Category Archives: Successful Entrepreneurs

10 Small Business Success Secrets of Aliko Dangote

Culling from a popular quote that says “if you want to be rich and successful, observe what the rich are doing and do the same.” I don’t know how effective this strategy can be but I feel there is an atom of truth in that statement.

Today, I will be sharing with you some small business success secrets from one of my mentors; Aliko Dangote. This mentor of mine is extremely rich and has been ranked as the richest black man in the world by Forbes Magazine.

So if learning and understudying the rich can give us insights into their business success secrets if building a business from scratch is your utmost priority, then I am sure we are definitely going to get some hard core business tips from this billionaire. Below are the ten small business success secrets of Aliko Dangote; the richest black man in the world.

  10 Small Business Success Secrets of Aliko Dangote

1.            Manufacture; don’t just trade

Aliko Dangote started business as a trader of commodities; he gathered business confidence and experience as he grew. In an interview granted, he openly admits that one of his greatest business moves was moving from being a trader to being a manufacturer.

He summed it up by saying,

“Manufacture, don’t just trade. There is money in manufacturing even though it is capital intensive. To achieve a big breakthrough, I had to start manufacturing the same product I was trading on; which is commodities.”

I am an advocate of manufacturing because it does not only improve your business status, it also helps you give back to your community and country; with respect to job creation and economic development.

2.            Build a brand, and don’t destroy it

This is the second small business success secrets of Aliko Dangote. Aliko Dangote is one of the firm believers of the “Brand Power” and this is what he has to say about it:

“To succeed in business, you must build a brand and never destroy it. One competitive advantage I had when I ventured into manufacturing was my brand “Dangote,” which I diligently built in the course of my trading commodities.” – Aliko Dangote

Sometime ago, Coca Cola’s assets were estimated to be worth $3billion but the brand name alone “Coca Cola” was valued at over $80billion. That’s the power of a brand. So why not start building a brand today? Your brand could be your saving grace in hard times; it could also turn out to be a very strong competitive advantage for your small business.

3.            Sell cheap, give quality and don’t kill the competition

To build a successful business, Aliko Dangote emphasizes the importance of selling quality products at affordable price. Selling quality products at an affordable price helps in increasing customer’s loyalty.

With respect to competition, Dangote has this to say;

“Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.” – Aliko Dangote

“There is one rule for the industrialist and that is: make the best quality goods possible at the lowest price possible, paying the highest wage possible.” – Henry Ford

10 Small Business Success Secrets of Aliko Dangote

4.            Start small but dream big

“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.” – Aliko Dangote

5.            Have connections and pray for a big break

The next small business success secret is business connections. Aliko Dangote is respected for his strong network of business and political connections. You can build your connections and strengthen your network in the business world by increasing your corporate social responsibility, signing joint ventures and partnership deals, forming strategic alliances, attending business events and parties, making political donations and paying courtesy visits to those at the helm of affairs.

To survive in business, you must strengthen your business connections and network. And most importantly, you must pray for a big break. Big breaks are very vital to entrepreneurial survival. In fact, I can hardly point to any successful entrepreneur that wasn’t thrust upwards by a big breakthrough.

  • Bill Gates had his big break when he negotiated and signed a deal with IBM.
  • Aliko Dangote had his big break when he secured a license to import cement. Oprah Winfrey had hers when she started Harpo Studios Productions and acquired the full rights to her shows; “The Oprah Winfrey Show.”
  • Li Ka Shing had his during a riot period and he began buying properties at rock bottom prices.
  • Larry Ellison had his when he secured a deal to build database software for the CIA. The list goes on and on.

So if you really want to take a giant stride in business, you must not only pray for a big break; you must seek it out and be prepared for it when it comes.

6.     Believe there is money to be made in your country

Dangote believes one of the main prerequisite to building a successful business and ultimately becoming rich is developing a firm belief in your country. Dangote is a firm believer in his country Nigeria. He believes opportunities abound everywhere but it just takes a smart eye to see them. He encourages everyone to seek opportunities in their own country instead of seeking greener pastures in other countries.

7.      All work and less play makes Jack a rich man

A popular saying goes “all work and no play makes Jack a dull boy,” but billionaire Dangote believes that all work and less play makes Jack a rich man. Hear him:

“I enjoy myself a lot but I derive more joy in working. I believe in hard work and one of my business success secrets is hard work. It’s hard to see a youth that will go to bed by 2am and wake up by 5am. I don’t rest until I achieve something.” – Aliko Dangote

My mentor has said it all but I want to add something crucial and that thing is this; “working hard alone doesn’t guarantee success, you must also work smart.“

8.     Give back to those who made you

I hope you are conversant with the saying that goes “no man is an island.” You can never get rich alone. There have to be contributing factors and individuals you will need to leverage upon. Dangote believes in the principle of “give and it shall be given unto you.” Just as stated above, one of the small business success secrets is this; you must give back to those who made you.

“No man becomes rich without himself enriching others.” – Andrew Carnegie

Now who are those who made you? These are individuals or entities you leveraged upon to get to the status you are now. They are those who gave you a helping hand when you needed it most.

They could be those who gave you business contacts, connections and encouragement. They could be business associates, political associates, investors, loyal customers, good suppliers, political associates, your employees, business team, business partners and so on.

9.     Obey the laws of the land

“Why risk going to jail by engaging in illegal businesses when it is easier to make money legally? – Rich dad

Dangote advises entrepreneurs to be law abiding citizens. He encourages everyone to do business as outline by the regulatory bodies. Obeying the laws of the land also entails keeping your credit and tax record clean. Nothing hurts more than striving to build a business empire only to have your assets impounded or frozen by the authorities. So do the right thing.

10.    Business must flow in your blood

Lastly, Aliko Dangote revealed that you must have business flowing in your blood if you really want to make it big as an entrepreneur. I solely agree with him. Look at all successful entrepreneurs, they seem to possess a different kind of spirit. That’s the entrepreneurial spirit.

Everything around you must smell business. That is to say you must think business, dream business and live for business. It’s all about the entrepreneurial spirit. The same spirit that kept Warren Buffett in the game even at old age, the same spirit that drives General Electric even after the death of its founder; Thomas Alva Edison. Without this spirit, you will ultimately fail.

Business flowing in your blood entails tenacity, doggedness, shrewdness and every single attribute required to keep you going in the game of entrepreneurship.

25 Top Internet Billionaire Entrepreneurs + Secret to their Success

Who are the 25 top internet billionaires in the world? What’s the secret to the success of the top internet entrepreneurs? How did they come about their wealth? How did they become billionaires? And how can you replicate their success strategies to become a millionaire or billionaire? You are going to find out soon.

In this article, I am going to list the top 25 internet billionaires and also highlight the secret to their success. But before I proceed, I want to emphasize the point that this article not focused on the wealth and net worth of the internet billionaires; rather, it’s more interested in the “how” of their success.

If you are more interested in knowing the estimated net worth of the internet billionaires; then Forbes magazine is the right place to go. But if you are interested in learning the exact step by step strategies that helped these internet entrepreneurs became billionaires; then please read on. Now who are the 25 top internet entrepreneurs  in the world?

   25 Top Internet Billionaires in the World

1.            Mark Zuckerberg –          Facebook

2.            Larry Page –       Google

3.            Steve Case –      AOL

4.            Jeff Bezos –        Amazon

5.            Reed Hastings –                Netflix

6.            Jerry Yang –        Yahoo!

7.            Craig Newmark –             Craiglist

8.            Pierre Omidyar –              Ebay

9.            Sergey Brin – Google

10.          Eric Schmidt – Google

11.          Masayoshi Son – Softbank

12.          Hiroshi Mikitani – Japan’s leading online shopping mall

13.          Charles Schwab – Online investing to the masses

14.          Ma Huateng – Runs China’s most popular online chat service

15.          Robin Li – Baidu

16.          Mark Cuban – Broadcast

17.          Andreas Von Bechtolsheim – Google Investor

18.          William Ding – China’s second largest online gaming site

19.          Shi Yuzhu – Giant Interactive

20.          Yoshikazu Tanaka – Gree

21.          David Filo – Yahoo!

22.          Marc Benioff – SalesForce

23.          Peter Thiel  - Facebook Investor

24.          Jack Ma – Alibaba

25.          Todd Wargner – Broadcast

Now that the 25 top internet billionaires in the world have been listed, I think it’s time we dig into the behind-the-scene secret to their success.

