So for over a decade as an entrepreneur, I'm going to be sharing with you guys some stories of some African millionaires who are entrepreneurs and from my research what I learned and discovered about them. So according to my research, Africa has over 138,000 millionaires, these are people building their businesses inside and outside Africa.
Note: Most of the lessons I learnt from the African entrepreneurs are similar to all the entrepreneurs worldwide in other continent.
I always remember when I was younger during my school days when I didn't have an idea of how I could make money, but one thing I have in me is the entrepreneurship spirit. I started some businesses in university like a restaurant where I sell food, I started an event company and even started doing Uber business. I've always known I wanted to do business but I didn't have anybody who have done it that I could go to, which led me to the only option I have which is reading books and the internet.
So read this blog post as I discuss the eight lessons of what I have learned about these entrepreneurs and how they were able to achieve their dreams:
1. They have a time schedule
African entrepreneurs, they don't waste time when they say they want to meet you up by 8:00 a.m. You have to be there by 8, because they have other appointments. One entrepreneur I know in the real estate field has a Schedule of leaving his home by 6:00 am and all the way to 7:00 pm till he clocks out and goes home, and he still has work to do. I think this is always important because it is the resources everyone has. You can always make more money, but you cannot make more time than the regular 24 hours allocated to everybody. So for African entrepreneurs, it looks like time is how they make their money.
2. None of the entrepreneurs does a 9 to 5 job
All the entrepreneurs I know build a business because this is a major thing I learned back then while I was in school. From talking with many entrepreneurs in Africa, many of them came up with an idea to offer goods or render services to people and scale it up to a certain degree.
For instance, I met a real estate agent who is now recently a developer and he started his journey from renting houses to people, building houses for people and that's the way he made his money.
Another was in the furniture field, which involved getting artisans together and creating a project together and creating projects for people and she scaled the business till she started shipping the project worldwide.
So no entrepreneurs became a millionaire through the 9 to 5 route. The truth is that working a 9 to 5 job won't make you wealthy, but in the general statistics of the world the wealthiest people that work 9 to 5 and are wealthy are people at the top of the company and it takes a long time period.
3. Long game
Most entrepreneurs are not just in business for quick gain, but the majority built for a long time like around the duration of 5 to 10 years and after building the business they expand or dive into other things.
Like the real estate guy, I said earlier, started as a real estate agent and then into a developer. Also, I met with a guy who cut down trees and supply the pole contractors use for construction, just like the one in your neighbourhood as you notice some electrical poles, the one made from trees, not the one from concrete or iron.
Whatever business or idea you are planning have it in mind that you need to spend time, and make a lot of errors till you can crack the code.
4. Minimalist Lifestyle
Out of a few of the entrepreneurs I meet in Africa, I can only count 4 or 5 people who spend their money on expensive things, most of them the game is the game, and their mind is in their business. Look at the tech space, most of the tech gurus and guys mostly wear T-shirts.
5. Hardworking
One major characteristic of entrepreneurs in Africa is that they are Hardworking, even though we all know this, It keeps bringing me back to the fact that you cannot make a huge wealth without hard work. Hardworking in this term means working every day, most of them work every day, except the older ones who have a level of comfort in life and feel the need to relax.
You cannot be a millionaire without hard work unless maybe you inherit a large wealth or you are a trust fund kid, but for you to keep that wealth you still need hard work.
6. They have problems
They have regular problems, I learned this from when I was an Uber driver back in those days. A lot of those using Uber drivers in those days were the rich people of the state, when they didn't want to use their vehicle to go out or to an event. You will drive into their house and see their luxurious lifestyle and one major lesson I learnt then was that many of their problems are what I called "high level problems", things like where to go for vacation? what car to buy? Feel stressed, etc.
Note: Everyone has a problem, whether rich or poor, only that the type of problem might vary
7. They respect value
Entrepreneurs in Africa are willing to listen to you when you have a value to offer them, everyone is looking for what to benefit for each other. Most time millionaires are under pressure, and people are clingy to get something for them, like sending money, family problems etc, people just feel entitled that millionaires should spend their money on them. It's good to help people, but I think most time people take advantage of the wealthy.
Like I reached out to a millionaire and I said "I want to tell your story" he accepted the offer to come to my studio and we did a podcast. I was offering him value, I'm helping him market his business and help him tell their story.
So if you desire to have access to entrepreneur millionaires in Africa, you will definitely want to make them feel special, and find some that give them value. The more value you give the more connection make. I remember a proverb that says "If you have four foolish friends around you, you didn't count well, there are five because you are the fifth foolish one. However if you surrounded yourself by four millionaires, then you will be the fifth millionaire". So surround yourself with wise people and great people.
8. Many of them are not in fanciful businesses
When you imagine an entrepreneur in millions you will think of luxury business, but most of them are not into fanciful business. Someone became a millionaire just by selling charcoal, Also there was one I know who became a millionaire by making the cover of bottles, some are just making boxes for packing goods. This is what I mean by not fanciful businesses. Most people want to start a tech company, be a YouTube, or be an influencer, which is nice because I'm one, but many people who have built wealth are people who offer service to water people need every day.
My final thought is that entrepreneurs worldwide have a common character which is to find solutions to people's problems. You can learn from the lessons of African entrepreneurs and good luck developing your ideas and business.
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