At times, people go through tough times in business be it financial issues, branding, low profit, industry shakeout and so on. These issues often prove difficult that one needs high morale, determination and a never-say-never attitude to come out victorious.
This is the reason why Nairametrics found it vital to bring to you a few pieces of advice from the Billionaire and founder of Amazon, Jeff Bezos on what it takes for someone to succeed in business.
Being the world richest man is no small feat for someone who started Amazon as an online bookstore in his garage in 1994 to a company with more than $900 billion market cap. One could not have thought of a better person to share tips to help paddle the unstable canoe of business. Find his advice below.
- Be passionate: Bezos believes it’s important for an entrepreneur to follow his or her passion. He says that it’s the people who care that win.
“You have got to have some passion for the arena that you are going to develop and work in, because otherwise you’ll be competing against those who do have passion for that, and they’re going to build better products and services.”
Bezos added that to be a successful business person, you need to be a missionary and not a mercenary, meaning that you have to be mission-motivated, not money-motivated.
- Be ready to embrace risk and failure: The business tycoon also made it known that taking risks and failing is an integral part of becoming successful in business.
“If you come up with a business idea and there’s no risk there… it’s probably already being done… [and] being done well…. So you have to have something that might not work and you have to accept that your business in many ways is an experiment and it might fail, And that’s ok.”
Bezos has had his own share of failures, like the demise of Amazon restaurants and Amazon’s pop-up kiosks. Even at that, he continues to enjoy risk-taking in business.
- Change your mindset: Bezos has learned from interacting with the world’s most influential minds that the people who usually get things right are those who listen the most and who change their minds often.
“What I have found that people who are right change their mind even without getting new data. They have the same data set that they had at the beginning, but they wake up and they reanalyze things all the time and they come to a new conclusion and then they change their mind.”
“In fact, people who win typically have worked hard to recognize what beliefs or biases they hold and “actively try to look for evidence that does not confirm them,” Bezos said.
Dangote’s net worth declines by $1.2 billion in February
Africa’s richest man, Aliko Dangote lost $1.2 billion of his estimated net worth.
Aliko Dangote, the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries, has seen his net worth decline by a whopping $1.20 billion in the month of February alone.
Africa’s richest man whose wealth peaked at $18.4 billion this year, saw his wealth declined by $1.20 billion, to $16.6 billion from $17.8 billion recorded on the 31st of January 2021, data retrieved from Bloomberg Billionaire Index reveals.
Source: Bloomberg Billionaire Index
The fall in Dangote’s net worth is partly attributable to the decline in the share price of his flagship company, Dangote Cement Plc (DCP), as well as the share price of his integrated sugar business, Dangote Sugar Refinery Plc (DSR).
The decline in the share price of these companies which impacted their market capitalization was occasioned by profit-taking activities by investors in February, across the market spectrum.
Facts about Dangote’s networth valuation
The majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.
He holds stakes in Nascon Allied Industries and United Bank for Africa, directly and through Dangote Industries, a conglomerate that also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.
Dangote’s most valuable closely held asset is his fertilizer plant with a capacity to produce up to 2.8MT of urea annually. The $2.5 billion fertilizer plant owned by Africa’s richest man Aliko Dangote, is expected to commence operation in the first quarter of 2021.
The billionaire also owns a $12 billion oil refinery which is expected to be completed this year. However, the plant is not included in his net worth valuation, for some reason.
What you should know
- The shares of Dangote Cement at the close trading activities for the month of February declined by 6.78%, extending the YTD loss on the shares of the cement behemoth to over 10%.
- On the flip side, shares of Dangote Sugar Refinery also declined by 15.29% to close the month lower at N18 per share, thus correcting the YTD gains of its shares to 2.27%.
Battle of Titans: Elon Musk, Jeff Bezos share world’s richest title
Stiff competition prevails as both Jeff Bezos and Elon Musk share the world’s richest title.
The battle for the worlds richest has suddenly become so intense that both Elon Musk and Jeff Bezos both share the world’s richest man title on the account they both have a net worth of $184 billion.
Bezos, the man behind the world’s most valuable retail company, Amazon, has steadily been seeing his wealth valuation appreciate amid high market volatility currently prevailing at global financial markets.
The 49-year-old self-made billionaire, Elon Musk is sharing, the world’s richest when recent data revealed Tesla recorded impressive gains of about $9.75 at the end of Monday’s trading session.
Investors are currently increasing their buying pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade, thereby giving the world’s most valuable car company room for more upside.
It’s important to note that both mega billionaires have in recent times focused their considerable brainpower on space technology as Bezos recently accelerated his space-travel efforts through his firm popularly known as Blue Origin.
Recent reports suggest SpaceX founded by Musk raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
Bezos who is now the Chairman of the $1.58 trillion valued company, Amazon has about $9.63 billion cash in the bank.
The online retail giant returns have under his tenure as the chief executive officer of the e-commerce giant actually ranked second among all S&P stocks since the IPO in May 1997.
The 57-year-old billionaire is the founder of Amazon, the world’s biggest online retailer company on earth. The American-based company sells books, household goods, and other retail products through its flagship platform.
His company also controls the Whole Foods grocery chain and offers video streaming services and remains the biggest cloud computing provider worldwide.
That being said, both Elon Musk and Jeff Bezos’s wealth valuation would currently buy 107 million troy ounces of gold or 2.91 billion barrels of crude oil.
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