   25 Top Internet Entrepreneur Billionaires and the Secret to their Success

1.            They took advantage of trend

“There are no shortcuts. You have to work hard, and try to put yourself in a position where if luck strikes, you can see the opportunity and take advantage of it. I would also say it’s hard not to fool yourself. Everyone tells you how they are going to be “special,” but few do the work to get there. Do the work.” – Mark Cuban

The fist secret to the success of the internet billionaires was their preparedness and ability to take advantage of a moving business opportunity. The internet came as a trend and while most established business owners fought to resist its impact on their businesses; these internet billionaires embraced the internet and went about seeking ways to use it as leverage. The ability to take advantage of trend; the ability to accept change is the big difference between successful entrepreneurs and the average business owners.

“To truly prepare for the unexpected, you’ve got to position yourself to keep a couple of options open so when the door of opportunity opens, you’re close enough to squeeze through.” – Pierre Omidyar

2.            They started small

The 25 internet entrepreneurs listed above are billionaires by all standard but they were not so many years ago; and they did not become internet billionaires overnight, they started small. Most people admire entrepreneurs such as Mark Zuckerberg, Jeff Bezos and Larry Page but only few knew the starting point of these entrepreneurs.

“There are no shortcuts.” – Reed Hastings

One key to becoming a successful entrepreneur or business owner is the ability to start small. Most people dream big but only few are humble enough to start small. I think it’s worthwhile you know that Mark Zuckerberg, Larry Page, Jerry Yang, David Filo, Sergey Brin started their internet businesses from the dorm of their various schools; Jeff Bezos started Amazon from his garage.

“Most people think it’s all about the idea. It’s not. EVERYONE has ideas. The hard part is doing the homework to know if the idea could work in an industry, then doing the preparation to be able to execute on the idea.” – Mark Cuban

These internet billionaires did not sit on their business ideas and business plan; waiting for the million dollar investor. They started with what they’ve got on hand and kept it going till they hit fame and fortune. So if you must replicate the success strategies of these internet billionaires, then you must be willing to start small.

3.            They worked for free

“It’s not because of the amount of money. For me and my colleagues; the most important thing is that we create an open information flow for people. Having media corporations owned by conglomerates is not just an attractive idea to me.” –Mark Zuckerberg

Extraordinary success comes with extraordinary sacrifice. During the early startup years of these internet billionaires, they weren’t paid a dime. They worked for free developing their business ideas and even when their various companies was formed; they kept working for free.

What’s the lesson I am trying to stress here? The lesson I am emphasizing is that “delayed gratification is essential to becoming a billionaire and building a successful business; whether on the internet or offline.”

4.            They were innovative

I did a careful research and found out that the internet billionaires were not pioneers in their niche; they were late comers but they came with a competitive strategy, “innovation.” Google and Yahoo weren’t the first search engine; before them was ask.com.

“We are targeting innovation. We believe mobile applications are essential.” – Larry Page

Amazon wasn’t the first online bookstore; other small independent bookstores existed but Jeff Bezos used innovation as an edge to position Amazon as the world largest bookstore. Facebook wasn’t the first social networking site; MySpace was already on ground and successful but Mark Zuckerberg positioned Facebook using innovation as an edge.

The lesson here is that you don’t have to be the first to win; you don’t have to reinvent the wheel, all you have to do is improve on the present idea and you will have a winner on hand.

5.            They had a mission

“The thing I really care about is the mission; making the world open.” – Mark Zuckerberg

One of the reason the 25 internet entrepreneurs listed above became billionaires was because they had a mission; a mission to positively affect humanity. Why do you want to start a business? The answer to this question will determine if you’ll succeed or not.

“The most important single thing is to focus obsessively on the customer. Our goal is to be earth’s most customer-centric company.” – Jeff Bezos

A business mission is essential to starting a business and growing a business because it helps you the entrepreneur maintain focus; it keeps you on course. Without a strong business mission; you might hit success but you can never sustain that success. MySpace went under because Facebook; its competitor had a stronger mission and that business mission became the driving force behind Facebook’s success.

“Basically, our goal is to organize the world’s information and to make it universally accessible and useful. That’s our mission. When we started, we had about 30 million Web pages, which was quite large for the time — that was two years ago. Now, we have well over a billion Web pages. So that gives you some idea of how we’ve grown in content. So we try to make more and more stuff available to people, we try to, when you come to Google, fulfill that need that you have as quickly as possible.” – Larry Page

6.            They served everyone for free

Have you ever been charged for doing a search on Google? Were you charged a subscription fee for your Yahoo, Google and Facebook account? The answer is no. The reason these internet billionaires became successful was because they served everyone for free. Mark Zuckerberg helped family and friends stay in touch without charging a dime. Google provides direction to vital information without charging a dime; Craiglist is also a free resource.

“If you want to be rich, simply serve more people.” – Rich Dad

Now what is the key point here? The key point for success here is to provide a valuable service to many people for free or a lot less than normal.

7.            They reinvested in their business

The last secret to the success of the internet billionaire was that they reinvested in their businesses. Jeff Bezos didn’t pay a dividend for five years; Larry Page and Sergey Brin worked their socks off without getting a dime. These internet entrepreneurs became billionaires because they reinvested not only the profits; but their time and resources.

Instead of taking a profit and throwing a party; they chose to stay committed and expand their business via strategic acquisitions. Re-investing in your business is essential to business growth and expansion.

As a final note, these are the top seven secrets to the success of the internet billionaires. Do you want to become an internet billionaire? All you have to do is to replicate these seven success secrets and I will see you at the top.

Busted! Why Aliko Dangote became the World’s Richest Black Person

The name “Aliko Dangote” tends to evoke different reactions amongst Nigerians and foreigners. In fact, the name “Aliko Dangote” means different things to different people. Aliko Dangote is one of the few entrepreneurs I hold in high esteem; in fact, he’s my business mentor. Aside the companies he has built from scratch and the billions of dollars he has made; the entrepreneurial life of Aliko Dangote has been a source of inspiration to many youths in Nigeria.  His business sense, strategies and advice has inspired thousands of Nigerian youths to be creative and think for themselves. I have been understudying this billionaire for quite some time now and I secretly aspire to be like him. Luckily for me, I had the big break I had been praying for; a one on one conversation with Aliko Dangote; the richest man in Nigeria.

One day, I went to a branch of a bank (name withheld) to open a corporate account and I was asked to tender two references. For a while, I stood there in the banking hall; lost in thought, trying to figure out if there’s anyone I know that has an account with that bank and will be willing to stand as a referee for me. As I stood there with my form, somebody tapped me on my shoulder and asked why I was lost in thought. I explained my predicament to him and he suggested I approach a particular customer sitting in the banking hall. As I turned to see this would-be-customer; lo and behold, that customer was no other person than Aliko Dangote.

I walked up to him and requested he stood as a reference for me but he politely turned me down and stood to leave the bank. I followed him outside and pleaded with him to tell me the secret to his business success. Smiling, he placed his hand on my shoulder and said something I will never forget. He said:

“Some people are waiting for God to come to their aid; without knowing that they have the power to be what they want to be. The power to succeed is in-born in everyone; but it’s up to you to discover this power and use it to your advantage.”

And as I stood in awe, trying to grasp the advice coming from a billionaire; he politely ask to take his leave and rushed into the high rising building that stood opposite the road. As I stood there struggling to recollect everything I have been told; I woke up only to realize it was a dream. But I never saw it as just a mere dream; I saw it as a wakeup call, I saw it as an encouragement to press on. Now enough of the ramblings, let’s get back to the business of the day.

I have written about Aliko Dangote and his business success secrets but there’s still a lot to learn from this entrepreneur; who happens to be the richest black man in the world. Many people know that Aliko Dangote is worth billions of dollars; but only few know how he made it. So rather than tell you the story of his rise to success and fame, I will share with you some exclusive and underlying reasons why Aliko Dangote emerged the richest black man in the world. If you are ready to learn his secrets, then keep reading.

