Characteristics of Successful Entrepreneurs

What are the characteristics of successful entrepreneurs? What is the driving force behind most famous, successful entrepreneurs that propel them in their quest to acquire massive wealth? This seems to be the most bugging question on the mind of young entrepreneurs.

Today, I am going to answer that question by sharing with you the exact qualities or characteristics most successful entrepreneurs possess and how you can develop yours. Join me as I reveal the secret of successful entrepreneurs such as Thomas Edison, Bill Gates, Oprah Winfrey, J. Paul Getty, Larry Ellison, Mukesh Ambani, Lakshmi Mittal and Aliko Dangote; the richest black man in the world.

15 Characteristics of Successful Entrepreneurs and How to Develop Yours

1. Passion and Energy

When you think of the likes of Bill Gates, you tend to feel he is living a life filled with long vacations and excessive free time. But that’s not true; most successful entrepreneurs are known to have a great amount of passion and energy.

“Passion is what drives me forward. Passion is what makes me go to bed at 2am and wake up at 6am.” – Aliko Dangote

In fact, they possess the capacity to work long hours with minimal sleep. What most people don’t realize is that entrepreneurs work longer hours than most employees; shuffling between their family, business duties and meetings. This just reminds me of a quote from Warren Buffet, the world’s richest investor and founder of Berkshire Hathaway.

“Without passion, you don’t have energy. Without energy, you have nothing.” – Warren Buffett

2. Ability to take Responsibility

“Sometimes when you innovate, you make mistakes. It’s best to admit them quickly and get on with improving your other innovations.” – Steve Jobs

Successful entrepreneurs are known to take responsibility of their actions and decisions even in the face of failure. They don’t blame their employees; instead they take charge, correct their business mistakes and move on.

“My philosophy is that not only are you responsible for your life but doing the best at this moment puts you in the best place for the next moment.” – Oprah Winfrey

3. Long Standing Commitment

“It’s my job for Oracle, the number two software company in the world; to become the number one software company in the world. My job is to build better than the competition, sell those products in the marketplace and eventually supplant Microsoft and move from being number two to number one.” – Larry Ellison

This is a very vital character possessed by any successful entrepreneur you come across. Entrepreneurs are known to be committed not just for the moment but for years. You can imagine Warren Buffet, who is in his 80′s, yet he is still committed to the growth of Berkshire Hathaway, which he founded many years ago.

“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

“If I make a commitment to something, I will stick to it no matter what.” – Jenny Craig

4. Self Belief

“You are nuts and you should be proud of it. Stick with what you believe in.” – Trip Hawkins

Successful entrepreneurs are known to display a high level of self confidence. They have little belief in fate; they strongly believe in themselves and their ability to achieve their set goals. This is a major character venture capitalist watch out for before financing any business venture.

“Some people intertwine self belief and faith but I stand to say they are not the same. Faith is not self belief. While faith says it can be done, self belief says ‘I can do it.’ While faith says there is possibility, Self belief says ‘I am the possibility.’ Faith without self belief is vain.” – Ajaero Tony Martins

5. Persistence

“When the going gets tough, the tough gets going.”

This is what persistence stands for; the ability to press on in the face of hardship. Without persistence, nothing can be achieved. When you think of persistence; think of Henry Ford, founder of Ford motor Company and Ray Kroc, founder of McDonalds.’

“Nothing in the world can take the place of persistence. Nothing is more common than unsuccessful men with talent. The world is full with educated derelicts. Persistence and determination alone are omnipotent.” – Ray Kroc

6. Goal Setting

“I intend to be, the richest man in the world.” – Howard Hughes

All successful entrepreneurs share the characteristic of being goal oriented. They have the ability to set clear goals for themselves. These goals are high and challenging but realistic and attainable. To them, life without goals set and achieved is life wasted.

“I think I am very goal oriented. I’d like to win the America’s cup. I’d like Oracle to be the No 1 software company in the world. I still think it is possible to beat Microsoft.” – Larry Ellison

7. Ability to take Risk

“In today’s rapidly changing world, the people who are not taking risk are the risk takers.” – Robert Kiyosaki

As we all know, business is a risk and to undertake it, you have to be daring. Successful entrepreneurs are risk takers; they put down their time, energy and resources to make sure their business stand the test of time.

