Recently, three African billionaires-Aliko Dangote, Strive Masiwiya, and Tony Elumelu shared the principles that have guided their business success and wealth building over the years. Let’s see what everyone has to say.
Where is Dangote?
Dangote, the richest black man in the world, believes in investing and reinvesting his money in profitable ventures instead of spending on things that do not generate wealth or promote his business.
Over the years, he maintained the principle of investing all his money back into the business instead of spending it or keeping it in the bank. Money principle has become a successful business conglomerate with up to thirteen different companies – cement manufacturing, sugar refining, salt & spices, fertilizers, infrastructure, tomato farming, rice farming, automotive, refineries, energy, petrochemicals, training academy, and polysacks. .
Here are some popular quotes about business and wealth:
“Dangote is different from most Africans who keep a lot of 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 go into business that I can understand; I don’t go into business that is not clear.”
“I just got into a business where I could be number one, or at worst, number two.”
“A lot of people, even the younger ones have to be careful. One of the biggest problems with us Africans is that we spend our projected income. Once you start doing business and the business starts doing well, instead of you continuing to reinvest into the business, you start spending money and think that the profit will keep coming. There are ups and downs in business, so you have to focus a lot. Luxury things take your time, which will make you not focus on your business. I don’t have a vacation home anywhere, I don’t have home anywhere, but I know people who work for me, they have homes in London, but I don’t.
Masiwiya’s efforts
According to Zimbabwe’s richest man, he learned the principles of business from his mother, who taught him and his sister how to save money, stay content with resources, and always reach out and interact with others. Masiwiya kept the principles he learned from his mother and used them to develop the business mindset that has guided him to this day.
“Your Attitude Adjusts Your Altitude – nothing is gained by complaining; Don’t complain and don’t feel bitter, because you feel you are not treated well by others. Always respect and be grateful.”
“You Must Save – the capacity to save money and live life in a very important way. Even if it’s good, don’t act like there’s no tomorrow. Have the discipline to save from whatever you get, even a dollar. Every time I see people fail in business, sadly, I usually find that they are not disciplined in this basic and fundamental area of success. Saving must be a culture; friend, you must develop a culture of savings.”
“Befrugal With Your Money – don’t show off or try to impress others.”
“Don’t Borrow Money – relationships are precious because they are hard to come by, and one way to break a relationship is to borrow money and fail to pay it back. If you borrow money, pay it back quickly, but don’t make it a habit.
Tony Elumelu
Tony Emumelu, one of Africa’s foremost financial experts, entrepreneurs, and philanthropists has for many years supported the entrepreneurial drive in Africa through his foundation. He constantly reminds young people to develop a mindset of savings and financial discipline through one of his famous sayings:
“If I don’t save when I get one dollar, I won’t save even if I get $1 billion.
Source: face2faceafrica.com
| Disclaimer: The opinions expressed here are those of the authors and do not reflect Peacefmonline.com. Peacefmonline.com accepts no legal or other responsibility for the accuracy of the content. Please report inappropriate content to us, and we will evaluate it as a priority. |
Featured Videos