Why Aliko Dangote became the Richest Black Person in the World

1.            Aliko Dangote Creates Value

When it comes to creating value while still earning a profit; Aliko Dangote is the man to emulate. Now I know we all create and add value to life in our own little way but Dangote does this on a large scale. He began as an importer of cement and made a lot of money back then but to him; it wasn’t just about the money, it’s about the value created. That was why his mission is “To provide your basic needs” and he has invested heavily in building cement factories nationwide just to fulfill this mission.

These days, all we see and hear of are young millionaires and billionaires with companies valued at billions of dollars; but they have no solid assets and are yet to turn in a profit. I have also seen entrepreneurs that buy moribund companies and strip them of their assets; or they use these companies as leverage to raise funds but end up diverting the funds to other projects they have interest in, but not Dangote. Aliko Dangote has a number of successful companies in his portfolio that were once dead; he simply bought them and revitalized them.

Now you might be asking, what value has Dangote added to Nigeria? Well, think again. Look at the brand he built; the assets he invested in, the millions of dollars in tax his companies pay to the government, the management team he has assembled, the number of employees on his payroll, the investors buying and selling the stock of his companies and the millionaires he created; both directly and indirectly, and you will come to appreciate the value this man has singlehandedly created.

Aliko Dangote was once asked what he wants to be remembered for; and he said: “I want to be remembered as Africa’s greatest industrialist.” He never said he wanted to be Africa’s richest man; rather, he aims to create more value. Do you know how many jobs will be created by Dangote if he pursues his quest to be Africa’s greatest industrialist? I leave you to do the math.

So what’s the lesson here? The lesson here is: “Stop chasing shadows; stop dreaming about making millions of dollars. Instead, focus on creating value and once such value is created; strive to increase the scale.”

2.            He is focused on his core competence

Most entrepreneurs preach the need to focus; but only few practice what they preach. Aliko Dangote started out in business as a commodities trader; cement to be precise and 30+ years after, he still grinding it out as a cement merchant. He didn’t invest in tech, he didn’t invest in media and he never sojourned into active politics; he focused on his core competence, “commodities.” An industry he understands like the palm of his hand. Rather than divest his interest; he refines and innovates the mechanism of his businesses in this industry. All his other investments are simply vehicles to strengthen his core.

“And here is the prime condition of success, the great secret. Concentrate your energy, thoughts and capital exclusively upon the business in which you are engaged in. Having begun in one line, resolve to fight it out on that line; to lead in it. Adopt every improvement, have the best machinery and know the most about it.” – Andrew Carnegie

As a final note, the above recipe is what makes a great entrepreneur and this is why Dangote became a billionaire. The lesson here is this: “Focus on your core competence. Don’t spread yourself thin; instead, seek ways to improve and innovate in your chosen field. Be the best at something; not everything.”

For further insights into the mind, strategies and business success secrets of Aliko Dangote, you can read this: “10 small business success secrets of Aliko Dangote.”

My List of Famous Entrepreneurs that Changed the World

What does it take to become a famous entrepreneur? Well, it’s one thing to be successful; but it is a different ball game to be famous. There are a lot of successful entrepreneurs around the globe but there are only a handful of famous entrepreneurs; I mean entrepreneurs that changed the world with their businesses.

Today, I decided to compile my list of famous entrepreneurs that have impacted my life and thousands of others. I am listing famous entrepreneurs that have revolutionized the way we think and act. If you are ready to be inspired, then below is my list of famous entrepreneurs in no particular order.

My List of Famous Entrepreneurs that Changed the World

1.            John D. Rockefeller: – He started from scratch and built Standard oil to become one of the largest oil and gas distribution companies worldwide. John D. Rockefeller during his time was the richest man in the world and he still remains one of the richest men in history. The foundation he founded “Rockefeller foundation” is one of the largest foundations in terms of funds distributed.

“The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” – John D. Rockefeller

2.            Henry Ford: – After experiencing two business failures, Henry Ford went on to become the richest man in the world in his time. But that is not his greatest achievement; Henry Ford will forever be remembered for democratizing the automobile by making it available for the masses.

“Thinking is the hardest work to do, that’s why so few people are engaged in it.” – Henry Ford

3.            Andrew Carnegie: – After experiencing extreme poverty in his early life, Andrew Carnegie went on to build Carnegie Steel; one of the largest steel companies of its time. But what stands Andrew Carnegie out was that he gave away everything he had before his death.

“I began to learn what poverty meant. It was burnt in my heart then that my father had to beg for work and there came the resolve that I would cure that when I got to be a man.” – Andrew Carnegie

4.            Steve Jobs: – When computers were bulky and expensive, with IBM stating clearly that a small computer was impractical; Steve Jobs made a resolve to put a computer on every table and today, his resolve is now a reality. Steve Jobs started Apple from scratch and built it to become one of the world’s most valuable brands. Respected as an innovator and a stickler for quality and perfection; Steve Jobs will forever be remembered for his passion towards technology; he ran Apple successfully until his death.

“Being the richest man in the cemetery doesn’t matter to me… Going to bed at night saying we’ve done something wonderful… that’s what matters to me.” – Steve Jobs

5.            Sir Richard Branson: – What will say of an entrepreneur who owns 400+ companies worldwide? Well, you’ve just met Richard Branson, the founder of Virgin Group. A down-to-earth drop out billionaire and bestselling author; Richard Branson is most respected for his love for adventurous ventures.

“My interest in life comes from setting myself huge, apparently accepting unachievable challenges and trying to rise above them.” – Richard Branson

6.            Donald Trump: – He is one of the biggest real estate developers in the U.S, a billionaire and celebrity host of The Apprentice. Donald Trump is popular for his “Thinking big” philosophy and his magnificent buildings.

“Most people think small because most people are afraid of success, afraid of making decisions, afraid of winning. And that gives people like me a great advantage.” – Donald Trump

7.            Warren Buffett: – Warren Buffett is the world’s richest investor and founder of Berkshire Hathaway. His investment philosophy has revolutionized the way people invest and he plans to give away all his wealth upon his death.

“Risk comes from not knowing what you are doing.” – Warren Buffett

8.            Aliko Dangote: – He is the richest black man in the world and has a goal to be Africa’s greatest industrialist.

9.            Bill Gates: – He is the co-founder of Microsoft and the revolutionary of the software industry. He held the position of the world richest man for 13 consecutive years. He is currently the running the largest foundation in the world “Bill and Melinda Gates foundation.”

“To win big, you sometimes have to take big risks.” – Bill Gates

10.          Mark Zuckerberg: – He changed the way people socialized with “Facebook” and went on to become the youngest billionaire in the world.

    My List of Famous Entrepreneurs that Changed the World

11.          Robert Kiyosaki: – A self help and personal finance expert, Robert is an entrepreneur that has transformed millions of life throughout the world with his teachings; and I am a living testimony to the result of his teachings. Robert is the famous controversial author of the book “Rich Dad Poor Dad” and other books.

“In today’s rapidly changing world, the people who are not taking risk are the risk takers.” – Robert Kiyosaki

12.          Jeff Bezos: – Jeff gave up the security of his plum job and started selling books online from his garage and from that humble beginning; Amazon, the world largest bookstore was born. But Jeff has shunned conventional wisdom and taken Amazon beyond books to becoming the biggest online retail outlet. Little wonder Jeff Bezos is a billionaire.

“If there’s one reason we have done better than of our peers in the Internet space over the last six years, it is because we have focused like a laser on customer experience, and that really does matter, I think, in any business. It certainly matters online, where word of mouth is so very, very powerful.” – Jeff Bezos

13.          Larry Page and Sergey Brin: – These two started out as friends, founded Google; the dominant player on the internet and went on to become billionaires. But aside the billions of dollars, Larry and Sergey have changed the way we access information because they’ve made it available to us at the speed of web.

14.          Thomas Edison: – He is responsible for the invention of the light bulb and other electrical appliances. From being labeled dumb by his school teachers to dropping out of school; he founded General Electric, one of the most powerful companies in the world.

