Aliko Dangote, still Africa's richest man. Photo: FORBES AFRICA
Bill Gates is the world’s wealthiest man, according to Forbes magazine’s annual list of the world’s richest people. Gates’ net worth rose to $79.2 billion from $76 billion a year earlier, putting him at the top for the 16th year in the last 21. Arecord number of 290 dollar billionaireswere added to the list in 2014, including Michael Jordan. The new additions to Forbes magazine’s annual rich list, published on Monday, takes the total to a record 1,826 billionaires.
The number of Africans on the list remains at 29, consisting predominately of Egyptians (27.5%) part of either the Mansour or Sawiris clan. Notably, Tanzanian born Mohammed Dewji makes his debut on the list with a net worth of $1.25 billion, while Aliko Dangote keeps his place as Africa’s richest man, albeit after his net worth dropped to $14.7 billion, down from $25 billion in 2013. Femi Otedola, 78% owner of Forte Oil returns to the list after falling off in 2009.
Forbes Africa's 50th richest list
The Forbes Africa's Fifty Richest list was released shortly. The list, with a five hundred and ten million dollar entry price features six newcomers.
The richest 29 Africans are worth a total of $94 billion. The wealthiest group are the South African’s with a combined net worth of $28.5 billion. Nationals from just 9 out of 54 countries make up the African composition of the list.
You can read more about the African billionaire’shere.
The full list of Africans who made the 2014 list:
Name
Net Worth
Nationality
Sector
1.Aliko Dangote
$15.7 billion
Nigerian
Diversified
2.Johann Rupert & Family
$7.4 billion
South African
Luxury Goods
3.Nicky Oppenheimer & Family
$6.7 billion
South African
Diamonds
4.Christoffel Wiese
$6.3 billion
South African
Retail
5.Nassef Sawiris
$6.3 billion
Egyptian
Construction
6.Mike Adenuga
$4 billion
Nigerian
Telecoms and Oil
7.Mohamed Mansour
$4 billion
Egyptian
Diversified
8.Nathan Kirsh
$3.9 billion
Swaziland
Real Estate
9.Isabel Dos Santos
$3.1 billion
Angolan
Investments
10.Issad Rebrab
$3.1 billion
Algerian
Diversified
11.Naguib Sawiris
$3.1 billion
Egyptian
Telecoms
12.Youssef Mansour
$2.9 billion
Egyptian
Diversified
13.Koos Bekker
$2.3 billion
South African
Media
14.Othman Benjelloun
$2.3 billion
Moroccan
Banking
15.Yasseen Mansour
$2.3 billion
Egyptian
Diversified
16.Patrice Motsepe
$2.1 billion
South African
Mining
17.Stephen Saad
$2.1 billion
South African
Pharmaceuticals
18.Mohamed Al Fayed
$2 billion
Egyptian
Property
19.Folorunsho Alakija
$1.9 billion
Nigerian
Oil
20.Onsi Sawiris
$1.8 billion
Egyptian
Diversified
21.Aziz Akhannouch
$1.7 billion
Moroccan
Diversified
22.Allan Gray
$1.6 billion
South African
Investments
23.Miloud Chaabi
$1.3 billion
Moroccan
Diversified
24.Mohammed Dewji
$1.3 billion
Tanzanian
Diversified
25.Samih Sawiris
$1.1 billion
Egyptian
Property
26.Sudhir Ruparelia
$1.1 billion
Ugandan
Property, Banking
27.Femi Otedola
$1 billion
Nigerian
Gas Stations
28.Abdulsamad Rabiu
$1 billion
Nigerian
Diversified
29.Rostam Azizi
$1 billion
Tanzanian
Telecoms
Memorable Forbes Africa cover stories:
Femi Otedola, The billionaire who bounced back after a five year hiatus off the list:
Mohammed Dewji, a newcommer to the list and Africa's youngest billionaire:
Nicky Oppenheimer, the third wealthiest African in this years list and last months cover story:
Through
the work I’ve done at Growth Everywhere, I’ve been lucky enough to chat with
notable entrepreneurs such as Jason Lemkin (founder of Echosign, which sold to
Adobe), Mark Organ (co-founder of Eloqua, which sold to Oracle) and others who
are constantly pushing the boundaries of business success with their own
companies.
