Tony Elumelu’s 5 tips on building a successful business
I gave a talk at the Lagos Business School ‘Dinner with…’ event earlier this week, where I addressed the room and shared my journey thus far. For budding entrepreneurs or those climbing the corporate ladder, read my tips below, which I hope will aid your own journey.
#1 Save Money Religiously- I am a firm believer in saving a portion of your earnings on a monthly basis. My father used to say that if I couldn’t save one naira from the little I earned, then I won’t be able to save anything if I earned one billion. Saving is a vital tool in investing in your future.
#2 Work Hard- The difference between talent and hard work is that one is innate and the other can be acquired through sheer determination. Those who are relentless in the pursuit of excellence will always yield results. Growing up, my mother was extremely hard working and through running her businesses she taught me the power of resilience.
#3 Seize Opportunities- Be aware of your risk tolerance and weigh up the value of an opportunity according to the potential losses and gains. After assessment- act! Do not be afraid to take a step because you fear the outcome. As the saying goes, fortune favours the bold.
#4 Feed Your Mind- In the pursuit of success, arm yourself with people and things that will nourish you mentally. I was always an avid reader, and would seek business and self-development books, articles and papers that would challenge my thinking and allow me gain insight and breed new ideas.
#5 Think Long Term- In all that you do, consider the bigger picture. How will this impact me, my family and community? Both now and 10 years from now. Be broad in your thinking and whether personally or professionally, aim for longevity.
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