Category Archives: Successful Entrepreneurs

How Lawrence Ellison Built Oracle Corporation; the Second Largest Software Company in the world

Welcome to the world of Lawrence (Larry) Ellison, the flamboyant, school drop out billionaire. Who was once written off by family and friends because he dropped out of college twice. Yet, he went ahead to build one of the world largest software company, Oracle Corporation.

Lawrence J. EllisonLawrence J. Ellison was born in Bronx, New York. At nine months, Larry contracted pneumonia and his unmarried 19 year old mother gave him to her aunt and uncle; Lillian and Louis Ellison who lived on the south side of Chicago. Lillian and Louis Ellison raised Larry as their own son in their two bedroom apartment.

During the Great Depression, Larry adoptive father lost his real estate business and began to earn a living as an auditor for the public housing authority. Larry Ellison attended South Shore High School and from his early age, he displayed an independent, rebellious attitude that made him clash with his adoptive father on several occasions. At the age of 12, Larry discovered he was adopted but that was not enough to kill his ambition.

After graduation from High School in 1962, Larry enrolled at the University of Illinois. He exhibited a strong passion for math and science that earned him Science student of the year at the University of Illinois. While in his second year, Larry’s adoptive mother died of cancer and Larry dropped out of school. Larry later enrolled in the University of Chicago to pursue a degree in Mathematics and Physics but he dropped out again after the first semester. Larry’s adoptive father concluded that Larry will never amount to anything in life.


For almost eight years, Larry Ellison went from job to job working as a freelance programmer using the computer knowledge and skill he learned from his few years in college. He worked as a technician for Fireman’s Fund and Wells Fargo bank. As a programmer at Ampex, he participated in building the first IBM-compatible mainframe system.

In 1977, Ellison and two of his Ampex colleagues, Robert Miner and Ed Oates, founded their own company, Software Development Labs in which Larry Ellison served as Chief Executive Officer. Ellison had come across a paper called “A Relational Model of Data for Large Shared Data Banks” by Edgar F. (”Ted”) Codd, describing a concept Codd had developed at IBM. Codd’s employers saw no commercial potential in the concept of a Structured Query Language (SQL), but Larry Ellison did.

Ellison and his partners won a two-year contract to build a relational database management system (RDBMS) for the CIA. The project’s code name: Oracle. They finished the project a year ahead of schedule and used the extra time to develop their system for commercial applications. They named their commercial RDBMS Oracle as well.

In 1980, Ellison’s company had only eight employees, and revenues were less than $1 million, but the following year, IBM adopted Oracle software for its mainframe systems, and Oracle’s sales doubled every year for the next seven years,. The million dollar company was becoming a billion dollar company. Ellison renamed the company Oracle Corporation.

Oracle went public in 1986, raising $31.5 million with its initial public offering, but the firm’s zealous young staff habitually overstated revenues, and in 1990 the company posted its first losses. Oracle’s market capitalization fell by 80 percent and the company appeared to be on the verge of bankruptcy. Accepting the need for drastic change, he replaced much of the original senior staff with more experienced managers. For the first time, he delegated the management side of the business to professionals, and channeled his own energy into product development. A new version of the database program Oracle 7, released in 1992, swept the field and made Oracle the industry leader in database management software. In only two years the company’s stock had regained much of its previous value.

Larry EllisonEven as Oracle’s fortunes rose again, Ellison suffered a series of personal mishaps. Long an enthusiast of strenuous outdoor activities, Ellison suffered serious injuries while body surfing and mountain biking. He recovered from major surgery, and continued to race his 78-foot yacht, Sayonara, and to practice aerobatics in a succession of private jets, including decommissioned fighter planes. In 1998, Ellison and Sayonara won the Sydney to Hobart race, overcoming near-hurricane winds that sank five other boats, drowning six participants. Ellison is a principal supporter of the BMW Oracle Racing team, which has been a significant force in America’s Cup competition. His yacht, Rising Sun, over 450 feet long, is one of the largest privately owned vessels in the world.

Oracle’s fortunes continued to rise throughout the 1990s. America’s banks, airlines, automobile companies and retail giants all came to depend on Oracle’s database programs. Under Ellison’s leadership, Oracle became a pioneer in providing business applications over the Internet. Oracle benefited hugely from the growth of electronic commerce; its net profits increased by 76 percent in a single quarter of the year 2000. As the stocks of other high tech companies fluctuated wildly, Oracle held its value, and its largest shareholder, founder and CEO Larry Ellison, came close to a long-cherished goal, surpassing Microsoft’s Bill Gates to become the richest man in the world.


Beginning in 2004, Ellison set out to increase Oracle’s market share through a series of strategic acquisitions. Oracle spent more than $25 billion in only three years to buy a flock of companies both large and small, makers of software for managing data, identity, retail inventory and logistics. The first major acquisition was PeopleSoft, purchased at the end of 2004 for $10.3 billion. No sooner was the ink dry on the PeopleSoft deal than Ellison trumped rival SAP to acquire retail software developer Retek. Within the following year, Oracle also acquired competitor Siebel Systems. Ellison capped his buying spree with the acquisition of business intelligence software provider Hyperion Solutions in 2007.

BEA Systems was bought for $6.5billion, Sun Microsystems was bought in January 2010 for $7.4billion and Oracle owns a 52% stake in Net Suite worth $480million. As at March 2010, Oracle was reported to have acquired 57 companies in the last five years.

