Chip of the Old Block

Aziz Al Mahmood Mithu, currently the chairman of IDLC Finance Limited and City Bank Capital has worn more than just one hat when it comes to executing his business expertise. Persa Sanjana Hussain gets into a conversation with this celebrated entrepreneur to talk about his journey and a little bit of business, economy and Boishakh.

Besides being the managing director of Partex Group, Aziz Al Mahmood Mithu is the current director of Phoenix insurance company limited and has been at the head of more than 16 companies. The famous advertisement of ‘Tumi ami ar Danish’ and RC cola’s evergreen song of ‘Tomar jonno morte pari,’ were all the brainchild of this visionary who left no stones unturned in improvising towards perfection. From hiring directors from abroad to requesting a passerby to borrow a cycle for the ongoing shoot, this person has gone to great lengths to push out results that didn’t compromise one bit with his expectatons. “For the last scene of the Tumi-Ami-Ar-Danish advertisement, at the top of a mountain, I remember that it was too cold for the steam to come out from the hot cup of tea but we needed to show it-so I grabbed a cigarette and blew some smoke into the cup so that it could come out and give the feel of hot steam,” says Mithu while recalling his smallest endeavors that at times made the biggest differences. “Back in the days it was extremely expensive to shoot an advertisement abroad and we couldn’t afford to take a large crew with us. So, one time I even volunteered to hold the lights and be the spot boy for a day, that’s how we got things done. And that’s how we still get things done, honestly. Adjusting and adapting is integral to get expected outcome.”  

He is in every sense the family guy and loves spending time with his four daughters. “Whatever free time I get I try my best to spend it with them,” he admits. This Boishakh, as always, he plans to spend quality time with his extended family besides attending a few social functions.

In 2006, he kick-started his role as an entrepreneur when his father handed him the complete responsibility of a subsidiary. He expresses that it was the turning point in his life, “I made mistakes and learnt slowly but all my mistakes eventually added value to my life.” Being novel to the profound responsibilities Mithu initially found it intimidating. He wasn’t too certain about making it a way of life but 5-6 years down the lane he put together all the bits and pieces to make this path a lifestyle as he successfully spearheaded brands after brands into developing their own notable identities. He says that it is natural to let the initial fear take over, but it is also important to not let it get the best of you. “Every opportunity will bring with it a sense of fear for the new depths to be discovered, yet it is only when one gets past it that they’ll learn and master new capabilities.”  

He admits that all the challenges fell short in front his father’s visionary guidance, nevertheless he recalls having to spend countless nights at times on forming integral strategies to win over competition. “When we entered with Danish Condensed milk, there were 37 other foreign brands competing in the local scene yet slowly but surely we tackled the competition through smart moves-one example was taking the tax advantage.”  He adds that it is a continuous journey of being aware of what is going on in the microenvironment and constructing relevant strategies.

In terms of the phenomenal economic growth rate by Bangladesh Mithu says that infrastructure can pose to be a barrier, which if removed can boost the rate even more. He shares, “Sufficient supply of power, for example, poses to be a great impediment for many local factories. Although it has improved over the years and our factories now have proper access to electricity, there is still lacking in terms of gas supply. I believe that ensuring that all factories have proper access to the power supply is what will take our country to the next level.”  

The prevailing Interest rates have recently made it to the news and have been stirring up a lot of discussion. On that note Mithu as a businessman himself says that he does not see it as a major barrier to development in business. He believes that there are bigger barriers that we need to tackle. “The banks and the government are collaborating to help the businesses. High interest rates are not something new nor is it the main issue. At this point investing more on the infrastructure such as roads and highways along with power supply calls for more attention.”  

The entrepreneur then sheds some light on the young population of Bangladesh as he says, “A very large proportion of our population consists of young people and that is a key strength for our country; deploying this man power is key in maintaining this strength.” He emphasizes that it is important for people to experiment with new ventures to take the country ahead since there has been a continuous advent of ideas that has changed the way we think of living and more of such ideas from the youth will bring to life the tomorrow that is yet to be discovered. He advises, “Young people should use their age to their advantage and step into unexplored arenas. They have a great potential for challenging the conventional ways which will be of great use in industries which are new and not already saturated. Their contribution is needed in modern services and technology the most and not in conventional industries that are already saturated.” The jolly businessman finishes the interview with a hint of anticipation for his new project of Partex Tissues and says that he looks forward to both his own projects and what the young talents of this country has yet to bring forward to lead the way. On an ending note as a major takeaway from his phenomenal journey he says, “As long as you are honest with yourself and the people you work with your hard work will pay off.”