Nigeria-born Tony Elumelu is an economist, entrepreneur, and philanthropist. He has been named one of the “100 most influential people in Africa,” by New African magazine and one of “Africa’s 20 Most Powerful People,” by Forbes.
He founded the Tony Elumelu Foundation (TEF) in 2010 to show that Africa has what it takes to sustain itself, through development of its people.
Tony Elumelu once took to his page to give five personal tips to build a successful business, which he hoped will aid young businesses owners in their entrepreneurial journey.
Number one tip he gave is to Save Money Religiously.“I am a firm believer in saving a portion of your earnings on a monthly basis. My father used to say that if I couldn’t save one naira from the little I earned, then I won’t be able to save anything if I earned one billion. Saving is a vital tool in investing in your future”, he stated.
Another tip he gave is to Work Hard. He stated that the difference between talent and hard work is that one is innate and the other can be acquired through sheer determination. “Those who are relentless in the pursuit of excellence will always yield results. Growing up, my mother was extremely hard working and through running her businesses she taught me the power of resilience.”
Number three is to Seize Opportunities.Be aware of your risk tolerance and weigh up the value of an opportunity according to the potential losses and gains. After assessment- act! Do not be afraid to take a step because you fear the outcome. As the saying goes, fortune favours the bold.
The forth business tip is to Feed Your Mind.In the pursuit of success, arm yourself with people and things that will nourish you mentally. I was always an avid reader, and would seek business and self-development books, articles and papers that would challenge my thinking and allow me gain insight and breed new ideas.
The fifth tip was to Think Long Term. In all that you do, consider the bigger picture. How will this impact me, my family and community? Both now and 10 years from now. Be broad in your thinking and whether personally or professionally, aim for longevity.
Behind every failed company are dysfunctional, delusional, or incompetent business leaders. The irony is, none of them had the slightest idea that was true at the time and most of them still don’t. Don’t end up like one of them.
We hope you learn something to work on your business and make it a better version of what it is now.