But
not only has this series of interviews given my followers plenty of
inspirational material to help them take their businesses to the next level,
it’s inspired me as well. Here are just a few of the lessons I’ve taken from
these conversations and applied to my work at Growth Everywhere and my company,
Single Grain.
1. SUCCESS COMES
FROM HANDLING DIFFICULT SITUATIONS WELL.
Want
to hear something inspiring? When Ron Klein,
inventor of the magnetic credit card strip, was 16, he contracted hepatitis and
spent almost two years recovering. During this time, he wasn’t able to go to
school or work, so he kept himself busy by reading 18 volumes of the
Encyclopedia Britannica. While his reading didn’t directly contribute to
his work with credit card strips, they do show how Klein was able to take what
was a difficult situation and turn it into something positive.
The
truth is, we all hit roadblocks and obstacles. We all get frustrated by
projects that don’t go as smoothly as we like. But it’s the way that you handle
these challenges that separates those that will become successful from those
that fail. Take a page out of Klein’s book and be the entrepreneur that makes
the best out of bad situations.
2. NEVER BE AFRAID
TO PIVOT.
All
entrepreneurs think they’re starting out with a brilliant idea, but the reality
is that businesses are often more complicated than they initially appear. Take
the example of eToro, a social-investment network led byYoni Assia.
Initially,
eToro aimed to bring a social-gaming element to financial investing. But when
the company’s first patent wound up being too over-gamified and over-simplified
with consumers, the company was quick to pivot to a more traditional
alternative, and then to a happy medium between the two. Today, eToro has
produced more than $30 million in revenue, despite its rocky start.
If
your initial idea proves unsustainable -- whether due to a lack of
product-market fit, limited consumer interest, incorrect pricing strategies or
some other factor -- don’t beat yourself up over it. Instead of giving up,
look for the seeds of success that exist in all failed ideas and use them to
move on to a stronger alternative.
3. LOOK FOR
UNEXPECTED OPPORTUNITIES.
Yali Elkin was
a pretty unlikely tech entrepreneur. Coming from a background in finance and
data management, Elkin was inspired by the 2012 presidential debates to start
LiveDial, a polling company that distributes surveys on any topic to an
unlimited audience at a moment’s notice. To date, the program has more than
7,000 downloads and is growing every day.
It
would have been easy for Elkin, when the idea for a survey platform crossed his
mind, to say, “I’m a finance guy -- what business do I have founding a tech
company?” But he didn’t. And you shouldn’t let yourself be tied down by
expectations either.
Look
for these types of unexpected opportunities and don’t let them pass you by.
Capitalize on them by taking the action that other wannabe founders aren’t
willing to.
4. SURROUND YOURSELF
WITH GOOD PEOPLE.
Recently,
I had the chance to chat with Finnegan
Faldi, founder of TruEffect, which focuses on first-party cookie
technology. Faldi has a serious sales and business development background, so I
was surprised when he told me that he doesn’t just believe CEOs should spend 25
to 33 percent of their time recruiting, he believes it
should always be a top priority. Instead of posting jobs when he has open
positions, he wants to have eager applicants who are ready, waiting and excited
to work for him.
I’ve
talked about what it takes to find a good CMO before,
but don’t limit yourself there. Every position at your company is critical, so
follow Faldi’s example and make constant recruiting a priority. A good team can
make the difference between a company that barely gets off the ground and one
that’s a runaway success.
5. ALL YOU HAVE TO
DO IS ASK.
While
I’ve been fortunate to be able to connect with some amazing entrepreneurs
through my interview series, what I want to emphasize is that there’s nothing
special about me. I don’t have tons of inside connections, and I haven’t yet
been admitted into any super-secret business-owner societies (if these exist at
all).
I
was able to learn great lessons that will save me a significant amount of time,
money and energy, all because I was willing to ask for it. I get told “no”
plenty of times by prospective interview subjects, but because I’m persistent,
I’m able to chat with fascinating people doing amazing things in the business
world. If there’s something you want out there, ask for it. Even
seemingly-impossible requests might be easier to fulfill than you’d imagine.
- ERIC SIUCONTRIBUTOR CEO, Single Grain. Founder,
Growth Everywhere.
The largest criminal organization in Japan and one of the biggest crime organizaitons in the world, the Yamaguchi-gumi boasts over 55,000 active members. It was founded before World War II and can be traced back to the labor union of dockworkers.
