Recently, three African billionaires- Aliko Dangote, Strive Masivia and Tony Elumelu shared the principles that have guided their business success and wealth-building over the years. Let’s see what each person had to say.
Where is Dangote?
Dangote, the richest black man in the world, believes in investing and reinvesting money in profitable ventures instead of spending it on things that do not generate wealth or promote his businesses.
Over the years, he has maintained the principle of investing all his money back into his businesses instead of spending it or keeping it idle in the bank. His money principles have led to successful business alliances with thirteen different companies – cement manufacturing, sugar processing, salt and spices, fertilizer, infrastructure, tomato cultivation, rice cultivation, automotive, refinery, power, petrochemicals, training academy, and polysacs. .
Here are some of his most popular quotes about business and wealth:
“Dangote is different from most Africans who keep most of their money in the bank. In Dangote, we don’t keep money in the bank, we invest everything we have and we keep reinvesting.
“I only enter into business that I can fully understand; I do not venture into business that is not clear to me.
“I’ll only enter a business that could be number one, or worse, number two.”
“A lot of people, even the younger ones, have to be very careful. The biggest problem with us Africans is that we spend our projected income. Once you start trading and the business starts doing well, think that instead of you continuing to reinvest in the business, you will start spending money and the profits will continue. There are ups and downs in business, so you need to be more focused. Luxuries take up your time, which keeps you from focusing on your business. I don’t have a holiday home anywhere, I don’t have a home anywhere else, but I know someone who works for me, they have a home in London, but I don’t.
Strive for Masuyya
According to Zimbabwe’s richest man, he learned his business principles from his mother, who taught him and his siblings how to save money, be content with one’s resources and always reach out and communicate with others. Masivia has retained the principles he learned from his mother and developed the business acumen that guides him to this day.
“Your attitude sets your height – nothing is 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 ability to save money and live within one’s means is extremely important. Don’t act like there’s no tomorrow even if it’s good. Even if it’s a dollar, even if it’s just a little, you have to have the discipline to save it. Whenever I see people fail in business, sadly, I usually find that they’re not disciplined in this basic and foundational area of success. .Saving should become a culture; Friends, you should cultivate a culture of saving.
“Be frugal with your money – avoid showing off or trying to impress others.”
“Avoid Borrowing Money – Relationships are incredibly precious because they are hard to come by, and one sure way to break a relationship is to borrow money and fail to pay it back. If you borrow money, be quick to pay it back, but don’t make a habit of borrowing.
One of Africa’s foremost financiers, entrepreneurs and philanthropists, Tony Emumelu has over the years supported the entrepreneurship drive in Africa through his foundation. He constantly advises young people to develop a saving mindset and financial discipline in one of his famous statements:
“If I don’t save when I make a dollar, I won’t save even if I make $1 billion.
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