A Commendable Portfolio: Q&A with Franco Bonghan, Houston-based Entrepreneur

Houston Entrepreneur Franco Bonghan interview

First published in DUNIA print Magazine issue 10 – Jan-March 2013

DUNIA Magazine: Who is Franco Bonghan in your own words?

Franco Bonghan: Franco Bonghan is a Houston-based businessman, with a broad management portfolio ranging from Accounting and Tax Consulting, Financial planning & Investments, Real Estate, and most recently, a Record Label (Franco Records).

Tell us about growing up in Cameroon.

I am from very humble beginnings. Growing up was not without struggles, I always knew that I had to fight my way to the finish line. Hardship comes with a lot of lessons, both positive and negative. Despite all the challenges we faced growing up, I count myself very lucky as my parents were able to educate me and my siblings. Many kids in Africa do not have that opportunity. I thank my oldest brother, Godwin Bongham for all the relentless sacrifices he made for our family – from educating all of us, to providing opportunities for us to travel abroad. May God truly bless you. I am the middle child in a family of seven kids. My parents just celebrated their Golden jubilee in marriage earlier this January 2013. I am thankful for all of God’s blessings.

Why did you choose self-employment?

For many reasons; among them is the fact that I always love to multitask, I have a very open mind when it comes to business, never afraid to fail or to be rejected, and I have learned through my ventures that a degree in rejection is the first step towards success. Owning a business is like giving birth to a child, you have to nurture the business and make sure you give it the proper food so that it can grow. Persistence and belief make all the difference. The first step in succeeding in business is to accept and embrace failure. Sometimes, the lessons we learn from failing far outweigh the lessons in success. Belief in your ‘why’, and God will show you the ‘how’.

What are the core values that guide you in life and in business?

Life, like business is all about persistence – you must rise above your logical thinking and find an emotional balance. Your purpose gets you going even when logical thinking may suggest otherwise. Purpose fuels your passion and passion separates the doers from dreamers. Remember that an idea put to action – even if it doesn’t work out – is worth more than a million bright untested ideas. When you fight, do not just fight, fight to the finish line.

What are some of the challenges you have faced as a business owner and how did you overcome them?

Challenges are part of any business. I have faced the most challenges in the arena of Insurance and Investments in educating friends, family, and community on the importance of financial planning. Financial Education is power. Until we understand this, we will continue in the same cycle working 2 – 3 jobs and not having our money work for us. We need to understand that insurance is one of the biggest tools used to build and transfer wealth in America if structured properly. We need to be aware of our options when it comes especially to retirement, and college funding for our kids. America is now home for many of us Africans, it is time we think long-term and embrace the tools that will propel us and our children into prosperity. I overcome this challenge every day with my belief and confidence that only education (financial education) can/will make the difference.

Could you tell us something about your companies?

At Novelty Tax & Accounting, our main activities include Tax Consulting, Financial Planning, and Business Coaching. I love the fact that we provide tax planning and tax saving strategies to individuals and especially for small businesses. It is very critical for a business owner to understand how to minimize their tax liabilities. We have offices in Houston Texas and in Saint Paul, Minnesota.

Franco records (www.francorecords.com) mainly focuses on building & marketing new talent. We’re also involved in event promotions and marketing, artist management and promotions, and providing exceptional and professional DJ services.

The streets are filled with talented individuals, so why do only a few make it to the top? The answer is proper representation and talent development. Singers sing, actors act, Franco Records manages and develops talent. We take talented individuals and polish them up for the spotlight.

Building new talent takes commitment from both the artist and their agency. Franco Records is dedicated to ensuring that its artists are properly developed and provided with the right professional tools not just to get into the business but to stay in the business long-term. Our commitment to our artists ensures that we book the right events, manage media engagements, and provide them with professionals to assist with all public relations aspect of their careers. If you are a new talent looking to break-through in the industry or you are an existing talent looking for proper management, look no further. Franco Records is the team you need to be with.

What does success mean to you and why?

Success to me is being able to face the unknown, to take failure in stride, and to never give up. Refusing to give up sometimes also means being flexible in your thinking. Keep an open mind in business but always measure your risk versus your potential rewards. Avoid high capital intensive business start-ups; the less you risk, the easier you can bounce back if/when you hit a roadblock. It is not about how much money you put into the business, it is about how much you are willing to sacrifice to make the business work.

Where do you see your business exploits taking you… 5 years from now?

*Laughs!!!* I am looking to expand Novelty Tax & Accounting to many more cities in the United States, taking financial education to more homes, businesses, churches, schools, etc. We will also be launching the Franco Records African Music Awards (FRAMA AWARDS) in Houston, Texas, to be a major powerhouse and bridge between African and American artists, leveraging the best of both worlds to exploit our maximum potential. We are always looking for good partnerships that fit our mission and goals.

I believe that because of our broad experience in management, artists we work with become better managers of their own fortunes, hence avoiding common mistakes that are rampant in the entertainment industry. In all we do, God first, family second, business third, and relationships.

Franco Records recently launched the Bright Light Project: A Musical Approach to addressing Violence, Women Issues, and Peace Across the Oceans.

Watch Bright Light Project Video

The Bright Light single is available on itunes; Facebook: www.facebook.com/thebrightlightprojecthouston

Franco Bonghan, Houseton-based entrepreneur

For more about Entrepreneur Franco Bonghan, visit his website: www.Francorecords.com

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