The organization amasses billions of dollars a year through various criminal activity including extortion, drug dealing, real estate, arms dealing, gambling, Internet porn and stock market manipulation. One of the members even assassinated the mayor of Nagasaki because he damaged his car in 2007.
2. Camorra (Italy)
Mafias don’t come any bigger or older than the Camorra. Originating in Naples, Italy the Camorra has a history that dates back to the 18th century, though some believe it to be descended from a secret society in Spain in the 16th century.
Earlier activities included petty theft and extortion, but over time the group transformed into the menacing organization it is today. Currently, the Camorra dabble in murder, drug and sex trafficking, child labor and environmental violence through, oddly enough, garbage disposal management (the effect of which is causing soil and air pollution). 3. The Arellano Felix Organisation (Mexico)
Also known as the Tijuana Cartel, The Arellano Felix Organization is one of the most violent drug cartels in Mexico. Beginning with a mere 11 members, the family ‘business’ has grown in strength (and violence), infiltrating the Mexican law and judicial systems and trafficking cocaine, marijuana, heroin and methamphetamine to the states. Steven Soderbergh’s 2000 Oscar-winning film Traffic featured the gang and detailed the exploits of one of the world’s biggest crime organizations. 4. D- Company (India)
Headed by one of the world’s most wanted and terrifying terrorists and crime bosses, Dawood Ibrahim, the D-Company is a criminal organization that funds and supports terrorist activity in their own country, India. They were responsible for financing the 1993 Mumbai terrorist bombings and also planned further attacks in Gujarat. The organization also amasses billions through arms and drug trafficking, contract killing, counterfeiting, extortion, real estate and, it is alleged, the Indian film industry. 5. The Numbers Gang (South Africa)
The Numbers Gang are a world-renown and one of the most fearsome prison gangs in the world. Operating from the Western Cape prison of Pollsmoor, the gang controls almost every prison in South Africa through violence and religion. The group is led by the 28s – in particular John Mongrel in Pollsmoor – and initiates subordinate members through forced sodomy and violence. The numbers – 28s, 27s and 26s – all ascertain a level and function within the gang and the systematized organization is in place across the South African prison system. Insubordination results in death.
If you want to become more successful as an entrepreneur or in your career, you can start by making a habit of talking and thinking more like the people you know or read about who are already successful.
Here are some phrases you’ll never hear a successful person say:
1. "We can't do that."
One thing that makes people and companies successful is the ability to make solving their customers’ problems and demands their main priority. If a need arises repeatedly, the most successful people learn how to solve it as quickly as they can.
2. "I don't know how."
Instead of automatically shutting down solution-finding, successful people learn what they can in order to succeed in a project or in their career. For example, you would never see a truly successful international business consultant who travels to Italy multiple times per year refusing to learn Italian.
3. "I don’t know what that is."
Pleading ignorance doesn’t make the problem go away. It just makes the asker find someone who is able to work with them to solve the problem. While’s it’s always good to be honest with those you interact with, finishing this phrase with “but I’ll find out” is a surefire way to become more successful.
4. "I did everything on my own."
The best people know to surround themselves with others who are smart, savvy and as dedicated as they are. What makes this work is always giving credit where it’s due, as due credit to you will always come back in hand. Recognize those that have helped you or made an impact and you’ll continue to earn success and recognition yourself.
5. "That's too early."
You would never hear Benjamin Franklin or someone such as Steve Jobs say, “that is too early for me to be there.” If there is a networking meeting, project launch or interview opportunity at the very beginning of the day, the most successful people do what it takes to be there. Part of being successful is being at the right place at the right time, no matter if you’re a morning bird or night owl.
6. "That’s too late."
Along the same lines, if you’re asked to a 9 p.m. dinner by a potential business partner, and you can make it, definitely go. You may be tired the next day, but the connections you will make during a small dinner or after-hours meeting can make all the difference when it comes to your career or next project.
7. "It's too bad we couldn't work together."
Truly hitting it off with someone can be a rare occurrence, but if you truly connect with someone and want to work with them, find a way to make it work. Finding people that you really enjoy communicating with don’t come along too often, so whether it’s a case study or a new business, successful people know that working with those who truly align with your personality and interests are the path to true success.
