Entrepreneur Sheldon Stephen shares his secret: How to grow $15,000 into millions | The Trinidad Guardian Newspaper

NOV

Close

5 captures

30

9 Apr 14 - 30 Oct 16

2015 2016 2017

Help

http://www.guardian.co.tt/business/2014-04-06/entrepreneur-sheldon-stephen-shares-his-secret-how-grow-15000-millions
Go

APR

OCT

Last update: 30-Oct-2016 4:41 am

Trinidad & Tobago Guardian Online
Sunday, October 30, 2016
News Sport Business Lifestyle Columnists Editorial
Business Guardian

Entertainment

Letters

Death Notices

Archives

Digital Guardian

Real Estate

Classifieds

Subscriptions

Your Stories

Home
IN CASE YOU MISSED IT.

Entrepreneur Sheldon Stephen shares his secret: How to

grow $15,000 into millions

Tweet

T&T healthMPs reveal their own

Laughter, its said is
the best medicine.

Like 914

Aleem Khan
Published:Sunday, April 6, 2014

At 28, Sheldon Stephen is a

self-made millionaire with an
estimated net worth of over $60
million. It is a fortune he
amassed through hard work
selling mobile phones and
developing real estate up and
down the value chain. Anyone
who knows him can testify that
he created his wealth the oldfashioned way; through hard
work and perseverance,
Stephen told the Sunday BG in
one of three interviews, the
most recent being April 3.Born
in San Fernando to an
employee at an oil company
and a housewife, he attended a
nearby Vedic school before going to San Fernando Secondary. A lot happened in
young Sheldons life at 16 after secondary school. He enrolled to study business
management at the St Augustine campus of the University of the West Indies (UWI),
his father passed away, and he dropped out of UWI to start a business.
His father last knew him as a student. His decision to leave tertiary education was
met with resistance by his family. As the last of the children, there was no pressure
on him to provide for the family and it was his familys preference that he stay in UWI
and complete his degree. Today, some of his family number among the 350 people
who work for him throughout his group of companies.By 17, he had mustered
$15,000 from his family and started a small kiosk upstairs a small mall on High
Street in San Fernando, selling mobile phones.Asked if the location was what made
his first business prosper, he said no. I think it was the drive. By that time we had
already built a clientele. We were already recognised as the cell phone guys.

When asked why he kept saying we, he said his business partner, Abdool
Azimullah stayed with him in his other ventures.We started everything together, he
said.We were friends growing up. Stephen asked that the Sunday BG not print
Azimullahs exact age but okayed the newspaper to say he is slightly older.So
everybody would have found out our location, and would have come to us, because
we had the best prices. We had a lot of innovative technology, new stuff. A lot of
things that, at that time, were hard to get done, we would basically get done. So we

New evidence against Partap

State prosecutors
are seeking to
adduce new
evidence against
former government
minister Collin
Partap in his appeal over his
conviction for failing to submit to a
breathalyser test almost four...
Mark-Baird retains World Masters
Heptathlon title
Marsha Mark-Baird
successfully defended her
womens 40-44 heptathlon
title on the fourth day of
action at the World Masters
Track and Field
Championships at the Ern Clark
Athletic Centre in Perth...
Dad slams South cops for dontcare-a-damn attitude
Since my son went
missing, to date, the
police havent done
anything to show
that they really care
or are concerned about the persons
who are missing in this country.
Political correctness
Ryan Hadeed

Bay, River look picturesque

Cashla Bay and
Curlew River will be
intriguing targets for
two-year-old
aficionados in
respective divisions of
Maiden Stakes over seven furlongs
of good to firm in places
Newmarket this...

were up to the times with all the new stuff.His business prospered and, by 18, he
took on a bold new partner, Digicel. I got my Digicel franchise at the age of 18,
which was pretty young and thats what drove me to get develop a group of

Battling cancer, local actress

Fighting to be Fit
Actress Susan Hannays-

https://web.archive.org/web/20161030101750/http://www.guardian.co.tt/business/2014-04-06/entrepreneur-sheldon-stephen-shares-his-secret-how-grow-15000-millions[11/1/2016 12:59:32 PM]

I am Guardian

Search

Entrepreneur Sheldon Stephen shares his secret: How to grow $15,000 into millions | The Trinidad Guardian Newspaper

companies that fast.I started off with Digicel in 2005 and, over a short period of

Abrahams event on
November 5 to raise
funds to offset the cost of
her cancer treatment has
been a long time in

time, we grew to become Digicels number one dealer, that is, based on
performance.

planning.
The 17-year-olds cellphone business was independent because it had no bmobile
contract. He got his Digicel contract in 2005, but did not start until 2006 because of
all that drama with bmobile that saw Digicels launch date delayed until April
2006.His two Digicel stores did very well in its first five years. Lollabee Cellular grew
from two outlets in south Trinidad to, now, eight outlets nationwide. Loyal to Digicel,
he added, So thats just to show the whole escalation in terms of growth within
Digicel. Thats Lollabee Cellular.

