Amitabh Sharma
Features Coordinator


Bernard Henry has experienced both successes and failures as an entrepreneur. However, he has triumphed and has turned his disappointments into opportunities. He speaks to Jobsmart about his journey and the many challenges he has had to overcome.


Were you a 'born' entrepreneur or being in business came gradually to you?
I believe that I was always drawn to business and entrepreneurship even though my focus in high school and university was on the sciences. My parents were my early role models as both resigned their government jobs to pursue their dreams of doing their own thing.

Both were very hard working and focused people who set the standard by which I work today and always encouraged me to do what I enjoyed. They taught me the value of being independent. Eventually, I did an MBA during which time I focused on entrepreneurship, finance and marketing, using the practical examples of the family business.

What were the opportunities you saw that prompted you to venture into business?
I had the opportunity of first going into my own business in the very early '90s and went through the full cycle of tremendous growth to major challenges due to the financial sector meltdown.

My initial business was a bakery, gas station, some fast-food outlets and a livestock farm. I joined Digicel in May 2000 as sales director, but left at the end of 2000 to establish FIMI, in conjunction with a couple friends, who helped to provide the equity we needed to establish the chain.

I believed that the opportunities that Digicel was going to offer Jamaica were tremendous and we were very optimistic about the how FIMI could position itself for this opportunity.

What were the initial challenges?
The initial challenge was to leave a cushy job and be on my own. The second issue was raising capital to start the venture. I was looking to have equity partners, rather than trying to do it all by myself through bank loans. The next step was to ensure that all partners had the same vision and that everyone understood the roles that we all had to play.

The other major challenge was that I was in a relatively new industry, which meant that I had to learn very quickly the work demanded by putting in long hours for the first few months. The last major challenge was building the 'FIMI Wireless' brand into a leader in the Jamaican retail telecommuni-cations sector.

How viable is a franchisee model when doing business and what are some of the things to keep in mind?
A franchise model can in fact be a very viable option given the success of Burger King, KFC, Domino's Pizza and a number of other very well-known businesses in Jamaica. Our model is, in fact, not a franchise arrangement in the classic sense of the word, as Digicel dealers in Jamaica and the region do not pay a yearly franchise. Instead, we have a dealer agreement, which allows us to sell their products and services within each market.

The franchise model provides each holder an operating platform for which they pay over a percentage of sales/profits. The key here is that the new business doesn't have to start from scratch and come up the learning curve, but instead has an already proven system to run the business.

The main issue to keep in mind here is that the initial cost will tend to be higher for a franchised operation as one has to buy into that particular market along with the operational build out of the actual business.

How are the dynamics of business changing with the evolving market?
They are constantly changing as the environment changes daily. The main factors affecting this are the constant change in the demands of our customers for better products and services. The ever-changing face of technology, which drives productivity and accessibility, also drives the business.

This has resulted in business now being focused on minimising costs, increasing efficiency and improving profitability. Gone are the days of people staying in their jobs for life. That is no longer an option as competition has become so fierce that it is essential for employees and employers to ensure that everyone has the adequate skill sets necessary for making a positive contribution to the business.

In a nutshell, we have to be leaner, faster, smarter, better prepared, more trustworthy, dependable and reliable than our global competitors. Also, we are no longer restricted to just Jamaica as we are competing across the globe.

What advice would you give to those who want to explore entrepreneurship as a career option?
Go for it! Find something you enjoy doing, have a passion for. But do not compromise on your education, be broad based and learn as much as you can about your industry. Be willing to take risks, be trustworthy, dependable, develop a reputation as someone with integrity, develop your people skills and launch out especially when you are young.

Do not be afraid of partnerships, as you don't have all the solutions; find a mentor and learn as much as you can from him/her. Most importantly, have fun, enjoy what you do and bless others as you succeed and give back to others. You will need to work really hard; this will be the hardest job that you will ever have. Remember at the end of the month you get paid last, but you're building your own equity.

amitabh.sharma@gleanerjm.com