Nigerian billionaire shares three things Kenyan entrepreneurs need to practice to succeed in business

The United Bank of Africa (UBA) chairman said Africans need to be faithful in transforming the continent through businesses that help end unemployment.

  • Mr Elumelu founded the Tony Elumelu Foundation (TEF) in 2010 to spur African economic growth through empowering entrepreneurship.
  • The United Bank of Africa (UBA) chairman stressed the importance of Africans embracing technology.
  • In 2017, a total of 55 Kenyan entrepreneurs made it to Tony Elumelu Foundation

Speaking during a public lecture at the University of Nairobi, Mr. Elumelu asked Kenyan entrepreneurs to practise patience in their entrepreneurial journey in order to reap its full benefits.

“Think big, but beyond that, act on the ideas and think long-term. The journey would not be smooth but perseverance is key,” said Mr Elumelu.

The United Bank of Africa (UBA) chairman also encouraged students to focus on the long-term vision as opposed to dwelling on short-term challenges.

He also stressed the importance of Africans embracing technology and becoming faithful in transforming the continent through businesses that help end unemployment.

Zimbabwe’s first billionaire, Strive Masiyiwa, has also in the past called on Africans not to shy away but exploit technology.

“Put it in another way we got to be learning it is a lifetime thing we shouldn't sit back and say but I am 55years old and I don’t understand computers, well it doesn’t matter now we are living up to 100 years so you are only half way there okay, you will die poor if you don’t get off and start learning so all of us must embrace continuous learning.” Said the 57 year old billionaire with a net worth of $1.7 billion.

Like Tony, Strivia also runs an annual entrepreneur programme where twelve contestants from across Africa battle to pitch their business ventures to a panel of judges for a chance to win $100,000 seed capital and further get a two-week mentorship opportunity with him in a competition dubbed Kwese #GoGettaz competition.

Reading from the same script is Kenyan banker and entrepreneur of the year by Ernst & Young, 2012, James Mwangi who has identified three ways Africa can use technology to make a difference.

During his recent visit to Kenya, Mr. Elumenu also visited Nairobi Securities Exchange to see ways exchange can be used as a medium for spurring economic growth.

Mr Elumelu founded the Tony Elumelu Foundation (TEF) in 2010 to spur African economic growth through empowering entrepreneurship.

He committed a $100 million (Sh10 billion) to sponsor 10,000 African entrepreneurs over 10 years.

In 2017, a total of 55 Kenyan entrepreneurs made it to the list.

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