African billionaires entrepreneurs
Insight & Analysis - February 4, 2022

5 Important Lessons from African Billionaires for Entrepreneurs

African billionaires have a combined worth of billionaires estimated at $84.9 billion.

Whenever African billionaires speak, smart entrepreneurs assimilate the words and make it a tenet to live by. It’s a no brainer to learn from the best if you want to be the best.

To bolster the doggedness and business acumen of African billionaires, they thrived and became richer despite the effect of the COVID-19 pandemic. According to Forbes, the combined worth of billionaires on the continent is estimated at $84.9 billion.

They became wealthier amid the pandemic due to the rising stock prices from Nigeria to Zimbabwe, as demand for items ranging from cement to luxury goods increased.

Here are insightful tips from top African billionaires that entrepreneurs can apply to their business processes and daily lives.

Aliko Dangote

Be consistent with your vision

Every entrepreneur should be focused on their vision. This is because different business propositions might want to deter you from your mission, but when you are consistent and persistent with what you want, you will be successful. 

Nothing stopped Aliko Dangote from bidding for a mobile license when it was available in Nigeria. But, he did not because, to him, ‘it was not his game’. Even when oil blocks were on sale, he did not buy them because he knew what he wanted. He was not getting into everything like a purposeless entrepreneur. Instead, he remained fixed on his vision and constantly worked towards it.

Sometimes, there might be challenges and temptations in your business, don’t take those difficulties as an excuse to try your hand at everything that comes your way. Consistency is the key to success. Aliko Dangote focused his efforts on commodities.

The best decision comes through the correct information

Before making significant decisions, obtain pertinent information by conducting thorough market research. The internet has further made this easy. This will enable you to make the right choices possible while starting your own business.

Aliko Dangote also applied this method when he decided to start his business. Dangote and his colleagues noticed a failure trend in the manufacturing sector. So they sought to uncover why most manufacturing enterprises failed. Their findings revealed that it was due to electricity and harsh government policies. This knowledge helped them to make the right decisions while starting their manufacturing company, saving them a lot of time and money in the long run.

Only do the business you understand

Experience thought Aliko Dangote not to get involved in any industry he doesn’t know its anatomy. And this also became a tenet that the top ten executives of his company live by. Before doing business in any industry, they are mandated to know the A – Z of the business process, even in their sleep. Otherwise, the company would not invest in it. This has since guided their business decisions.

Warren Buffet, one of the richest men in the world, also holds this business practice dear. He once said, “only invest in a business you understand. Then take it a step further to understand the industry better. That is how you will be able to stay ahead of the game.”

Abdulsamad Rabiu

Analyse every idea before implementing

Abdul Samad Rabiu, a Nigerian billionaire and businessman extraordinaire, advises that entrepreneurs should closely examine any new initiative they have before it’s implemented. According to him, ensure you do all diligence on it. Through this, all of the required components are taken into account. This also reduces the likelihood of failure.

Strive Masiyiwa

Prepare and Practice

If you do not plan, failure is inevitable. This was exemplified when his company was bidding for a telecommunication license from the government of Botswana. He competed with four other established firms: MTN, Vodacom, Bharti of India, and Orange. The Mascom Wireless company was unknown but won the bidding. This was a result of weeks of preparation and practice pitches. It’s not about having the desire to win because everyone wants to. What is important is the will to prepare to win.

 

READ ALSO: African Countries with the Most Billionaires

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