8. "Let's catch up sometime."
Many times, this phrase is said as filler, without any true follow up. Successful people know that if they really want to catch up with someone, they follow up to make it happen. This also builds on the idea that the most successful people have worked hard to build genuine connections and relationships within their network, without any hidden agenda. Nurturing your network means being thoughtful of others, while keeping your relationships with them on top of your mind.
9. "I'm sorry, I'm too busy."
If an opportunity comes their way, successful people do what it takes to make it happen. Sure, this might mean longer hours occasionally, but if you want something to work, that is what it takes. After all, according to Lao-Tzu: "Time is a created thing. To say ‘I don’t have time,’ is like saying, ‘I don’t want to.’”
10. "That was all my idea."
Again, as mentioned in number four, the most successful people spread the wealth when it comes to doling out praise from a successful project. No idea is truly one’s own -- it’s a sum of their experiences from interacting and building off of collaborative ideas with a team. Doling out praise and encouragement is a crucial part of building a successful company and culture.
11. "I never read books."
Tom Corley of Rich Habits found that rich people read (and listen to) books at a much higher rate than poor people: “63 percent of wealthy parents make their children read two or more non-fiction books a month vs. 3 percent of poor.” Also, “63 percent of wealthy listen to audio books during commute to work vs. 5 percent of poor people.” Reading non-fiction (as well as fiction) can help reduce stress, enhance creativity and boost your memory.
12. "I'm not good enough."
Part of being successful is having a high sense of self-worth. Being yourself is one trait that promises success in business and your personal life. Follow your true interests. What you would do in your life if you didn’t need money?
13. "It's OK." (over and over)
Successful people know when to walk away and stop taking excuses from others. If there is a bottleneck and something (or someone) is preventing you from completing a project on time, build up your business, or move you forward in your goals, then it’s time to set boundaries and decide to limit your involvement.
14. "If our competitors don't have it, then we don't need it."
Copying competitors is one of the many possible deaths for most companies. True innovation comes from the flip side: figuring out what competitors aren’t doing and fill that niche to answer a need in the industry.
15. "Time off is for suckers."
True success should be seen as a well-rounded approach, one with vacations, weekends with friends and family and hours of downtime on the weekdays. While workload varies for everyone at times, taking vacation can make you better at your job.
Sometimes to get to where you want to be, the best and easiest thing to do is to simply follow the examples that others set for you.
What phrases are you going to eliminate from your day-to-day conversations and thinking?
The idea of the Mafia comes with a very powerful and intimidating connotation. In case you forgot, the Mafia is what actually ran this country and most of the world back in the 70′s and even throughout the early 90s.
At times when the government had little or no power because society refused to obey their rules, it was the Mafia that seized this opportunity to take control of several different cities across the US, reaping all the benefits of the hard work and consumerism of their citizens.
Despite their reputation for criminal activities, the Mafia always maintains a solid structure and a strong code of conduct that not only insures a constant influx of cash, but also prevents their business from failing the test of time. It’s those factors that have led their operations to expand and ultimately thrive beyond expectations.
At the end of the day, a spade is a spade and a businessman is a businessman. These organizations were businesses and the people inside of them were businessmen just trying to make a living that was far more exciting and rewarding than the average pedestrian lifestyle at the time. You can even go as far as calling their leaders entrepreneurs because they found ways to make money in an unconventional and self-reliant manner.
The amount of lessons that we can learn from the Mafia are far and wide, as we are all working for the same goals: money, power, respect We as entrepreneurs are always utilizing different aspects of their business tactics each day.
We spend days figuring out how we can access new markets and build global brands. By studying the Mafia, there is much we can learn to create more opportunities to do this more effectively than any college professor could imagine.
Here is a top 8 list of things entrepreneurs can learn from the Mafia:
1. Fu*k you pay me
The Mafia knew that the business world would eventually turn into what it is now: almost completely void of credit and full of distrust and back-stabbing within businesses of all sorts. If you think someone you don’t really know is going to pay you back when they promised you, you’ve got another thing coming.
Whether it be a vendor or a client or someone you have contracted for any possible service, the Mafia showed us that it is fear that makes people pay their dues and play by the rules you have put in place.
