Category Archives: Successful Entrepreneurs

Mark Zuckerberg: Success Secrets of the World Youngest Billionaire

In the course of building a business; I have seen and learned a lot of things, and I am still in the learning process. Everyday, I come across tough, die hard entrepreneurs whose drive and achievements inspire me.

One of such inspiring entrepreneurs is Mark Zuckerberg; the youngest billionaire in the world. A lot have been said and written about this young billionaire entrepreneur but I am going to focus on his entrepreneurial achievements.

I saw how Mark Zuckerberg started from scratch and rose to become the youngest billionaire in the world all in a space of five years. Call him an accidental billionaire, a billionaire hacker or anything you like and you won’t be wrong but he definitely deserved his current status. Mark Zuckerberg is currently on our list of richest drop out billionaires but I don’t intend writing about his successes or fame.

Instead, I want to share with you lessons I picked up from the early years of Mark Zuckerberg; when he had nothing but a dream.  I think it’s worthwhile you quietly reflect on the entrepreneurial life of Mark Zuckerberg and learn from it.

Now how did Mark Zuckerberg develop the idea for FaceBook.com? How did Mark Zuckerberg rise from nothing to become the youngest billionaires in the world? What lessons can be drawn from the startup story of Mark Zuckerberg and his Facebook Company? If you are interested in the answer to any of the questions, then read on.

                How to Become a Self Made Billionaire

“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

In this article, I will be sharing with you the success lessons I learned from this young billionaire; Mark Zuckerberg. I am not sharing this with you to thrill you but to challenge you to stick it through the entrepreneurial process. If you are ready to learn, then below are the secrets to the success of Mark Zuckerberg; the youngest billionaire in the world.

 Mark Zuckerberg: Success Secrets of the Youngest Billionaire in the World

1.            Have a Dream

Most people think that Mark Zuckerberg emerged from the blues to become a billionaire; they think he built Facebook with just a snap of fingers. The truth is they are wrong. Mark Zuckerberg was not an overnight success. His journey to fame and fortune began as a dream; a desire he was willing to sacrifice all for. That’s why Napoleon Hill said that “Desire is the starting point of all achievements.”

So if you want to replicate the success of Mark Zuckerberg; if you want to become rich and famous like him, it starts with your desire. What do you want from this life? Where do you want to be in the next ten years? What do you want to be remembered for after you bow your head to death?

2.            Think big

Facebook was a project on Mark Zuckerberg’s computer and he would have opted to sell it off back then but he refused. Why? He refused to sell it off because he wasn’t looking for a payoff; he wasn’t interested in a paid job, he was more interested in changing the world. Facebook was a small project but Mark Zuckerberg’s dream wasn’t a small one.

His friends envisioned Facebook as a college project; Mark Zuckerberg envisioned Facebook as a worldwide project that will change the way people communicate and stay in touch. People initially analyzed Facebook as a million dollar project but Mark Zuckerberg envisioned a billion dollar company.

What do you see in that small business idea of yours? Where do you see your company in the nearest future? Are you aspiring to build a million dollar company or a billion dollar company? Remember that success doesn’t just happen; it begins with strategic planning.

3.            Start small

Mark Zuckerberg had big dreams and wonderful plans. He envisioned a worldwide project that will be worth billions of dollars. Yet, he started small. He wasn’t discouraged by his humble beginning; he didn’t despise the days of little beginning. Instead of waiting for the million dollar funding or startup capital; he started from his dormitory with little capital and sweat equity. But today; he’s among the youngest billionaires in the world. Never be ashamed to start from the scratch because building a business from scratch is where the glory lies.

4.            Believe in yourself

Self belief is a prerequisite for successfully undertaking any venture and Mark Zuckerberg had lots of it. You can never build a successful business by thrusting responsibility to someone else. You have to believe that starting a business and growing such business can be done and you are the one to do it. Never look down on yourself; believe firmly in yourself and your God’s given ability and you will make it.

“You are nuts and you should be proud of it. Stick with what you believe in.” – Trip Hawkins

5.            Follow your passion

What are you passionate about? Are you prepared to stick to your passion? Are you willing to make sacrifices for your passion? These are the questions you must answer if you want to replicate the success of Mark Zuckerberg.

Mark Zuckerberg was a programming enthusiast from childhood and he stuck to that passion; despite the fact that it led him to break the rules, he stuck to it. Everyone loves the success story of Mark Zuckerberg but only few will ever give a thought to the fact that Mark Zuckerberg dropped out of college; just to make sure his passion never dies. That singular sacrifice alone enabled him make the list of the richest drop out billionaires in the world. Undying resolve is a key to building a billion dollar business from scratch.

   Mark Zuckerberg: Success Secrets of the Youngest Billionaire in the World

6.            Be prepared for criticism

“I just wish nobody made a film about me while I am still alive.” – Mark Zuckerberg

Just like every successful entrepreneur; Mark Zuckerberg has gotten his share of criticism. But he refused to be cowed by it. Criticism is a necessity on the road to the top so you must be prepared not only to accept it but also to leverage on it. Don’t let criticism hold you back; instead, use it as a stepping stone to greater heights.

7.            Be diligent

“I guess we could. If you look at how much of our page is taken up with ads compared to the average search query. The average for us is a little less than 10% of the pages and the average for search is about 20% taken up with ads. That’s the simplest thing we could do but we aren’t like that; we make enough money. Right, I mean we are keeping things running; we are growing at the rate we want to.” – Mark Zuckerberg

“See thou a man diligent in his business? He shall stand before kings; he shall not stand before vain men.” – Proverbs 22: 29

The message above is clear. Before the sweetness of success comes sweat. No man gets to the top with both hands in his pocket. All successful entrepreneurs and drop out billionaires earned their place through hard work; they toiled while others slept and that’s why they became successful.

8.            Don’t be afraid to dare the giants

Mark Zuckerberg wanted Facebook to be the heart of the internet but he had an obstacle; an unmovable well established giant and that giant is Google. Was Mark afraid to take Google head on? The answer is no. Sometimes, success can be found at the feet of the giants; in the den of lions and only the brave can go for it. That’s why courage is one of the characteristics possessed by successful entrepreneurs. Without courage, there will be no risk taking.

9.            Be focused

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

Do you know the reason why Facebook was able to withstand Google? The answer is because Mark Zuckerberg focused on fulfilling Facebook’s mission. That’s why successful entrepreneurs such as Warren Buffett, Bill Gates and Andrew Carnegie repeatedly emphasized the need to concentrate. Diversified effort yield’s minimal results; concentrated effort yields maximum result. So concentrate.

“Concentrate your energy, your thoughts and your capital.” – Andrew Carnegie

10.          Learn to take risk

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

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

No entrepreneur ever became successful without undertaking an atom of risk. Mark Zuckerberg also had his fair share of risk. When Mark Zuckerberg dropped out of college to focus on building Facebook; he took risk. By confronting Google; he took risk. Facebook itself was a risky venture that paid off immensely. Entrepreneurship is all about risk taking. Without risk, the world will remain stagnant.

 “Risk — If one has to jump a stream and knows how wide it is, he will not jump. If he doesn’t know how wide it is, he’ll jump and six times out of ten, he’ll make it.” – Anonymous

“You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty

11.          Stick to the process

“In the game of entrepreneurship, the process is more important than the goal. When you start building a business, you begin a journey, a process. This process has a beginning and an ending and between the beginning and end lays a lot of challenges. You will win only if you remain faithful to the process.” -  Rich Dad

Starting the entrepreneurial process is one thing; sticking to the process is another. Facebook was not an overnight success; its success was achieved on installments. Mark Zuckerberg did not become a billionaire overnight; he worked it out for years and he is still working it out. That’s the spirit of entrepreneurship; the spirit of continuity.

“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

In conclusion; there’s nothing extraordinary about Mark Zuckerberg’s success. There’s nothing abnormal about his emergence as the youngest billionaire in the world. He deserves the position because he dreamed it, planned it and worked it out. He stuck to his passion and focused on fulfilling the Facebook mission; that was why he became the youngest billionaire in the world. His success has nothing to do with luck.

