Nigerian billionaire businessman, Alhaji Aliko Dangote has revealed why many African entrepreneurs fail after recording initial success in their ventures.
The President of Dangote Group, Nigeria’s largest private employer, gave the insight in an interview conducted by Business Insider Africa and posted recently on the Tonyelumelufoundation’s verified Instagram account.
According to him, many Africans spend their projected income instead of reinvesting it into their businesses.
“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,” Dangote said.
Using himself as an example, the billionaire businessman advised against acquiring unneeded luxury items as they are often time-consuming.
“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,” he said.