Aliko Dangote, Strive Masiyiwa, and Tony Elumelu, three African billionaires, have highlighted the principles that have driven their business success and wealth creation over the years. Let’s have a look at what everyone said.
Dangote, the world’s wealthiest black person, believes in investing and reinvesting money in profitable initiatives rather than spending money on things that do not generate income or promote his businesses.
He has maintained the idea of investing all of his money back into his businesses rather than spending or keeping money idle in the bank over the years. His financial principles have resulted in a successful business conglomerate that includes up to thirteen different companies: cement manufacturing, sugar refining, salt and seasoning, fertilizer, infrastructure, tomato farming, rice farming, automotive, refinery, energy, petrochemicals, training academy, and polysacks.
Here are some of his popular quotes about business and wealth:
“Dangote is different from most Africans who keep most of their money in the bank. At Dangote, we do not keep money in the bank, we invest all we have and we keep reinvesting.”
“I only enter a business that I can fully understand; I don’t venture into a business that is not clear to me.”
“I only enter a business where I can become the number one, or at worst, the number two.”
“A lot of people, even the younger ones need to be very careful. One of the biggest issues with us African is that, we spend our projected incomes. Once you start doing business and the business starts doing well, rather than for you to keep reinvesting into the business, you start spending money and thinking that the profit will continue to come. There are ups and downs in business, so you need to be much focused. Luxury things take up your time, which will make you not to focus on your business. I don’t have any holiday home anywhere, I don’t have a house anywhere else, but I know people who are working for me, they have a house in London, but I don’t.”
According to Zimbabwe’s richest person, he got the most of his business principles from his mother, who taught him and his brothers how to save money, be content with what they had, and always reach out and engage with others. Masiyiwa has kept the values he learned from his mother and applied them to establish a business mindset that he now follows.
“Your Attitude Sets Your Altitude – there is nothing gained by complaining; never complain and never allow yourself to feel bitter, because you feel you are not being treated well by others. Always show respect and gratitude.”
“You Must Save – the capacity to save money and live within one’s means is extremely important. Even when things are good, don’t behave as though there is no tomorrow. Have the discipline to save from whatever little you get, even if it is a dollar. Whenever I have seen people fail in business, sadly, I usually find that they were not disciplined in this basic and foundational area of success. Saving must be a culture; friends, you must develop a savings culture.”
“Be Frugal With Your Money – avoid showing off or attempting to impress others.”
“Avoid Borrowing Money – relationships are incredibly precious because they are hard to come, and one sure way of breaking a relationship is borrowing money and failing to pay back. If you do borrow money, then be quick to pay it back, but don’t make borrowing a habit.”
Tony Emumelu, one of Africa’s most prominent financial experts, entrepreneurs, and philanthropists, has long backed the African entrepreneurial movement through his foundation. In one of his famous sayings, he constantly encourages young people to establish a savings mindset and financial discipline:
“If I don’t save when I earn one dollar, I would not save even if I earn $1 billion.