“I have friends in overalls whose friendship I would not swap for the favor of the kings of the world.” – Thomas Edison

15.          Michael Dell: – Dropped out of college to pursue his dream to sell assembled computer directly to the customers; Michael has made a name in the computer industry and is worth a billion dollars.

16.          Oprah Winfrey: – She discovered her passion for speaking and created a billion dollar empire out of it. She’s the richest black woman in the world but more important is the way she affected lives around the world through her show “The Oprah Winfrey Show.”

“You know you are on the road to success if you would do your job and not get paid for it.” – Oprah Winfrey

17.          Ray Kroc: – Take a look around and you will observe that’s there’s a McDonald’s at every corner.  Well, that’s the vision of Ray Kroc when he bought out the company from the founders. Today, McDonald’s is a billion dollar company. Not bad for a milkshake salesman that recognized opportunity that others could not see.

18.          Mary Kay Ash: – The brand “Mary Kay” is one of the most recognized brands in the cosmetic industry but Mary Kay Ash didn’t just build a cosmetic company; she empowered women, raised multimillionaires and gave a lot of women a purpose to live.

“When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.” – Mary Kay Ash

19.          J. Paul Getty: – This entrepreneur controlled two hundred companies in his lifetime and was the richest man in his time. He founded Getty Company and the billion dollar foundation “Getty Foundation.”

“Without the element of uncertainty, the bringing off of even, the greatest business triumph would be dull, routine and eminently unsatisfying.” – J. Paul Getty

20.          Larry Ellison: – A long standing rival of Bill Gates, Larry Ellison is the founder of Oracle; the second largest software company in the world. He’s famous for his flamboyant lifestyle.

“The most important aspect of my personality as far as determining my success goes; has been my questioning conventional wisdom, doubting experts and questioning authority. While that can be painful in your relationships with your parents and teachers, it’s enormously useful in life.” – Larry Ellison

55 School Drop Out Billionaires and Successful Entrepreneurs

Do you feel dejected or left behind by your peers because you don’t have a college degree? Do you see your supposed illiteracy as a limitation to achieving your dreams? Or are you in the group that thinks education is the ultimate yardstick for success? If any of these questions best describes you, then please read on.

How does it sound to your ears that most of the world’s richest men and women were school drop outs? Well don’t be surprised; it’s the truth.

“I have nothing against education. But at times, education gives people false confidence. It makes people relax, trusting in the power of their certificates rather than in working hard.” – Rasaq Okoya

Today, I will be sharing with you a brief compilation of the entrepreneurial success stories of self made men and women; who took the bull by the horn by building a business, without being held back by the lack of a college degree. These men and women found their entrepreneurial spirit, surmounted business challenges, completed the entrepreneurial process and became successful entrepreneurs.

 “I have been within the four walls of school and I have been on the street. I can confidently tell you that the street is tougher, challenging, daring, exciting and more rewarding. In school; you play alone. But on the street, you play with the big boys.” – Ajaero Tony Martins

Warren Buffett, Mo Ibrahim, Mike Adenuga, Oprah Winfrey, George Soros, John D. Rockefeller, Sam Walton, Jerry Yang and David Filo, Anita Roddick, Sergey Brin and Larry Page, Jeff Bezos, Pierre Omidyar, Martha Stewart, Henry Ross Perot and Aliko Dangote; the richest black man in the world did not make the list because they possessed college degrees. Without wasting much of your time, below is a comprehensive list of some of the world’s richest school drop out billionaires.

“Behind every adversity is an opportunity. If you lament over the adversity, you will miss the opportunity.” – Ajaero Tony Martins

  The World’s Richest School Drop Out Billionaires

1.            Bill Gates: He is the billionaire co-founder of Microsoft Corporation, the world largest software company. Dropped out of Harvard to focus on building Microsoft. According to Forbes magazine, Bill Gates has held the position of the world richest man for thirteen consecutive years and he not showing a sign of letting go that position.

“To win big, you sometimes have to take big risks.” – Bill Gates

“We were young, but we had good advice good ideas and lots of enthusiasm.” – Bill Gates

2.            Thomas Edison: Thomas Edison was labeled dumb and scatterbrain by his school teachers but he went on to become one of the world’s greatest inventors and founded General Electric; one of the most powerful companies in the world.

 “Many of life’s failures are people who did not realize how close they were to success when they gave up.” – Thomas Edison

3.            Orji Uzor Kalu: He is one of the richest men on the soil of Africa. This young billionaire was rusticated from college for his participation in a student’s protest. Instead of lamenting over his predicament; he started trading on palm oil and from that humble beginning, he grew his business into a conglomerate “Slok Group.” Though he was later pardoned by the school authorities, he rejected the amnesty offer thereby refusing to return to school.

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere.” – Orji Uzor Kalu

4.            Li Ka Shing: Billionaire owner of Hutchinson Whampoa; one of the largest conglomerates in Hong Kong, with operations that span over fifty countries and more than 220,000 staff worldwide. Dropped out of school at the age of 15 and started out by selling watch bands.

“The first year, I didn’t have much capital so I did everything myself. I had to keep my overhead low by learning everything about running a business, from accounting to fixing the gears of my equipment. I really started from scratch.” – Li Ka Shing

5.            Richard Branson: Best known for his adventurous spirit and outrageous business tactics. He dropped out of school at the age of 16 to start his first successful business venture; Student Magazine, bought his own 79-acre Caribbean island when he was just 24 and he was knighted in 1999. He is the billionaire founder of the Virgin brand and its 360 companies. His companies include the famous Virgin Atlantic Airways.

 “I wanted to be an editor or journalist. I wasn’t really interested in becoming an entrepreneur, but I soon found I had to become an entrepreneur in order to keep my magazine going.” – Richard Branson

 Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

6.            Lawrence J. Ellison: Larry Ellison dropped out of college twice and was told by his adoptive father that he would never amount to anything but he went on to become a billionaire by building Oracle, the world’s second largest software company.

 “I have had all the disadvantages required for success.” – Larry Ellison

7.            Michael Dell: He dropped out of college at the age of 19 to start PC’s Limited; later renamed Dell Computers Inc. Dell became the most profitable PC manufacturer in the world making Michael Dell a billionaire.

    “I had to give it a full go and see what happened.” – Michael Dell

8.            Steve Jobs: Billionaire co-founder of Apple Inc and Pixar; dropped out of Reed College to start Apple.

9.            Henry Ford: This automobile billionaire was born in abject poverty. He never saw the four walls of school but he went on to build Ford Motor Company and become one of the richest men that ever lived.

 “Thinking is the hardest work to do, that’s why so few people are engaged in it.” – Henry Ford

10.          Walt Disney: Walt, regarded as the most influential animator because of his creativity with cartoons. He dropped out of high school at 16 and founded Walt Disney; a company which now has an annual revenue of about $30billion.

“If you can dream it, you can do it.” – Walt Disney

  Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

11.          Ray Kroc: Billionaire Ray Kroc never saw the four walls of school and spent most of his life working as a salesman. He bought McDonald’s in 1961 for $2.7m and grew it into a multi billion dollar company.

“Press on. Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

12.          Debbi Fields: A 20 year old housewife with no education and business experience started Mrs. Fields Chocolate Chippery and became the most successful cookie company owner. She later renamed, franchised, and then sold Mrs. Field’s Cookies.

“You don’t have to be superhuman to do what you believe in.” – Debbi Fields

13.          Cosmos Maduka: Nigerian Elementary school drop out and billionaire founder of the Coscharis Group.

14.          Ingvar Kamprad: Billionaire founder of IKEA. He dropped out of high school at the age of 17 to start IKEA; now the top home furniture retailer in the world, with over 90,000 employees working in its 200-plus stores, and annual revenues in excess of $10 billion.

 “I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

15.          Carl Lindner: Billionaire investor and founder of United Dairy Farmers. He dropped out of high school at the age of 14 to deliver milk for his family diary.

                Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

16.          Simon Cowell: Famous for his involvement in American Idols, he dropped out of school at age 16 and started his own record label “Fanfare” at the age of 23.

“Good is not enough; you’ve got to be great.” – Simon Cowell

17.          Mary Kay Ash: Founder of Mary Kay Inc and best known as the most outstanding business woman in the 20th century. Mary never saw the four walls of school.

