantage of free online workshops and courses at coursera.com, network on LinkedIn, and pick up well-paying part-time jobs at Fiverr, Upwork, Toptal, Simply Hired, PeoplePerHour, Aquent, Crowded, The Creative Group, 99Designs, and Nexxt.
Job seekers should know that there are many willing executives who will spare the time to help you navigate your way forward. If you don’t ask, you won’t know! With the avalanche of COVID-19 concerns and arguments we can lose focus on that all important long-term planning for family, career, business, and community. If we do not focus, we can become drained and immobilised. We must guard our mental health, make the effort to celebrate family milestones virtually and lift the spirits of our friends and colleagues. Let us power out of this valley.
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