“You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth.” – J. Paul Getty

8. Intelligent Use of Feedback

Feedback is one element that successful entrepreneurs don’t joke with. In fact; it is so important that they surround themselves with smart teams so as to get feedbacks about decisions they took. Most importantly, they make intelligent use of the feedback they receive. Please note that feedback can be in the form of criticism, opinion or advice.

“Sometimes, I think my most important job as a CEO is to listen for bad news. If you don’t act on it, your people will eventually stop bringing bad news to your attention and that is the beginning of the end.” – Bill Gates

9.  Strong Self Imposed Standards

“It takes 20 years to build a reputation and only five Minutes to ruin it. If you think about that, you will do things differently.” – Warren Buffett

Successful entrepreneurs have laid down principles which they don’t compromise for any reason. If you want to be a successful entrepreneur, you must be firm, strict and be a man or woman of principle.

“I am stingy and I’m proud of the reputation.” – Ingvar Kamprad

“Real integrity is doing the right thing, knowing that nobody’s going to know if you did it or not.” – Oprah Winfrey

10. Ability to Work under Pressure and Uncertainty

To be an entrepreneur, you must have the ability to work under pressure and uncertainty. Whenever you are facing tough times in your business; remember Donald Trump, who was in personal debt of a billion dollars and his corporation was in debt of 9 billion dollars yet he kept cool and worked his way out of the debts.

“You must not only learn to live with tension, you must seek it out. You must learn to thrive on stress.” – J. Paul Getty

11. Strong Internal Control

Control is essential to the business survival of every successful entrepreneur. To build a successful business, you need firm control of your cash flow and all other business systems. Control is a watch word of entrepreneurs and investors.

“In order to be a player on the fast track, you will need to have a plan on how to gain more and more control. On the fast track, it is control more than money that counts.” – Rich Dad

12. Intelligent Use of Resources

Sometimes, entrepreneurs are faced with the challenge of building a business with limited capital. When building a small business startup from scratch, there is need for efficient utilization of the limited resources. It’s called building a business on a “Shoe string budget“

“IKEA people do not drive flashy cars or stay at luxury hotels.” – Ingvar Kamprad

13. Ability to Quickly Learn From Failures

“Punishing honest mistakes stifles creativity. I want people moving and shaking the earth and they are going to make mistakes.” – Henry Ross Perot

Successful entrepreneurs make lot of mistakes that sometimes lead to business failures but they don’t bow their head in defeat. Instead, they quickly acknowledge their business mistakes, correct them, learn from their failures and move on. They fail but they don’t quit. Instead, they get inspired by their failure and use their failure as a stepping stone to success.

“Failure is just a resting place. It is an opportunity to begin again more intelligently.” – Henry Ford

14. Money as a Means of Keeping Score

“I don’t make deals for the money. I’ve got enough much more than I’ll ever need. I do it to do it.” – Donald Trump

This characteristic might sound a little bit funny but it is a common attribute found in most successful entrepreneurs. Entrepreneurs use the money acquired from their business as a landmark, a target and a sign to move on to other business challenges. An entrepreneur who makes his/her first million dollars will be happy with the achievement and will set a goal to make his/her first 100million dollars.

“Build wealth as a by product of your business success; If wealth is your only objective in business, you will probably fail.” – J. Paul Getty

15. Delayed Gratification

“You know you are on the road to success if you would do your job and not get paid for it.” – Oprah Winfrey

I should have listed this first but I decided to save it for the last. Most individuals like the concept of getting rich quickly, invest today and gain a 1000% ROI in a week and stuffs like that. Entrepreneurs know that profit or reward may not be instant and may even take as much as five years before receiving any dividend. Sometimes, they work without pay, hoping for a greater reward in years to come.

“I never attempt to make money on the stock market. I buy on assumption they could close the market the next day and not re-open it for five years.” – Warren Buffett

Having revealed the characteristics of successful entrepreneurs, I will advice you try to develop these characters because without these characters, your success will be limited.

