5 Questions Only Aspiring Billionaires Will Ask Before Starting a Business
African billionaires like Aliko Dangote and Mohammed Dewji have achieved business success over the years because of certain questions they asked themselves before starting their businesses. According to Dangote, ‘To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.”
Since tenacity of purpose is supreme aspiring billionaires should go beyond thinking big to providing answers to the following questions before they start their business. Asking the right questions will ensure that the business has a solid foundation for growth and profitability. Importantly, providing answers to the questions will set aspiring billionaires on the path to success. Let’s dive in.
What is my fastest route to my first hundred million?
Aspiring billionaires must understand that identifying their fastest route to becoming a billionaire in business is the first question they need to ask. Understanding the fastest route to their first hundred million involves discovering their unique selling point. For entrepreneurs to record more business profits, they must have a factor that singles them out from the crowd.
So you are asking? What makes my business special? What strategies can I put in place to make my business different? Dangote started his business by trading commodities. But he later built a plant and started manufacturing the things he has been importing: pasta, sugar, salt and flour, and cement. This differentiated him from other competitors. Aspiring billionaires should note that their fastest route to their first hundred million could be introducing a new product or improving existing products.
How do I defeat my biggest competitor?
Competitors are inevitable in almost every business environment. Dangote in one of his quotes said, Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.” As much as competition keeps you on your toes, knowing how to defeat competitors can be the miracle you need to make your first billion.
Dangote uses production capacity and branding to dominate the market across Africa. This is because Dangote has a production capacity that is higher than his competitors. Reports say his Sugar refinery has a production capacity of 60,000 bags(50kg/bag) per day which is twice the capacity of the only two existing Sugar Refineries in the country put together. His massive production helps him saturate the market with his products, making them readily available and relatively cheaper.
Aspiring billionaires should like Dangote identify measures that can be used to achieve market domination. Market domination keeps their products in sale always which can generate huge returns for them.
How do I build a network of billionaire associates?
The importance of networking for business success can not be overemphasised. Aspiring billionaires must begin to seek ways to build a network of billionaires that they can learn from. Dangote once noted that “The most dangerous thing for an entrepreneur to do is to actually go into a business that he does not understand fully.”
How do you understand the business you are going into without associating with like-minded people? Understanding your billion-dollar business will require that you link yourself up with a mentor. Africa’s richest person once revealed that he learned the basics of business from his great-grandfather, who was at the point of his death, the richest man in Africa. So before starting your business, think of ways to build a network with people that matter in business elites.
When do I sell or when do I build a legacy?
The beautiful thing about becoming a billionaire is that you can achieve your billionaire status by selling a business or building a legacy. Knowing when to sell your business, is a critical question that aspiring billionaires must provide answers to. In 2016, an Egyptian billionaire, Naguib Sawiris made $100 million by selling his 44% stake in Ariab Mining Company to the Government of Sudan.
You must also provide answers to how you can scale your business to achieve long-term success. Will you diversify your business? Or will you sell a part of your business? This can be determined by assessing your personal and financial goals, the health and potential of your business, market conditions, and your commitment to the business.
When do I take the biggest risks?
Becoming a billionaire requires risk-taking. An entrepreneur who avoids risk may never reach his billionaire target. This is why you need to answer the question, when do I take my biggest risk? Your biggest risk could launch you into your first billion. On the flip side, it could see all your efforts go down the drain. This is why your risks must be strategic and well-calculated.
Aspiring billionaires have eyes for opportunities. They evaluate the competitive landscape to see if the risk will give them an edge over their competitors. They also consider their resources and their potential payoff. Providing answers to the above questions requires a lot of thoughtfulness, but they will help you launch out prepared for the billions in the business field.
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