12 Famous Entrepreneurs and Business Role Models You can Draw Inspiration from

Do you have a role model? Who inspires you? When you find yourself in certain situations; who’s thinking pattern and strategy do you adopt? While I may not know your role models; I want to share mine with you.

I have several role models covering every field of life I have interest in but I will be limiting this article to just my entrepreneurial role models. I will be sharing in this article a list of entrepreneurs and business role models that inspire me the most. This list comprises of some successful entrepreneurs and drop out billionaires who are quite famous.

In addition to listing their names, I will also be highlighting the specific influence or impact they’ve had on my life. If you are an entrepreneur and you don’t have a role model; then I will advice you find one because your entrepreneurial role model can be a great source of inspiration.

 12 Famous Entrepreneurs and Business Role Models You can Draw Inspiration from

Before I proceed with the list of my entrepreneurial role models; I want to acknowledge the greatest entrepreneur I’ve ever known. This entrepreneur has been my greatest source of inspiration; this entrepreneur is no other person than my beloved mother, Angela Ajaero.

I once watched my mom’s retail store at Balogun, Lagos Island go up in flames and goods worth millions were destroyed by the inferno. I personally broke the news of the tragedy to her while she was chatting with a close friend; but all my mom did was smile. When I broke the news, I expected her to break down in tears so I prepared myself to comfort her but my mom surprised me; not a single tear dropped from her eyes.

Most importantly, my mom diligently and courageously started building a business again from scratch; I really admire the courage she put up in the face of adversity. Today, whenever I am faced with a business challenge or trouble; I simply close my eyes and remember the countenance of my mom the day I broke the news of the fire incident to her. Then I will say to myself; “if my mom who happens to be a woman didn’t break down in the face of adversity, why should I?

My mom experience and reaction to situations made her my greatest role model and source of inspiration. Now are there other entrepreneurs who I draw inspiration from? My answer is yes.

1.            Larry Ellison        – Oracle Corporation

I have tremendous respect for Larry Ellison and he has greatly influenced my life with respect to my goal getting attitude. Whenever I am in pursuit of a goal; I become Larry Ellison because I admire his ambitious spirit and I aspire to build up such level of go getting spirit.

“I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think it is possible to beat Microsoft.” – Larry Ellison

2.            Andrew Carnegie             – Carnegie Steel

Reading the autobiography of Andrew Carnegie opened up my heart on the need to give back to the society. Andrew Carnegie was known for his philanthropic activities; he’s remembered as the man who gave all away to charity and I think I want to tow that line.

“I resolved to stop accumulating and begin the infinitely more serious and difficult task of wise distribution.” – Andrew Carnegie

3.            Mike Adenuga  – Globacom, Conoil, Equatorial Trust Bank

Mike Adenuga is a Nigerian billionaire but his humility overshadows his wealth. Nothing strikes my heart more than seeing someone influential and wealthy still bowing low. I have heard of the humility of Mike Adenuga but I made up my mind to be like him when I read in the papers that he once went on his knees and laid face down before someone he was far richer than.

4.            Ingvar Kamprad                – IKEA

To become a successful entrepreneur; you must have high self imposed standard and you must stick to it. This was exactly what I learned from Ingvar Kamprad; founder of IKEA. Ingvar Kamprad has been heavily criticized because of his reputation for “cautious spending.” Ingvar Kamprad is very cautious of the way he spends money despite the fact that he’s among the richest people in the world and I really respect that resolve. If you have a personal standard, stick to it no matter the criticism.

“I am stingy and I’m proud of the reputation.” – Ingvar Kamprad

“Waste of resources is a mortal sin at IKEA.” – Ingvar Kamprad

5.            Aliko Dangote    – Dangote Group

Aliko Dangote has always a role model that inspires my spirit. His strong business sense and his determination to support the economy of Nigeria earned him my respect. I also admire his drive and I look forward to replicating his achievements by aggressively investing in my country.

“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

6.            Richard Branson               – Virgin Group

I have been a long admirer of the Virgin Group but my contact with Richard Branson’s autobiography Losing My Virginity increased my respect for him. His competitive spirit and resilience inspires me to take on the giants unafraid.

“To be successful, you have to be out there, you have to hit the ground running, and if you have a good team around you and more than a fair share of luck, you might make something happen. But you certainly can’t guarantee it just by following someone else’s formula.” – Richard Branson

12 Famous Entrepreneurs and Business Role Models You can Draw Inspiration from

7.            Ray Kroc               – McDonald’s

In the business world, the name “Ray Kroc” is synonymous with persistence. With persistence, Ray Kroc built from a single stand to become the world’s most successful small business. Most times, I use Ray Kroc’s motto “press on” to stir my spirit to action and that’s why he’s on my list of role models.

“Press on; nothing in the world can take the place of persistence. Nothing is more common than unsuccessful men with talent. The world is full with educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

8.            Henry Ford         – Ford Motor Company

If there’s any reason why Henry Ford is on this list; it’s because he taught me how to fail without failing, he taught me that failure is just a resting place and he proved it by going from two major business failures to becoming one of the richest man in the world. So whenever I am on the verge of failure; I remember the lessons of Henry Ford and use it as an inspiration to stay afloat.

“Failure is just a resting place. It is an opportunity to begin again more intelligently.” – Henry Ford

9.            Robert Kiyosaki     – Rich Dad Company

I don’t think this list will be complete without Robert Kiyosaki; in fact, he is one of my most respected mentors. His teachings and ideas drove me into entrepreneurship; I became an entrepreneur after reading his book “Rich dad Poor Dad.” Today, I am financially literate, financially free and have a stronger control of my life. Thanks to Robert Kiyosaki’s teachings.

“People without financial knowledge, who take advice from financial experts are like lemmings simply following their leader. They race for the cliff and leap into the ocean of financial uncertainty, hoping to swim to the other side.” – Robert Kiyosaki

10.          J. Paul Getty       – Getty Oil

Entrepreneurship is all about risking your time, energy and resources on a venture with hope of a bigger reward. And there’s no other entrepreneur that emphasizes on the need for entrepreneurs to take risk than J. Paul Getty; the billionaire oil mogul.

“You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty

11.          Warren Buffett     – Berkshire Hathaway

In the world of business and investing, Warren Buffett happens to be one of the few personalities that have maintained a clean record and it caught my attention. Integrity is a rare character in life but Warren Buffett has maintained the standard and I aspire to be just like him; or even better.

“It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.” – Warren Buffett

As a final note, these are the 12 entrepreneurs and business role models I seek inspiration from; you can also do the same. Role models, mentors and coaches have a high influence on protégés so take advantage of the opportunity; find a good role model, aspire to be like him/her and I will see you at the top.

Eleven Business and Life Lessons from Carlos Slim Helu

As an entrepreneur and investor, I have other successful business mentors and investment gurus I look up to for guidance and inspiration. And one of such successful entrepreneurs is Carlos Slim Helu; the richest man in the world 2010 and one of the richest people in the world.

Over the years, I have quietly been understudying the life and business strategy of Carlos Slim Helu; and just when I was about to wrap up my findings and share with you the lessons I learned from this telecom billionaire, he appeared live on an interview with Larry King of CNN.

On Friday 3rd December 2010, as I watched the Carlos Slim Helu being interviewed by Larry King; my respect for him increased. Now based on the interview and personal findings from my research carried out; I will be sharing with you eleven business and life lessons I learned from Carlos Slim Helu, including a brief excerpt of his interview with Larry King.

So if you are ready to learn from the Mexican tycoon and billionaire; then sit back and read on as I share with you an excerpt of Carlos Slim Helu’s interview with Larry King and eleven business lessons I learned from it.

  Interview with Larry King: Eleven Business and Life Lessons I Learned from Carlos Slim Helu

Larry King: It’s an honor to welcome you to LARRY KING LIVE, Carlos Slim Helu. How did it feel when you were ranked number one?

Carlos Slim Helu: Thank you very much for your invitation Larry. Any kind of difference before, after, during, is not important; I think. What is important is what you are doing and how you are operating the company that you are managing and when you have many parts of the public investing in this company.

Larry King: So, it’s not a particular honor?

Carlos Slim Helu: No, no, no. it’s 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.