From My Top Business Ideas

Top Ten Celebrity Entrepreneurs

Yes! They are celebrities in every right, gracing magazine covers, appearing on Television screens and strutting the red carpets of popular high profile events. They are made popular by their involvement in music, movie, fashion and the list goes on. However, while some of their colleagues are busy fêting with luxury cars and acquiring fashion items and property to show off, these business savvy and dogged stars are following the path of entrepreneurship. In no particular order, here are top ten Nigerian showbiz stars who are also entrepreneurs.

psquare

PSquare

Twin pop sensation, Peter and Paul Okoye, popularly known as PSquare, are without doubt a force to be reckoned with in terms of their investment.

The duo has invested in so many areas and has assets running into billions of naira.

They own Rayfield Hotel, in Jos, Plateau State, and two multi million Naira factories in Jos, where they built set up a bakery and sachet water company for their parents.

PSquare’s notable investments include a multi-million Naira home in San Francisco, USA, which cost an estimated sum of N434m in 2013, a private jet acquired in 2012, a house in Lagos worth N400m, and many other landed properties in Jos and Port Harcourt.

koko g

Dbanj

Dapo Daniel Oyebanjo, aka DBanj, is another dogged entrepreneur who has tried his hands on some other businesses aside music, which has fetched him cool cash. DBanj owns KoKo Water, Koko Mobile (launched in 2010 in partnership with First Bank and the now defunct Mo’Hits Records) and Koko Lounge in Lagos and the UK. He recently launched Koko Gari and has disclosed that plans are underway for the launch of Koko Mattress and Koko Condoms.

Apart from his investments, Dbanj makes money from endorsement deals, record sales and concerts. He has a multimillion Naira deal with Chris Aire and UAC Foods. That is in addition to his endorsement deal with Globacom Telecommunications, which earned him N70m.

don-jazzy

Don Jazzy

Micheal Ajere, otherwise known as Don Jazzy, is another celebrity that has a brain for business. Sources have it that the Marvin Record boss has ventured into oil and gas business with his brother.

The brothers, sources have it, set up Marvin Energy, Oil and Gas Company and a 24-hour door-to-door diesel delivery service that supplies and retails petroleum products and offers services in construction of diesel storage tanks and leasing of trucks.

The Don also rakes in dollars from Loya Milk and MTN endorsements.

genny

Genevieve Nnaji

This Nollywood actress is one that never quits. In 2008, Genevieve Nnaji launched a clothing line called St. Genevieve, which later hit the rocks. She also tried singing at one time, but that too was not a successful venture. However, the star actress has indicated interest in staging a comeback into the fashion business.

A very dependable source close to the actress revealed that Nnaji has perfected all necessary arrangements to restart the business in a big way.

She was even spotted some months ago at the office of Kinabuti Fashion in Lagos with whom she is thinking of partnering in order to re-launch her line into the fashion scene.

kcee

Kcee

Kingsley Chinweike Okonkwo, aka Kcee, can be described as an artiste with nine lives because he refused to give up in spite of the challenges he faced as an artiste. The “Limpopo” star, who is currently enjoying the limelight, recently opened up on his business investment.

The name of the company is Five Star Oil and Gas, a subsidiary of his Five Star brand. The musician revealed that he plans to go into a lot, but is taking his time so he can take them one after the other.

‘‘You know, in the music business in Nigeria, no one can remain on top for ever. That is why one needs to be wise so as to make investments that will see one through when the hits are no more coming,” the artiste was quoted as saying.

dr-sid-cookies

Dr Sid

While others are going into fashion, beauty, oil and gas and other related lines of business, Sidney Onoriode Esiri, known commonly as Dr Sid, took a totally different route a year ago when he ventured into his own chocolate cookie business called “Indulge”, a luxury chocolate cookie made with the finest Kenyan Cocoa powder, chocolate dough and Belgian chocolate. Indulge cookies costs as much as N3, 500 per pack.

The 33 year-old singer, songwriter and Dentist, is originally from Delta state, but was raised in Lagos.

