Entrepreneurs are set to benefit from key insights shared in the Digicel Business Masterclass mentorship programme which has joined forces with local accomplished entrepreneurs across several industries.

Hosted by Terri-Karelle Reid, the seven-part virtual series kick-started last Thursday on the theme of business transformation with Richard Pandohie, group chief executive officer of Seprod Limited.

Pandohie, who is also president of the Jamaica Manufacturers and Exporters Association, has applied his transformational leadership approach to diversifying Seprod’s product range to include more indigenous items, boosting productivity, and expanding exports to extra-regional markets.

The group achieved a record net profit of $1.28 billion in its third quarter and $2.48 billion for the nine months, which outperformed its entire 2019 financial year.

According to Pandohie, this is a result of long-term strategic planning.

“The Seprod Group has been having a tremendous year, but it’s not because of what we are doing now in this period but more the results of a journey that we undertook four/five years ago. We had a clear vision, we knew how we were going to get there and we executed like hell. We also had some luck along the way — projects that we had planned to execute in 2022 were brought up last year not knowing that there will be a pandemic,” he said.

He further pointed out that while businesses cannot predict a pandemic, it is nonetheless crucial that they are able to adapt to ensure continuity.

“They say the things that survive are not the strongest or the fittest but the most adaptable. Having a fixed approach on how to do things will lead to failure. Entrepreneurs, especially small and medium-sized businesses, have to be adaptable and flexible and look for different ways to do things,” Pandohie stated.

“Uncertainty is a part of business and a part of life. When you develop your strategies and your tactics to get there you have to always factor in the what-ifs. You go through all the scenarios — ‘What could happen?’, ‘What if this happens?’, ‘What if that happens?’ The biggest risk factor is actually your consumers’ shifting behaviour which can turn your brand from being relevant to irrelevant very quickly,” he continued.

Pandohie added that while diversification does not necessarily immediately bring in revenue, it enhances the company’s brand, which will ultimately drive profitability.

According to the CEO, success is determined by the ability to execute ideas — the difference between having the right idea and doing it right.

“Many people have great ideas and they probably even know how they’re going to get there, but the issue that we always have is that they don’t know how to execute well. Execution becomes a competitive advantage in our environment because people keep forgetting that it takes a lot of understanding about the environment and targeted customers and consumers — that is what makes the difference,” he affirmed.

During the session, Pandohie also discussed what to look for in a mentor, the proper way for start-ups to conduct research, remaining positive during the pandemic, equity financing, and how to protect your company’s brand.

On Friday, Digicel stated that conceptualiser of the series, General Manager for Digicel Business, Darragh Fitzgerald Selby, said the debut of the online event far exceeded expectations.

“We were delighted to see the high levels of engagement and interest in the Masterclass. I want to thank Richard for delivering nugget after nugget of key insights and tips on business and professional growth that will go a far way in empowering viewers to take their next step with confidence. This is what the Digicel Business Masterclass is all about – building a community of purpose-driven business mentors to create a powerful learning experience for all,” a company release quoted Selby.

Other business leaders to be featured in the 60-minute webisodes that will be held every Thursday at 6:00 pm, from October 29-December 10, include Chris Williams, CEO of Proven Investments; and Gary Peart, CEO of Mayberry Investments.

The communications firm said that people who missed the live session can view the full video on its Facebook page @DigicelJamaica.

The company also said it will keep the momentum going with an equally engaging Digital Transformation Masterclass on Thursday, November 5, featuring Digicel’s Chief Marketing Officer Nasha-Monique Douglas.

Towards the end, Digicel Business will announce two surprise guests who will close the series.

Interested persons can register at event.webinarjam.com/channel/digicelmasterclass.