Question
How did the Nigerian entrepreneurs in Lagos get their start, and what do they say about scaling a business?
Response
The Nigerian founders in these interviews describe a mix of inspiration, chance, and family influence. The tech founder said he was inspired by watching The Social Network and seeing that Mark Zuckerberg built his business at 19, and he began his path as an intern for his mentor. The real estate developer said he got into the business by accident, through a friend who gave him some agency work. The oil and gas owner credited learning from and emulating his mother's business. On scaling, the tech founder said the key is systems and automation: recruiting and onboarding talent on a regular schedule and reviewing performance annually so the process runs on its own. He also argued that a billion-dollar company is really many people who could each have built a $10 million business, choosing to combine their efforts. Dangote, interviewed in Nigeria, was described as having started by selling candy to classmates.
Sources & references
- 01Asking Africa's Richest Men How They Got Rich!3:53(opens on YouTube in a new tab)
I watched the social network and I was like, Mark Zuckerberg's just my age, you know, he built this business at 19. I can do the same.
- 02Asking Africa's Richest Men How They Got Rich!6:02(opens on YouTube in a new tab)
I started as his intern, right? I was an intern.
- 03Asking Africa's Richest Men How They Got Rich!8:04(opens on YouTube in a new tab)
I got into real estate by accident.
- 04Asking Africa's Richest Men How They Got Rich!4:18(opens on YouTube in a new tab)
Well, it's it's all about systems. So, when you want to scale, the most important thing that you need to do is you need to make things automatic.
- 05Asking Africa's Richest Men How They Got Rich!4:51(opens on YouTube in a new tab)
A billion-dollar company is just a bunch of people who could have individually built $10 million businesses who decided to come together and build one business.
- 06Asking Africa’s Richest Man How He Made $30 Billion!13:19(opens on YouTube in a new tab)
correct me if I'm wrong, you started off selling candy to classmates.