It is a story of conglomerates, echoing tales of mergers, acquisitions, profitability and pride. It is a narrative of human failure, defeat, deft, inefficiency and mismanagement. But it is also the story of triumph, perseverance, courage and character. It is the record of Jamaica’s corporate leaders, bastions of entrepreneurship.
Authored by Delano Franklyn (former Minister of State, Foreign Affairs and Trade), the book is called ‘The Right Move: Corporate Leadership and Governance in Jamaica’. Written with a zest and pace sadly missing from much of the discourse on business and entrepreneurship, The Right Move is a bold attempt to celebrate the accomplishments of 39 of Jamaica’s business leaders, nominated for the Jamaica Observer’s Business Leader of the Year, 1996. This, Franklyn has done by locating the successes and failures of these businessmen and women within the context of the country’s prevailing economic environment and the extent to which this environment impacts on the way businesses are forced to operate.
Refraining from the use of theoretical economic jargons, the book contributes to a solid structure of knowledge while easing readers through the vicissitudes of being an entrepreneur. Utilizing personal interviews, business materials and the annual reports of publicly listed companies, Franklyn succeeds in exposing the entrepreneurial shrewdness of some of Jamaica’s corporate leaders, probes the thinking and decisions made by them – in an effort to understand the criteria which underlay their success and the reasons behind their failures. This, the author has accomplished in a manner which is best described as non-judgmental but not necessarily uncritical.
Without making direct reference to it, Franklyn in The Right Move cleverly engages readers in a discussion about leadership and governance, of course without placing excessive attention on political leadership. Rather, he manages to pull into sharp focus the whole notion of corporate governance, embarking on a meticulous appraisal of Jamaica’s business leaders, particularly their responsibility in driving a market economy.
WHO ARE JAMAICA’S REAL ENTREPRENEURS?
In the preface of The Right Move, the author poses a question which I contend forms the fundamental basis of the book: “Why are some businesspersons able to do well, particularly in arduous and demanding situations while others are less able to do so”? Such a blunt, candid question underlines what Franklyn has posited as the “qualitative difference between businesspersons who view challenges and changes as insurmountable obstacles to business development and those who are prepared to apply new methods, new techniques and creative innovations to cope with challenges and changes”. Who then are the entrepreneurs in Jamaica? It is a question which is left hanging but even a cursory reading of the book will furnish a certain answer.
ASSESSING THE BUSINESS ENVIRONMENT
No objective assessment of any entrepreneur or commercial enterprise in Jamaica, small or expanding, can be accomplished without a keen analysis of the country’s prevailing business environment. The Right Move therefore takes as its point of departure a detailed review of the Jamaica economy and the state’s attempt to create the kind of environment which fosters growth and development. Evaluated within the milieu of the intrinsic worth as well as the snares of globalization and liberalization, Franklyn shows demonstrable prrof of the significant structural adjustments that government has been compelled to undertake in order to ensure increased productivity and competitiveness.
In this regard, Jamaica is said to have experimented with a range of economic strategies since the 1950s, aimed at achieving economic growth and development. The Right Move is a comprehensible testimony of the symbiotic relationship that ought to exist between the private sector, government’s policies and the responsibility of the business community to perform within such a framework. It is of course beyond contention that many of the structural adjustment policies undertaken by government to respond to varied economic conditions have hampered some businesses.
THE JAMAICA FINANCIAL SECTOR IN THE MID 1990S: FRANK PERSPECTIVES
Corporate leaders such as then Chairman of Bank of Nova Scotia, William ‘Bill’ Clarke posit other factors that he claims primarily caused the meltdown of the financial and insurance sectors. Clarke declares in Franklyn’s book that there are certain fundamental principles that banks ought to be guided by. ‘Banks ought not to be pawnbrokers and should stick to their core principles and core business’. Many operators of financial institutions interviewed by Delano Franklyn have failed in this regard. Mutual Life’s Jim Parkes in an extraordinary admission in the book says: “we forgot we were an insurance company”.
