Dangote, Elumelu, and Otedola Share Secrets for Making it in Africa
The success stories of Africa’s richest man, Aliko Dangote, Nigerian entrepreneur, Tony Elumelu, and Nigerian Oil Mogul, Femi Otedola offer valuable lessons and insights for aspiring entrepreneurs who want to make it big in Africa’s business landscape. They are three of Africa’s most successful entrepreneurs who have achieved great success through hard work, dedication, and a focus on innovation.
Their stories offer valuable insights and lessons for aspiring entrepreneurs who want to make it big in Africa’s business landscape. In this article, we will glean from the principles that helped these men achieve business success in Africa.
“Tenacity of purpose is supreme” – Dangote
Founder and chairman of Dangote Group, Aliko Dangote once said, “I built a conglomerate and emerged the richest black man in the world in 2008, but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.”
This quote which is the secret of Dangote’s success is evident in his conglomerate with interests in various industries including cement, sugar, salt, and flour. With a net worth of $20.4 billion, Dangote preaches tenacity of purpose because, with determination and perseverance, entrepreneurs can overcome any obstacle and achieve success in Africa’s dynamic business environment.
Practically, tenacity of purpose means having a clear vision of what you want to accomplish and working tirelessly towards that goal. It means staying focused and remaining motivated in adversities. The tenacity of purpose gives you strength and drives you through the ups and downs of the business journey.
“A true leader is one who remains committed to a higher purpose”- Elumelu
Tony Elumelu, a Nigerian entrepreneur, investor, and philanthropist, is the founder of the Tony Elumelu Foundation, which is committed to empowering African entrepreneurs. He once said, “A true leader is one who remains committed to a higher purpose that most others do not yet see. I have studied great people and one common thing I found among them is Legacy.”
For Elumelu, entrepreneurship is a higher purpose he has committed himself to. He said, “My passion for entrepreneurship is rooted in the economic philosophy of ‘#Africapitalism’, a term that I coined to emphasize the role Africa’s private sector must play in the socio-economic transformation of our continent.”
To succeed in Africa, you must identify your purpose and be committed to it. Do you just want to be wealthy or you have identified a purpose? Elumelu believes “Only entrepreneurship can create opportunity where none seemingly exists.” He is empowering entrepreneurs across the African continent because he understands that “Young entrepreneurs and those they inspire are the lifeblood of Africa’s rise.”
Being committed to a purpose provides clarity of vision, fosters motivation and determination, encourages innovation and creativity, builds resilience and eventually gives you a sense of fulfilment. Like Elumelu said, “The future we all want for ourselves is one of our own making,” the ball is in your court.
“My word is my bond”– Femi Otedola
Known as the founder of Zenon Petroleum and Gas Ltd, a leading Nigerian oil and gas company, Femi Otedola said, “My word is my bond and this has always been the bedrock on which my life is based.” Stressing that matching words with action is the hallmark of Integrity, Otedola said, “I have only two things in this world, my word and my courage and I break them for nobody.”
Otedola preaches keeping your word as a fundamental business principle that can help you build trust and credibility with clients, partners, investors and stakeholders. Aspiring entrepreneurs must pay attention to building a strong reputation if they want to succeed in Africa. Also, they must focus on building relationships, maintaining high ethical standards, avoiding legal issues and fulfilling their social responsibilities.
Dangote, Elumelu and Otedola have not only achieved success in business, but they are also giving back to society and making it a better place.
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