Vision 2030 draft blames Cepep,

URP for crime
Kevin Baldeosingh

Powell eyeing prolonged run at

highest level
KURUNEGALA
However, Stephen was not sitting on the laurels earned as a Digicel retailer.In 2008,
Talented emerging
a mere two years after his Digicel launch, Stephen opened a construction
all-rounder Rovman
company.We started to do a lot of buildings and houses. We did a lot work for
Powell says his
Digicel as well. We actually built all of Digicels stores. We also do a lot of work for
T&TEC, and for, you know, people who want houses built and that kind of thing. We recent success has crystalised his
belief he can excel in international
then we went into machinery. That actually did pretty good.In 2009, he opened up
an event management company, Lollabee Entertainment, and that was really, really cricket.
successful. We do a lot of events and Carnival fetes in South. The Guardian
Anchor and Oil
publishes a lot of photos from my parties. We actually dominated the entertainment
One of the most
industry in a matter of two years or so.We are probably the most premium event
complex characters in
company in South right now. Im probably the only person who gets people to come
Sir V S Naipauls The
from the West to South to party.
Suffrage of Elvira is
Ramlogan, the fat, hairy

rumshop keeper who

constantly feuds with his neighbour,
In 2010, Stephen and his partner opened a real estate company through which they
the Goldsmith, over a multitude...
buy, sell and develop properties. We actually launched our first major real estate
project through Lollabee Real Estate, which is The Hamptons in Palmiste, he said,
adding that the project up to scratch with those projects in the West.He said a key
acquisition was a two-acre plot of land in Palmiste. He described it as a good
breakthrough for us.Stephen is proud of The Hamptons at Palmistenamed after
the prestigious New York island-neighbourhoodwhich forms the South Fork of
Long Island.Its a partly-solar townhouse development. Were going green with our
housing projects, so were doing solar street lights, part of the house will be solar.
Its actually 20 townhouses with pools etc.
Persistence and hard work

In 2012, Stephen opened another company, Experience Effects Ltd, which is a

lighting and special-effects company. He said he has done work for Digicel and
Stag.For a two-year-old company, I think we did extremely well. This year we did
Army fete, Fire fete, South Cancer fete, Jamboree and Rise. I did all Johnny Soong
events. We took work from companies that were out there 20 years and more. I think
it was a real big achievement, he said. Its a really big challenge to get people to
even consider you for work.In 2014, he plans to venture into advertising. My goal
is to open an advertising company with LED screens. We actually have our first
screen up in Princes Town. That is up and running, he said.Looking further, five to
10 years ahead, he said he sees himself expanding each of his businesses. In real
estate, we already have projects lined up for the next five years in Sangre Grande,
Fyzabad. We have another project in Palmiste too.

The real estate company purchased a lot of land all over the place, so what Im
going to do now, all over, is housing projects on each of those plots of land. In terms
of Lollabee Real Estate, we have our hands full for the next five to eight years.He
said he plans to go heavily into machinery this year as well, buying tractors,
escalators and backhoes, just to diversify out the construction company with heavy
equipment.

Long-term plans
Stephens 10-year goal is to open a manufacturing company that generates a lot of
employment for the country. He said he has a few ideas, but has not decided on
which of his three to five ideas he will pursue. He said a number of manufacturers in
T&T have no major competition. He said no one is doing recycling of energy either,
so he may look into that too.Asked what he thought is holding back fledgling
entrepreneurs, he said: My view of some Trinidadians downfall is that they like to

https://web.archive.org/web/20161030101750/http://www.guardian.co.tt/business/2014-04-06/entrepreneur-sheldon-stephen-shares-his-secret-how-grow-15000-millions[11/1/2016 12:59:32 PM]

Entrepreneur Sheldon Stephen shares his secret: How to grow $15,000 into millions | The Trinidad Guardian Newspaper

follow.Somebody starts to sell burgers, next thing there are a million burger carts
around the country. Somebody starts to sell clothes, same thing. We dont like to be
audacious and to take the first step. Were not that innovative and it makes the
industry saturated.
Prodded for more business ideas to share with Sunday BG readers, Stephen said:
On a large scale, I think Trinidad needs something for tourism. Im not capable of
doing it yet, but you know, a businessman should look into something for tourism.
Lets say, like a big water park. Were an island. We have beaches and we dont
really have a world-class facility for tourists.

We need something to T&T like Atlantis is to The Bahamas. Look at what one
massive hotel could do for an island. We have beautiful waters. I think if a big
investor invests in a massive resort, with water slides, or even build an island off
Trinidadlike the small palm islands off Dubaithat will generate massive tourism
for Trinidad. Its out of my reach for now but maybe in 20-30 years.Asked for the
overall worth of his company, he said he never really calculated it but if I add in all
my real estate properties, it would be a good bit, you know.
He added: If I were to give you a figure I would be guessing, but I started off with
$15,000 and we are definitely a multi-million dollar company right now. My real
estate company alone is probably valued at least $35 million based on the properties
we have alone.

He estimated that is assets Experience Effects Ltd probably has about $4 million in
equipment; his construction company, about $2 million; Lollabee Cellular about $6
million in stock and equipment; in vehicles, about $4 million, so if you add up, were
safely over $60 million in terms of the value of what we have. I think it was a good
accomplishment in a short space of time.
He later added, Im only 28, so we have some years ahead.Many think Stephen
inherited his business from his father or wealthy relatives but unhesitatingly he told
the Sunday BG, No, I started this off from scratch. Many people think that I am
running it now, that I didnt start it. People always think my dad started it up, and I
just run it because hes not here, but thats not true.
I really came from nothing. Hard work is what made me what I am today, and
everybody who knows me could testify to that. Its not that I inherited millions, and I
just continued to make money from that money. To take $15,000 to millions of
dollars really requires a lot of hard work.
Business

Previous Article
US: Justice investigating high-speed trading

Next Article
Petrocaribe takes action to end hunger and
poverty

GUARDIAN MEDIA is not responsible for the content of external sites. Copyright 2014 GUARDIAN MEDIA LIMITED
Annual Reports
Contact Us
Archives
E-Advertise with us
Terms of Service
Privacy
RSS
Sitemap

https://web.archive.org/web/20161030101750/http://www.guardian.co.tt/business/2014-04-06/entrepreneur-sheldon-stephen-shares-his-secret-how-grow-15000-millions[11/1/2016 12:59:32 PM]