Latifa's unyielding spirit triumphs over life's challenges
Latifa’s training centres have trained at least 5,000 students
Latifa Akhter's narrative could have been one of despair.
Her well-established business teetered on the brink of bankruptcy, a situation which would have had many succumb and resign. This truth would ring even louder for a woman juggling the responsibilities of three children and a husband prone to ill-fated business decisions.
Yet, Latifa defies the expected narrative.
Her indomitable spirit not only salvaged her family from potential destitution but also ignited a transformative journey. Along this path, she not only rejuvenated her own fortunes but also sculpted a legacy of fostering skilled manpower and cultivating entrepreneurs.
Keep updated, follow The Business Standard's Google news channel
Latifa got married in 1992 after completing her secondary school. However, after a few years, she observed a decline in her husband's business. To provide support, Latifa proactively sought training in boutiques and cooking in 1996 with the intention of establishing something of her own.
In the same year, she initiated small-scale boutiques and training sessions from her own home. Expanding her ventures, Latifa ventured into food catering and cooking training in 1997.
By 1999, she had ambitiously put in place a large-scale boutique house called "Fashion Max" at Katalganj in Chattogram, utilising a total of Tk3 lakh from her marriage dowry and business.
Despite the substantial initial investment, Fashion Max faced challenges in its early years. The business struggled to generate significant revenue, and the cumulative expenses of shop rent, staff salaries, and artisan payments resulted in substantial monthly losses.
Fortune smiled on Latifa in 2003 when she secured a significant order for school dresses from various schools. Since that moment, there has been no looking back for her.
The company's annual turnover soared, surpassing Tk50-60 lakh, as it became a key player in manufacturing school dresses for the city every year. For nearly a decade, Latifa thrived in the business world, even as she balanced her studies with family responsibilities.
She successfully completed HSC, degree, and masters, and in 2008, she earned a diploma in fashion designing from the renowned Vogue Fashion Institute's local branch.
Trouble strikes
With Fashion Max's business flourishing, various banks eagerly offered Latifa loans. Initially hesitant, she eventually yielded to the persistence of bank officials.
As a female entrepreneur, Latifa took a readily available bank loan but directed the funds into her husband's business with the intent of reviving it.
Unfortunately, this decision led to unforeseen challenges.
Despite her efforts, her husband's ventures in the timber business resulted in substantial losses, turning this successful woman entrepreneur into a defaulter with the banks.
She explains, "I shared the business earnings and bank loans with my husband to help him restart his business. Unfortunately, his decisions led to our company and me being defaulters.
"But I didn't lose hope. I sold our house and land to clear a bank loan and debts totalling about Tk3 crore. It was a tough time, and we faced financial struggles in settling these debts. We still have some remaining bank loans, but I'm making monthly adjustments from our business income."
Bouncing back
In 2017, Latifa rekindled her entrepreneurial spirit. This time, her focus shifted to the training sector, transforming "Fashion Max" into "FM Skill Academy".
In addition, she established the "Tony Khan Institute of Skills Development for Culinary and Hotel Management Chittagong" in January of the same year. The institute offers training in bakery and pastry, front office, housekeeping, and hotel management.
Simultaneously, FM Skill Academy provides training in tailoring, boutiques, and fashion, showcasing Latifa's commitment to nurturing skills and empowering the community.
Making entrepreneurs and skilled workers
"In both our training institutes, we offer courses lasting from one-and-a-half months to a maximum of two years, with fees ranging from Tk7,500 to Tk1.80 lakh. Additionally, I run a catering business called Chattal Food," says Latifa.
Talking about her motivation for establishing the training institutes, Latifa explains, "When I began my business with boutiques, my goal was not only to earn income but also to create skilled individuals and entrepreneurs. That's why I started a training centre early on."
The culinary institute was established to meet the increasing demand for skilled cooks both locally and internationally, she adds.
Latifa's training centres have provided technical training to at least 5,000 students, many of whom are now efficiently employed both domestically and internationally, while others have become independent entrepreneurs.
Speaking of her aspirations, Latifa states, "I envision developing the institutes into a technical university in the future. I have the courage and strength but need investment help now. With some investment, I can establish the institute more effectively."
In October of this year, the training institutes were merged into one entity named "Skillset Training Institute," obtaining recognition from the Bangladesh Technical Education Board for its programmes.
Best mother
Last year, Latifa Akhtar received the award of "Best Mother" from the Chittagong Women Chamber of Commerce & Industry (CWCCI).
CWCCI President Monowara Hakim Ali said, "Latifa did not take a single step back to raise her three children as proper human beings despite all the storms she had to face. Along with higher education has made them entrepreneurs."
Currently, her three children take classes with Latifa as trainers in institutions. All of them have received higher education as well as training from polytechnics in related subjects.
Latifa's elder daughter completed her LLM from Southern University and took over her mother's business. Her son is doing a Masters in English at Royal University of Dhaka. The younger daughter is studying BA at Mohsin College in Chattogram.