AY

AY

Ayo Makun is most definitely one of the wealthiest and most business oriented comedians around. He became popular by impersonating Rev. Chris Okotie in his jokes, and in 2006, was named the Best Up-Coming Comedian in Nigeria.

Eight years down the line, he has achieved so much in comedy and other businesses. Asides from his AY Show, he is also the CEO of Corporate World Entertainment, an outfit that focuses on packaging events and providing contents for radio and television.

His outfit powers AY Live, The AY Show and Open Mic Challenge, a monthly talent hunt programme that has produced the likes of Emeka Smith, MC Shakara, Elenu, and Seyi Law. AY has also ventured into writing, with a book titled AY’s Diary.

kate henshaw

Kate Henshaw

Kate Henshaw, one of Nollywood’s finest, is another very enterprising celebrity. The beautiful actress has tried her hands in different ventures, including running a company that dabbles into different business interests.

At the celebration of her 20 years on Stage last year, she presented a coffee table book titled “The World of an Actress: My Story”, amidst fanfare and encomiums. The memoir, which also doubles as a photo book, chronicles the actress’ humble beginning as a starlet, career highpoints, as well as her journey to fame.

Also in December 2013, the 43 year-old mother of one launched her fitness DVD, called Kate Fit For Life. The DVD is the first in the series of workout videos from Kate and is being marketed locally and internationally as she was said to have signed an international distribution deal with a US based Media Company.

She also makes money from endorsements, being a brand ambassador for Samsung Mobile and Samsung Electronics West Africa, as well as Onga seasoning.

She is said to currently own about three buildings and several landed properties scattered around Nigeria.

club rumours

Innocent Idibia

2 Baba, as he is fondly referred to, is not just about his wonderful songs. He also has a business side to him and is earning a lot of bucks from it. He has investment in real estate, stocks and other businesses.

Following the success of his first club in Ikeja, TuFace opened the doors of his second night club, known as “Rumours” in Festac Town, in December last year.

It was gathered that the African Queen crooner spent about N250 Million on the 1000 guest capacity club which opened its doors in the New Year to fun seekers.

On why he delved into the club business, Tuface said, “I am not only an artiste, I’m also an entrepreneur. I want to make the night club a model like Jay-z’s Club 40/40. I want to have my clubs in major cities in Nigeria, as well as in South Africa, Europe and the US,” he said

The African Queen crooner also has an NGO called 2 Face Idibia Reach Out Foundation, whose motto is “Service to Humanity.”

Banky-W-7

Banky W

Not one to be contented with his exploits in the music world, Bankole Wellington is also accomplished in several other fields. Both as a businessman and record executive, he has enjoyed tremendous success. Not only is he an R&B star, he is also on the board of trustees of the “LightupNigeria” Project, which is focused on achieving constant electric power supply in Nigeria, as well as various other charitable society building and empowerment projects.

In 2003, he released his first album, the Undeniable, on the platform of E.M.E Records, which he co-founded. The record label was home to popular artiste Wizkid and Skales for some years, before they parted ways. However, there are still some great musicians like Niyola, Shadee and DJ Exclusive on the label.

Being the creative mind behind the label, Banky has established EME and its talented artistes in the hearts and minds of millions of fans worldwide.

In 2012, Banky launched his acting career with a debut recurring role on the final season of MNET’s hit TV show “Jacob’s Cross”.

The R&B singer also happens to be the brand ambassador for Etisalat, one of Nigeria’s telecommunications giants, as well as Samsung mobile.

From BizWatchNigeria

Own It: 15 Inspiring Business Lessons from Oprah Winfrey

Oprah Winfrey is a self-made CEO worth about $2.7 billion. By most accounts, she’s the greatest black philanthropist in American history and the most influential woman in the world.

But she could have been just another talk show host.

In 1984 she got her dream job: hosting a show called ‘AM Chicago’. Under her watch, it went from last to first in the ratings. Two years later, the program was being syndicated nationally as ‘The Oprah Winfrey Show’.

