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As a billionaire businessman, Femi Otedola’s blueprint for constructing long-term wealth presents a holistic method that encompasses monetary intelligence, long-term imaginative and prescient and moral enterprise practices.
Birthed out of his years of expertise, Otedola’s blueprint reveals that true wealth goes past materials possessions and lies within the innate capability to make crucial selections, nurture relationships and construct a long-lasting legacy. From Otedola’s entrepreneurial journey, we are going to supply sensible recommendation that may empower you to take cost of your monetary future. Let’s dive in.
Don’t keep small
Whereas beginning small presents the chance of exploring untried paths staying small can hinder you from constructing long-term wealth. Otedola began out by grooming the nails of his mother and father’ friends for a selected cost. Revealing that he had his first enterprise at age six, Otedola stated, “It was known as FEMCO. I’d supply to groom my mother and father’ friends’ nails. Then, write a receipt and cost them for my service. They paid me too. I all the time had an curiosity in enterprise.”
From grooming nails, Otedola ran the advertising and marketing facet of the household printing press earlier than venturing into the oil sector. He began small, banking on the affect of his mother and father, however Otedola didn’t keep small. Otedola’s blueprint encourages entrepreneurs to suppose exterior the field. He stated, “Whether or not you’re a farmer, builder or engineer, the alternatives are equal: Simply add a bit innovation.” If you wish to construct long-term wealth, add a bit innovation.
Talking forward of the just lately inaugurated Dangote refinery, Otedola tweeted, “Countdown to the commissioning of the world’s greatest refinery tomorrow. Historical past is made.” Entrepreneurs can’t make historical past in the event that they keep small.
Strategize whereas your opponents are sleeping
Otedola’s journey into the oil enterprise was initially clean till the political local weather modified. The availability he obtained from his mates in authorities ceased and he determined to open his personal diesel provide enterprise. Inside a brief time frame, Otedola took over the diesel provide infrastructure. For clean operations, Otedola established a transport and delivery firm, F.O. Transport and Seaforce Delivery. His main opponents had been trade giants like Whole and Mobil.
The Nigerian oil magnate as soon as stated, “Whereas my opponents had been sleeping, I used to be busy strategising. I used to be liberal too. My technique was: excessive volumes and little margins. I used to be very excited at this level.” It is very important word that constructing long-term wealth as a younger entrepreneur signifies that you’ll have opponents. Nonetheless, what’s going to aid you is the methods you utilize.
Suicide shouldn’t be an choice
The Geregu Oil Boss encountered enormous monetary loss in his journey. Narrating his ordeal, Otedola stated, “It was a really low time for me, and I explored totally different choices, together with suicide, however in the end, I knew I needed to resolve this drawback. My money owed needed to be paid.” For Otedola, committing suicide or terminating the enterprise was not the answer to the issue.
In one in all his quotes, Otedola stated, “Listening to the phrase “No” shouldn’t be the top of the world. Maintain your eyes on the large image. Take a step again, probe, reassess, and take a look at once more. Should you fail, strive repeatedly.” Entrepreneurs who want long-term wealth should take Otedola’s blueprint to coronary heart. They should be prepared to maneuver ahead with the enterprise, quite than surrender on the enterprise thought.
Separate private fortune from enterprise
One other blueprint Otedola’s success story presents is the choice to separate his private fortune from his enterprise. Revealing how he bounced again from his loss, Otedola stated, “I additionally decided to not run the enterprise as I had failed at operating it effectively. I then introduced in a crop of contemporary younger gifted guys to take over. I wished contemporary, sensible minds and concepts.”
Constructing long-term wealth additionally includes using the suitable staff to handle your online business. In line with Otedola, being an excellent entrepreneur doesn’t essentially make you an excellent supervisor of a enterprise.
Give again to the society
Otedola’s blueprint wouldn’t be full with out the precept of giving again to society. He as soon as stated, “Giving again and leaving society a greater place than I met it’s all the time of utmost importance to me.” He has donated hundreds of thousands of {dollars} to help causes resembling schooling, healthcare, and catastrophe reduction.
The Billionaire’s dedication to philanthropy and social duty is his manner of utilizing wealth as a software for constructive change. Entrepreneurs trying to construct long-term wealth should be prepared to offer and create a long-lasting impression of their communities.