Today, the school drop out, Lawrence Ellison has consistently been on the Forbes top ten list of world richest people and he is not resting on his oars. Larry Ellison has proven to all that building a successful business has nothing to do with a college degree. All it takes is determination, dream, persistence, the right product, the right plan and the right team.

Oprah Winfrey: The Most Famous, Richest Black Woman in the world

The story of Oprah Winfrey is such an inspiring one. It is a story that reminds us that our passion can take us to any height we desire. It is a story of how a once sexually abused drug addict rose from merely reciting poetry at church and public events to become one of the most famous, richest black woman in the world.

Oprah Winfrey was born in Kosciusko, Mississippi in 1954 to unmarried parents. She was raised by her grand mother and at age six, she was sent off to live with her mother in Milwaukee. When Oprah Winfrey was nine years old, she was sexually assaulted by some men trusted by her mother. Confused and emotionally hurt, she ran away from home, took to drugs and sex to overcome her trauma. Her frustrated mother finally sent her to live with her father in Nashville.

Oprah's father was a strict man, and in no time, Oprah was back in school. At the age of 12, Oprah was paid $500 for giving a speech and her passion for speaking was unleashed to the fullest. At the age of 16, Oprah Winfrey won a speaking contest that awarded her full scholarship to the Tennessee State University. She also won two beauty pageants while studying at the Tennessee University. These beauty pageants became her leverage to get into the world of talk shows. These achievements took Oprah Winfrey off our list of school drop out billionaires.

After graduating, Oprah Winfrey took a job as a newscaster with WJZ-TV in Baltimore, Maryland. In 1977, she was switched by the station to co-host a morning talk show with Richard Sher called "Baltimore is talking." Recalling her first experience on that job, she said, "This is what I was born to do. It is more like breathing."

Oprah Winfrey spent seven years doing shows with Sher. It was with these shows that she built her confidence and self esteem. Her show began to gain public attention and Oprah Winfrey was being regarded as a rising authority in the talk show world.

Oprah Winfrey moved to Chicago in 1984 to anchor a dying morning show called "A.M Chicago," which was aired on WLS-TV. Her first strategic move was to venture into more controversial topics and before she knew it, A.M Chicago was back on top. To compliment her growing popularity, the show was renamed "The Oprah Winfrey Show."

Realizing the fact that control is more essential than money, Oprah Winfrey started her own production company called Harpo Studios Productions. With her own production studio in place, Oprah Winfrey strategically negotiated some deals with her TV host and those deals propelled her into the Forbes list of world billionaires.

Today, her company Harpo Entertainment Group is became a formidable force in the film and television industry. After buying up the right to the Oprah Winfrey Show, she became the first woman in history to own and produce her own talk show. Smart move, isn't it?

Between 2004 and 2006, Oprah Winfrey was worth about $1.5billion and she was the only black woman on the Forbes list of world Billionaires thus; making Oprah the first African – American Billionaire. She also became the most famous, richest black woman in the world. As at 2010, Oprah Winfrey remains the richest black woman in the world while Aliko Dangote is the richest black man in the world.

Oprah Winfrey was on the list of Time Magazine's 100 most influential people in the 20th century. In 1988, she received a Lifetime Achievement Award from the National Academy of Television Arts and Sciences. In 1999, she received the National Books Foundation's 50th anniversary gold medal for her services to books and authors. In 2010, she became the richest black person in the world with an estimated net worth of $2.5billion. Not bad for a woman who discovered her passion for public speaking and held on to that passion for many years.

Oprah Winfrey has proven to all that a simple hobby can actually turn into a billion dollar business. One lesson I want to pull out from the Oprah Winfrey story is this; your hobby or passion will never make you a dime unless you build a business around it. Oprah also highlighted the need for control. Had she not started Harpo Studios Production, she probably would not have become the most famous, richest black woman in the world.

How Mike Adenuga Joined the Forbes List of Billionaires

The story of Otunba Michael Adeniyi Ishola Adenuga, founder of Globacom Nigeria, Consolidated oil and Gas (Conoil) and Equatorial Trust Bank is one of the most inspiring stories I have ever come across. He is being tagged Nigeria's number one come back kid; the proverbial cat with nine lives who started with nothing, built a conglomerate and went on to become one of the richest men in Africa.

On the 9th of March 2011, Forbes Magazine declared Mike Adenuga the second richest Nigerian billionaire. Now how did Mike Adenuga make it to the Forbes list of billionaires? How did he emerge the second richest man in Nigeria and one of the richest black billionaires?

How best will you describe a man who started as a cab driver, lost two telecom licenses, lost a bank, fled into exile and still went on to become one of the richest black men in the world. His wealth is estimated to equal that of Aliko Dangote; the richest black man in the world. Sit back and learn how to keep going when the going gets tough.

Mike Adenuga was born on April 29, 1953 in Ibadan, Oyo State Nigeria. But he hails from Ijebu-Igbo, Ogun State. His father, Chief Mike Adenuga Senior was a school teacher and the mother, Chief Mrs. Onyindamola Adenuga was a successful businesswoman in Ibadan. Mike grew up under the great influence of his mother and some observers have traced his business acumen to his late mother.

