Aliko Dangote and Strive Masiyiwa are two of Africa’s well known wealthy people. In the 2018 list of world billionaires, Dangote is ranked as the wealthiest African with an estimated net worth of $ 12.2 billion that he has garnered from the flour, cement and sugar industries.
On the other hand, Masiyiwa is ranked as the fourteenth richest person in Africa with a net worth of $1.7 billion that he has accumulated from the telecommunications industry. Today, we take a look at the money and success lessons we can learn from these two leading wealth luminaries:
Research, spot, and fulfill consumer needs: Your chances of succeeding will be next to impossible if you want to make money by providing services that people don’t need. You must know what is not in the market that people need or what will provide easier solutions to people. For example, in the early to mid-90s, Masiyiwa discovered that millions of people in sub-Saharan Africa did not have telephone connections. He decided to start a company that would make communication easier and went on to build Econet wireless, a mobile telecommunication firm that today has operations spread across Africa, New Zealand, and the United Kingdom. He says: “I never woke up and said that I wanted to make billions of dollars. I looked at the telecommunications problem instead and said that I wanted to extend telecommunications to as many people in the continent as possible.”
Build and market your brand: In virtually every international media channel, you will always see the Dangote Group brand being advertised. While such adverts take millions, they are a pointer on why you must push your brand as much as possible through the available and affordable channels such as social media. “One competitive advantage I had when I ventured into manufacturing was my brand which I diligently built in the course of my trading,” he says. “Regardless of how small your business is, your brand must be noted for quality, timely delivery, and honesty. That way, when you branch out to a different segment or launch a new product, people will automatically trust it because of the brand that is associated with you.”
Grow a thick skin: Fresh business concepts that ultimately make money are hard to sell at first. They also face stiff opposition from existing players because they are seen as disruptors. This is what Masiyiwa discovered when he launched Econet in 1993. At the time, all telecommunications services in Zimbabwe were offered by the monopolistic Zimbabwe Post and Telecommunications Corporation, which was the property and cash-cow of the government and its operatives. He was denied an operating license, threatened and prosecuted. But for five years, he stuck to his guns in a court case that the government deliberately dragged to frustrate him. In the end, his resilience won.
Diversify your investments: The biggest mistake you will make is to rely on one source of income in entrepreneurship or employment. For example, although Dangote is primarily known for his forays into the cement manufacturing sector, he has spread his tentacles to other investments that have been generating solid income. These include investments in rice, sugar, flour, beverages and real estate. As you diversify your business and investments, you may need to have employees or professionals who will be responsible for your business and investments. Go for the most intelligent and business or investment savvy. “I always make sure that the people I work with or hire are smarter than me. This ensures that the level of innovation is always growing,” says Dangote.