Question
How did the Nigerian billionaires say they got rich, and what did they say about scaling businesses?
Response
The Nigerian billionaires in these interviews credited a mix of relationships, discipline, and systems. The Andela and Flutterwave co-founder said that in Nigeria you only make money by making other people money, and that networking starts with serving people and being willing to help. He said his mentor taught him that a billion-dollar company is really many people who could each have built a $10 million business and chose to build one together, so his own superpower is aligning teams. The Ecoy billionaire, Mr. Tony, named hard work, discipline, and deferred gratification as the attributes that built him, and said he went without a car for a long time to buy property instead. On scaling, the Andela co-founder said the key is building systems and making things automatic, such as recruiting and onboarding on a fixed schedule, so the business keeps growing. Aliko Dangote described scaling through backward integration, producing in Africa the goods the company used to import, rather than only trading them.
Sources & references
- 01Asking 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.
- 02Asking 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.
- 03Asking Africa's Richest Men How They Got Rich!3:19(opens on YouTube in a new tab)
In Nigeria, if you don't make other people money, you don't get to make money.
- 04Asking Africa's Richest Men How They Got Rich!20:59(opens on YouTube in a new tab)
First is hard work. Two is discipline. Three deferred gratification, deferred consumption.
- 05Asking Africa’s Richest Man How He Made $30 Billion!14:51(opens on YouTube in a new tab)
So, I tried to do what you call backward integration to now produce what we used to import.