Mike Adenuga is not on our list of school drop out billionaires because he attended Ibadan Grammar School, obtained a degree in business administration from Northwestern University, Alva, Oklahoma, and an MBA, majoring in marketing from Peace University, New York, both in United States of America. He also has an honorary doctorate degree from Olabisi Onabanjo University, Ago Iwoye Ogun State. While schooling in the United States of America, Mike Adenuga worked as a cab driver and security guard to pay his tuition fees.

How Mike Adenuga Started Business

When he returned from United States, he took over the running of his father's sawmill business. Mike later ventured into commodity trading in 1970. At the age of 22, Mike observed that the issue of stolen car stereos was becoming a chronic problem so he started importing car stereos and lace from the United States of America and Austria respectively. At the age of 26, Mike Adenuga made his first million.

After the liberalization of the banking sector in the late 1980s by the government, Mike Adenuga obtained a banking license and incorporated his bank, Devcom Bank on June 9, 1989. The bank commenced operation that same year. Mike Adenuga later obtained another banking license and incorporated Equatorial Trust Bank. Few years later, both banks later merged into a mega Bank with the name Equatorial Trust Bank.

Mike Adenuga also acquired some oil blocks in the late 1980s and Consolidated Oil (Conoil) was born. Back in those days, indigenous firms shy away from the risk of oil exploration so they sell their oil licenses to expatriates. But Mike Adenuga went against the norm by choosing to drill for oil instead of selling out the license. Not minding the risk involved, Mike Adenuga followed his instincts and explored for oil.  He successfully stuck oil in 1991 and became a major player in the oil and gas sector.

All seem to be going well until late 1998, when Mike Adenuga decided to expand his business empire by obtaining a GSM license. After obtaining the license and entering into strategic partnership with Alcatel of Germany, everything was put in place to get the business rolling. The lunch date was set to September 1, 1999. But suddenly, the new government cancelled all GSM licenses issued out claiming due process wasn't followed. Instead of grumbling and lamenting over his predicament, Mike Adenuga went after another license.

Mike Adenuga won the bid to a GSM license with a massive sum of $285 million, which he raised from Bank Paribas of Paris. Mike Adenuga's love for his business and his firm belief that business and politics do not mix incurred the wrath of the government. The result was the cancellation of his second GSM license. Along with the GSM license also went his $20million application fee.

Mike Adenuga admits that the cancellation of his second GSM license was one of the most trying periods of his life. Down but not out, Mike Adenuga kept hope alive and pressed on. He applied all legal strategy within his reach and after a long tussle; he regained his GSM license back. With his GSM license back, Mike Adenuga founded the second national telecom operator, Global Communication Limited.

Still not satisfied, the government unleashed the Anti-graft agencies on him. In fear for his life, he fled the country and returned when a new government took over. Early 2009, during the banking reform in Nigeria, Mike Adenuga was stripped of his bank, Equatorial Trust Bank.

But like a come back kid, he regained control of his bank in the month of December 2009 after he was proven innocent of all fraudulent and sharp practices charges leveled against him by the Central Bank. Despite all the trials and challenges he has passed through, Mike Adenuga continue to soar higher like an eagle. Every challenge he faced and solved seems to take him to a higher level in life and business.

His company Globacom was the first to introduce per second billing system after other major operators said it was something they were only considering in the future. In its first year of operation, Glo Mobile became the fastest growing GSM network in Africa, achieving a record one million subscribers and covering over 87 towns in just nine months. The network has extended to other parts of Africa and is seeking to connect other parts of the world soon. The company in 2007 won the National Operator of the Year while Glo Mobile received the Mobile Company of the Year.

Mike Adenuga is a holder of the Officer of the Order of the Niger (OON), was awarded CEO of the year by Thisday in 2004, named African Entrepreneur of The Year at the maiden African Telecoms Awards (ATA) on August 15, 2007 and the Nigerian Information Technology and Telecommunication (NITTA) in the same year awarded him the Man of the Year for his contributions to the growth of telecommunication in Africa. The" Confederation of African Football (CAF) during CAF General Assembly in Khartoum in 2007 conferred Mike Adenuga with the Pillar of Sports title.

In sports, Mike Adenuga also has made a name for himself. He has been at the fore front of supporting not only the Nigerian league, the national team and the supporters club but other sports as well. March 17, 2005 at the historic Ritz Hotel, Paris, France, marked the dawn of a new era for Nigerian football. On that fateful day, Mike Adenuga leading Globacom officials signed a contract with the Confederation of Africa Football (CAF) vesting the title and marketing rights on the nation's national carrier for the CAF awards. Mike Adenuga was awarded the coveted Silverbird man of the year in January 2010 and by March 2010; he was voted the most outstanding business personality in the last 50 years.

Such is the story of Mike Adenuga, Nigeria's No 1 come back kid. It is a story of brevity, courage and persistence. Had Mike Adenuga given up after the first or second cancellation of his license; had he failed to take the risk and drill for oil, his name might have been lost in the sands of time and he wouldn't have made the Forbes list of billionaires.

How Lakshmi Mittal Created Arcelor Mittal Steel and became a Billionaire

The story of Lakshmi Mittal is such an inspiring story. Though he didn’t make our list of school drop out billionaires; he’s been nicknamed "Carnegie of Calcutta" after the 19th-century American drop out railroad tycoon; Andrew Carnegie. His story is that of a man, who rose from nothingness to join the coveted Forbes list of world's richest top ten billionaires. He achieved this feat by creating ArcelorMittal; the biggest steel company in the world, worth over £100bn.