“When you reach an obstacle, turn it into an opportunity. You have the choice. You can overcome and be a winner, or you can allow it to overcome you and be a loser. The choice is yours and yours alone. Refuse to throw in the towel. Go that extra mile that failures refuse to travel. It is far better to be exhausted from success than to be rested from failure.” – Mary Kay Ash

18.          Coco Chanel: Fashion magnate and founder of the Coco Chanel brand, she never saw the four walls of school.

19.          Wayne Huizenga: Wayne is the only person in history to build three Fortune 1000 companies practically from scratch: Waste Management Inc, Blockbuster Entertainment and AutoNation. He is the only person to have developed six NYSE-listed companies.

He also owns the Miami Dolphins and is previous owner of the Florida Marlins baseball team and the Panthers hockey team, making him the only person ever to own three pro teams in a single market, two of which won national championships. He dropped out of college to join a friend in a garbage collection business.

20.          Barry Diller: This billionaire media magnate dropped out of college to start Fox Broadcasting Company. He is chairman of Expedia, and was once the CEO of IAC/InterActiveCorp which includes Home Shopping Network and Ticketmaster.

“There’s a world in which reasons are made up because reality is too painful.” – Barry Diller

21.          Andrew Carnegie: Founder of Carnegie Steel Company and one of the richest men that ever lived. Born in abject poverty, Andrew never saw the four walls of school.

“I shall argue that strong men conversely know when to compromise and that all principles can be compromised to serve a greater purpose.” – Andrew Carnegie

 Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

22.          Sir Philip Green: Billionaire retail mogul and owner of the Arcadia brand, he dropped out of school at the age of 16. After four business failures, Philip Green made his first million at the age of 33.

“If you’ve got a natural talent, I think it’s fantastic. If I wasn’t in retail, being a singer or a tennis player would be a better idea.” – Sir Philip Green

23.          Madame C. J. Walker: She was born into the family of ex-slaves and farmers. Despite being widowed at the age of 20 and faced with extreme hardship, she started a cosmetics business and went on to become the first American self made female millionaire.

“I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for the opportunities to come. Get up and make them” – Madam C.J. Walker

24.          Mark Zuckerberg: The youngest billionaire in the world, dropped out of Harvard to promote his social networking platform; Facebook. As at 2010, he was 23 years and worth $4billion.

25.          Ted Turner: Billionaire drop out media mogul and founder of CNN; pledged a billion dollars to the United Nation.

“All my life, people have said that I wasn’t going to make it.” – Ted Turner

“Over a three year period, I gave away half of what I had. To be honest, my hands shook as I signed it away. I knew I was taking myself out of the race to be the richest man in the world.” – Ted Turner

26.          Cornelius Vanderbilt: Dropped out of school at the age of 11, began operating his own boat at the age of 16 and became one of the richest men in history.

 “If I had learned education, I would not have had time to learn anything else.” -  Cornelius Vanderbilt

27.          Mayer Amschel Rothschild: was born in a ghetto; started business as a money lender and built the largest private fortune in history. He never saw the four walls of school.

“Give me control over a nation’s money supply and I don’t care who make the laws.” – Mayer Amschel Rothschild

28.          Ty Warner: Billionaire real estate investor, hotel owner, sole owner, CEO, and Chairman of Ty, Inc. Ty Warner is a savvy, yet private business man. Ty, Inc; made $700 million in a single year with the Beanie Babies craze without spending money on advertising. He has since expanded to include Ty Girlz dolls, directly competing with Bratz dolls.

29.          Howard Hughes: Dropped out of California Institute of Technology and Rice University; founded Hughes Aircrafts and Co and went on to become a billionaire.

“I intend to be, the richest man in the world.” Howard Hughes

30.          Giorgio Armani: Billionaire founder of the fashion brand; Giorgio Armani S.P.A. Dropped out of medical school at the University of Bologna because he couldn’t stand the sight of blood.

“Remain true to yourself and your philosophy.” – Giorgio Armani

   Successful Entrepreneurs and World’s Richest School Drop Out Billionaires

31.          Asa Candler: Founder of the Billionaire company and world’s most popular brand; Coca Cola. He dropped out of school at the age of 10.

32.          Jenny Craig: With no college degree, this woman started Jenny Craig Inc from scratch and grew it to become one of the largest and most recognized companies in the weight management industry.

“If I make a commitment to something, I will stick to it no matter what.” – Jenny Craig

33.          Rachael Ray: Despite having no formal training in culinary arts, Rachel Ray made a name for herself in the food industry. With numerous shows on the Food Network, a talk show and cookbooks, high-energy Rachael never slowed down. She has also appeared in magazines as well has having her own magazine debut in 2006.

34.          Milton Hershey: With only a fourth grade education, Milton Hershey started his own chocolate company. Hershey’s Milk Chocolate became the first nationally marketed chocolate.

35.          Frank Lloyd Wright: surpassed all odds to become the most influential architect of the twentieth century. Frank Lloyd Wright designed more than 1,100 projects with about half actually being built. He never saw the four walls of high school.

36.          David Geffen: billionaire founder of Geffen Records and co-founder of DreamWorks.

“I never went to business school. I was just bumbling through a lot of my life. I was like the guy behind the curtain in the Wizard of Oz.” – David Geffen

37.          Billy Joe (Red) McCombs: founder of Clear Channel media, real estate investor.

38.          Craig McCaw: billionaire founder of McCaw Cellular.

39.          Dave Thomas: billionaire founder of Wendy’s.

“There’s no one to stop you but yourself.” – Dave Thomas

40.          ay Van Andel: billionaire co-founder of Amway.

41.          Micky Jagtiani: billionaire retailer, Landmark International

42.          John Paul DeJoria: billionaire co-founder of John Paul Mitchell Systems and Patron Spirits tequilla.

43.          David Green: billionaire founder of Hobby Lobby.

44.          Frederick “Freddy” Laker: billionaire airline entrepreneur.

45.          Kirk Kerkorian: billionaire investor, owner of Mandalay Bay and Mirage Resorts, and MGM movie studio.

46.          Leandro Rizzuto: billionaire founder of Conair

47.          Leslie Wexner, billionaire founder of Limited Brands.

48.          Marc Rich: billionaire commodities investor and founder of Marc Rich & Co.

49.          S. Daniel Abraham: billionaire founder of Slim-Fast.

50.          Theodore Waitt: billionaire founder of Gateway Computers.

51.          Y.C. Wang: billionaire founder of Formosa Plastics.

52.          Paul Allen: billionaire co-founder of Microsoft Corporation; dropped out of Washington State University.

53.          Ralph Lauren: Billionaire fashion mogul. Studied business at Baruch College for two years and dropped out.

54.          Dean Kamen: Billionaire Kamen holds more than 80 US patents; famous for the Segwey PT, Auto syringe and IBOT robotic wheelchair; dropped out of Worcester Polytechnic.

55.          Dhirubhai Ambani: Famous founder of Reliance Group and father to two billionaires; Anil and Mukesh Ambani. Started Reliance Industries from scratch and never saw the four walls of school.

How Carlos Slim Helu became the Richest Man in the World

On March 11th 2012, Carlos Slim Helu was declared the richest man in the world for the third consecutive time by Forbes magazine. While many people admire, criticize or detest his achievement; not many know how he came about his wealth.

We may all know the biography of Carlos Slim Helu but not many know the behind-the-scene secret of how he acquired his wealth. In an interview he granted Larry King of CNN; Carlos Slim Helu highlighted his business philosophy and principles. And based on this interview; I was able to extract the secret to the success of Carlos Slim Helu.

Now how did Carlos Slim Helu become the richest man in the world? How did he become a billionaire? Well, read on as I highlight Carlos Slim Helu’s secret to becoming the richest man in the world.

 How Carlos Slim Helu became the Richest Man in the World

1.            He started a business

The first secret of becoming a billionaire is starting a business. But before I proceed; I want to ask a question. If Carlos Slim Helu was an employee, would he have become the richest man in the world? My answer is no. You can never amass wealth working for someone else; you can never become a billionaire holding on to a job.

