Achieving success quickly in your entrepreneurial journey can be easy when you glean from the journey of other successful entrepreneurs. Many entrepreneurs have stood out in the entrepreneurial world in Africa, recording tremendous success in their various industries and gaining global recognition. In this blog post, we will unravel lessons from the journey of Tony Elumelu’s business, a prominent African entrepreneur.
LESSONS FROM TONY ELUMELU’S BUSINESS
Anthony Onyemaechi Elumelu, popularly known as Tony Elumelu, is a Nigerian entrepreneur and philanthropist. According to the World Economic Forum, he is one of Africa’s leading investors and philanthropists. His journey started as a salesperson.
In his words “I started my career as a salesman, a copier salesman to be specific, young, hungry and hardworking.
”Just like many Nigerian graduates eager to succeed, Elumelu also desired success. This desire and drive pushed him to take the needed actions to actualise his dreams and desires. Operating in the energy, banking, hospitality, and technology sectors, he has built a track record of success in the business world. His dream and desire to succeed have led him to the pinnacle of entrepreneurial success.
His journey to success is packed with valuable lessons that young entrepreneurs like you can learn from and apply in your journey. Here are some key lessons from Tony Elumelu’s entrepreneurial journey that can inspire and guide you:
LESSON 1: DESIRE TO SUCCEED
One of the lessons to learn from Tony Elumelu’s journey to success in his business is the importance of having a dream and a strong desire to succeed as a young person. His dream to become successful was the first driving force behind his achievements today.
This singular desire to succeed spurred various actions and initiatives, which he took to help him achieve the height of success he has achieved today. A strong desire to succeed is important because it gives one the motivation to take the required action. It is also the bedrock for focus and commitment, resilience, and a positive mindset.
LESSON 2: HARD WORK
Mr Tony Elumelu had to work very hard in the banking sector during his National Youth Service Corp. From his service, he was made the manager of the bank. The conferment of this prestigious position is a testament to his hard work and dedication. This was where his journey to success began.
Working hard is one of the important lessons that can be gleaned from Tony Elumelu’s successful business journey. Mr. Tony did not just dwell in the thoughts, dreams, and desires to succeed. He took the required actions and put in the work, which in turn helped him actualise his dreams and desires.
Lesson 3: IDENTIFYING OPPORTUNITIES AND TAKING RISK
Tony Elumelu achieved success as an entrepreneur primarily through his strategic acquisition and turnaround of the struggling Standard Trust Bank in Nigeria. His approach was to build a customer-centric team suitable for the Nigerian middle-class market. The success of STB later led to the merger with the United Bank for Africa (UBA) in a landmark deal, transforming UBA into a pan-African banking institution with operations across multiple African countries.
His success with STB and UBA showcases his ability to identify struggling businesses and turn them around through strategic management. Aspiring entrepreneurs should build a system that attends to their target customers. Customers, as we know, are the lifeline of every business. A customer-centric business will always do well.
Lesson 4: CREATING SOCIAL AND ECONOMIC IMPACT
Tony Elumelu is a well-known philanthropist. His commitment to empowering the African community is evident in his initiative to empower young entrepreneurs in Africa. This commitment is laid on the foundation of Africapitalism and has led to him setting up a self-funded foundation called the Tony Elumelu Foundation whose goal is to identify young people with viable business ideas and support them through mentorship and seed funding through the Tony Elumelu Entrepreneurship Program.By funding these young people, he has made a positive impact on the African economy and has helped to eradicate poverty.
Aspiring entrepreneurs should focus on uplifting their communities rather than just acquiring wealth.
CONCLUSION ON LESSONS FROM TONY ELUMELU’S BUSINESS
In conclusion, Tony Elumelu’s entrepreneurial journey should inspire young people seeking success in entrepreneurship. His path to success stands as a proof of the power of dreams, hard work, discipline, innovation, and community impact. By embracing these lessons from Tony Elumelu’s business, aspiring entrepreneurs can increase their chances of success in their business journey.