Larry King: When you topped the annual richest list back in March, they listed your net worth at $53.5 billion. Is that about right?

Carlos Slim Helu: I really don’t care about my ration. What they do is know how much share of the companies that we have investments and we are managing, and has the market price. The market price changes everyday, every time with a lot of volatility and you cannot make balance sheets of what is happening. What you are taking care is about the operation of the business, the investments of the companies; the technology you are using, the segment you are in and how you are managing the business.

Business lesson one:         Building a successful business is all about competence

Larry King: How do you stay on top of all that?

Carlos Slim Helu: Well, 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.

Larry King: Were you also good with numbers?

Carlos Slim Helu: Yes, yes I think so. Some people are very good with letters and others have a good grasp of numbers. You can manage numbers in different ways; you read the numbers and you understand what is happening in the companies.

Business Lesson Two:       Understand your line of business and its numbers

Larry King: it’s estimated that you and your family control more than 200 companies. You are one of Mexico’s largest private employers. You are in control of so many things. Do you feel, Carlos; as I have gotten to know you? Do you feel enormous responsibility?

Carlos Slim Helu: 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.

Larry King: How many people currently work for you?

Carlos Slim Helu: well, I think we are around 250,000

Business Lesson Three:   Becoming a successful entrepreneur is all about responsibility

Larry King: Was your goal to make money? Is that your goal?

Carlos Slim Helu: I think it’s not a goal. Money is not a goal. The goal is to make companies grow, develop, be competitive, be in different areas, be efficient to have a great human team inside the company. Look for human development of the people of the companies because you cannot do anything without human capital, without your human team.

We are talking about how many people are with us but there are managers that are critical that began working in the company and grew with the company and develop to achieve success being in high level management position. And now the goal is well by one side, I think the wealth should be reinvested to create more wealth. The fruit of wealth is income and it is important to develop the distribution of income. The distribution of income comes mainly by employment and second, by the money that goes to the government.

Business Lesson Four:      Be driven by passion; not money

Larry King: Carlos Slim Helu owns one of the oldest hotels in Mexico, Hotel Genève but the empire is in the telecommunications company; Telmex, which he acquired in 1990 when Mexico began privatizing its national industries. A decade later, he spun off the cell phone business, American mobile and it’s one of the largest companies in all of Latin America. He also owns Sunborn, Mexico’s major retail outlet and biggest restaurant chain. His interest includes one of Mexico’s most important banks, airline, a mining company, hotels, construction, insurance companies, a bottling company, cigarette manufacturer, much real estate and on and on and on.

Larry King: Are you always looking to acquire?

Carlos Slim Helu: In 1965 when I began, I had a soft drink bottling company. We are not in the bottling business anymore. We sold the tobacco business also to our partners. We are concentrating because during these 45 years and depending on the circumstances we were involved; we have the possibilities to buy some business. With time, we thought we were focusing a little more on what we thought had more important potential and development and needed more investments and management.

Business Lesson Five:       Concentrate; be focused

Carlos Slim Helu: In ’82, there was a big crisis in Mexico and that meant that nobody was investing. And we invested in paper; we invested in tyres for cars, we invested in auto parts and aluminum and copper combustion. Actually we were focusing. We sold a corporation, we sold a tile business we bought in ’82 also; both of them. We were focusing in telecommunication, financing and mining, retail.

Business Lesson Six:           Get in when others are getting out

Business Lesson Seven:  Always be prepared to make your big move

Larry King: You are very involved in the education of the people, I know because I spoke to all those students. You give scholarships every year, right?

Carlos Slim Helu: Yes.

Larry King: How much do you devote to charity?

Carlos Slim Helu: well we make it, not talking about a budget and say well; this year we will invest $100 or $100 million. We try to find which are the problems that we need to attack and then we put all the money that is necessary. We also have programmes and we put in these programmes and all that are necessary. Let’s say in the surgery, we do surgery around the country. We began with 2000 a few years ago, now we are doing 120,000.

Business Lesson Eight:     Give back to the society

Larry King: Was there early in life, a big event that happened to you that turned you from a millionaire to billionaire? Was there a major occurrence?

Carlos Slim Helu: 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. When we do profitable business, we don’t get crazy; putting expenses all around or making fancy things. Then, we didn’t have corporate offices until now. We used to have them in the factories. The offices of the company were in the factories, not in another corporate building. I think it’s the way it happened.

Business Lesson Nine:      Watch your expenses

Business Lesson Ten:         Reinvest, Reinvest, Reinvest

Larry King: Is it hard for you to see all the poverty in Mexico?

Carlos Slim Helu: It’s hard but I am convinced that all this poverty in Mexico and in Latin America, like it’s happening in China is the opportunity to grow. It’s an opportunity for investment; it’s an economic activity and to take out poverty is the best investment any person or a person can do in any place because poverty used to be an ethical issue, used to be a social justice but now it’s an economic need. You need to integrate these people that are marginal and are in poverty; you need to integrate them into modernity.

Business Lesson Eleven:                See opportunities, not problems

As a final note, I hereby end my excerpt on the interview between Larry King and Carlos Slim Helu. I believe you have learned something from the life of this billionaire and I also hope that the business lessons I extracted will prove useful to you. Before I drop my pen, below is a quick recap of the eleven business lessons I learned from the Mexican telecom billionaire; Carlos Slim Helu.

  1. Building a business is all about competence
  2. Understand your line of business and its numbers
  3. Becoming a successful entrepreneur is all about responsibility
  4. Be driven by passion; not money
  5. Concentrate; be focused
  6. Get in when others are getting out
  7. Always be prepared to make your big move
  8. Give back to the society
  9. Watch your expenses
  10. Reinvest, reinvest, reinvest
  11. See opportunities; not problems

Nigerian Billionaires and Top 20 Richest People in Nigeria

What is the secret to the success of the top 20 richest people in Nigeria? Who are the Nigerian billionaires and how did they amass their wealth? What are the business success secrets of the successful entrepreneurs in Nigeria? What does it take to become a billionaire in Nigeria? If the answer to any of these questions interests you, then please read on.

Today, I will be compiling a list of Nigerian billionaires and top richest people in Nigeria but please this list will be restricted to entrepreneurs only. Politicians and individuals whose source of wealth cannot be traced are excluded from this list.

Most people have asked why so few Nigerians made the Forbes list of richest people in the world. So far, only Aliko Dangote, Mike Adenuga and Femi Otedola have made the Forbes list of world billionaires. Well the answer to that question is this: Forbes estimates the wealth of individuals and rank them based on the value of shares they have in quoted companies (companies listed on the stock exchange) and most of the richest people in Nigeria prefer to run their businesses privately. That’s why they don’t make the Forbes list of richest people in the world.

                The criteria for coming up with this list

Most of you may be wondering the criteria or benchmark on which I compiled this list of richest people in Nigeria. Well, I compiled this list based on the following criteria:

  • By the value of their shares held in quoted companies.
  • The size and market share of their companies
  • The number of companies they own and its assumed value
  • The market value of their company’s brand
  • The impact of their companies on the Nigerian economy

I compiled this list of richest people in Nigeria and highlighted the secret to their success because I believe we can learn a lot from them. Nigeria as a country has been branded all sort of names and a lot has been said about Nigeria; both positive and negative but I am proud that some individuals stood tall to tell the world that we have got potentials.

Despite the harsh terrain and business challenges involved with starting a business in Nigeria; the successful entrepreneurs listed below held their ground and fought their way to the top. In a country with a population of over 150 million inhabitants and millions of businesses; these 20 entrepreneurs diligently carved their names in the sands of time.

Instead of boring you with their success stories; I would rather extract the vital lessons learned from the life of these billionaires. If you are ready to learn, then below is a list of the Nigerian Billionaires (entrepreneurs) and top richest people in Nigeria.