Take a look at the Forbes list of world billionaires and you will observe that it’s a list dominated by entrepreneurs and investors. This simply connotes that you can never become wealthy keeping a job. Larry Ellison, Bill Gates, Warren Buffett and Carlos Slim Helu all held the coveted position of the richest man in the world by building a business.

2.            He was prepared

Many people took notice of Carlos Slim Helu when he made a move to acquire Telmex and emerged on the Forbes list of world billionaires but prior to that; Carlos Slim Helu has been preparing to undergo the entrepreneurial process.

One attribute of becoming a successful entrepreneur is the ability to recognize business opportunities when it comes knocking. Aliko Dangote (the richest black man in the world) once said that to succeed in business; you have to pray for a big break and be prepared to take advantage of opportunities when it comes.

All successful entrepreneurs prepared and waited for the right time to make their big move. Carlos Slim Helu also had his big break and he was prepared for it; this was why he became the richest man in the world.

3.            He understood his business to the core

Another reason why Carlos Slim Helu became the richest man in the world was because he understood his business to the core. Carlos Slim Helu is reputed to control over 200 companies all over the world. How did he start? How did he get there? He was able to start a business and grow to over 200 companies because he understood his business to the core.

“How can you be on top of the things you do? I think when you are involved in a business first of all; you need to know the business. After you know the business, you can let the numbers tell you what is happening. You can read with the numbers to know if things are going well or if things are not going well. You make co-operation with your competitors; you look at the international references to try to achieve the best reference nationally. The numbers talk to you.” – Carlos Slim Helu

4.            He stuck to the game

Entrepreneurship is a game; so also is investing. To succeed in this game, you must be committed to the entrepreneurial process and play to win. Before emerging the richest man in the world; Carlos Slim Helu has already found success as an entrepreneur and had every cause to retire. Yet, he stuck to the process.

“Yes. I think that anything that has privileges has responsibility. All this is responsibility and compromise. Compromise and responsibility are not only for me and my family, but also the management team to have the responsibility to know the importance of what we are doing and that at the end of temporarily managing this; we don’t take anything when we pass away. And we do need to do business with a sense of responsibility.” – Carlos Slim Helu

Every one celebrates and admires the entrepreneurial prowess of Carlos Slim Helu; but only few people can be able to tell what it takes to build a successful business. Carlos Slim Helu first emerged the richest man in the world in 2010 and retained the position in 2011 but he didn’t get there overnight. It took him 45 years of commitment, focus and competence to achieve this feat.

“I think work, investments and reinvestments. My father used to say that the money that gets out of a company evaporates. That means he was thinking in terms of investments and reinvestment and reinvestment. That is one of the things we do. Other things that we do are in good times, we maintain our winning streak.” – Carlos Slim Helu

In conclusion, I leave you with a business quote from Carlos Slim Helu about becoming the richest man in the world:

“Becoming the richest man in the world is not championship. It’s the competence; the competence in your sector with other companies not looking to have some kind of records in this issue.” – Carlos Slim Helu

The Richest African Billionaires (Entrepreneurs): Five Business Lessons I learned from them

Who are the richest African billionaires (entrepreneurs)? What’s the secret to the success of the richest billionaires in Africa? How did they make their money? Well, I will advice you read on.

In this article, I will be sharing with you the five business lessons I learned from the richest African billionaires. This article will strictly be focusing on the billionaire entrepreneurs in Africa; and the emphasis will be on the lessons learned including the secrets to their success.

If you are interested in their net worth or wealth value, then Forbes magazine is the best place to spend your time. But if you are more interested in the behind-the-scene secrets to the success of the richest African billionaires; if you want to know how they made it in the harsh business terrain of Africa, then read on as I share with you the five business lessons I learned from the richest billionaires in Africa.

    Who are the Richest African Billionaires?

The following entrepreneurs below have made it to the Forbes list of world richest billionaires at one time or the other. The lesson of this article is not in their amassed wealth so this list is in no particular order. The lesson lies in how they made it.

  The Richest Billionaires and Entrepreneurs in Africa

1.            Mo Ibrahim:       Sudanese billionaire and founder of Celtel

2.            Aliko Dangote:  Nigerian Billionaire and founder of Dangote Group. (Currently the richest black African; richest black man and the richest black person in the world as at 9th March 2011).

3.            Patrice Motsepe:             South African billionaire and founder of Africa Rainbow Minerals

4.            Mohammed Al Amoudi:                               Ethiopian Billionaire

5.            Mike Adenuga:                 Nigerian Billionaire and founder of Globacom, Conoil and ETB

6.            Femi Otedola:                   Founder of Zenon oil and gas (No longer on the list as at 2012)

7.            Nicky Oppenheimer:      South African billionaire

8.            Nassef Sawiris:                  Egyptian billionaire

9.            Johan Rupert:                    South African billionaire

10.          Naguib Sawiris:                 Egyptian Billionaire

11.          Onsi Sawiris:                       Egyptian billionaire

12.          Mohammed Mansour:                  Egyptian billionaire

13.          Yassen Mansour:             Egyptian billionaire

  5 Business Lessons I Learned from the Richest African Billionaires

Lesson one:        Problems are opportunities

The first business lesson I learn from the African billionaires is that problems are not what they seem to be. They’ve taught me that problems are simply opportunities in disguise. Africa is often regarded as the third world; a continent engulfed in strife, political poverty and corruption.

Yet, in the midst of all these; some men stood their ground and built wealth where the poverty level is rated high. What lesson does this entail? The lesson here is simple: people’s problems are simply avenue to generate wealth; if only you can position yourself as a problem solver. The billionaires in Africa listed above were critical problem solvers; and that was why they became billionaires.

                What is the Primary Duty of an Entrepreneur?

Mike Adenuga and Mo Ibrahim solved the telecommunication problem in Africa; Aliko Dangote provided the basic needs of Nigerians and Africans in general while Patrice Motsepe helped Africa maximize her potentials with respect to mineral resources. So regardless of your region or predicament; just focus on solving problems and you may join this list of richest Africans.

Lesson two:        Money is not seen with your eyes

The second lesson I learned from Africa’s richest billionaires is that money is not seen with your eyes. If money can be seen with the eyes; the world would probably be running down to Africa because of the potentials she holds; but unfortunately, money is not seen with the eyes.

While others see Africa as a poverty stricken continent; these billionaires saw the hidden potentials in Africa. While others were screaming “stay away from Africa”, these men stood their grounds and invested in Africa and that’s why they became billionaires. Once again, I restate the lesson; money is not seen with your eyes. You can only see money with your mind; that’s if your mind has been trained to spot business opportunities amongst problems.

Lesson three:    Concentrate on your strength

How do you become a billionaire? This is one question most people ask online. Well, there are several factors to becoming a billionaire and one of such factors is concentration. Take a close observation of the richest billionaires in Africa and you will note that they concentrated on their core strengths. They did not diversify their effort; they concentrated on what they know how to do best.

Aliko Dangote concentrated on commodities; Femi Otedola concentrated on diesel, Mo Ibrahim focused on telecom and Patrice Motsepe concentrated on mineral mining. So if you are going to achieve extraordinary success; if you want to build a success business empire, then you must learn to concentrate your efforts on your core.

Lesson four:       Understand your business to the core

Why did the richest billionaires in Africa concentrate on a core business? The answer is simple. They concentrated because on one line of business because they understood that line to the core. To build a success business, you must understand your business to the core; you must know its intricacies and numbers.

Lesson five:        Despise not the days of little beginning

This fifth lesson is actually a verse I extracted from the holy bible. I extracted it because it’s in line with the lesson I am trying to buttress. Of all the lessons I learned from the richest African billionaires; this is the most important. Despise not the days of little beginning.

Aside the Sawiris family who inherited their wealth; the remaining African billionaires did not attain wealth by sudden flight. They worked their way up from the scratch. This lesson is very important especially for aspiring entrepreneurs that want to start a business. Building a business is not a one hit affair; success in business comes in bits and little winnings. Overnight success will not happen; so forget it.