That’s when Oprah made the decision that transformed her from an entertainer to an entrepreneur with a salary of $290 million a year. I’ll explain that decision and how you can adopt Oprah’s mindset in the 15 lessons below.

15 Inspiring Business Lessons from Oprah Winfrey

#1 Be True to Your Self

“I had no idea that being your authentic self could make me as rich as I’ve become. If I had, I’d have done it a lot earlier.”

Oprah Winfrey

Oprah has been captivating audiences since she was three years old. Her local church had nicknamed Oprah “The Preacher” for her ability to recite Bible verses.

She had a knack for interviewing too. Back then, Oprah’s favorite game was to ask question of her doll and the crows on the fence of her family’s property. In other words, Winfrey was pretty much born to be a talk show host.

If you feel like your job is a round hole and you’re a square peg, it’s time to make a change.

#2 Respond to Prejudice with Excellence

In the early 1970’s, Oprah landed a job as the first black female news anchor at Nashville’s WLAC-TV. In 1976 Winfrey got an offer to anchor the six o’clock news in Baltimore. Ten years later, she was the host of The Oprah Winfrey Show – the number-one daytime talk show in America.

Oprah knew all along that she wasn’t what TV producers wanted in front of the camera. As TIME magazine wrote, “In a field dominated by white males, she is a black female of ample bulk.”

Knowing this, she could have given up. But Winfrey believed that she could overcome prejudice in her industry by being the best in her industry:

“Excellence is the best deterrent to racism or sexism.”

Oprah Winfrey

#3 If You Haven’t Fallen, You Haven’t Walked

“Go ahead. Fall down. The world looks different from the ground.”

Oprah Winfrey

Oprah, like mostly insanely successful people, doesn’t believe in failure.

What most people think of as failure, Winfrey considers to be a new perspective, a new lesson, another stepping stone to her destination.

This is the advice she has for those afraid to fail: “Do the one thing you think you cannot do. Fail at it. Try again. Do better.”

#4 Find the Good in the Bad

When Winfrey was co-anchoring the evening news in Baltimore, a botched hair treatment destroyed her hair and left her totally bald. Winfrey was devastated, knowing how important a good head of hair is for a news anchor.

But she was also able to look on the bright side. Years later, Oprah told Ms. magazine, “You learn a lot about yourself when you’re bald.”

“Turn your wounds into wisdom.”

Oprah Winfrey

Winfrey’s past is full of struggle – she grew up poor, was sexually abused as a child, and had a son at the age of 14 who died in infancy – but she credits these events for giving her more capacity to relate to the pain of others.

I’m not going to tell you that “everything happens for a reason,” but I can promise you that there are two sides to every coin. As Winfrey puts it, “every single event in life happens in an opportunity to choose love over fear.”

#5 Challenge the Status Quo

School teaches kids that success is achieved by following instructions and by doing things the way they’re “supposed to be” done.

But life and business teach a different lesson.

When Winfrey got her first job as a news anchor, she didn’t read the news in a dry, objective tone (as it was “supposed to be” read). She spoke with emotion and empathy, as if she was really experiencing what she was reporting. It was different, but audiences liked it – and so TV producers did too.

After a few years of hosting ‘The Oprah Winfrey Show’, she again wanted to challenge the norm. Winfrey explains:

“I’m sick of people sittin’ in chairs stating their problems. Then we roll the videotape… then we have our experts on the topic… I’m in the ‘What’s next?’ phase of my career.”

What was next for Winfrey was a different kind of talk show, one that focused less on tabloid stories and more on broad issues like health, politics, and spirituality. Again, Winfrey’s willingness to forge her own path paid off: ‘Oprah’ ruled the day-time TV ratings until it went off the air in 2011.

#6 Follow Your Gut

“Your gut is your inner compass. Whenever you have to consult with other people for an answer, you’re headed in the wrong direction.”

Oprah Winfrey

A few years ago, I was faced with a big life crossroads. I wanted to choose my path in the most rational way possible, so I made a weighted chart with all of the positives and negatives, analyzed the data, and determined the “right” choice.

But something didn’t feel right.