  Nigerian Billionaires and top 20 Richest People (Entrepreneurs) in Nigeria 2013

1.            Alhaji Aliko Dangote –    founder of Dangote Group and Richest black man in the world

2.            Mike Adenuga –    Conoil, Equatorial Trust Bank, Globacom

3.            Femi Otedola –     ZENON Oil and Gas

4.            Orji Uzor Kalu –      Slok Group

5.            Cosmos Maduka –     Coscharis Group

6.            Jimoh Ibrahim –     Nicon Insurance, Global Fleet

7.            Jim Ovia –       Zenith Bank, Visafone

8.            Pascal Dozie –     MTN Nigeria, Diamond Bank

9.            Oba Otudeko –    Honeywell Group Nigeria

10.          Alhaji Sayyu Dantata –   MRS Group

11.          Umaru Abdul Mutallab – former Chairman First Bank Plc, Mutallab Group

12.          Prince Samuel Adedoyin – Doyin Group

13.          Dele Fajemirokun –        Chaiman Aiico Insurance, Xerox Nigeria, Chicken Republic, Kings Guards etc.

14.          Chief Cletus Ibeto –        Ibeto Group

15.          Raymond Dokpesi –        Daar Communication, AIT,

16.          Tony Ezenna –                   Orange Group

17.          Chief Molade Okoya Thomas –    Chairman CFAO Nig and other six french companies

18.          Ifeanyi Ubah –      Capital oil and gas

19.          Leo Stan Ekeh –      Zinox

20.          Fola Adeola –      GTBank

21.          Chief Ade Ojo –        Elizade Motors Nig LTD, Distributor of Toyota cars

Now having gone through the list of richest (entrepreneurs) people In Nigeria, I believe it’s time I share with you the secret to their success. I am not sharing these secrets with you to fill up space or excite you.

Rather, I am sharing the secrets of Nigerian billionaire entrepreneurs so you can pick up one or two lessons and replicate their success strategy. After all, success can be replicated.

The Richest People in Nigeria and Secret to their Success

Have you ever wondered how Aliko Dangote emerged the richest black man in the world? Have you ever wondered how the richest people in Nigeria became rich? Have you ever tried to find out the exact success secret of Nigeria’s billionaire entrepreneurs? Well, this article is going to put all your answers to rest.

In this article, I am going to spill the untold success secrets of the richest people in Nigeria and how they became billionaires. If you are prepared to replicate these success secrets, then below are the untold success secrets of the richest people in Nigeria.

  The Richest People in Nigeria and Secret to their Success

1.    They are Strong Willed

The richest people in Nigeria are strong willed in spirit. They are dogged and persistent. To these set of individuals, success is not an option; it’s a must. These successful Nigerian entrepreneurs refuse to be held down by their circumstance; instead, they reached out for their inner strength and went for success. Above all, these entrepreneurs don’t take no for an answer; they simply refuse to give up and that was why they succeed.

“When Raymond Dokpesi was on the verge of losing A.I.T; he refused to give up.

Mike Adenuga had his telecom license revoked twice and lost over 20million dollars but he refused to give up.

Orji Uzor Kalu had his oil bloc license and his aviation license revoked; his airline business was grounded and the business accounts of his publishing firm (The Sun) was frozen, yet he refused to give up.

Chief Cletus Ibeto’s cement company was shut down by the government but he persisted and refused to give up.

So if you are ever going to have your name listed as one of the richest people in Nigeria; then you must be prepared to stick it through to the end. You must never give up.

2.   They thoroughly understand their line of business

Take a close look at the Nigerian billionaires listed above and you will see the names of entrepreneurs that thoroughly understand their line of business like the palm of their hands. They know the in-depth intricacies of the various businesses they are involved in.

Cosmos Maduka, the billionaire founder of Coscharis group even liken himself to a first class degree holder from the University of Automobile Spare Parts. This goes a long way to prove to you that knowing your line of business is essential to success not only in business but life in general.

3.     They are focused

The richest people in Nigeria are focused; they chose a specific business of their strength and stuck to it. If you are ever going to make it in Nigeria, then you must obey the first law of business success of Andrew Carnegie; the steel mogul.

“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

If you think this statement is a mere fad, then think again because it’s the truth in its entirety. Aliko Dangote focused on commodities and basic needs while Femi Otedola concentrated on oil and gas. Cosmos Maduka and Ade Ojo focused on automobiles; Fola Adeola focused on banking, Leo Stan Ekeh concentrated on computers and Raymond Dokpesi focused on broadcasting and entertainment. This should tell you that concentration is a key factor to succeeding in business.

4.     They have a strong business mission and vision

The Nigerian billionaires have a strong business mission and vision; and these two factors propel them to greatness. Take away their business mission and they are no more; this is because their entrepreneurial spirit is in the mission of their businesses.

Take for instance Aliko Dangote, he is on a mission to provide the basic needs of over 150 million Nigerians; Femi Otedola is out to provide Oil and gas at a uniform price with faster delivery.

Fola Adeola is on a mission to provide innovative banking services to Nigerians; Leo Stan Ekeh wants to put a computer in every home and Raymond Dokpesi is out to give Nigerians uncompromised news and information on happenings. A strong business mission and vision is the reason these men emerged successful.

5.    They are excellent networkers

The richest people in Nigeria became rich because they are good networkers. They network among themselves and even patronize each other’s services; and when a big deal is on board, they pool their resources together, form a consortium, execute the deal and split the profits. This is why they emerged the richest people in Nigeria.

The Richest People in Nigeria and Secret to their Success

6.     They are Competitive

The Nigerians billionaires listed above are very good at networking with each other; yet, they still compete against each other when the need arises. You can see an example of this when Aliko Dangote used MRS Group to compete against Femi Otedola for the shares of Chevron Nigeria. The richest people in Nigeria know that nothing comes easy and life is not fair; so they fight with all they’ve got to stay in business. Competitiveness and the ability to stay afloat are essential to survival in business.

7.     They think big

One attribute I love about Nigerian billionaire entrepreneurs is that they are big thinkers. They think big and love to do big things. Despite the fact that they started small; they dreamed big.

Aliko Dangote is the largest cement manufacturer in Africa, Femi Otedola is the largest diesel importer in Nigeria; Jimoh Ibrahim runs Nicon (the biggest insurance company in Nigeria) and Raymond Dokpesi owns the first indigenous cable network television in Nigeria. So if you are going to leave a legacy in life, then you must think big and act big.

8.    They are flexible

Flexibility is one of the strengths of the richest people in Nigeria. They understand the terrain very well; they know that the government is the most inconsistent body so far, so they prepare themselves forehand.

They keep an eye on the ever changing pattern of the government and swiftly adjust their businesses to align with such change. They are also quick to adapt to current situation and trend while their competitors are still grappling with the reality on ground.

9.     They are opportunist

The richest people in Nigeria are opportunists; they know how to take advantage of situations. Where others see problems, these set of individuals see opportunities and start a business around such opportunity. While other Nigerians shy away from adversity; these men embrace adversity because they know that behind every adversity is opportunity.

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

They know that wealth lies in their ability to convert problems into opportunities and value; just like the ancient alchemists that tried to turn lead into gold.

“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. In places where people see a lot of obstacles, I see a lot of opportunities. At times, there is something instinctive in me that tell me a business opportunity exist even at a place where others see nothing. That is what makes me different, maybe unique. A good businessman sees where others don’t see. What I see, you may not see. You cannot see because that is the secret of the business… the entire world is a big market waiting for anybody who knows the rules of the game.” – Orji Uzor Kalu

10.   They have a strong business management team

It is often said that behind every successful man is a woman. In this case, I will say that behind every successful entrepreneur is a strong business management team. The presence of a business team is the reason why Nigerian billionaire entrepreneurs and richest people can swiftly take advantage of opportunities; raise capital and run multiple businesses while minding their family affairs. A business team is vital in your transition from a small business to a big business.

11.          They love Nigeria

Above all the success secrets of the richest people in Nigeria, this is the greatest. Love for Nigeria made the Nigerian billionaire entrepreneurs invest heavily in the country. They have all it takes to move their investment elsewhere but they chose to invest in Nigeria because they believe in Nigeria.

This factor is so prevalent that even Aliko Dangote advocated the need for entrepreneurs to firmly believe in Nigeria; instead of going abroad in search of greener pasture. This is to say that if you must strike it rich in your country; then you must believe in your country.

As a final note, these are the eleven secrets that are responsible for the success of the richest people in Nigeria. If you want to join this list of Nigerian billionaires; if you want to imprint your name on the sands of time, then replicate these strategies and I will see you at the top.