Let me also bring to your notice that this Indian-born steel tycoon is the wealthiest man in Britain, with an estimated fortune of £30bn. He is also well connected to rich and powerful men such as Nicolas Sarkozy, Bernie Ecclestone, Tony Blair and Bill Clinton.

Lakshmi Mittal was born in 1950 in a small town in India called Sadulpur, in Rajasthan. Being the eldest of five children, his parents decided to name him Lakshmi after the Hindu goddess of wealth. At the age of six, his family moved to Calcutta, where his father gained employment in a small British steel company. This gave the family the brevity to set up their own business, but it turned out to be quite challenging and tough.

While his father worked night and day to build their new business, Lakshmi Mittal, who happens to be a shy and introverted teenager graduated from a Jesuit college, St Xavier's. Mittal surprised everyone, including his parents by receiving excellent grades in accounting and mathematics. But instead of becoming an employee accountant, Mittal joined the family's company "Ispat" and that marked the turning point of his life.

Lakshmi was inspired 'by the massive rollers driven by rubber belts and pulleys that flattened the red-hot steel into bars.’ Later on, Mittal went solo and founded the company, LNM Group in 1976 at the age of 26 and has been responsible for the development of its businesses ever since. He set up his first steel mill, in Indonesia, producing 26,000 tonnes and generating annual profit of $1m.

Lakshmi Mittal soon realized that to become a major player in the steel market, his steel would have to go global, just like car manufacturers, ship builders, iron and coal producers. Determined to make his company a global player, he started acquiring companies in Canada and Germany. Still not getting the big break he needs, he turned to Kazakhstan.

Back then, the former Soviet republic was in a financial mess and on the brink of bankruptcy. Mittal acquired the country's Karmet Steel works in Temirtau for a knockdown price of $400m. Kazakhstan happens to share a border with China, where demand for steel was about to take off. That single acquisition turned out to be a very wise strategic investment as it propelled Mittal into the big league of international steel makers. Lakshmi Mittal became a global steel producer with operations in 14 countries.

Recognizing the need for a strong management team to execute his strategic expansion plans, he brought in Indian managers, doubled production and began selling to booming markets in the East. With luck, as well as timely judgment, he rescued Kazakhstan from financial ruin and paved the way for further large scale acquisitions.

Lakshmi Mittal was also the visionary who saw that the fragmented international steel industry, serving local markets, was crying out for consolidation. Many companies then were owned by the governments and innovative developments were not forthcoming in the steel industry. Though some companies had been privatized, the steel sector was still characterized by acute over capacity, high indebtedness and steel prices that had hit rock bottom.

Lakshmi Mittal created Mittal Steel in 2004 via a takeover of his private company, “LNM” by his public one; Ispat. Mittal Steel became the largest steelmaker in the world, with shipments of 42.1 million tons of steel and profits of over $22 billion in 2004.

In 2006, at the age of 58, Lakshmi Mittal took the world by storm by beating all European establishments to acquire Arcelor Steel, a company created through a merger of firms from Spain, France, Luxembourg and Belgium. Arcelor chairman, Guy Dolle, was forced to swallow his words after controversially dismissing Mittal Steel as a company of Indians paying with monkey money. After a long drawn battle, Arcelor's shareholders decided to sell out despite opposition to the deal from politicians including former French President Jacques Chirac.

The creation of ArcelorMittal, the biggest steel company on earth and now worth over £100bn, couldn't have come at a better time. The new group, led by Lakshmi Mittal launched into a worldwide commodities boom that has seen steel prices skyrocket from $240 a tonne in 2002 to $1,000 today. Arcelor Mittal was the first to produce more than 100 million tonnes of steel a year; that could double in a few years as Mittal Steel goes on another acquisition spree, extending his empire to Africa, Australia and China.

Today, ArcelorMittal employs 300,000 people in 60 countries, but accounts for only 10 per cent of global output, so it could grow much bigger before attracting the attention of the anti-trust authorities. 'Certainly, there is the opportunity to grow,' Lakshmi Mittal said recently. 'To what size? You could go up to 150 or 200 million tonnes a year,' he said.

Just as every successful entrepreneur is expected to face criticism, Lakshmi Mittal has attracted criticism. 191 people have died in accidents in the past 12 years at his Kazakhstan operations, where campaigners argue that more money should have been spent on safety measures. The company has strongly rejected allegations of negligence, but later earmarked an extra $1.2bn for improvements.

In Britain, Lakshmi Mittal has donated to the Labour party but ran into controversy in 2001 when he gave the party £125,000 just before the general election, allegedly in exchange for a letter from Tony Blair to the Romanian government supporting his bid for a Romanian steel plant. Both denied the allegation.

Lakshmi Mittal is proud to be Indian, but he considers himself a 'global citizen'. Despite his immense wealth, his family's 44 per cent stake in ArcelorMittal worth £24bn, he doesn't seek the limelight. You won't see him at Ascot, Wimbledon or the Proms, although he does attend football matches, after buying 20 per cent of London club QPR, where Formula 1 supremo Bernie Ecclestone is also on the board.