Oprah would have told me to go with my gut. She’s a strong believer in her instincts, saying they’re “where true wisdom manifests itself.” She’s made her big decisions (like deciding to retire from ‘The Oprah Winfrey Show’) just based on a gut feeling.

Instinct-based decision making is faster, less stressful, and more holistic. So if you’ve been making all of your decisions based on rational analysis but you’re not 100% happy with the results, try following going with your gut for a change.

#7 Make Your Own Luck

You can’t earn $2.7 billion without getting lucky at least once.

Oprah understands that she’s been lucky, but she doesn’t see luck as pure chance:

“I feel that luck is preparation meeting opportunity.”

Oprah Winfrey

Every entrepreneur hopes to land a huge client or get a sudden spike in traffic, but if they’ve spent all their time hoping (and not preparing) then when that huge opportunity finally does come along, their business won’t be fully equipped to make the most of it.

Instead wishing for luck, think about what opportunity you would most like to receive in your life. Are you completely prepared to make the most of it?

#8 Help Yourself by Helping Others

Not only has Winfrey started her own charity (Oprah’s Angel Network), she’s also given more of her own money to philanthropic causes than any other performer in America (estimated at $303 million in 2007).

The main reason that Oprah does this is so that she can make a positive impact in the lives of others, but she also has a selfish reason:

“The surest way to bring goodness to yourself is to make it your intention to do good for somebody else.”

Oprah Winfrey

As entrepreneurs helping others, we demonstrate our value, encourage reciprocal help, build our networks, and create good karma. Doing good for others is doing good for yourself.

#9 Say “Thank You” More

 “The more you praise and celebrate your life, the more there is in life to celebrate.”

Oprah Winfrey

To celebrate two decades on national television, Winfrey thanked her hard-working staff by taking them and their families on vacation to Hawaii (1065 people in total). That’s a pretty big thank you.

Oprah’s such a fan of saying thanks, that she’s created an app called the “Thank You Game” which aspires to thank a half a billion people.

Feeling thankful for what we have and what other people have done for us is a great way to foster contentment in our lives. But Oprah also believes that it’s a key to finding success and getting more of what you want in life:

“Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.”

Oprah Winfrey

#10 Know How to Slow Down

The life of an entrepreneur is hectic. As I type this sentence, I have about five very different tasks on my to-do list and all of them probably should have been done yesterday.

Oprah’s life is even busier and much more stressful, which is why it’s so important for her to have ways of coping:

“Sometimes in the thick of life, when my call list is longer than the day and people are lined up waiting for meeting after meeting, I just stop. I still myself. And look at a tree. A flower. The sun’s light reflecting off the window. And I remember love is available. I inhale it, exhale, and get back to work.”

Next time you’re in a crunch and you’re ready to throw in the towel, remember Oprah’s method for slowing things down and regaining your clarity and focus. If she can put on a daily television show while working as CEO of Harpo Productions, there’s a chance you can get everything on your to-do list checked off today as well.

#11 Choose Your Friends Wisely

“Surround yourself with only people who are going to lift you higher.”

Oprah Winfrey

Peer pressure is a powerful thing. We take on the habits, attitudes, and tastes of the people we spend our time with. I’ve read several places that your income will be the average of your five closest friends.

But the more rich and successful you are, the more important it is for you to have true friends. Oprah knows this well: “Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.”

#12 There is No Big Secret

“The big secret in life is that there’s no big secret. Whatever your aim, you will get there if you’re willing to work.”

Oprah Winfrey

Every successful entrepreneur who I’ve profiled is different, but they have one thing in common:  each has worked hard to accomplish their goals.

Oprah Winfrey pulled in a $290 million salary last year, but that figure represents 40 hour weeks piled on top of 50 hour weeks piled on top of 60 hour weeks.

#13 It’s Easier to Succeed While Doing What You Love

“You know you are on the road to success if you would do your job, and not be paid for it.”

Oprah Winfrey

When you’re doing what you love, then you’re probably going to do a better job.

You’ll also have more energy. Oprah says, “Passion is energy. Feel the power that comes from focusing on what excites you.”

#14 Own Everything You Do

“This is your moment. Own it.”