40 Wealth Attraction Secrets from the Richest People in the World

What is the secret to wealth? How did the richest people in the world amass such wealth? What is the wealth attraction secret of the richest people in the world? While I have tried to answer such questions in some articles published on my blog; I have come to realize that nobody holds the actual answer to these questions.

So instead of beating about the bush and trying to guess the secret to the wealth of the richest people in the world; I think I will let these richest people tell you their wealth attraction secrets directly. If you are ready; sit back, grab a can of juice and keep an open mind as the richest people in the world gather to reveal their wealth attraction secrets.

  40 Wealth Attraction Secrets from the Richest People in the World

  •  John D. Rockefeller – founder of Standard Oil

1.            “I have always tried to turn every disaster into an opportunity”

2.            “If you want to succeed, you must strike out on new paths, rather than travel the worn out paths of accepted success.” – John D. Rockefeller

3.            “Singleness of purpose is essential for success in life.”

4.            “There’s no mystery in business success. If you do each day’s task successfully and stay faithfully within these natural operations of commercial laws which I talk so much about and keep your head clear, you will come out all right.” – John D. Rockefeller

  • Bill Gates – founder of Microsoft

5.            “I believe that if you show people the problems and you show them the solutions; they will be moved to act.”

6.            “I like my job because it involves learning. I like being around smart people who are trying to figure out new things. I like the fact that if people really try, they can figure out how to invent things that actually have an impact.” – Bill Gates

  • Warren Buffett – Berkshire Hathaway

7.            “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”

8.            “Focus on your customers and lead your people as though their lives depend on your success.” – Warren Buffett

  • J. Paul Getty – Getty Oil

9.            “Buy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments.”

10.          “My formula for success? Rise early, work late, strike oil.” – J. Paul Getty

11.          “I have no complex about wealth. I have worked very hard for my money; producing things people need.“

12.          “To build wealth today, you must be in your own business.”

13.          “You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty

  • Henry Ford – Ford Motor Company

14.          “Don’t find fault, find a remedy.“

15.          “Wealth like happiness is never attained when sought after directly. It comes as a product of providing useful service.” – Henry Ford

  • Henry Ross Perot – EDS

16.          “If you see a snake, just kill it. Don’t appoint a committee on snakes.“

17.          “Most people give up just when they are about to achieve success. They quit on one yard line. They give up the at last minute of the game one foot from a winning touch down.” – Henry Ross Perot

  • Ingvar Kamprad – IKEA

18.          “Time is your most important resource. You can do so much in ten minutes. Ten minutes; once gone is gone for good.” – Ingvar Kamprad

19.          “Ten minutes are not just one-sixth of your hourly pay; ten minutes is a piece of yourself. Divide yourself into ten units and sacrifice as few of them as possible in meaningless activities. Most things still remain to be done.”

20.          “Simplicity and common sense should characterize planning and strategic direction.” – Ingvar Kamprad

40 Wealth Attraction Secrets from the Richest People in the World

  • Li Ka Shing – Hutchison Whampoa

21.          “I wasn’t lucky. I worked hard to achieve the goals I set for myself.”

22.          “That’s why I am always conservative. I never forget to maintain stability while advancing, and I never forget to advance while maintaining stability.” – Li Ka Shing

  • Howard Hughes – Hughes Aircrafts and tools

23.          “I intend to be the greatest golfer in the world, the finest film producer in Hollywood, the greatest pilot in the world, and the richest man in the world.” – Howard Hughes

  • J. P. Morgan – Morgan

24.          “Go as far as you can see; when you get there, you’ll be able to see farther.”

“If you have to ask how much it costs, you can’t afford it.” – J. P. Morgan

  • Larry Ellison – Oracle Corporation

25.          “You have to act and act now.”

26.          “I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think it is possible to beat Microsoft.”

27.          “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

                Orji Uzor Kalu – Slok Group

28.          “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

  • Donald Trump – Trump Organization

29.          “When somebody challenges you, fight back. Be brutal, be tough.”

30.          “I was relentless even in the face of total lack of encouragement because much more often than you think; sheer persistence is the difference between success and failure.” – Donald Trump

  • Carlos Slim Helu – Telmex Corporation

31.          “When there is a crisis, that’s when some are interested in getting out and that’s when we are interested in getting in.” – Carlos Slim Helu

  • Aliko Dangote – Dangote Group

32.          “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

  • Ted Turner – CNN

33.          “Early to bed, early to rise, work like hell and advertise.”

34.          “I decided I wanted to be a success.” – Ted Turner

  • Dave Thomas – Wendy’s

35.          “When I was eight years old, I dreamed that I would one day own the best restaurant in the world. My restaurant would serve great tasting hamburgers made just the way you like them, and all of the customers would love the food and come back again and again.”

36.          “Believe in your dream. People may tell you that you won’t make it, that you’re wasting your time. If you keep your dream in mind, have done your research and are willing to work hard, you can make it come true.”

37.          What’s the secret to success? It’s no secret. You need a winning attitude, honesty and integrity, and a burning desire to succeed.” – Dave Thomas

  • Andrew Carnegie – Carnegie Steel

38.          “Think of yourself as on the threshold of unparallel success. A whole clear glorious life lies before you. Achieve! Achieve!! Achieve!!!

39.          “I believe that the true road to pre-eminent success in any line is to make yourself master of that line.” – Andrew Carnegie

  • Richard Branson – Virgin Group

40.          “Above all, you want to create something you are proud of. That’s always been my philosophy of business. I can honestly say that I have never gone into any business purely to make money. If that is the sole motive, then I believe you are better off doing nothing.” – Richard Branson

Famous Successful Business Women and the Secret to their Success

I believe you are familiar with the popular saying that what a man can do, a woman can do better. I don’t know if that statement is true but what I do know is that there are women who have risen above their circumstance and taken the entrepreneurial bull by the horn.

What do you think is the secret to the success of famous business women such as Mary Kay Ash, Debbi Fields, Anita Roddick, Lillian Vernon, Jenny Craig and Oprah Winfrey; the richest black woman in the world? How were these successful women entrepreneurs able to balance their act between family obligations and business?

How were these famous business women able to achieve much in the fierce world of entrepreneurship and what advice do they have for aspiring women entrepreneurs? How did they surmount business challenges? How did these famous successful business women handle business failure? If any of the questions above matches your thinking, then please read on as I share with you the secret to the success of the famous successful business women.

In this article, you are going to learn the exact secret to the success of some selected successful women entrepreneurs but this time, you will be learning directly from the horse mouth. None of the women entrepreneurs mentioned here became rich by inheritance; they all became rich and famous by building a business from scratch. They became rich by successfully undergoing the entrepreneurial process.

Some of these famous successful business women inevitably became multi millionaires and others went on to become billionaires. So if you are ready to learn how to build a successful business; if you are ready to learn from multi millionaires and billionaires, then read on as the famous successful business women share their business success secrets with you.

  Famous Successful Business Women: What’s the Secret to their Success?