Aliko Dangote did not become the richest black man in the world overnight; it took him 30 years to achieve it. None of the richest men in Africa achieved wealth overnight; they amassed wealth in bits. So if you aspire to become a millionaire or billionaire; if you aspire to build a business conglomerate, then start small and stick to the entrepreneurial process. Remember, Rome was not built in a day.

As a final note, these are the five business lessons I learned from the richest billionaire entrepreneurs in Africa. Do you want to replicate their success; then adhere to these business lessons and I will see you at the top.

Cosmos Maduka Quotes and Guide for Building a Conglomerate (Coscharis)

One of my business goals is to grow into a conglomerate and since I set that goal; I have carefully been understudying the business leadership style of those successful entrepreneurs that have built a conglomerate from scratch.

If you are a loyal reader of this blog; you will come to acknowledge that I have the habit of setting audacious and overstretching long term goals. But I love it this way because it’s these overstretching goals that keep the entrepreneurial process of starting a business exciting. You can read about these stretching business goals in the articles below.

                How to Become a Self Made Billionaire

                How to Start a Business from Scratch: My Entrepreneurial Journey So Far

                Famous Business Quotes of Ajaero Tony Martins

In this article, I will be sharing some underground strategies and tips for building a business conglomerate from scratch which I learned from one of my business mentors. This business mentor of mine is Cosmos Maduka; founder of the Coscharis Group. Cosmos Maduka started Coscharis from scratch and built it into a conglomerate. How did he do it? And how can you replicate his business success strategies? Well, I will advice you read on.

                Cosmos Maduka Quotes and Guide for Building a Conglomerate (Coscharis)

 

Starting a business conglomerate

1.            The Coscharis story is a story of how we turned a two hundred naira; one man business into a conglomerate with over N15billion in shareholders funds in under 30years.

2.            My friends, I tell you that unless you have a vivid picture in your mind of what you want to create; you will not be passionate about pursuing and actualizing the goal. The Coscharis Group’s journey to becoming a conglomerate is the actualization of a dream.

3.            At the beginning, the enterprise was just me.

                Raising startup capital for your business conglomerate

4.            Those of you who have ever tried to find seed capital for your business; do not need me to tell you how difficult this can be.

5.            Going the bank route to borrow was obviously an option that wasn’t available. However, growing organically was. That meant reinvesting every profit from the business into the business and making sure we created goodwill everywhere by religiously honoring our credit obligations.

6.            Access to capital will continue to be a major challenge, even with all the hoopla about micro credit and SME financing which top government announced programmes for assisting growing businesses.

7.            I have had cause to wonder sometimes how different things might have been for the group today, had we had access to more capital.

8.            Many are of the opinion that banks are not there actively to help the entrepreneur but to take the little he has been able to accumulate. Their well dressed officials will ask for your business plan, marketing plan, strategic plan and every other plan. When you tell them you haven’t got one, they wonder how you can run a business without all these documents.

9.            Today with professional managers in our team, we have the capacity to anticipate what banks usually ask and look for in granting loans to indigenous operators.

                Growing a business conglomerate

10.          Mind you that today, the Coscharis group is a conglomerate with interest in diverse business areas such as banking, technology, auto sales, auto parts, health, etc. it was not always so.

11.          For over ten years, we stuck to the business where I had cut my teeth; motor parts. We understood the “ins” and “outs” of the business so well that we became a resource pool for policy makers seeking suggestions for ways to protect Nigeria’s interest in the international auto parts trade.

12.          It was a major challenge to refuse to be distracted from our core business.

13.          We, entrepreneurs may have strong vision and drive but generally, we do not always have hands-on business management skills or general economic knowledge to fully grasp the broader policy issues that may affect our business operations.

                Structuring your business conglomerate into an organization

14.          Unless you have grown a big company from scratch, you may find it difficult to understand the pain of making the transition from a successful one man show to a structured, system driven organization.

15           For most self made men, it is not easy at first to accept that the quality of system driven generated operations may be better than one’s own gut feeling.

16.          Professionalizing our operations was a critical step in our journey to conglomerate-hood. This ensured that I was not forever mired in operational matters best delegated to professionals who, with the authority attached to their positions were too willing to accept the responsibility.

17.          Professionalization was not an easy step for me in our growth. The decision to professionalize the business and compete in a structured form was a major turning point in the business. It brought the introduction of new roles in the company for people with expertise in specific areas.

18.          I can tell you right away that one of the most deceptive simple things any entrepreneur will face is the selection of his business team. That’s because, even as we speak; it remains a never ending challenge.

19.          Whatever the Coscharis group has achieved today is mostly because of the team we have assembled over the years and its commitment to realizing the vision of the company. Today, it’s rare for a bottleneck to arise simply because I am away.

                Strategic planning and running a business conglomerate

 

20.          Crystallizing a vision very early in the business has definitely helped us focus the minds of our people on how best to continually develop and refine strategies for achieving our vision.

21.          Show me an entrepreneur in Nigeria whose business has not been made much vulnerable at least once by government’s policy reversals or unplanned changes in the business environment and I will show you a new comer to the business.

22.          As for us in Coscharis Group, we have had so much experience in being taken unawares that we make it our business to find out from key policy leaders how they are thinking.

23.          Every time you are about to spend money from the business, you can always ask yourself: “how much will this add to the bottom line.” If it will not give the business anything in return financially, you’d better think twice before parting with your hard earned cash.

24.          I suppose that for the Coscharis Group, because of our extremely modest beginning; we never lost sight of the fact that to continue to build up capital, we must keep an eagle eye on cash flow at all times.

      Developing a marketing strategy for your business conglomerate

25.          To find ourselves with products for which there is no market is a luxury we can’t afford. That’s why we spend a lot of resources to track market.

26.          At the beginning, it was really tough trying to sell to people who were used to buying from more established sources. And even though by the nature of the product we were selling, our potential customers were spread all over the nation. Moving goods to the market posed (and continues to pose) a daunting challenge because of the poor transporting network.

27.          Our response was to make sure we created a first class market intelligence system that helped us figure out what people were looking before others did. It took some time to build a market perception that made customers believe was the place to go if they were in a hurry and if others didn’t have what they are looking for. And so, rather than look for the customers; the customers looked for us. It is still so today.

28.          The Coscharis marketing is simple: know your customers and keep in touch with them.

     In conclusion

29.          We did not become a conglomerate right away. The journey has been long and hard. Many times we were tempted to throw in the towel but we has a clear vision; a dream.

30.          I want to provoke all of us gathered here by suggesting we set five year growth and development goals for our various organizations and decide today which company to benchmark during the period. We must draw a thick line between our past and the future; we must have a new beginning. Let us roll our sleeves and get to work with a clear vision, a comprehensive business plan, and a people mobilized to go beyond self into collective action in our organization.

6 Industrialists Billionaires and the Secret to their Success

Who are the top richest industrialist billionaires in the world? What’s the success secret of the industrialist billionaires and how can I replicate it? How can I become a billionaire industrialist? Well, I will suggest you read on.

In this article, I will be publishing the list of richest industrialist billionaires but my message is not in the list. The main lesson I intend to pass across to you with this article is the success secret of the industrialist billionaires and how you can replicate it. Now who are the top billionaire industrialists?

I want to state categorically that there are tens of billionaire industrialists but this list will focus on those billionaires who cut their teeth as industrialists starting from the scratch. I am not including those who divested into the industry; I am only listing those who became billionaires by being industrialists. If you’ve gotten my point, then below are my top richest industrialist billionaires.

  The Top Richest Industrialist Billionaires in the World

1.            Andrew Carnegie –         Carnegie Steel

Andrew Carnegie was a steel tycoon and one of the richest men of all time. He started Carnegie steel from scratch and grew it into a company that later metamorphosed into the United States Steel Corporation.

2.            Henry Ford –      Ford Motor Company

One of the richest men in the world during his time and he still stands as one of the richest men in history. This industrialist billionaire is the founder of automobile giant; Ford Motors, a company he started from scratch.

3.            Lakshmi Mittal –               Mittal Steel

Lakshmi Mittal is one of the richest men in the world according to Forbes ranking. His company Mittal steel is the largest producer of steel in the world.

4.            Vladmir Lisin –   Novolipetsk Steel

This Russian Steel mogul controls the country’s largest steel plant.