Oprah Winfrey

Winfrey chose to take ownership of her show when she founded Harpo Productions. Being CEO of Harpo empowered her to have control over every aspect of her show. It also opened the door for Winfrey to produce films, broadcast radio programs, and publish a magazine.

Oprah’s refused countless offers to endorse other company’s products. Everything that Oprah says, creates, or lends her name to, she owns. And she’s done it with virtually no outside investment: Winfrey owns 90% of stock in Harpo.

Not satisfied with just her own show, as of 2011 Winfrey has her own network. Naturally, its name is ‘OWN’ (Oprah Winfrey Network).

#15 You’re In Charge

“We’re each responsible for our own life. No one else is or even could be.”

Oprah Winfrey

I talk to a lot of people who have adopted a passive mindset in their life. The way they see it, things just happen to them and all they can do is react. These people allow other people and external forces control them.

Oprah never thought that way. She once said, “I don’t think of myself as a poor deprived ghetto girl who made good. I think of myself as somebody who from an early age knew I was responsible for myself, and I had to make good.”

You’re the only person in control of your hands, your feet, and your brain. What you choose to do with them will make all the difference in the world.

From INCOME DIARY

Jay-Z's Business Commandments

In the late 1990s Shawn “Jay-Z” Carter grew fond of an Italian knitwear designer by the name of Iceberg. When he started singing the brand’s praises in verse, sales skyrocketed. Sensing an opportunity, he and erstwhile business partner Damon Dash approached Iceberg’s management about a possible endorsement deal. They were rebuffed. So in 1999 Jay-Z and Dash started their own clothing line, Rocawear. Eight years later their company fetched $204 million from Iconix Brand Group.

Neither the birth of Rocawear nor its nine-figure sale would have occurred if it weren’t for Jay-Z’s sharp entrepreneurial instincts—in particular, his reluctance toward giving away advertising to products other than his own. The latter is one of Jay-Z’s many business commandments that I’ve observed while writing a business-focused biographyof the rapper over the past year, and one of the main reasons he has amassed a net worth of $450 millionwhile serving as an inspiration to countless entrepreneurs and musicians.

“Jay-Z’s business influence has been momentous, along with all his other great achievements in terms of music, style and mastery of his craft,” says Fred “Fab 5 Freddy” Braitwaite, the artist and hip-hop pioneer who served as longtime host of Yo! MTV Raps. “He really understands how the corporate structure works.”

Although the notion of giving away free advertising isn’t something most people have to worry about, there are plenty of lessons from Jay-Z’s business philosophy that can be applied to just about any career or entrepreneurial situation. Take for example one of his simplest but most definitive rules:Focus on the most realistic chance to make the most money at all times.

Jay-Z has repeatedly proven his ability not just to know where the money is, but to anticipate where it will—or won’t—be. This instinct first led him from dealing drugs as an adolescent to selling records as an adult. When it became clear that there were more lucrative opportunities outside of music, he moved into clothing (Rocawear) and alcohol (Armadale vodka). As the market for concert tickets heated up, he bucked convention and signed a 10-year, $150 million deal with concert promoter Live Nation just before the market tanked.

“The timing of Jay’s deal couldn’t have been more perfect,” singer-songwriter-producer Akon told me in 2009. “Those numbers aren’t going to be flying around anymore.”

Another one of Jay-Z’s most valuable business commandments is to identify mentors and ask plenty of questions. Talk to just about anybody who’s spent time with him and they’ll rave about his thirst for knowledge—a trait that has helped him gain quite a lot.

“One of the things that impressed me the most about Shawn in dealing with him was his inquisitive nature,” says Bernie Resnick, a Philadephia-based entertainment lawyer who has crossed paths with Jay-Z a number of times. “When you’re in a business meeting with him, his demeanor is of a calm, studious business executive rather than an artist temporarily occupying an office chair.”

Another Jay-Z rule: Attack any threat to your business, but don’t take it too far. He learned the second part the hard way — in 1999 Jay-z was arrested for allegedly stabbing record producer Lance Rivera for bootlegging his album, but got off with probation. He has since gone on record saying that he regretted the incident, and has stayed out of legal trouble ever since.

