Challenged to begin, destined to win

Bruce Bowen, Contributor

I believe that there are four ingredients that you will find in all successful people:

• Self-awareness
• Vision
• Perseverance
• Integrity

It is important that you understand 'who you are' and 'who you are not'. All of us have those things that we are good at, and those that we are not. Things that we love to do, and those that we don't. As you look forward to the next phase in your life, understand what your strengths are and 'play to your strengths'. Even more, be confident in your strengths. Believe in yourself.

Vision is something that all successful people and all great leaders have. Not just people, all great companies and all great nations must have a vision that guides them. Through the ups and downs, it is important that you don't lose sight of where you are going; your vision. Your vision can take many forms. For Usain Bolt it can be very specific - to win the 100 and 200 metres in the Rio de Janiero 2016 Olympics. For Oprah Winfrey, it was to build her own media production company. For Scotiabank it is to be the greatest financial institution in the Caribbean. Your vision should be something you are passionate about. Something that gives you energy when routines get you down. Something truly aspirational that keeps you focused on the right things through times of crisis.

Perseverance or tenacity is what takes your abilities and your vision and gets you where you want to go. I know it is cliché, but in life there is no free lunch. As graduates you will know this. I am sure that there were times that you really didn't want to spend that extra hour reading or studying for an exam, but you persevered. There are always things that will keep you from achieving your goals. Not every decision you take will be correct and not everything you do will work. No one likes to be wrong or to fail at something, but the fact is that our greatest learning comes when we accept when things go wrong and persevere to make it right.

And finally, self-awareness, vision and perseverance must be built on an unshakeable foundation of integrity. In today's interconnected world where information can move across the city and around the world in minutes, the adage "do the right thing" is critical for our personal and corporate conduct.

The past few years in Jamaica and globally have given us dozens of examples that without integrity, success will not last:

The 2008 crisis in the United States (US) housing market wiped out millions of families' net worth and caused several large mortgage lenders to fail. These financial institutions ignored credit risk fundamentals and were giving families mortgages for amounts they couldn't afford and then selling the mortgages to investors who didn't understand the risk they were buying.

In Jamaica, David Smith's Olint Ponzi scheme left thousands of Jamaicans without any retirement savings yet David Smith has never been charged with any offence in Jamaica.

Lance Armstrong, once one of the most respected sportsmen in the world, was found at the centre of the largest and most elaborate doping scandals in sports history.

It's not enough to win at all costs. If we are to be truly successful in today's world, we must do the right thing for ourselves, our communities and our country.

Jamaica's challenge

If we are looking for examples of the need to overcome seemingly insurmountable obstacles, we need look no further than Jamaica. As a country, we face a lot of challenges. The gap between the haves and have not's has been growing and too many people today are living in unacceptable conditions. After more than 25 years of anaemic economic growth unemployment is too high and may impact your ability to achieve your career goals.

Despite having some of the best doctors in the Caribbean, the quality of health care is compromised by a lack of funds to invest in new facilities, equipment and supplies. While there has been some improvement in crime statistics of late, it continues to be too high and there are very few of us that do not have personal experience with friends or family being victims of violent crime. Too many government departments and public bodies are inefficient and bureaucratic, which only breeds a culture of 'under the table' payments to get things done. Rumours abound of corruption and criminal activity at all levels of the political, public and private sectors.

For decades, the country has been spending more than it earns and today Jamaica's debt/GDP is among the highest in the world. International investors are no longer prepared to lend the country money because of concerns over our ability to pay it back. With no other options available, we have had to enter into an agreement with the International Monetary Fund and other multilaterals to keep the government functioning while meeting our debt-service obligations. In order to obtain this funding the country has had to commit to a harsh economic programme designed to increase what the Government earns and reduce what it spends until debt levels reduce and the economy improves.

Against this backdrop it would be easy to be depressed. It would be easy to feel that the challenges are too great, the obstacles insurmountable. However, I am not one to subscribe to that view. We sometimes forget that this country has incredible resources and great opportunities. Look at what Jamaican athletes, Jamaican artists and Jamaican businesspeople have been able to achieve around the world. We are the third-largest English-speaking country in this hemisphere. We are within a 90 minute flight of the largest economy in the world with which we share the English language and much of our culture. We are located on the shortest shipment route between the Panama Canal and the eastern coast of the US. We have one of the most diverse and beautiful islands in the world, with amazing beaches, majestic mountains, fertile plains and lush rainforest and ideal weather all year round. We are friendly and outgoing people known for our creativity, athletic skill and our ability to succeed in almost any field. If that weren't enough, we have one of the strongest brands of any country in the world.

EXAMPLES OF ESCAPE

There are plenty of examples of nations that have overcome seemingly insurmountable challenges and have dramatically improved the wellbeing of their people. Just three and a half decades ago China, with some 900 million people, had a GDP of under US$200 billion. Today, with population growth since then of 40 per cent China's economy has grown 35 times to US$7 trillion. China has lifted over 500 million people out of poverty in the last two decades.

A little over a decade ago almost everyone had written off Africa. The Economist magazine called Africa "The Hopeless Continent". Today, six of the 10 fastest growing countries in the world over the period 2000 to 2010 were in Africa, and the economy of sub-Saharan Africa as a whole is projected to grow by over 5 per cent in 2013.

Overcoming seemingly insurmountable obstacles in a country is not easy, but requires strong leadership across all sectors of society and a coalition of persons who possess those key ingredients for success; Self-awareness, Vision, Perseverance and Integrity.

RESPONDING TO CHALLENGES

So graduates, the question now before you is, "As leaders in Jamaica, how are you going to respond to these challenges?" The average person doesn't see their potential as a leader. They look at the obstacles and say, "They need to do something about corruption in government." "They need to crack down on crime." "They need to get the economy moving." But who is 'They'?

You stand here today as part of the leadership team of Jamaica. You have the skills, knowledge and experience to make a difference. The only thing you might be missing is to 'believe' you can. That thing inside of you that changes fear and uncertainty into the undeniable knowledge that you can make a difference. Jamaica needs your leadership to succeed. Don't hesitate to seize the opportunity.

Edited address by Bruce Bowen, president & chief executive officer of Scotiabank Group Jamaica at the University College of the Caribbean's commencementceremony on July 14, 2013.