He is married to Usha Mittal, and both have a son and daughter, Aditya and Vanisha. Being flushed with cash, Lakshmi Mittal hit the news when he reportedly bought his third property in London's Kensington Park Gardens, dubbed billionaires' row, for his daughter, Vanisha. Lakshmi Niwas Mittal is no doubt a billionaire industrialist by all standards and he is treated as a national icon in his country, India.

Without showing signs of resting on his oars, Lakshmi Mittal is plotting his next move. He wants to secure deposits of coking coal and iron ore, which have doubled in price in the past four years and which are vital for the production of steel. He is in talks to acquire coal mines in Australia and Russia, while expansion elsewhere means that ArcelorMittal now meets 45 per cent of its iron ore requirements from its own supplies.

Lakshmi Mittal has also invested in shipping and rail to cut transport costs. The only part of the supply chain that remains outside his control is oil and gas: an area, perhaps, that could attract his attention before too long.

Aside his achievements in business, Lakshmi Mittal was awarded Fortune magazines “European Businessman of the Year 2004” and also “Steelmaker of the Year” in 1996 by New Steel, and the “Willy Korf Steel Vision Award” in 1998, for outstanding vision, entrepreneurship, leadership and success in global steel development from American Metal Market and PaineWeber’s World Steel Dynamics.

In 2002, Lakshmi Mittal was involved in a political scandal with British Prime Minister Tony Blair, when a donation he made to the Labour party led to Blair's intervention in a business deal flavoring Mittal, it was announced later he donated £2 million to the Labour Party.

Lakshmi Mittal is an active philanthropist and a member of a few trusts. Mittal is a member of the Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the World Economic Forum’s International Business Council and the International Iron and Steel Institute’s Executive Committee.

He is a Director of ICICI Bank Limited and is on the Advisory Board of the Kellogg School of Management in the U.S. In March 2005, Forbes Magazine named him the 3rd richest man in the world and the richest non-American, with an estimated wealth of US$25 billion. He has been on the Forbes list of world's top 10 richest billionaires for more than five years running.

He is the wealthiest person in Britain. His house in Kensington, bought in 2003 for $128 million is the most expensive house ever purchased. He also paid upwards of $55 million to host his daughter's wedding celebration in Versailles in 2004.

The story of Lakshmi Niwas Mittal has really proved that what the mind can conceive and believe, it can achieve. If only youths can aspire to be like Lakshmi Mittal, the world will be a better place.

Jean Paul Getty’s Secrets to Wealth: 8 Strong Rules for Acquiring or Creating Wealth

Do you seek to know the secrets to wealth? What if you were shown the exact steps to acquiring or creating wealth? Will you implement them? If answer to the above questions is yes, then read on.

On this business blog, I have shared with you the exact business success secrets of Aliko Dangote; the richest black man in the world. Today, I will be sharing with you the exact secrets to acquiring, attracting and creating wealth; as revealed by the late J. Paul Getty.

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

 J. Paul Getty was a shrewd billionaire Oil Baron; he founded and controlled Getty Oil Company and two hundred other related companies. Before his death, he revealed his secrets to wealth; the exact secrets he used in acquiring and creating wealth. The same secret that helped him become a billionaire.

The late J. Paul Getty's secrets to accumulating wealth is simple and to the point. In fact, it is so simple that most people who read them either dismiss them as sweeping generalities but in reality; the same secrets to wealth that people despise is directly responsible for the wealth of the ultra rich such as Bill Gates, Orji Uzor Kalu, Larry Ellison, Mark Zuckerberg, Henry Ford, John D. Rockefeller, Oprah Winfrey, Mo Ibrahim, Warren Buffett, Mike Adenuga, etc.

So if you are ready to learn these same secrets to wealth; then sit back as I share with you, J. Paul Getty's eight Secrets to acquiring or creating wealth.

 

                Jean Paul Getty's Secrets to Wealth: 8 Strong Rules for Acquiring or Creating Wealth

Rule No. 1:          To acquire wealth today, you must be in your own business.

The first rule to creating wealth is to start your own business. In fact, it’s the most important among all the secrets to wealth. You may think that the corporate executive with a $100,000 salary is better off than small shop owner, but the executive will be hard-pressed to double his income and taxes will eat up most of any increase.

Building a business is probably the best investment opportunity with the highest returns on investment. The simplest peanut vendor has unlimited opportunity to expand his business and his income and even salesmen; who in most cases are able to write their own paychecks, can control their sale increases.

 

Rule No. 2:          You must have adequate knowledge of the business

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

You must have a working knowledge of the business when you start and continue to increase your knowledge of it as you go along. If you don't know what you're doing when you start; your mistakes will be costly and often unnecessary, and you won't be able to keep up with the technological explosions in any field. Start smart and stay that way.

                "One of the most stupid things to do is to pretend you are smart. When you pretend to be smart, you are at the height of stupidity." – Rich Dad

 

Rule No. 3:          You must learn to save money

You must save money in your personal life and in your business venture as well. Discipline is the key to saving money. You must develop the will power to deny yourself immediate gratification or the temptation to gamble on the quick buck. Resources will be needed for expansion and should be guarded carefully.