Though the Rivera altercation received plenty of media attention, Jay-Z has generally been able to closely manage the news leaked about him. In part, that’s due to the fact that he’s made a point to never publicize anything less than victory. Few people remember his Armadale vodka that quietly flopped in the mid-2000s or the Las Vegas location of his 40/40 Club that closed a few years later; instead, the attention goes to his successes.

“I think that the analogy of a top basketball player fits him best,” says Brathwaite.  “Think quick, score points and keep moving.”

From forbes

Africa's Top 10 Philanthropists

Local philanthropists wary of funding human rights programmes

New York — An estimated US$7 billion is given away every year by Africa's philanthrocapitalists - at least the ones we know about. These are the men (sadly no women yet on this list) providing home-grown solutions to local needs.

Francois van Niekerk, South Africa - The founder of Mertech Group gave 70 percent of his equity (valued at $170 million) to his Mergon Foundation, which funds education, health and skills-building initiatives.

Allan Gray, South Africa - The owner of Allan Gray investment management firm, Gray gave his Allan Gray Orbis Foundation $150 million. The foundation gives high school scholarships and supports other causes.

Theophilus Danjuma, Nigeria - The chairman of South Atlantic Petroleum broke Nigerian philanthropic records when he gave $100-million to set up the TY Danjuma Foundation, a grant-making organization that partners with NGOs in education, health, policy and poverty-related fields.

Donald Gordon, South Africa - The real estate and insurance billionaire founded the Donald Gordon Foundation which has given an estimated $50 million in donations to develop higher educational facilities and the arts in the UK.

Aliko Dangote, Nigeria - The president of the Dangote Group has recently entered the field of philanthropy and has already made significant contributions totalling $35 million. He has contributed to flood relief, an NGO developing low-cost housing and universities in Nigeria, and also gave $500,000 for victims of a munitions blast in Brazzaville, Congo in 2012.

Mark Shuttleworth, South Africa - After selling his digital security company for $575 million, Shuttleworth spent $20 million on developing free open source software, Ubuntu, and another $20 million - through the Shuttleworth Foundation - on funding the projects of individuals trying to change society.

Jim Ovia, Nigeria - The founder of Zenith Bank gave $6.3 million to the flood relief effort in Nigeria in 2012. Through his Youth Empowerment and ICT Foundation, he has given much to get youth interested in ICT. He gave $320,000 to help 10 young Nigerian entrepreneurs establish their technology businesses.

Strive Masiyiwa, Zimbabwe - Zimbabwe's richest man and the founder of Econet Wireless, Masiyiwa has spread his philanthropic work to several African countries, including Zimbabwe. He established a $6.4 million trust in 2012 to pay for the education of 40 students. He also supports organizations that help orphans in Zimbabwe.

Tony Elumelu, Nigeria - Elumelo, chairman of Heirs Holdings, gave $6.3 million to flood relief in Nigeria in 2012. His Tony Elumelu Foundation gives entrepreneurial training to young Africans.

Arthur Eze, Nigeria - The elusive oil magnate donated $6.3 million to flood relief in Nigeria. He also gives large amounts towards higher education.

Other noteworthy philanthropists include: Mike Adenuga and Hakeem Belo-Osagie from Nigeria; Manu Chandaria and Naushad Merali from Kenya; Ashish Thakkar from Uganda; the Sawiris family from Egypt; and Patrice Motsepe, Nicky Oppenheimer, Raymond Ackerman, Tokyo Sexwale, and Cyril Ramaphosa from South Africa.

Sudanese-born British telecommunications billionaire Mo Ibrahim has been dubbed the most powerful black man in the UK as well as the "Bill Gates of Africa" for his philanthropic efforts on the continent. He has signed the Giving Pledge to hand over half his wealth and has offered a prize of $5 million over 10 years, and a further $200,000 for life, to African leaders who excel. Motsepe is the first African-based businessman to have signed the pledge.

[ This report does not necessarily reflect the views of the United Nations. ]

From allAfrica