Profile on Michael Lee Chin free essay sample

As a matter of fact, Jamaicans are known to excel in just about everything we do. In my opinion, the epitome of Jamaican excellence in entrepreneurism is none other than Mr. Michael Lee- Chin. Michael Lee-Chin, Chairman, Portland Holdings Inc is regarded as a visionary entrepreneur whose philosophy of â€Å"doing well and doing good† as resulted in phenomenal and inspiring philanthropic initiatives. The eldest of nine children, Lee- Chin was born in rural Port Antonio, Jamaica in 1951. He came from a biracial parentage; his mom was a Chinese Jamaica and his father a Black Jamaican. His mother sold Avon products, and worked as a bookkeeper for various local firms, while his stepfather ran a local grocery store. Lee-Chin attended the local high school, Titchfield High, between 1962 and 1969. Lee-Chin acquired his first job in 1965 working as part of the landscaping team at the Frenchmans Cove Hotel. In 1966 he got a summer job working on the Jamaica Queen cruise ship, cleaning the engine room. We will write a custom essay sample on Profile on Michael Lee Chin or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In 1971 he was able to obtain a scholarship sponsored by the Jamaican Government tofinish study Civil Engineering at McMaster University. After beginning post-graduate studies, Michael decided to explore career opportunities within the mutual fund industry (Portland Holding Inc, 2007). In 1977, he was motivated to start his own business when a friend told him about a shortcut to riches called mutual funds. Lee-Chin dropped his business studies, quit his job as a bouncer and took a one-week course in suburban Toronto with a mutual-fund company called Investors Group. In the first month when he started, he made $10,000. He figured that if it was so easy to sell mutual funds, then mutual-fund companies were the place to invest. In 1983, Lee-Chin secured a loan from the Continental Bank of Canada for CAD$500,000 to purchase a stake in Mackenzie Financial Group. After four years, this stock appreciated seven-fold, and Michael used the profits to make his first acquisition, a small Ontario-based investment firm called AIC Limited (Portland Holding Inc, 2007). Lee-Chin also set up the Berkshire group of companies, comprising of an investment planning arm, a securities dealership and an insurance operation. In Lee-Chin’s successful years he also received many awards such as Entrepreneur of the Year Award in the Services Category which was presented by Ernst amp; Young, Canadian Business, Bank of Montreal, Nesbitt Burns, McCarthy Tetrault, and Air Canada; Doctor of Laws Degree Honoris Causa; 2004 International Humanitarian Award presented by the American Friends of Jamaica Inc. n New York; named Outstanding Philanthropist of the Year by the Association of Fundraising Professionals (Toronto Chapter); Honorary Doctor of Laws Degree from University of Toronto; Lifetime Achievement Award from the Canadian Youth Business Foundation for his outstanding contributions to Canada’s entrepreneurial spirit; honorary Doctor of Laws Degree from Wilfrid Laurier University; an honorary Doctor of Laws Degree from the University of the West Indies; the Order of Jamaica – one of the country’s highest national honours, for his significant contributions to business and philanthropy; an honorary Doctor of Laws Degree from York University; Luminary Award from the University of the West Indies and in 2011 he receives the McMaster University Distinguished Alumni Award for the Arts. Michael Lee-Chin is always giving back to the community; in 2001 he donated $5 million to McMaster University which is used to establish the AIC Institute of Strategic Business Studies at the Michael G. DeGroote School of Business. Michael pledged $30 million to Royal Ontario Museum’s Renaissance ROM Campaign. In 2004 he donated $10 million to the Campaign for the University of Toronto which is used to establish the AIC Institute for Leadership at the Joseph L. Rotman School of Management. Michael donates almost $4 million to Northern Caribbean University to build a world class nursing school – the Hyacinth Chen School of Nursing in honour of his mother. The state of the art facility accommodates 800 nursing students. In 2002, Portland’s interests expanded internationally with the acquisition of National Commercial Bank (NCB) Jamaica Ltd. and its subsidiaries. Since becoming part of the Portland group, NCB profits have increased to approximately US$100 million from US$6 million (Portland Holding Inc, 2007). NCB today stands as Jamaica’s largest bank with 45 branches, 2,400 employees, and offices in the Caymans and the United Kingdom. NCB was awarded the Latin Finance 2007 Bank of the Year Award (Portland Holding Inc, 2007). In April 2006, Portland Holding Inc. acquired an 85% controlling stake in the United General Insurance Company, the largest auto insurer in Jamaica, and renamed the firm Advantage General Insurance Company (Portland Holding Inc, 2007). A controlling interest in CVM Communications Group (consisting of radio and television stations and newspapers) was purchased at the same time. In the tourism sector, Michael Lee-Chin has guided Portland Inc. through a number of acquisitions in the Caribbean (Portland Holding Inc, 2007). Among them: the Trident Villas and Spa in Jamaica, Reggae Beach and Blue Lagoon. The first Portland acquisition in the health care industry sector was announced by Lee Chin in July 2006, when Medical Associates Limited, a privately held hospital in Kingston, Jamaica, joined the Portland group (Portland Holding Inc, 2007). Lee-Chin is separated from his wife of 23 years, Vera Lee-Chin who he married in 1974, with whom he has three children. He presently lives with Sonya Hamilton and their twin daughters in Hamilton, Ontario. . Conclusion Michael Lee-Chin was not born in riches, he had to fund his self through College. In my opinion Michael Lee-Chin is a self-determined entrepreneur. We see this when he was prompted to use his savings to fly back to Jamaica and convince then Prime Minister Hugh Shearer to sponsor his Canadian education. Through his own determination and the willingness of the Jamaican Government to invest in the future of one its young people, Lee-Chin was able to return to McMaster University after securing a C$15,000 scholarship to pay for his education. Michael Lee-Chin was not going to give up on his goals and he was determined to finish school and live his dream. Michael Lee-Chin journey was not an easy road. When he returned to Toronto with his wife he had to work as a bar bouncer to pay his bills. During his time as a bouncer, he was fortunate to meet a mutual fund salesman from the Investor’s Group, who advised him about the earnings potential of being a mutual fund salesman. Mr. lee-Chin applied to the Investor’s Group and this move changed his life forever. In the first month he started he made CAD$10,000. His determination to be a successful entrepreneur was shown here and also his motto â€Å"Buy, hold and prosper†. In 1983, the year when he decided to fulfill his dream, Mr. Lee-Chin secured a C$500,000 loan from the Continental Bank of Canada and invested it into the Mackenzie Financial Group at C$1. 00 per share. In 5 years, that investment became worth C$3. Million. This was a huge decision to make but a successful entrepreneur normally takes big risk. This newfound wealth allows Lee-Chin to establish a lot of companies including National Commercial Bank. Mr. Lee-Chin is also a generous philanthropist. He has made a lot of donations to many institu tions as mentioned above. He continues to invest heavily in Jamaica and in other Caribbean Islands, buying assets from real estate to communications infrastructure. Michael Lee-Chin is someone that I respect and look up to and hope to have the privilege to meet him one day. He exemplifies hard work and the sense of â€Å"never forgetting where you come from. With the challenges that Michael Lee-Chin faced, I see myself facing similar challenges. I am a very determine person, so I will ensure that whatever obstacles are in my way I will kick them to the curb. At this moment I want to start my own business but I am not a risk taker like Michael Lee-Chin so I am waiting on the right opportunity to go to my investors to market my services. I need to be more of a risk taker. I admire Michael Lee-Chin and reading about him motivates me to start my own business. In concluding, do I think entrepreneurship is for me? I am 100% sure that I want to be an entrepreneur.