Prize of Perseverance
Asif Tarafadar sits down with the managing director of Top Ten Group, Md. Syed Hossain who shares his odyssey from absolute obscurity to heights of success.
At a time when custom tailoring is receding, Top Ten is expanding against the wave. What aspects of your company do you believe have made that possible?
I started my journey with fabrics and tailoring; my business policy was to make limited profits. At the time, customers in the market were getting ripped off as they had to haggle with the retailer. To ensure fairness and make shopping more enjoyable, I commenced a fixed pricing policy at Top Ten which became an instant hit. My initial strategy was to make sizeable sales by offering competitive prices.
Concurrently, my counterparts at the sector frequently missed their deadlines which I believe is a poor business practice. On the other hand, my team at Top Ten has always ensured that we are ahead of the delivery date. There have been cases where we delivered a suit within six hours and a shirt in two hours for clients who needed them urgently. I believe, because of the service I have been able to provide to my clients, Almighty has blessed me with much success.
What encouraged you to become an entrepreneur?
Since childhood, I have always dreamt of becoming an entrepreneur and lead people in achieving something remarkable. Almighty Allah allows everyone the opportunity to become successful; you have to utilize that with honesty and hard work. I enjoyed hard work and being productive. There are no shortcuts in life, if you want to be successful in life, there is no alternative to hard work. Most importantly, I never misbehaved with anyone; I have always maintained wonderful relationships with my clients. Simultaneously, I have always tried to carter to the current demands of the consumers. It is imperative in our sector to keep up with the latest fashion trends. My current goal is to expand Top Ten in every Thana across Bangladesh and also enter the international market.
There have been many discussions on the general skill level of our workforce, especially at the low-wage segment. Through your experience, do you believe there is a significant skill gap?
I don’t believe there is a vast skill gap. Most of our employees are from rural areas of Bangladesh, and they start at the entry-level. After going through some basic training, their performance has been outstanding. Every senior-level employee at my company started their career at entry-level and gradually been promoted. The reason stated perception exists because there is a lack of opportunity for them to participate in formal employment. The most pertinent proof of that is our (Top Ten) workforce. Within a year of commencing employment, they become incredibly productive and efficient at work.
Can you please share about the challenges you face as the managing director of Top Ten?
In any business, there are many challenges. You can never be a successful businessman without taking risks; there will be obstacles and challenges, and you have to face them with patience. Over the years, I have taken significant financial risks, my team and I have overcome those challenges through consistent hard work.
Do you have plans for scaling up to export?
Yes! Bangladesh has endless possibilities in RMG exports because of the availability of competitive labour. Our economy is heavily reliant on outbound migrant workers and RMG. The strong labour force has facilitated immense possibilities for our country to become a manufacturing hub.
You are also involved in numerous social welfare programs, can you please share some information about them with us?
By the grace of Almighty Allah, I have initiated several programs to support the vulnerable segment of our country. I have never taken any financial assistance to run these programs, nor I have any intentions. They are run on a portion of Top Ten’s revenue. Besides school, madrasah and orphanage, I have plans to establish an old home very soon.