5.            Aliko Dangote –                Dangote Group

Aliko Dangote is the not only the richest black man in the world but also the richest black person in the world as at 2011. This industrialist billionaire cut his teeth as a commodity manufacturer and he has stuck to that line ever since.

6.            George Eastman –           Kodak

   The Secret to the Success of the Richest Industrialist Billionaires in the World

1.            They started small

The industrialists listed above are rich by all standards; in fact, they are billionaires. But they were not born that way and they didn’t start out as billionaires; they started small. Andrew Carnegie came from a poverty stricken family, so also did Henry Ford but these men were humble enough to start small and risked failure. That’s why they are billionaire industrialists. This should ring a bell in your head that success doesn’t happen overnight, it’s a process that requires hard work.

2.            They concentrated

The reason I used these industrialist billionaires as case studies was because they made their mark as industrialists. They started small as industrialists, became billionaire industrialists and still remained true to their course. These industrialist billionaires did not diversify their effort; they concentrated.

Andrew Carnegie, Lakshmi Mittal and Vladmir Lisin concentrated on steel manufacturing; Henry Ford concentrated on automobile production and Aliko Dangote concentrated on commodity manufacturing.

Once again I emphasize the point that these men did not diversify; they concentrated. So if you want to become a billionaire, if you want to become a successful entrepreneur; then you must concentrate your resources, time and your effort.

3.            They paid their workers well

One key to becoming a successful industrialist is to take care of your workers. Having enthusiastic workers is a key to a smooth production process and these billionaires knew that. Production is a tedious task, so be sure to take care of your workers.

4.            Efficiency was their watchword

Another key secret to the success of the billionaire industrialists was their constant effort to improve efficiency and productivity. Henry Ford was the first individual to mass produce cars at a faster rate; Aliko Dangote built the largest cement factory with the latest technology just to increase efficiency and Lakshmi Mittal has increased his steel output by constantly improving on his steel manufacturing process. Efficiency is the keyword to successfully running not just a manufacturing company; but a successful business.

5.            They had a mission

Of all the secrets to the success of the industrialist billionaires listed here; the mission is the most important. Why did you become an entrepreneur? Why do you want to start a business? Why do you want to build a business? Why do you want to become a billionaire industrialist?

If you take a closer observation at the entrepreneurial life of the industrialist billionaires, you will notice that they all had a strong business mission and that mission was the driving force behind their success. If you want to find success as an industrialist or a business owner; then you must have a strong business mission.

Aliko Dangote became the richest black person in the world because he was on a mission to provide the basic need of over 150million Nigerians. Henry Ford became a famous entrepreneur because he had a mission to democratize the automobile and make it available to the masses.

Do you want to join this list of billionaire industrialists? If yes, then you must fashion out a strong business mission for your company and stick with it no matter what.

As a final note, these are the business success secrets of the richest industrialist billionaires in the world. Just as said above, their success can be replicated. All you have to do is simply put these success formulas to work and I will see you at the top.

Eight Business Success Secrets of the Rothschild Family

The name “Rothschild” mean different things to different people. To some, it signifies wealth and to others; it represents power. Recently, I decided to take a closer look at the values of the Rothschild family; a value that sparked their rise from nothing to fame and fortune.

Now who are the Rothschild’s and why am I writing about them? The Rothschild is a family comprising of savvy entrepreneurs with focus on banking and financing. Simply put, the Rothschild is the wealthiest family in the world and they control the world’s banking sector. In fact, they control the money supply of the world since they are the largest banking organization in the world.

I am writing on the Rothschild family because I found a value and culture worth emulating in the family. Without wasting much of your time, I want to share with you eight business success secrets of the Rothschild family and also lessons I learned from them. If you are interested in learning more about the Rothschild family; you can check out the Rothschild’s website or Wikipedia.

  Eight Business Success Secrets of the Rothschild Family

1.            They started small

The Rothschild family is the richest family in the world but it was not so 200 years ago. The Rothschild family international dynasty was started small by Mayer Amschel Rothschild; who was nothing but a small money lender. But from that humble beginning; he grew into what is today known as the Rothschild Dynasty.

This further emphasizes the point that all achievements started out as an idea; after all, Rome was not built in a day. One advantage of starting from scratch is that it helps you the entrepreneur master the business fundamentals and intricacies; just as Mayer Amschel Rothschild mastered the intricacies of banking and financing.

                Lesson one:        “Despise not the days of little beginning.”

2.            The Rothschild had a mission

When Mayer Amschel Rothschild started out in banking and financing, he had a mission and that mission was to be the financial hub of the world. Today, that mission is a reality as most banks in the world are directly or indirectly controlled by the Rothschild family.

The lesson here is that: “You need a strong business mission to build a successful business that will stand the test of time.” The Rothschild’s dynasty has lived on for more than two hundred years and is still waxing strong because the mission of its founder is been preserved and followed.

                Lesson two:        “Always have a mission for every business venture you undertake because your entrepreneurial spirit is in the mission.”

3.            They are ambitious

Ambition has been the engine that has propelled the Rothschild family to the pinnacle of fortune and fame. Mayer Amschel Rothschild was ambitious and that trait helped him into the corridors of power. This single trait has made Rothschild the most powerful family in the world.

4.            They are focused

Almost all successful entrepreneurs emphasize the need to concentrate your effort. I came to appreciate this single concept of concentration after studying the Rothschild. For over 200 years, the Rothschild’s have concentrated on their core “banking and financing” without deviating. They started out in banking, made their mark in banking and have stayed true to the course of banking. Even if you don’t pick any lesson from the Rothschild family; learn the importance of concentration.

Lesson three:    Don’t try to start multiple businesses at once; start one and concentrate until you hit success.

Eight Business Success Secrets of the Rothschild Family

5.            They built a brand

At the mention of “Rothschild”, what comes to the mind of those who are aware of the family activities is banking. The Rothschild family has built a brand by sticking their teeth to the banking sector and their name is now synonymous with banking. So if you are going to build a business that will outlive you, then start building a brand today.

                Lesson four:       “Build a brand and don’t destroy it.” – Aliko Dangote

6.            They respected the family value

The reason why the Rothschild family business survives till today is because the descendants of Mayer Amschel Rothschild have continued in the same tradition he laid down. The family has respected and upheld the value of the brand “Rothschild.”

A closer observation of the Rothschild family further reveals that they prefer to operate from behind the scene. Hardly will you catch a member of the Rothschild family in the limelight; they prefer to keep their dealings quiet and they strive to maintain a low profile.

The Rothschild founder didn’t disclose his net worth publicly and it has been like that ever since for the family. Their donations are also done under anonymity. To be frank, I don’t think I have heard or read that there was dispute in the Rothschild family over inheritance sharing; this is because the family members have utmost respect for the brand “Rothschild.”

The lesson want to point here is this: “never forget the values that took you to the top.” Most entrepreneurs forget themselves and begin to live recklessly simply because they have achieved success. It shouldn’t be so.

                Lesson Five:       “Remain true to yourself and your philosophy.” – Giorgio Armani

7.            They are strategic in their leadership style

The founder of the Rothschild dynasty “Mayer Amschel Rothschild” spurred the growth of the Rothschild by delegating duties to his children; according to their strength and weaknesses. He sent his tough, ambitious sons to harsh business terrains with lots of opportunities and markets to be conquered; while he sent the quiet children to less competitive environment. This single act of tactical delegation has been the core of the strategic leadership style of the Rothschild family. And an important lesson you should learn here is this:

Lesson six:          “Harness the strengths of those that work for you and maximize it to the fullest.”

8.            They had a long term plan

The Rothschild dynasty started small but its founder fashioned out a long term plan that will help the business achieve its goal; which is to become the financial hub of the world. And his descendants have stuck to this long term plan. This is the reason why the Rothschild will continue to dominate the banking and financing sector; because they are focused on executing their long term plan.

                Lesson Seven:   How long do you want your business to live?

As a final note, these are the eight business success secrets that positioned the Rothschild family as the wealthiest and most powerful family in the world. I don’t see why you can’t replicate the success of the Rothschild family. After all, success is replicable.