 

Rule No. 4:          You must take risk

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

This is another hard core secret to wealth. In fact, it’s the singular difference between the rich and poor. You must take risks, both with your own money or with borrowed money. Risk-taking is essential to business growth. Nelson Bunker Hunt is admired for his guts in trying to corner the silver market; not scorned for losing money on this deal. Some of the richest men have staked their entire fortunes and lost, several times over, before the risk-taking paid off.

                "In today's rapidly changing world, the people who are not taking risk are the risk takers." – Robert Kiyosaki

When taking risk, back it with good judgment, experience, commitment, and the right support. Always seek advice on risks from the wealthy who still take risks, not friends who dare nothing more than a

Football bet.

                “Before making an important decision, get as much as you can of the best information available and review it carefully, analyze it and draw up worst case scenarios. Add up the plus or minus factors, discuss it with your team and do what your guts tell you to do.” – The Mafia Manager

 

               

Jean Paul Getty's Secrets to Wealth: 8 Strong Rules for Acquiring or Creating Wealth

Rule No. 5:          You must learn to live with tension

                "Yet a little sleep, a little slumber and a little folding of hands to sleep; so shall your poverty come." – Proverbs 6: 10-11

You must not only learn to live with tension, you must seek it out. Thrive on stress! Even If it means getting physically fit, having a psychiatric overall or losing 50 pounds before you can handle it, do it. Once you can learn to thrive on stress, you will not only enjoy it, you will seek it out willingly and enthusiastically.

Men of means look at making money as a game which they love to play. Consider it serious business and you will suffer far more stress than you need or want. Keep your perspective or your stress level will rocket beyond your control.

                “Work hard, have fun; make history.” – Jeff Bezos

 

Rule No. 6:          Build wealth as a by-product

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

Build wealth as a by-product of your business success. If wealth is your only object in business, you will probably fail. Wealth is only a benefit of the game. If you win, the money will be there.

                "Every few seconds it changes, up an eighth, down an eighth. It's like playing a slot machine. I lose $20 million, I gain $20 million." – Ted Turner

                "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

 

Rule No. 7:          You must be patient

                "I never attempt to make money on the stock market. I buy on assumption they could close the market the next day and not re-open it for five years." – Warren Buffett

Patience; it’s the most important attribute to creating wealth, it’s the greatest business asset. Wait for the right time to make your moves. Let your business grow naturally, not by pressing your luck.

 

Rules No. 8:        Diversify

                "If you are moving, even fire will not hurt you. If you are standing still near the fire, even though you are not in the fire, the heat will eventually get to you." – Rich Dad

Diversify at the top; this is the last rule to creating wealth and one of the essential secrets to wealth. Once you've made it, you'll understand that any business is limited in the challenges it offers. You'll want and need other games to play, so you'll look for other ventures to hold your interest. Take a look at the richest people in the world and you will see they have a well diversified portfolio of investments ranging from businesses to stocks, real estate and commodities.

                "I think you might see us growing much deeper into banking. You might see us acquiring companies in the banking area. You might see us acquiring companies in the retail area. I think you might see us acquiring companies in the telecommunications. I think you will see us getting stronger in business intelligence." – Larry Ellison

Aliko Dangote: The Richest Black Man (Person) in the World

Who is Aliko Dangote? How did Aliko Dangote become the richest black person in the world? Well, I will suggest you read on as there’s a lot to learn from this industrialist billionaire.

This is the inspiring story of how Aliko Dangote, a man from the third world rose from a humble beginning to become not only the richest black man in the world but also the richest black person in the world.

Today, I am going to share some business lessons from one of my mentors and role model. This mentor of mine controls over 60% of Nigeria’s sugar market and over 42% of the country’s cement market. I am talking of a country with over 150 million citizens. I bring to you, Aliko Dangote; the richest black man in the world.

The richest black man in the worldAliko Dangote is a business magnate, whose business acumen and aggressiveness send fear into the mind of competitors. He is the richest man in Africa, the richest man in Nigeria and the richest black person in the world. This humble billionaire currently sits atop one of Africa’s largest conglomerate, the Dangote Group.

On the 9th of March 2011, Forbes magazine declared Aliko Dangote the richest black person in the world with a net worth of $13.8billion. It’s also worthwhile you know that Dangote is the 51th richest man in the world as at 9th March 2011. But this was not so 25 years ago.

Born on April 10, 1957 in Kano, state Nigeria, to the family of Muhammad Dangote and Hajiya Mariya Sanusi Dantata. He had his primary and secondary education in Kano before he proceeded to Alazahar University, Cairo, Egypt to obtain a degree. If not for the degree, he would probably have been on my list of the richest school drop out billionaires in the world.

It was while working under his uncle, Sani Dantata that he found his passion and began developing his business skills. After developing his business skills and building his confidence, he got a lot a loan of N500,000 (approximately $3,500 today) from his uncle in 1977 to start his own business. Aliko Dangote was also given a deadline of three years to repay the loan but he repaid the loan in three months.

Aliko Dangote started business by trading in commodities such as sugar, rice, salt, pasta, cotton, millet, vegetable oil, cocoa and textile. In the course of running his business, he developed strong business ethics and principles. One of Aliko Dangote’s business strategies for succeeding in the commodity market was to develop a strong distribution network and make the delivery of his goods faster than that of his competitors.

After gaining a strong hold on the commodities market, Aliko Dangote ventured into manufacturing and producing the same commodities he was importing. In an interview granted to a journalist by this billionaire, he stated that leaping from importation to manufacturing was his greatest business move.

