Femi Otedola’s Blueprint for Building Long-Term Wealth
As a billionaire businessman, Femi Otedola’s blueprint for building long-term wealth presents a holistic approach that encompasses financial intelligence, long-term vision and ethical business practices.
Birthed out of his years of experience, Otedola’s blueprint reveals that true wealth goes beyond material possessions and lies in the innate ability to make critical decisions, nurture relationships and build a lasting legacy. From Otedola’s entrepreneurial journey, we will offer practical advice that will empower you to take charge of your financial destiny. Let’s dive in.
Don’t stay small
While starting small presents the opportunity of exploring untried paths staying small can hinder you from building long-term wealth. Otedola started out by grooming the nails of his parents’ guests for a particular charge. Revealing that he had his first business at age six, Otedola said, “It was called FEMCO. I’d offer to groom my parents’ guests’ nails. Then, write a receipt and charge them for my service. They paid me too. I always had an interest in business.”
From grooming nails, Otedola ran the marketing side of the family printing press before venturing into the oil sector. He started small, banking on the influence of his parents, but Otedola did not stay small. Otedola’s blueprint encourages entrepreneurs to think outside the box. He said, “Whether you’re a farmer, builder or engineer, the opportunities are equal: Just add a little innovation.” If you want to build long-term wealth, add a little innovation.
Speaking ahead of the recently inaugurated Dangote refinery, Otedola tweeted, “Countdown to the commissioning of the world’s biggest refinery tomorrow. History is made.” Entrepreneurs can not make history if they stay small.
Strategize while your competitors are sleeping
Otedola’s journey into the oil business was initially smooth until the political climate changed. The supply he got from his friends in government ceased and he decided to open his own diesel supply business. Within a short period of time, Otedola took over the diesel supply infrastructure. For smooth operations, Otedola established a transport and shipping company, F.O. Transport and Seaforce Shipping. His major competitors were industry giants like Total and Mobil.
The Nigerian oil magnate once said, “While my competitors were sleeping, I was busy strategising. I was liberal too. My strategy was: high volumes and little margins. I was very excited at this point.” It is important to note that building long-term wealth as a young entrepreneur means that you will have competitors. However, what will help you is the strategies you employ.
Suicide is not an option
The Geregu Oil Boss encountered huge financial loss in his journey. Narrating his ordeal, Otedola said, “It was a very low time for me, and I explored different options, including suicide, but ultimately, I knew I had to solve this problem. My debts had to be paid.” For Otedola, committing suicide or terminating the business was not the solution to the problem.
In one of his quotes, Otedola said, “Hearing the word “No” is not the end of the world. Keep your eyes on the big picture. Take a step back, probe, reassess, and try again. If you fail, try again and again.” Entrepreneurs who desire long-term wealth must take Otedola’s blueprint to heart. They must be willing to move forward with the business, rather than give up on the business idea.
Separate personal fortune from business
Another blueprint Otedola’s success story presents is the decision to separate his personal fortune from his business. Revealing how he bounced back from his loss, Otedola said, “I also made a decision not to run the business as I had failed at running it well. I then brought in a crop of fresh young talented guys to take over. I wanted fresh, brilliant minds and ideas.”
Building long-term wealth also involves employing the right team to manage your business. According to Otedola, being a good entrepreneur doesn’t necessarily make you a good manager of a business.
Give back to the society
Otedola’s blueprint would not be complete without the principle of giving back to society. He once said, “Giving back and leaving society a better place than I met it is always of utmost importance to me.” He has donated millions of dollars to support causes such as education, healthcare, and disaster relief.
The Billionaire’s commitment to philanthropy and social responsibility is his way of using wealth as a tool for positive change. Entrepreneurs looking to build long-term wealth must be willing to give and create a lasting impact in their communities.
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