  • Mary Kay Ash – Mary Kay Inc

1.            “I was taught to put my best into anything I did and I can honestly say I’ve always done that. Still, there are many times when I failed, when I was disappointed.” – Mary Kay Ash

2.            I can say unequivocally that every decision we make at Mary Kay Cosmetics is based on the golden rule. Do unto others as you would have them do unto you.” – Mary Kay Ash

3.            “I envisioned a company in which any woman could become as successful as she wanted to be. The doors were wide open to opportunity for women who were willing to pay the price and had the courage to dream.” – Mary Kay Ash

4.            “We must have a theme, a goal, a purpose in our lives. If you don’t know where you are aiming, you don’t have a goal. My goal is to live my life in such a way that when I die, someone can say, ‘she cared.” – Mary Kay Ash

5.            “We treat our people like royalty. If you honor and serve the people who work for you, they will honor and serve you.” – Mary Kay Ash

  • J. K. Rowling –   Billionaire author of Harry Potter series

6.            “It takes a great deal of bravery to stand up to our friends, but as much to stand up to our enemies.” – J. K. Rowling

7.            “Never be ashamed! There’s some who will hold it against you, but they are not worth bothering with.” – J. K. Rowling

8.            “I really don’t believe in magic.” – J. K. Rowling

9.            “What’s the worst that could happen? Everyone turned me down; big deal.” – J. K. Rowling

  • Madame C.J. Walker -    Walker Cosmetics line

10.          “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

11.          “I am a woman who came from the cotton fields of the South. From there I was promoted to the washtub. From there I was promoted to the cook kitchen. And from there I promoted myself into the business of manufacturing hair goods and preparations….I have built my own factory on my own ground.” – Madam C.J. Walker

12.          “I got my start by giving myself a start.” – Madam C.J. Walker

13.          “I am not satisfied in making money for myself. I endeavor to provide employment for hundreds of the women of my race.” – Madam C.J. Walker

14.          “There is no royal flower-strewn path to success. And if there is, I have not found it for if I have accomplished anything in life it is because I have been willing to work hard.” – Madam C.J. Walker

15.          “Perseverance is my motto.” – Madam C.J. Walker

  • Coco Chanel –   Chanel Inc

16.          “There is time for work, and time for love. That leaves no other time.´- Coco Chanel

17.          “I invented my life by taking for granted that everything I did not like would have an opposite, which I would like.” – Coco Chanel

18.          “When I can no longer create anything, I’ll be done for.” – Coco Chanel

 Famous Successful Business Women: What’s the Secret to their Success?

  • Jenny Craig –     Jenny Craig Inc

19.          “What really started me off in this business was my own research into what kinds of foods I should be eating.” – Jenny Craig

20.          “Whoever heard of cholesterol when I first started in this business in 1959? People didn’t pay any attention to what they ate. I noticed a need before it was a whole industry and in that sense, I was entrepreneurial.” – Jenny Craig

21.          “I always told people in Australia that I had a 24-hour job because we’d get up in the morning; talk business at breakfast and again at dinner. Our whole life was the business when we were developing the company.” – Jenny Craig

22.          “I am an extreme optimist, while my husband likes to play the devil’s advocate. He wants to know the worst thing that can happen. I don’t even want to think about the worst case. I provide the discipline and stick-to-it-iveness.” – Jenny Craig

23.          “I really love what I do. It’s extremely motivating to me.” – Jenny Craig

24.          “My husband always tells me that I’m the most unrelenting person he’s ever met, and it’s true. If I make a commitment to something I will stick to it no matter what.” – Jenny Craig

  • Anita Roddick -The Body Shop

25.          “ I started The Body Shop in 1976 simply to create a livelihood for myself and my two daughters, while my husband, Gordon, was trekking across the Americas. I had no training or experience and my only business acumen was Gordon’s advice to take sales of £300 a week. Nobody talks about entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking. Running that first shop taught me business is not financial science; it’s about trading: buying and selling.” – Anita Roddick

26.          “It’s about creating a product or service so good that people will pay for it. Now 30 years on The Body Shop is a multi local business with over 2.045 stores serving over 77 million customers in 51 different markets in 25 different languages and across 12 time zones. And I haven’t a clue how we got here!” – Anita Roddick

27.          “There is no scientific answer for success. You can’t define it. You’ve simply got to live it and do it.” – Anita Roddick

28.          “We were most creative when our back was against the wall.”

29.          “It is a critical job of any entrepreneur to maximize creativity, and to build the kind of atmosphere around you that encourages people to have ideas. That means open structures, so that accepted thinking can be challenged.”

30.          “Whatever you do, be different – that was the advice my mother gave me, and I can’t think of better advice for an entrepreneur. If you’re different, you will stand out.”

  • Candice Carpenter – iVillage.com

31.          “Success is about creating value.” – Candice Carpenter

32.          “My character was formed by mountaineering. Enduring rainy slopes and cold bivouacs to spend an hour at the top of the world shaped my ability to handle adversity.” – Candice Carpenter

33.          “If you are committed to creating value and if you aren’t afraid of hard times; obstacles become utterly unimportant. A nuisance perhaps; but with no real power. The world respects creation; people will get out of your way.” – Candice Carpenter

  • Martha Stewart – Martha Stewart Living OmniMedia

34.          “It is within everyone’s grasp to be a CEO.” – Martha Stewart

35.          “I’m a maniacal perfectionist. And if I weren’t, I wouldn’t have this company.” – Martha Stewart

  • Julie Aigner Clark –          Baby Einstein

36.          “I believe the name of our company was incredibly important to our success. When I first created it, I didn’t think I was creating a company just the name of a video. However, the name Baby Einstein caught on very fast and became the generic name for baby videos.” – Julie Aigner Clark

37.          “When my company started really growing, I didn’t have any help in my house at all. I had the upkeep of my daily life, I had a one year old and a three year old, and I had my house. So I had to prioritize.” – Julie Aigner Clark

  • Lillian Vernon

38.          “It was a risk. I had a husband and I was pregnant with my oldest son. But I don’t look at risk the way other people do. When you’re an entrepreneur, you have to go in feeling like you’re going to be successful.” – Lillian Vernon

39.          “I think there’s one secret to all successes in any merchandising business, and that’s the merchandise. I have been and still am a really great merchant. I have won many awards in the industry for being a great merchant.” – Lillian Vernon

40.          ”I don’t know how you can learn instinct. If you figure it out, call me back. I have been more right than wrong about merchandise over the years.” – Lillian Vernon

41.          “How do you balance growing the business with raising a family? You just do. I had a business, a lot of orders, and a baby howling for supper. You balance it. You give your baby supper first and then get your orders in. I have worked on more holidays… but what are you going to do? – Lillian Vernon

42.          “Work hard, that’s the bottom line. Don’t spend more money than you’ve got. Don’t spend money before you’ve got it.” – Lillian Vernon

43.          “I would advise those starting out to carefully research your niche and know your competition and the marketplace before you start a small business.” – Lillian Vernon

44.          “I became successful due to several reasons. I never gave up and I never let anyone or anything get in my way. I use the power of positive thinking to tackle obstacles and challenges so they don’t defeat me. Passion for my work and my business is another important reason. I really love my work and I get great satisfaction from it.” – Lillian Vernon

  • Estee Lauder

45.          “I have never worked a day in my life without selling. If I believe in something, I sell it, and I sell it hard.” – Estee Lauder

46.          “I didn’t get there by wishing for it or hoping for it, but by working for it.” – Estee Lauder

47.          “I was a woman with a mission and single-minded in the pursuit of my dream.” – Estee Lauder

  • Oprah Winfrey –   Harpo Production Studios

48.          “I am a woman in the process; I’m just trying to be like everybody else. I try to take every conflict, every experience and learn from it. Life is never dull.” – Oprah Winfrey

49.          “I don’t believe in failure. It’s not failure if you enjoyed the process.” – Oprah Winfrey

50.          “My philosophy is that not only are you responsible for your life but doing the best at this moment puts you in the best place for the next moment.” – Oprah Winfrey

The Highest Paid CEOs in the World are not Entrepreneurs

Have you ever at one time or the other admired the fortune 500 CEOs? Have you ever wished to be one of the top corporate managers? Are you building a business so that you can write yourself huge paychecks? Then you better have a rethink because the highest paid CEOs in the world are not entrepreneurs.

I recently stumbled upon an article on CNNMoney, where the highest paid CEOs of 2009 was published and I carefully went through the list. To my surprise, I discovered that majority on the list of the top twenty highest paid CEOs were not entrepreneurs or founders of the companies they were managing. You can have a quick look at the list of highest paid CEOs in the world.

   The Highest Paid CEOs in the World

1.       Larry Ellison:       Oracle Corporation –      $84.5 million

2.       Ray Elliot:             Boston Scientific –           $33.4 million

3.       Ray Irani:             Occidental petroleum –                $31.4 million

4.       Mark Hurd:         Hewlett Packard –           $24.2 million

5.       James Hackett: Anadarko petroleum –                 $23.5 million

6.       AG Lafley:           Procter & Gamble –        $23.5 million

7.       William Weldon:               Johnson & Johnson –     $22.8 million

8.       Miles White:      Abbott Laboratories –    $21.9 million

9.       Bob Iger:              Walt Disney –    $21.6 million

10.   Samuel Palmisano:          IBM –    $21.2 MILLION

11.   Robert J. Stevens:           Lockheed Martin –          $20.5 million

After running through the above list, I also saw the list below.