                Aliko Dangote: The Richest Black Man in the World and founder of the Dangote Group

Since he moved into manufacturing, Aliko Dangote has never looked back. His company (Dangote Group) controls over 13 other companies with most of them acquired through strategic mergers and acquisitions. In celebration of his 50th birthday anniversary in 2007, he commissioned a one billion dollar factory (Obajana Cement Factory), which happens to be the largest cement factory in Africa.

Today, his group is made up of Dangote Sugar Refinery (one of the most capitalized stocks on the Nigerian stock exchange), Dangote Flour Mills, Dangote sacks, Dansa Foods, Dangote transport, Obajana Cement (Africa’s largest cement factory), National Salt Company Of Nigeria (NASCON), Benue Cement Company Plc, the Bachita Sugar Company, Dangote Cement, Blue Star Shipping, Blue Star Investment and so on. Just recently, he boosted his philanthropic activities with the launch of his foundation (Dangote Foundation).

Dangote is respected in the business circle for his ability to buy and revive moribund companies. He is also known for his strong belief. He strongly believes in Nigeria and he proved it by investing 100% in Nigeria. To him, Nigeria is the best place to invest your money and I think I agree with that.

               

Aliko Dangote: The Richest Black Person in the World

In acknowledgement of his business acumen, Aliko Dangote has been showered with many awards and has been listed as one of the 20 most outstanding CEO’s in Corporate Nigeria. He was awarded the Most Respected CEO of the year, by Price Water House Coopers/Business Day in 2005 and Cross River Roll of Honors Award, Best Entrepreneur and Philanthropist of the year in 2002. He was also conferred with the Officer of the Order of the Niger (OON) and Commander of the Order of the Niger (CON). Most recently, he was adjudged ThisDay Entrepreneur of the Year, 2006 and Best CEO of the Year also at the 11th Annual ThisDay Awards. He has had a brief stint as the president of the Nigerian Stock Exchange.

In 2008, Aliko Dangote emerged the richest black man in the world with a net worth of $3.3 billion dollars beating Oprah Winfrey: who is the richest black woman in the world with a net worth of $2.5 billion dollars. This is with respect to Forbes ranking of world Billionaires.

And in 2010, Aliko Dangote merged his cement companies to become Dangote Cement and this new entity was listed on the Nigerian Stock Exchange. Thus, making Aliko Dangote’s cement company, one of the most capitalized company on the Nigerian Stock Exchange and the biggest listing on the floor so far.

The total capitalization of the Dangote Group on the floor of the Nigerian Stock Exchange accounts for over 42% of the market capitalization (as at the time of the writing). Thereby making him “Aliko Dangote” the biggest individual player on the exchange.

Five Lessons I Learned from Aliko Dangote: The Richest Black Man in the World and founder of the Dangote Group

In the course of studying the entrepreneurial lifestyle of this multi billionaire, I was able to grab five business lessons and principles that made him who he is today.

1.            Determination and Passion

Aliko dangote the richest black man in the worldAliko Dangote is known for being a man of determination. Anything he dreams, he set out to achieve. Just as he says “Passion is what drives me forward. Passion is what makes me go to bed at 2am and wake up at 6am.” For you to build a successful business, you must passionate about building a business. Passion will help you endure the challenges of the entrepreneurial process; without passion, forget about building a business.

                “It is not really work if you are having fun.” – Pierre Omidyar

2.            The power of a strong mission

In course of understudying this role model of mine (Aliko Dangote), I came to discover that his overall success is all hinged on one factor; his mission. This mission is the fuel that drives his companies to dominate their market. Aliko Dangote was able to become a billionaire because he has a very strong mission statement and that mission is; “To provide the basic need of over 150 million Nigerians“

I also learnt from Aliko Dangote that the spirit of the entrepreneur is found in the mission statement and if this mission is strong, it will continue to drive the entrepreneur’s companies to success even after his death.

3.            The power of a life purpose

Another lesson I picked from Aliko Dangote is the power of a life purpose.  Aliko Dangote has a strong life purpose and I will quote exactly what he said in an interview he granted:

“After my death, I want to be remembered as Africa’s greatest industrialist.” – Dangote

This statement propelled me to also ask myself the question;

“What will I be remembered for after I exit this world?

Now answer to the question above is what a life purpose is. To me, your life purpose is simply what you will be remembered for after your death.

4.            The power of strategy

While trading on commodities, Dangote developed a strategic plan that will set him apart from his competitors. The first strategy he implemented was to create a strong brand “Dangote Group;” a brand that signifies quality. The second was to develop a strong distribution network throughout the country, which in turn resulted in his ability to deliver his goods faster than his competitors. The third strategy was to sell his product nationwide at uniform price.

Aliko Dangote: The Richest Black Person in the World and founder of the Dangote Group

In conclusion, despite the fact that Aliko Dangote emerged the richest black man in the world by 2008, it took him 30years to get there. For 30years, he was committed and persistent to the entrepreneurial process of building a formidable business. Along with this process come tough business challenges; if you stick to the process, you will hit the pot of gold.

