Top 20 business lessons to learn from Tony Elumelu
People who have achieved prosperity rarely attribute their success to chance. However, Tony Elumelu is an outlier.
It’s reassuring to realize that attempting to achieve success, it’s not just about how much effort you give in or how much enthusiasm and attention you devote to your profession.
It’s sometimes a matter of luck. Is it possible that Tony Elumelu’s success was due to chance? As we look at the twenty business lessons from the wealthy banker, we’ll have an answer to this question.
A Look at Tony Elumelu Profile
Tony Onyemaechi Elumelu is a Nigerian economist with a master’s degree in economics.
He is a businessman, philanthropist, and Africa’s foremost change agent.
Tony Elumelu’s ethical standards and philosophy are both exceptional. His reformation adventure began in 1997 when he took over a then floundering Nigerian bank, Standard Trust Bank, which was on the edge of collapse.
The bank had a group of like-minded investors in the deal.
Tony Elumelu did not only turn the bank around but also elevated it to the top tier of financial institutions.
He combined the bank with the United Bank of Africa (UBA) in 2005 and expanded it regionally (20 African countries with over 7 million customers). UBA maintains offices in the United Kingdom and the United States.
Tony is regarded as one of Africa’s top 20 highly prominent individuals.
He is one of the most sought-after entrepreneurs by African governments who recognize the importance of entrepreneurship in producing jobs. He is worth more than $600 million.
Tony Elumelu Is the Chairperson of Heirs Holdings, energy, healthcare, services, banking, real estate, and agricultural investment company.
The two ideas that guide entrepreneurship are opportunity and profits, both of which Africa provides.
The greater the profit, the greater the risk. Risk isn’t going away.
We must take a long-term strategy to investments, partnerships, leveraging, negotiations, and tenacity in order to reduce risk.
Through the Tony Elumelu Entrepreneurship Foundation (TEEF), Tony has established a $100 million fund to provide initial financing, training, and mentorship to over 10,000 African businesses (52 countries).
With the expectation that this will result in the creation of one million jobs.
That is the power of opening doors and providing opportunities. We must now transition from AID-dependent cooperative investments to transparent, long-term initiatives that benefit the entire community.
Top 20 business lessons to learn from Tony Elumelu
Three elements characterize Tony Elumelu’s entrepreneurial journey: hard work, perseverance, and vision.
It’s no surprise that these have helped him become one of Africa’s wealthiest men.
Let’s take a look at the top 20 lessons this entrepreneur has to offer.
1. Vision/Legacy
A vision is basically a concept, and every concept has the potential to be successful.
As a new entrepreneur, you must be aware that your initial concept may evolve into something significantly more substantial.
Recognize that your ideas are like a winding road with many twists and turns. Occasionally when the initial concept might produce more prospects that would never come up if you never decided to take the very first gamble.
Tony Elumelu’s position as Manager at UBA during such a pivotal period in African history allowed him to monitor the continent’s economy.
2. Human Capital Investment
Without investing in Human Capital, we would not be able to develop as a society.
Rather than sourcing human resources, Tony established an in-house academy at UBA to provide ongoing training to employees.
The success of UBA’s growth and expansion demonstrates the value of such investment. He repeated the process.
3. Increase Your Self-Belief
In watching this documentary on Tony Elumelu, it can be seen how his self-assurance helped him get his first position with the now-defunct Allstate Bank.
He felt confident that he could succeed in any role he was assigned to.
Perhaps it was because of his home instruction, the books he read, or his scholastic background that he gained confidence.
You can, however, increase your self-assurance.
When you’re pitching to investors or new consumers, you’ll need it.
It’s appealing to have confidence. It has a significant impact on your appearance, and according to the law of attraction, your energy has an impact on others around you.
Knowing oneself is a component of assurance.
4. Partnerships
You won’t be able to do it on your own. Transparency and open communication are essential.
You’ll attract like-minded people who will help you realize your idea, connect you with resource owners, and develop a shared good (Returns for investors and prosperity for the African Continent).
So that’s one of the key business lessons you should get from Tony Elumelu.
5. A Long-Term Perspective
Investing in initiatives that have a positive influence in the market and in the country will always yield a higher return, regardless of perceived dangers.
We can always reduce risks and ensure profits.
Society at large can benefit from investments in energy, financial services, infrastructure, waste management, the environment, and agriculture.
6. Innovative Concept
The potential of a dynamic concept to open up various channels is its strength. Tony Elumelu is a Nigerian footballer.
During a keynote lecture at the Global Philanthropy Forum in Washington, D.C., he said, “We sought to democratize banking — at the time, it was an economic, not a social act.” “However, we immediately saw that when we improved community access to banking, the towns benefited.”
And as the communities grew stronger, so did we.
The takeaway for us is that businesses may do very well and do right at the same time.
If you combine the two, you can generate even more riches.” – The Billionth
7. The Foundation is Education
Don’t ever get exhausted from trying new things.
Learning is a never-ending process. Billionaire banker, Tony Elumelu points out that most young people are anxious to complete their degrees and start a business, oblivious to the fact that they must learn how to run a firm and deal with human resources.
Entrepreneurship is about more than simply assets; it’s also about having the necessary skills to appear in the front of your organization and give them something that is worthy of their respect.