The Lowest Paid CEOs in the World

1.       Steve Jobs:         Apple Inc –         $1

2.       Eric Schmidt:      Google –              $245,322

3.       Warren Buffett:                Berkshire Hathaway –    $519,490

Reading this article on CNNMoney made my mind flash back to a previous article I wrote that Aliko Dangote; the richest black man in the world is not the highest man in Nigeria. In that article, I emphasized that despite being the richest black man in the world; some corporate executives and DGs of governmental agencies l know earn more salary per year than he does and the article on CNNMoney has re-emphasized that view.

Analyzing the list of the highest paid CEOs in the world, you will find out that more than 98% of those that made the list are not entrepreneurs. Larry Ellison tops the list of highest paid CEOs but I believe he deserved to be on that list because he built Oracle from scratch and is actively involved with the engineering process of the company’s product development.

I felt compelled to write this article because everyday, I come across entrepreneurs who are trying to raise capital for their business idea. Often, they come to me for advice and I offer to critique their business plan.

Looking through their business plans, I usually observe that some of these entrepreneurs assign to themselves; ridiculous salaries. When I advice they cut the salary in half or work for free, all I get is a strong resistance or excuse. Some go ahead to tell me that they deserved such salaries or they need to put food on the table. While I am not objecting to their view, I remind them that their business is still in its startup phase and may require them to work for free. Of all the entrepreneurs I have given such advice, only few heed it.

Now isn’t your business meant to pay you huge salary? It is but not in its early stage. Secondly, entrepreneurs build business for a reward higher than that of a steady paycheck. Entrepreneurs are not driven by the desire to make money; they are driven by a desire to create outstanding value that will outlive them.

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

In retrospect, it will surprise you to know that Steve Jobs and Warren Buffett are among the lowest paid CEOs in the world. Steve Jobs is paid $1 per annum. This brings me to the question: why are the highest paid CEOs not on the list of the richest people in the world?

The answer is this;

“The highest paid CEOs are employees; not entrepreneurs.”

Larry Ellison is among the highest paid CEOs and also on the list of richest people in the world because he’s an entrepreneur. Warren Buffett, Steve Jobs and other lowest paid CEOs are on the top list of the world’s richest people.

Warren Buffett is not on the list of the highest paid CEOs; yet, he’s the richest investor in the world. Bill Gates is not the highest paid CEO but he’s the richest man in the world. Mark Zuckerberg is not among the highest paid CEOs but he is the youngest billionaire in the world and Aliko Dangote is not the highest paid CEO in Nigeria, but he’s the richest black man in the world. Why this discrepancy?

The discrepancy lies not in their paycheck but in their motive for undertaking a task. Entrepreneurs are known to work for free, for many years without pay while the top corporate managers are in the game for the paycheck and security.

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

Another reason why the highest paid CEOs are not entrepreneurs is because entrepreneurs get their pay in a different form order than a salary. Entrepreneurs build businesses for the asset; not the money. Note the difference.

 “I don’t make deals for the money. I’ve got enough much more than I’ll ever need. I do it to do it.” – Donald Trump

“Money was never a big motivation for me except as a way to keep score. The real excitement is playing the game.” – Donald Trump

Entrepreneurs are in business to acquire assets; not monthly paychecks. They are not the highest paid CEOs because their reward comes in the form of royalties, dividends, rental income, increase in asset base and business growth.

Entrepreneurs are not the highest paid CEOs because they don’t think short term. They think long term; they think about the future generation and they think about creating value that will outlive them. Entrepreneurs don’t strive to earn the highest paycheck; they strive to build an asset that will continue to add value and better the lives of humanity.

“The richest people in the world build networks; everyone else is trained to look for work.” – Rich Dad

As a final note, I want you to reflect on the lessons of this article and answer the following questions: Are you working for a paycheck or are you working for free to build an asset? Do you need the highest paying job or a long lasting business? Do you want to be among the highest paid CEOs or among the richest people in the world? Only you can answer these questions; I rest my case.

“The problem with having a job is that it gets in the way of getting rich.” – Rich Dad

10 Successful Bloggers You Must to Follow

Today, StrategicBusinessTeam.com will be publishing its own list of highly successful entrepreneurial bloggers. We are not just publishing this list for fun. We are publishing this list to help direct our loyal readers to the valuable content of other entrepreneurs who we believe are worth being role models.

As it is well known by all, there are lots of entrepreneurs who have broken the success barrier in the blogging industry and are also impacting the life of millions of people. These bloggers are simply replicating what the likes of Aliko Dangote and Warren Buffett are doing offline; online. The selection of these successful bloggers is based on the following standard:

a)            The teachings of these entrepreneurial bloggers have impacted the lives of millions of people.

b)            They are leaders in the making and they practice what they preach.

c)            They are worth being modeled after.

d)            Most importantly, the blog content of these bloggers is entrepreneurship or business related. Meaning, the content must have a direct or indirect impact on entrepreneurs.

If building a business successfully is your utmost priority, below is my list of highly successful entrepreneurial bloggers you must follow.

                10 Highly Successful Bloggers You Must Follow

1.            Steve Pavlina – StevePavlina.com

Steve Pavlina; a full time personal development blogger, whose message has and is still transforming the lives of millions of people all over the world. Steve's life is a grass to grace story of how he transformed from being a convict to becoming one of the most popular people on the internet. He is one of the bloggers i hold in high esteem because of his strong personal principles and straight to the bone teachings that have the power to propel entrepreneurs forward. Some of his written contents that can stir up your entrepreneurial spirit are:

                10 Reasons You Should Never Get a Job

                How to Make Money From Your Blog

                How to Discover Your Life Purpose in About 20 Minutes

                33 Rules to Boost Your Productivity

                How to Stop Complaining

 

2.            Tim Ferris – FourHourWorkWeek.com

Tim Ferris is an angel investor and best selling author of the "4-Hour Work Week" He has been on the list of Fast Company's Most Innovative Business People of the Year. His blog attracts thousands of readers weekly. I became a fan of Tim Ferris after i read the articles he wrote on his blog; articles that can sharpen the startup investment skills of entrepreneurs and investors alike. Some of them are:

How to Create Your Own Real-World MBA – II

How to Create Your Own Real-World MBA

Why Grow? And Other Wisdom from 37Signals

 

3.            Brian Clark – copyblogger.com

Brian Clark is a successful entrepreneur and blogger. He successfully started copyblogger.com from scratch and grew it to significant status. I frequent Brian's blog specifically to improve my copywriting skills. Some of his content i find very useful are:

        The Glass Ceiling, the Inner Circle, and
the Key to Building a Popular Blog

                How to be interesting

                The first rule of copyblogger

                Seo copywriting: The five essential elements to focus on

                10 secrets to more magnetic copy

 

                10 Highly Successful Bloggers You Must Follow

4.            Dan Rowse – Problogger.net

If you are an entrepreneur in the blogging/information industry and you are looking for hard core blogging tips that will help you build a successful blog, then Problogger is the place to go. Dan Rowse is a pro when it comes to blogging and that's why his blog is No 1 in the blogging niche. Some of his written works i find valuable with respect to entrepreneurship are:

                9 Proven Tips for Creating an Extraordinarily Successful Blog [Lady Gaga Edition]

                The Unmissable Secret of Long Term Blogging Success.

                How to Get Things Done When You're Feeling Overwhelmed

                How I Make Money Blogging: Income Split for June 2010

 

5.            John Chow – JohnChow.com

John Chow is a self proclaimed Dot Com Mogul. With an army of over 100,000+ (subscribers) standing solidly behind him, John Chow is definitely the man to beat.  I specifically added John to the list because of his entrepreneurial guts; which saw him going head to head against the powers that be (Google and Digg). You can read some of his entrepreneurial challenges below:

                Banned From Digg

                How to Start a Tech Site

                The Internet’s Biggest Google Whores

                Blogging for Dollars – It’s Not Just a Hobby

 

6.            Glen – ViperChill.com

When it comes to no nonsense blogging or internet marketing strategy, Glen is the guy to listen to and the reason is this: Between 18 – 20 years of age, Glen has built and sold several websites, at the same time doing some social media consulting for HP, Land Rover, etc. Some of his straight to the bone articles are:

        7 life lessons I applied to internet marketing

                6 things I wish I knew about blogging 4 years ago

 

10 Highly Successful Bloggers You Must Follow

7.            Robert Kiyosaki – RichDad.com

Now that it's Robert Kiyosaki’s turn. I just don't know where to start and the reason is this: Robert Kiyosaki is my most respected mentor, his teachings was the propelling force that pushed me into becoming an entrepreneur and most of all; he has through his teachings made me a smart investor.

