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Tips - January 23, 2022

Three things you must avoid to become a billionaire in Africa in 2022

These are pointers to becoming part of the less than 1% black billionaires in the world.

There is no doubt that to become a billionaire is an admirable ambition that remains a dream for some in Africa. But the truth is the journey to becoming part of the few 1% black billionaires in the world did not start in a day. Just as Rome was not built in a day, the empire and legacies of these renowned people developed over time.

Although some of these people are opportune by their economic and educational stance, other’s obtained their status by making the right decisions from their humble beginnings.

If you want to become a billionaire in Africa this 2022, these are the crucial point you should note.

Don’t think you know it all

We learn every day. When you believe you have learned everything there is to know, you have killed your chances of becoming a billionaire. Billionaires learn from everything. The saying reading makes a man is one thing common to all billionaires.

They have a reading culture. They live by this because it opens their mind to new possibilities. Reading and learning from others changes your way of seeing, perceiving, and doing things. Where others are seeing an end, you see new beginnings. No wonder Andrew Carnegie, a Steel Magnate said,  “As I grow older, I pay less attention to what men say. I just watch what they do.”

Don’t make flashy investments 

While it’s wonderful to know about the latest investment opportunity, one of the traps for would-be billionaires is to join in on the ‘next big thing’, which doesn’t often turn out to be that large. For instance, the world is talking about cryptocurrency, and it looks promising.

However, some people are making massive losses in their crypto investments. Just as Warren Buffett said, “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over”.

Those who make billions from their investments prefer long term investments that will deliver excellent returns over the long term instead of a fast profit. Paul Samuelson buttressed this, “Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas”.

Don’t quit too easily

Just as winners never quit, quitters never win. So if you want to become a billionaire this year, don’t quit.

Aliko Dangote said, “ If you don’t have ambition, you should not be alive”. This is because creative minds always have a purpose. When you have a purpose, you will not quit.

Billionaires are privy to this fact that is why they work very hard at whatever they do. Mohammad Dewji, the richest man in Tanzania, dedicated 100 hours a week to grow MeTL into a pan-African conglomerate.

One business concept may fail, but the next may succeed. It’s not easy to create anything from the ground up, especially when it is a multi-billion dollar business.

 

READ ALSO: Why Failure Shouldn’t Stop You: See 5 Billionaires Who Failed Woefully but Didn’t Give Up

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