The truth of the fact is that people will rapidly back away if you have nothing to offer them.
8. A Capitalism Lesson
Africapitalism is a business ideology that encapsulates the private sector’s commitment to the continent’s economic change.
This transition will occur as a result of initiatives that produce both economic and social wealth. Entrepreneurship and capital from the private sector will be critical to Africa’s development.
That’s one of the key takeaways to imitate in your business.
9. Consider the Possibilities
Tony Elumelu once observed, “If you don’t think large, you won’t grow.” He believes that the ability to create is something that our age lacks.
In this age of the Internet and new technologies, his advice is to use our imagination to develop something that will contribute to the betterment, to think outside the box, and to set the precedent.
But, and there is always a “but,” he insisted on recognizing our own advantages and limitations so that we may address them.
10. Self-worth
Identity separates personality. The actuality is that many budding entrepreneurs in our culture have not had chances that have positively formed their sense of self-identity. Although this may set you back, you can attempt to improve.
11. Create a Brand
Brand positioning entails ensuring that your products are of the highest quality and meet your client’s expectations to the greatest extent possible.
It entails prioritizing your customers over profits. It entails listening to and responding to client issues as quickly as feasible.
It also entails constant improvement of your products and services by conducting periodic consumer surveys to determine how you can better satisfy the needs of your clients.
12. Have Passion for What You’re Doing
Be zealous and determined in the pursuit of your goals.
Without passion and dedication, nothing remarkable can be accomplished. Entrepreneurial and business accomplishments are nothing like that.
The world of business and entrepreneurship includes a lot of problems and hurdles. As a result, anyone who isn’t committed and enthusiastic will quickly become disheartened and give up.
13. Mentorship
The Tony Elumelu Foundation is supporting Africa’s next generation of indigenous answers by developing an entrepreneurship ecosystem that provides training, capacity building, consulting, and seed money. They are ensuring the continent’s future prosperity.
This is the answer to despair, poverty, and mass migration to Europe and the developed world.
If we succeed in rebuilding our nation, we will have magnificent weather, social systems, and limitless potential to exploit for other brave African sons and daughters.
14. Create Value, Not Only Money
When you endeavor to generate value, money appears. This is something I can’t emphasize enough. Countless people fail in business since their goods and services are unappealing to customers.
“The client is king,” as the old adage goes. The final outcome of your products and services is determined by your customers.
To stay in business, you’ll need their support. As a result, you must always think about your clients or customers.
15. Discipline
We need to promote a culture of saving to create pools of cash for investments, as evidenced by Tony Elumelu’s success.
Action generates momentum, which leads to the achievement of milestones to be celebrated.
16. Growth at an Exponential Rate
Tony Elumelu was hired as an entry-level analyst at the age of 27 and rose through the ranks to become the youngest bank manager in a year.
It’s not sufficient to be good at what you do. Exponential growth demands some level of perfection in your attitude to work.
17. Economic Ties and Networking
Individuals do business with people with whom they are familiar, and countries with strong economic links do not go to war.
Among the most effective secrets of Pan African unity is something like this. So far as we don’t try to take advantage of ourselves because nations have waged wars over economic relationships.
18. Risk and Dependence
“Africa is a continent of possibilities.” Africa has its challenges, but it also has a high return on investment,” Elumelu remarked during a TIME 100 Talks conversation with contributor Kim Dozier. “There has never been a better time to place that wager than now.” Time Magazine is a publication that publishes news
I’m not sure what it is about Tony that piques your curiosity; it might be his celebrity, fortune, charisma, or all of the above.
19. The Future of Africa is in Your Hands
Interestingly, Tony Elumelu emphasized the importance of living a “healthy life and getting enough sleep.” Getting a man who believes so strongly in us as the next generation of leaders, and having him say that one of the reasons he invests so much in Africa is just because the vision is still around…
20. Never Give Up Attitude
There will always be issues. Barriers will always be present. Some impediments can be overcome by enlisting government-to-government policy alignment to assist business and foster reciprocity (mutual interchange/ trade-off).
We need to boost inter-African commerce and also bring value to the key sectors. That’s yet another lesson to take from Tony Elumelu.
Last Thoughts
In summing up, let’s look at how Elumelu’s business came to the horizon. United Bank for Africa expanded its business by providing financial services to consumers who were turned down by other banks.
The bank expanded into nineteen nations and opened 1,000 branches across Africa.
As per Elumelu, one village was so eager for UBA to open a branch in their community that they offered to donate a house for the bank’s domestic operations.
Tony Elumelu became convinced as UBA grew that firms could generate profits, economic transformation, and social change all at the same time.
He also witnessed the impact of a $5 million investment across Africa and began to compare it to the millions of dollars in aid that stream into the continent
.Tony Elumelu suggests that instead of fostering reliance, people should focus on generating opportunities for everyone.
This is a wake-up call for successful African businesspeople to consider their legacy.
We have a moral obligation to help Africa flourish in the correct direction. We are fortunate to have numerous difficulties that provide chances for the continent’s development.
Tony Elumelu’s Africapitalism ideology is based on the belief that a successful entrepreneur can earn riches while also benefiting society.
That’s the size of this write-up on the business lessons to get from Tony Elumelu.
Practicing these will help improve your enterprise.