                “The Rich Dad Company was an overnight success but it took us many years to get there.” – Robert Kiyosaki

That brings me to the last lesson I learnt from this billionaire industrialist and that lesson is this; Rome was not built in a day. There is nothing like overnight, success requires hard work and persistence. At this stage, I leave you with this quote:

“The height attained by great men is not by sudden flight. For while their companions lay asleep, these men were toiling in the night.” – Anonymous

Robert T. Kiyosaki: Personal Finance Expert and Best Selling Author of Rich Dad Poor Dad

Today, I will be bringing to you, the profile of my most respected mentor. His name is Robert Kiyosaki; an entrepreneur, investor, personal finance expert and best selling author of “Rich Dad Poor Dad.” He is probably one of the most criticized personalities in history. If you are opportune to hear Robert T. Kiyosaki speak or read his book Rich Dad Poor Dad, you are bound to either love him or hate him.

                "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

When it comes to rating my mentors, He is unquestionably number one. Why? The reason is because he has influenced my life the most. I love his style of teaching; rather than directly giving you the answer you seek, he will inspire you challenge your thoughts and believe. Intend, you will end up discovering the answer you seek all by yourself………. let's leave my own story and go over to Robert Kiyosaki for some true life lessons.

 

                Robert T. Kiyosaki: Personal Finance Expert and Best Selling Author of Rich Dad Poor Dad

                "In today's rapidly changing world, the people who are not taking risk are the risk takers." – Robert Kiyosaki

Robert Kiyosaki was born in 1947 and raised in Hawaii. His biological father, a man he referred to as "Poor Dad" was the superintendent of education for the state of Hawaii. At the age of nine, he had a conversation with his friend's father; a man he chose to call his "Rich Dad." The encounter with Rich dad turned his life around and his entrepreneurial spirit was stirred up. In a bid to learn how to make money, he started his first business at the age of nine and failed. His second business also failed at the age of nine. His entrepreneurial process began with these two business failures; a journey into the world of business challenges.

                "The size of your success is measured by the strength of your desire, the size of your dream and how you handle disappointment along the way." – Rich Dad

After graduating from college in New York, Robert Kiyosaki took a job with Standard Oil as a sailor but his job with Standard Oil was short-lived as he resigned to join the Marine Corps and serve in Vietnam as an officer and gunship pilot. After the war in 1976, Robert Kiyosaki took a job at Xerox Corporation as a sales man.

In 1977, Robert Kiyosaki started a company that brought the first nylon and Velcro surfer wallet to the market. He left Xerox Corporation in 1978 to run his business full time. The business boomed and made Robert Kiyosaki and his partners a lot of money. In 1979, the nylon and Velcro Company crashed, his two partners moved on to other businesses and he was left alone to rebuild the company. Two new partners came on board and together, they rebuilt the business in 1981 and made themselves a lot of money. In late 1983, Robert Kiyosaki decided it was time to move on, so he left the nylon and Velcro Company to his partners and walked away without asking for financial compensation.

                "Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground." – Rich Dad

Robert Kiyosaki later founded an international education company in 1985 that taught business and investing to thousands of people throughout the world. In 1994, Robert Kiyosaki sold the education company and through his strategic investments, he was able to retire at the age of 47.

During his short-lived retirement, Robert Kiyosaki wrote "Rich Dad Poor Dad" which turned out to be one of the most controversial books in history and it has sold over 20 million copies worldwide. The book was so successful that it was inducted into the Amazon Hall of Fame and it also made the New York Times best sellers’ list amongst others.

Today, the Rich Dad Company which was founded by Robert Kiyosaki is a multi million dollar company operating in over 100 countries and touching millions of lives.

 

               

Robert T. Kiyosaki: Personal Finance Expert and Best Selling Author of Rich Dad Poor Dad

3 Entrepreneurial Lessons to learn from Robert Kiyosaki.

1)            Know what you want in life

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

At the age of nine, Robert Kiyosaki made up his mind to become an entrepreneur. He set the goal to become a multi millionaire before the age of 30. Have you decided what you want to be? Do you have a goal? Have you set a target?

                "Singleness of purpose is essential for success in life." – John D. Rockefeller

The reason I am asking these questions is because, I have come across people even entrepreneurs and business owners operating without set goals. They can't even picture where they will be five years from now. If you want to succeed in life, setting goals is a must.

 

2)            Use every opportunity you have to increase your business skills

                “Skills make you rich, not theories.” – Rich Dad

I think it's worthwhile you know that Robert Kiyosaki attended the Merchant Marine Academy and joined the Marine Corps to gain leadership skills. In business, your ability to lead your team and employees effectively will determine how well your business will perform.

“In business, leadership skills is not an option, it's a must.” – Rich Dad

Kiyosaki worked for Xerox Corporation as a sales man for four reasons

To learn how to sell

To overcome shyness

To overcome the fear of rejection

To increase his communication skill

He also attended several personal development, business and investment seminars to build his mental capacity. Now that's for Robert Kiyosaki, what about you? What business skill have you picked up along the way? What price are you prepared to pay for knowledge? I think that's left for you to answer.

3)            Stick to the process

Robert Kiyosaki was determined to stick to the process to achieve his goal of becoming a multi millionaire before the age of 30. Though he has zoomed past that goal, I think it's worthwhile we learn something from him and that is Commitment, ability to remain steadfast even in the face of failure and uncertainty.

In conclusion, one thing I love about Robert Kiyosaki and have decided to emulate is "his ability to learn quickly from his mistakes" I think it is a character worth emulating.