Aliko Dangote, the richest man in Nigeria, has lamented the lack of reflection and complacency that may set in among business owners as soon as they begin to see a profit from their venture.
He cautioned company owners, particularly those in Africa, not to let up on the gas pedal of success in their enterprises and to stay firm and focused because the whims of entrepreneurship could undo one’s commercial triumphs.
Dangote said this in an interview with Business Insider Africa that was just posted on the verified Instagram account of the Tonyelumelufoundation.
He also admitted that, unlike several of his workers, he does not own any vacation homes abroad.
He said: “A lot of people even the younger ones, we need to be very careful because one of the biggest issues. With us Africans, it is that we spend our projected incomes.
“Once you start doing business and the business starts doing well, rather than for you to keep investing into the business, you start spending money and thinking that the profit will continue to come. There are ups and downs in business so you need to be very focused and say ‘Okay fine what do you do and how to do those things.”
The businessman further advised that acquiring luxurious things could be a distraction.
Citing himself as an example, Dangote stated, “Luxury things — they also take up your time which will not make you focus on your business. I mean, I don’t have any holiday home anywhere; I don’t have a house anywhere but I know people who are working for me, they have a house in London. But I don’t.”
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