GOVERNMENT INTERVENTION VIA FINSAC: A LOOK BACK
Based on Franklyn’s studies of Mutual Life, Life of Jamaica, the Eagle Financial Network and national Commercial Bank (NCB), the government’s intervention in the financial sector in the mid 1990s through the Financial Sector Adjustment company (FINSAC) has been touted as a necessary evil. It may well have been but at the same time, its very existence exposed the vulnerability of many entities and the seeming ineptitude of its leadership. In the end, Franklyn establishes that radical reforms had become mandatory in order to, literally, resuscitate some of these companies and to restore profitability in others. Many such as NCB, according to Franklyn, “sought to divest itself of its non-core business assets, reduce its operating costs and concentrate on financial services, its core business”.
From tourism and manufacturing to commerce and entertainment, serious management decisions were undertaken, many of which focused on fielding the best human resource. Importantly, in my opinion, these decisions were, perhaps for the first time, not based on loyalty to company or shallow friendship. Says LOJ’s Dennis Lalor, “there was no need to dismiss anyone; we simply raised the performance bar; Those who were not able to meet the new criteria dropped out” (p. 56). Meanwhile, Roy D’Cambre, described by Franklyn as a feisty, self-deprecating entrepreneur declares “anyone in my organisation who tells me that something can’t be done is gone! What the employee means is that he cannot do the job and I simply have to find someone who can”! (p. 249).
FROM THE MOUTHS OF JAMAICA’S BUSINESS LEADERS
Wayne Chen of Superplus says he is an “unrelenting believer in a market economy”. The masterminds behind the Asylum and Margueritaville, Brian Chung and Christopher Cargill vow to continue to invest in Jamaica. Meanwhile for female business powerhouse, Doreen Frankson of Edgechem, crime is no deterrent, and Roy D’ Cambre declares “I love a fight”. It is clear that many of the business leaders interviewed by Delano Franklyn for this book have demonstrated gritty tenacity in the face of mounting problems; have taken risks but have ultimately been recognized as victors in their field.
THE ENTREPRENEURIAL PERSONALITY: WHAT IS IT?
With razor sharp precision, Delano Franklyn has managed to arrive at some elements of what constitutes what he calls the ‘entrepreneurial personality’. They are first and foremost risk takers whose ambition and determination drives their success. They tend to have confidence in their ability to succeed, demonstrate a high level of energy and commitment and a desire for responsibility. Skill and experience are touted as necessary but not sufficient prerequisites of a “real” entrepreneur. Throughout the book, however, other elements of this “entrepreneurial personality” took shape in the desire of many of these business leaders to provide quality service at reasonable prices, ensure that their staff is highly trained and competent and illustrate the capacity to respond quickly and adroitly to changes in the surrounding business environment.
IS FAILURE A NECESSARY PART OF BUSINESS?
It must be understood that many entrepreneurs can and do exhibit these characteristics and still fail. Fortunately, Delano Franklyn, author of The Right Move does not regard business failure as something to be ashamed of. Rather, Franklyn presents business failure as part and parcel of the risks inherent in business. Indeed, Franklyn advises that “calculated risk taking must be encouraged among those who desire to become entrepreneurs”. This is obviously not novel advice but there are those who have failed and have claimed that they have lost the “spirit” to pull themselves from the “ashes” while others declare that “businessmen are businessmen and will always look for opportunities regardless of the situation”. Who are the real entrepreneurs then? You choose!
WHO ARE THE REAL ENTREPRENEURS THEN? MY ANSWER…
To my mind, from the street side vendors and cart pushers to the peanut man and the individuals who earn a living selling from their vehicles, Jamaican people are fully possessed with the “entrepreneurial personality”. Obviously, there is no singular set of criteria, which maybe adhered to if one desires to be successful at entrepreneurship. The business leaders featured in The Right Move is verifiable evidence of this.
The Right Move, authored by Delano Franklyn is a highly recommended book for students and teachers of Business administration, Management Studies, Political Science and Journalism, as well as anyone interested in entrepreneurship or the Jamaican business environment. The book is thought-provoking and instructive. At the same time, it opens the way for further discussion on business in Jamaica, and calls attention- unconsciously perhaps- also to the varied and creative ways the operators of small-business exist in the prevailing economic environment. The subject of another publication? Maybe
To purchase this book, and others from this author, including his latest, Sprinting into History, see www.delanofranklynbooks.com.