Robert Kiyosaki is an entrepreneur, Educator, self help financial guru and Investor. He predicted the global financial meltdown in 2008. He is also the best selling author of the Rich Dad series which includes the book "Rich Dad Poor Dad." Robert Kiyosaki is the inventor of the "CashFlow Game" and the owner of the Rich Dad Brand.

You have to keep an open mind when reading or listening to Robert Kiyosaki because his principles are known to evoke either love or hate. His teachings are highly controversial and centers on entrepreneurship, personal finance and investing. You can read some of his written works below:

Are You Sure You Want to Be “Rich”?

Crooks and Thieves

                The game of risk

                HENRY's Message

                Financial D-day is Coming

                Are You Getting Used to the Crisis?

 

8.            Matthew and Adam Torren – YoungEntrepreneur.com

Matthew and Adam Torren are the founders of YoungEntrepreneur; a website dedicated to helping young entrepreneurs get ahead. Being young entrepreneurs themselves, these two guys really know where the entrepreneurial shoes pinches and they are doing all they can to help other entrepreneurs overcome startup business challenges. Some of their tips entrepreneurs will find helpful are:

        The One-Page Business Plan – It Might Be All You Need

            Why Your Brand Needs to Engage the Senses

            Building Brand Loyalty: Getting Your Priorities Straight

Brand 101: 6 Critical Q’s & A’s You Need to Know to Create Competitive Advantage

 

                10 Highly Successful Bloggers You Must Follow

9.            Michael Dunlop – IncomeDiary.com, RetireAt21.com

Nothing inspires me than seeing young entrepreneurs doing exploits and Michael Dunlop is one of such entrepreneurs. Whenever i read his write up or profile, i get fired up in spirit. Though young, this guy has lots of entrepreneurial experience to share with anyone willing to learn. Some of his hit teachings are:

                10 Reasons Why You’re Not Making Any Money Online Yet

                How To Monetize Your Blog – How I Really Make Money from my website.

                Making Profits Out of Your Home Business Blog

 

10.          Leo Babauta – ZenHabits.net

If you are in dire need of hard core tips for personal excellence and effectiveness, then Leo Babauta's blog is the place to go. Some articles you will find helpful there are:

        the best goal is no goal

            How to be Insanely Productive and Still Keep Smiling

                10 Benefits of Rising Early, and How to Do It

20 Things I Wish I Had Known When Starting Out in Life

Simple Living Manifesto: 72 Ideas to Simplify Your Life

These are ten successful bloggers i will recommend you follow because of the message they share. Spending time on the blogs of these entrepreneurs will not only affect your personal life positively but will also help you build a better business.

Orji Uzor Kalu: Nigerian Billionaire and founder of Slok Group

Today, I will be sharing with you the entrepreneurial story of one of the richest men on the soil of Africa. This man is young, ambitious and a billionaire by all standards. He was once an Executive Governor of Abia State, Nigeria; the founder of Slok Group and most importantly, a drop college drop out. He is no other person than Orji Uzor Kalu; the business mogul, and he tops our list of celebrated school drop out billionaires. Do you want to know how he attained that status? Then read on.

  Orji Uzor Kalu: Nigerian Billionaire and founder of Slok Group

Orji Uzor Kalu was born on the 21st of April 1960 in Aba, Abia state Nigeria. He attended Christ the King School (CKC) Aba and later moved to Government College, Umuahia. He attended Barewa College, Zaria and later switched to attend the University of Maiduguri to study political science.

While studying at the University of Maiduguri, Orji Uzor Kalu became a student activist and got involved in the “Ali Must Go” riots. His participation in the riot led to his suspension. While his fellow students dragged the school authorities to court, Orji Uzor Kalu decided that building a business would be his next move.

He raised N5,000 (approximately $35 going by exchange rate as at 01/06/2010) from his mother and started trading on palm oil; getting his supply from eastern Nigeria and reselling in the Northern part of Nigeria.

In the course of trading on palm oil, Kalu discovered that quality furniture was a thing of luxury in the north and was imported from abroad. Sensing an opportunity, he began sourcing for quality furniture in the east (Aba to be precise) and reselling them in Maiduguri. Before long, breakthrough came and he abandoned oil palm trading; focusing instead on furniture trading.

As business progressed, Orji Uzor Kalu ventured into the manufacturing of the same furniture he was trading on. Within that same period of time, Kalu was granted pardon and the suspension was lifted by the school authority. But Kalu rejected the amnesty on grounds that not all the student activists were granted pardon. Orji Uzor was quoted as saying:

“All of us in the students’ union leadership collectively agreed to embark on the demonstration against the university authorities. When the crises went out of control, the university senate decided to rusticate all of us. Some students went to court to contest the rustication, but I preferred to start trading while waiting for general reprieve for everybody. But in a classical divide-and-rule tactics, the authorities decided to pardon some of us who didn’t go to court and left out some of the others. This was unacceptable to me because it smacked of betrayal of the colleagues in the students’ leadership if I accepted the offer. So, I rejected the pardon on principle.“

This situation alone proved that Orji Uzor possessed the true spirit of leadership and from this humble beginning; he expanded his business and became a conglomerate. His company; Slok Group comprise Ojialex Furniture Company, Slok Nigeria Limited, Slok United Kingdom Limited, Adamawa Publishers Limited, Slok Vegetable Oil, Aba, Slok Paper Factory, Aba, Slok United States Incorporated, Slok Ghana, Togo, Cotonou, Guinea, South Africa, Liberia, Botswana, Slok Korea, Supreme Oil Limited, Slok Airlines and the Sun Publishing Limited. The First International Bank Limited, Banjul, The Gambia and so on.

Kalu’s success in business has been attributed to his ability to recognize opportunities around him. In an interview granted, he said:

“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. In places where people see a lot of obstacles, I see a lot of opportunities. At times, there is something instinctive in me that tell me a business opportunity exist even at a place where others see nothing. That is what makes me different, maybe unique. A good businessman sees where others don’t see. What I see, you may not see. You cannot see because that is the secret of the business… the entire world is a big market waiting for anybody who knows the rules of the game.” – Orji Uzor Kalu

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

In recognition of his outstanding achievements, leadership skills and positive ambition, he has been adorned with numerous awards. At the age of 26, he became the youngest Nigerian to be given a National Merit Award (MON) by President Ibrahim Babangida in 1986.

He is also a recipient of the Nigeria Chamber of Commerce industrialist of the year, Humanitarian Award by Humanitarian Club of the University of Nigeria, Nsukka; Volunteer Award by the International Association of Volunteers; and the National Merit Award. Others include: Youngest Bank Chairman Award, Special Award by the European Union in Brussels, Belgium; the prestigious Leon Sullivan Award by the World Bank.

He was also a one time Executive Governor of Abia state, Nigeria and a presidential aspirant. To further silence his critics who call him an illiterate, he obtained a degree from the Abia State University. He holds a Certificate in Business Administration from the Harvard University, USA and also an Honorary Doctorate Degree from the Universities of Maiduguri and Abia State University.

The life and business ethics of Orji Uzor Kalu is really worth understudying. Here is a man driven by ambition and drive to maximize opportunities. Kalu is an entrepreneurial model worth emulating. If only the world can be filled with men who see opportunities instead of problems, it will be a better place.

“Someone asked me, ‘how can I find a good business opportunity? I replied, ‘go and look for adversity.’ If you can handle adversity, you will find opportunity. Adversity and opportunity are two inseparable twins.” – Ajaero Tony Martins