As a business, especially a new business, you always need to make sure you live by the “fu*k you, pay me” mantra because if you don’t show that you will punish those who treat your deadlines lightly, you will be run out of cash and immediately overpowered by your rivals. You will encounter many people you do business with that hate paying on time or in full. Don’t let these idiots give you grey hair.
“You a gangster now. You can’t learn it at school… you can’t have a late start.” Carlito (Carlito’s Way)
2. The loyalty
When a new member joined a Mafia family (which was called “being made”) they had to make an oath that says, ”Should I betray my friends, may I burn in hell.” This is what forced everyone in the business to rely on each other and make the trust and success of their co-workers as their number one priority.
All the members worked equally hard because they all maintained the same respect for the boss. As an entrepreneur, you must realize that your team is your backbone and their loyalty to you as well as your loyalty to your vision is what will bring you success in addition to a family environment rich with trust and companionship. Make the oath to persist and stick by it.
3. Rock the boat
“Non si fa nessunna frittata senza rompere le ouva,” which translates to “You can’t make an omelette without breaking eggs.” Those that are willing to stir things up to get ahead are those that make a name for themselves in this world. These are the people that work hard and understand that opportunities are taken, not given. They make bold decisions, take action and break a shitload of eggs in the process.
This is what the leaders of the Mafias all over the world did every day. They went outside of their comfort zone to rock the boat and create a rift in a certain business. Their ambition drove them to screw up the lives of others to make a better life for themselves. Sure, they were addicted to power, but aren’t we all?
“In this country, you gotta make the money first. Then when you get the money, you get the power. Then when you get the power, then you get the women.”-Tony Montana (Scarface)
4. The payroll
The Mafia has lawyers, statesmen, police officers and other high-powered authorities on their ”payroll”. They pay people that are sure to protect their business and give them opportunities to expand very well. Everyone’s pocket was always full of cash as long as they used their authority to consistently help out the family they were aligned with.
The same should go for your business in terms of paying your sales agents, brokers, employees and anyone else you need to bribe to gain access to different markets. Pay your brokers and sales agents a good commission instead of the standard one in order to keep them working their hardest for you.
Keep your workers motivated by showing them the rewards that hard work will get them. The Mafia understood this strategy and that is how they kept all their men in order.
“I treat my men good, but not too good, or I’m not needed. I give just enough so that they need me, but they don’t hate me,”-Sonny (A Bronx Tale)
5. The 5 families
The Mafia is usually made up of 5 families that do business together. They collaborate to back each other up when their individual strengths are needed, because they all share a common goal that can only be reached if every family is operating successfully. This illustrates the importance of strategic partnerships and joint ventures.
I always say ”Your market is made out of 7 continents” and those markets can only be accessed through effective alliances and feudalistic deals.
6. Never rat on your friends, and always keep your mouth shut.
You may remember the advice that Jimmy Conway gave to a young Henry Hill in the Scorsese classic “Goodfellas.” It worked for the Mafia for hundreds of years and it still helps out many businesses to this day. Gossip and office politics are petty and unproductive.
Mind your business, don’t talk out of turn and remain loyal to your friends and co-workers. We had another saying growing up that said “even a fish wouldn’t get into trouble if he kept his mouth shut!” When in question or under pressure, shut the hell up and don’t ever put your friends or business in danger.
7. Reputation is everything.
Anyone who you do business with will judge you based on your commitment to your deeds. A favorite proverb states that “a good name is better than riches.” As an entrepreneur, you’ve got to decide what you stand for, and let your actions speak for themselves.
Guard your reputation like gold. The Mafia always made sure their enemies and friends got the impression that their family was a no-nonsense group of people.
8. Live by the code of conduct.
Last but not least, you must always have a code of conduct as an entrepreneur. The Mafia lived by the importance of money, power, respect. They had a strict hierarchy where much of the respect was given to the boss and the ones below had to earn their respect with hard work and dedication.
As an entrepreneur, you must set your own code of conduct for your business and have everyone buy into it. You must show the value of your code because it reflects your ability to lead and your team’s ability to produce.
“Mickey Mantle? That’s what you’re upset about? Mantle makes $100,000 a year. How much does your father make? If your dad ever can’t pay the rent and needs money, go ask Mickey Mantle. See what happens. Mickey Mantle don’t care about you. Why care about him?”-Sonny (A Bronx Tale)
By: Sid Wahi, http://www.cnbcafrica.com/
