Successful people rarely credit their achievements to luck. Yet Tony Elumelu is the exception.
It’s immediately comforting to know that as a young person trying to succeed, it’s not always about how much work you put in, or how much passion and dedication you commit to your work. Sometimes it comes down to luck; plain old luck.
Seed funding is an entrepreneur’s luck, and Elumelu through his foundation has come to define himself as that man that creates luck for entrepreneurs.
In recognising the little things that helped him even the odds and made him lucky, Elumelu has today inspired a foundation that is defined by its efforts in institutionalising luck.
TEF is institutionalising luck by creating financial institutions that assist entrepreneurs in achieving their dream.
Contents
How Luck Redefined Elumelu’s Path
Here’s a rule of thumb. People don’t care how much you know until they know how much you care.
The series of events that lead to Tony’s early start in the financial Industry, he credits to two men; Toyin Akin-Johnson and Ebitimi Banigo.
The back and forth between CBN and that led to Tony’s purchase of Standard Trust Bank, came through a series of financial assistance from friends that believed in his dream.
Perhaps this has spurred the belief that everyone needs a little help.
What if he never got that Job at Allstates Bank, what if his bosses never noticed his hard work and he never got to be the youngest branch manager at 27.
Truly, everyone needs help.
Tony cares about empowering young African’s with exceptional hunger for success. He recognises himself in them and identifies with their zeal.
Indeed, no one is as hungry as a young African Entrepreneur. And the growth in annual TEF applications proves it. From 20000 applicants in 2010 to 45000 applicants in its second year.
This hunger drives the constant search for some secret to greatness.
I read a post that described Tony Elumelu as God sent – well when you invest that kind of money in people, you’re God sent.
Your past may look nothing like your future, but it holds lessons that are relevant to your future.
Tony Elumelu’s business journey was marked by three things; hard work, resilience and vision.
Little wonder how these helped shape the basic values of the Tony Elumelu Foundation.
Lessons From Tony Elumelu
Networking/Economic ties
People do business with people they are comfortable with, and nations with economic ties do not go to war.
This is perhaps one of the most powerful secrets behind Pan African unity. As long as we don’t try to exploit ourselves for gain; because Nations have waged wars because of Economic ties.
Build Confidence
In examining, this Documentary on Tony Elumelu, I easily spotted how self-confidence helped him gain his first job with the now obsolete Allstate Bank.
He had a firm belief that he could make a success out of any position he was placed in
Perhaps he gained confidence from his home training, or from the kind of books he exposed himself to or from his educational background.
Build your confidence; however, you can.
You’d need it when you pitch to investors or new customers.
Confidence is attractive. It makes a lot of difference on your countenance, and par the law of attraction, your energy affects the people around you.
Part of confidence requires you know yourself; every part of it.
Self-worth sterns from identity. The reality of our society is that there are lots of young entrepreneurs who may not have had opportunities that positively shaped their confidence in their identity. This may set you back, but you can work to excel.
Exponential Growth
At 27, Tony Elumelu was hired as an entry-level analyst, and in 12months he grew to become the youngest bank manager.
It’s not enough to perform well. Exponential growth requires some level of excellence in your attitude to work.
Vision/Legacy
A vision is an idea, and every idea has a level of potential for success.
You need to understand that as a young entrepreneur, your initial idea may metamorphose into something far more significant. Understand that your ideas are essentially a pathway with many twists and turns. Sometimes the initial idea would sprout other opportunities that would never open up if you never dared to take the first risk.
For Tony Elumelu, his position as Manager in UBA at such a significant time in African history gave him access to observe the economy across the continent.
The power of a dynamic idea is its ability to open up multiple channels. Tony Elumelu “We wanted to democratize banking – at the time, it was an economic, not a social act,” he said during a keynote speech at the Global Philanthropy Forum in Washington, D.C. “But we learned quickly that as we enhanced access to banking, the communities prospered. And as the communities prospered, we also did. The lesson for us is that, indeed, corporations can do well and do good simultaneously. If you integrate both, it can create even more wealth.” – Next Billion
United Bank for Africa grew its business by offering banking services to customers that other banks refused to work with. The bank opened 1,000 branches across Africa and expanded into nineteen countries. One village, according to Elumelu, wanted so much for UBA to open in their community that villagers offered to donate a house for the bank’s local operations. As UBA grew, Elumelu became convinced that corporations had the power to create profits, economic change and social change all at the same time. He also saw the impact that an initial $5 million investment had across Africa and began to compare this to the impacts of the millions of dollars of aid that flood into the continent every month.
A Lesson on Capitalism
Africapitalism is an economic philosophy that embodies the private sector’s commitment to the economic transformation of Africa. This transformation will be made through investments that create both economic prosperity and social wealth. Private sector entrepreneurs and capital will be the key to developing Africa.
Risk and Reliance
“Africa is a land of opportunity. Challenges exist in Africa, but we also have a huge return on investment,” Elumelu said during a TIME 100 Talks discussion with contributor Kim Dozier. “There’s no better time to make that bet than the time we live in.” Time Magazine
I don’t know what piques your interest in Tony; it could be fame, wealth, charisma or all of it.
But I can assure you that there’s no new secret to greatness, their simple truths you don’t know or know but don’t apply. I’d urge you to take a closer look at these lessons.
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